National Bank of Ethiopia Quarterly Bulletin Second Quarter 2019/20

National Bank of Ethiopia Quarterly Bulletin NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 36, No. 2 Second Quarter 2019/20 Fiscal Year Series Addis Ababa 2020

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-------------------------------------------------------------------------5 2.1: Import of Petroleum Products------------------------------------------------------------------------------------5 2.2: Electric Power Generation-----------------------------------------------------------------------------------------8 III. Quarterly Price Developments----------------------------------------------------------------------------10 3.1: Developments in National CPI----------------------------------------------------------------------------------10 3.2: Developments in Regional CPI---------------------------------------------------------------------------------12 IV. Monetary Developments-----------------------------------------------------------------------------------14 4.1: Money Supply and Credit----------------------------------------------------------------------------------------14 4.2: Developments in Reserve Money and Monetary Ratio--------------------------------------------------16 4.3: Interest Rate Developments ------------------------------------------------------------------------------------18 4.4: Developments in the Financial Sector------------------------------------------------------------------------20 4.5: Activities of the Banking System-------------------------------------------------------------------------------23 4.5.1: Resource Mobilization------------------------------------------------------------------------------------------23 4.5.1.1: Deposit Mobilization ----------------------------------------------------------------------------------------24 4.5.1.2: Collection of Loans--------------------------------------------------------------------------------------------25 4.5.1.3: Borrowing-------------------------------------------------------------------------------------------------------25 4.5.2: Disbursement of Fresh Loans---------------------------------------------------------------------------------25 4.5.3: Outstanding Credit----------------------------------------------------------------------------------------------26 4.6: Financial Activities of NBE---------------------------------------------------------------------------------------27 4.7: Developments in Financial Markets --------------------------------------------------------------------------28 4.7.1: Treasury Bills Market--------------------------------------------------------------------------------------------28 4.7.2: Inter-bank Money Market -------------------------------------------------------------------------------------30 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------------30 V. External Sector Developments ----------------------------------------------------------------------------31 5.1: Balance of Payments ------------------------------------------------------------------------------------31 5.2: Balance of Trade------------------------------------------------------------------------------------------34

National Bank of Ethiopia Quarterly Bulletin 5.2.1: Exports--------------------------------------------------------------------------------------------------34 5.2.2: Imports--------------------------------------------------------------------------------------------------38 5.2.3: Direction of Trade -----------------------------------------------------------------------------------41 5.2.3.1: Exports of goods --------------------------------------------------------------41 5.2.3.2: Imports of goods---------------------------------------------------------------41 5.3: Services and Transfers --------------------------------------------------------------------------------42 5.4: Current Account----------------------------------------------------------------------------------------45 5.5: Capital Account-----------------------------------------------------------------------------------------45 5.6: Changes in Reserve Position ------------------------------------------------------------------------46 5.7: Developments in Foreign Exchange Market----------------------------------------------------46 5.7.1: Exchange Rate Movements -------------------------------------------------------------46 5.7.2: Movements in the Real Effective Exchange Rate ----------------------------------52 5.7.3: Volume of Transactions ------------------------------------------------------------------53 VI. Federal Government Finance----------------------------------------------------------------------------54 6.1: Revenue and Grants------------------------------------------------------------------------------------55 6.2: Expenditure-----------------------------------------------------------------------------------------------57 6.3: Deficit Financing----------------------------------------------------------------------------------------59 VII. Developments in Investment--------------------------------------------------------------------------60 VIII. International Economic Developments ------------------------------------------------------------63 8.1: Overview of the World Economy ------------------------------------------------------------------63 8.2: Inflation Developments-------------------------------------------------------------------------------63 8.3: Commodity Price --------------------------------------------------------------------------------------64 8.4: Exchange Rate Developments ---------------------------------------------------------------------64 8.5: Impact of Global Economic Development on Ethiopian Economy-----------------------64 STATISTICAL TABLES--------------------------------------------------------------------------------------------65

Second Quarter 2019/20 i National Bank of Ethiopia Quarterly Bulletin ETHIOPIA: Macroeconomic and Social Indicators Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011)

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA 15.20 15.2 Irrigated Land ( % of total area ) 3.0 NA 2,900.00 2,900.00 Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population 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 97.6 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 69 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 2.07 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 10,521:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780 1624 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - 39 Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - 22.5 Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5 1 12.6 1 - 13.3 Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9 1 573 1 - 628 Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2 1 - 568 Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523 1 - 246.8

ii Second Quarter 2019/20 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 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 68,920.1 70,345.5 68,825.2 75,935.2 89,614.8 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Nominal GDP Growth Rate (In %) 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Average Marginal Exchange Rate (Birr per USD) 8.1 8.3 8.5 8.6 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 GDP at Current Market Price (IN Mn. USD) 8,466.8 8,444.8 8,059.2 8,850.3 10,384.1 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 Nominal GDP per Capita (In USD) 135.0 130.8 121.5 130.0 148.7 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 983.1 Real GDP per Capita ( In Birr ) 5,819.0 6,072.1 6,005.1 5,730.1 6,240.0 6,871.2 7,491.6 8,275.7 9,088.1 9,741.5 10,491.4 11,434.1 12,119.0 12,995.1 13,985.2 15,072.1 15,890.9 17,101.6 18,005.1 19,207.9 Real GDP per Capita Growth Rate (In %) 4.4 (1.1) (4.6) 8.9 10.1 9.0 10.5 9.8 7.2 7.7 9.0 6.0 7.2 7.6 7.8 5.4 7.6 5.3 6.7 GDP Deflator (% change) - (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 Real GDP at constant basic price (In Mn. Birr) 364,984.3 392,058.8 398,464.8 390,102.9 435,859.5 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Real GDP at constant market price (In Mn. Birr) 391,668.2 424,182.3 430,607.4 421,301.7 478,482.2 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Real GDP Growth Rate (In %) - 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 Agriculture & Allied Activties(In Billion Birr) 202.7 222.2 218.0 195.1 228.1 258.9 287.2 314.3 337.9 359.5 386.9 421.7 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 Industrial Sector (In Billion Birr) 41.6 43.9 47.9 51.4 58.1 63.5 70.0 76.4 84.6 93.4 104.4 120.0 146.9 188.6 225.9 281.3 343.9 413.8 464.4 526.2 Service Sector(In Billion Birr) 128.5 133.8 135.4 142.7 151.3 170.5 192.7 220.9 255.1 289.1 322.5 357.4 393.4 426.3 479.5 530.0 575.9 619.3 673.9 745.7 Agriculture & Allied Activties (% of GDP) 55.5 56.7 54.7 50.0 52.3 52.7 52.4 51.3 49.6 48.0 46.7 45.7 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 Industrial Sector ( % of GDP ) 11.4 11.2 12.0 13.2 13.3 12.9 12.8 12.5 12.4 12.5 12.6 13.0 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 Service Sector ( % of GDP ) 35.2 34.1 34.0 36.6 34.7 34.7 35.2 36.1 37.5 38.6 38.9 38.7 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 Private Consumption Expenditure 43,005.1 45,239.9 46,501.5 53,522.7 57,388.8 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Government Consumption Expenditure 18,023.8 15,063.6 14,926.8 14,890.8 17,106.6 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Investment 17,044.9 18,468.1 20,242.8 20,561.4 28,978.0 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports 8,009.8 8,146.1 8,388.8 9,779.5 12,913.6 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (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) (74,151.0) (76,537.0) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) Gross Private Consumption (% of GDP) 62.4 64.3 67.6 70.5 64.0 69.7 71.0 69.0 72.5 72.9 73.6 70.9 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 Gross Government Cosumption (% of GDP) 26.2 21.4 21.7 19.6 19.1 18.1 17.9 15.4 14.3 13.0 12.6 11.8 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 Gross Domestic Fixed Investment (% of GDP) 24.7 26.3 29.4 27.1 32.3 29.0 30.7 27.0 27.3 27.7 30.1 31.1 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 Resource Balance (% of GDP) (11.5) (11.3) (13.5) (13.6) (16.1) (19.7) (22.0) (18.7) (18.8) (17.6) (18.7) (14.5) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9) 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 308937.1 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 886752.5 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 14505.2 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 44861.8 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 7 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963699.9 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 109799.2 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853900.7 Continued….

Second Quarter 2019/20 iii National Bank of Ethiopia Quarterly Bulletin Continued…. Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.3 Average annual infalation (CPI growth rate) Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 -Non-food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 3.4: External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,534.1 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,578.6 6,889.4 6,156.8 4,839.9 Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 3.5: Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 Tax-Revenue as % of GDP 9.8 10.6 11.5 10.9 12.2 11.3 10.4 9.8 9.3 6.7 10.94 11.16 11.18 12.50 12.71 15.09 14.71 14.00 12.26 11.55 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - Total Expenditures as % of GDP 24.9 22.4 25.6 27.0 22.9 22.5 21.5 20.0 18.3 12.7 18.0 17.8 16.2 18.1 17.7 18.64 17.41 17.97 16.10 15.32 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) Deficit as % of GDP -8.7 -4.2 -7.0 6.3 -2.9 -4.2 -4.5 -3.5 -2.8 -1.0 -1.3 -1.6 -1.1 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) Deficit as % of GDP -11.2 -8.0 -10.5 -12.3 -7.4 -8.4 -7.2 -7.8 -6.7 -3.4 -4.4 -4.7 -2.8 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543
• End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 28.9109

iv Second Quarter 2019/20 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 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422633.54 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422633.54 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.741 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138054.355 Banks 804.7 1,924.0 3,425.5 8,094.3 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 605 Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137404.36 3.8: Inter Bank Money Market Rate5 11 8 7.5 _ _ 7.5 8.5 _ 3.9: Financial Institutions Number of Commercial Banks 8 9 9 10 11 11 12.00 14.00 17.00 ( o/w Private banks ) 7 8 9 9 10.00 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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

Second Quarter 2019/20 1 National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1. International Economic Developments Global economic growth remained moderate but there are signs of stabilizing economic activity in the second quarter of 2019/20. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area increased moderately in December. The manufacturing component in particular recovered in the second quarter of 2019/20, signaling a firming of global manufacturing activity, which had gradually weakened since early 2018. In the second quarter of 2019/20 the composite output PMI increased in the United States, but decreased in Japan and fell below the expansionary threshold in the United Kingdom. In emerging market economies, the composite output PMI increased in Brazil and India. On the other hand, the composite output PMI point to decreased marginally in China and Russia. Global inflation increased in August. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) increased to 1.8% in November, driven in part by high food price inflation in selected emerging market economies, including China and India. Excluding energy and food prices, annual inflation in the OECD countries increased only marginally to 2.1 percent in November, from 2.0 percent in the previous month. Looking ahead, 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 annualized real GDP growth stood at 2.1 percent. Despite the modest pick-up in activity from first quarter growth of 2.0 percent, economic activity moderated as a result of weak investment, the fading effect of the 2018 tax reform and the maturing business cycle In the United Kingdom, economic activity appears to have slowed progressively over the second quarter of 2019/20. Confidence indicators remain subdued and well below their historical averages. In Japan, the government has prepared a stimulus package to support economic growth. Under the package, fiscal spending amounts to 2.4 percent of GDP, which puts it among the largest fiscal stimulus packages enacted. In addition, weak manufacturing pushed growth into negative territory in the second quarter of 2019/20. In China, growth slowdown is due to both cyclical and structural factors. The structural slowdown is driven by a rebalancing of the economy away from investment, and implies a slowdown of potential growth that mainly reflects a slower pace of capital accumulation and unfavorable demographics. Simultaneously, cyclical headwinds, reflecting weaker manufacturing activity amid uncertainty relating to the trade tensions, add downward pressure on growth. In Euro area annual HICP inflation increased to 1.3 percent in December 2019, from 1.0 percent in November, reflecting mainly higher energy price inflation. On the basis of current future prices for oil, headline inflation is likely to hover around current levels in the coming months. While indicators of inflation expectations remain at low levels, recently they have either stabilized or ticked up slightly. Measures of underlying inflation have remained generally muted, although there are further indications of a moderate increase in line with previous expectations. While labor cost pressures have strengthened along with tighter labor markets, the weaker growth momentum is delaying their pass-through to inflation. Furthermore, Global headline inflation increased in most countries during the review quarter. This together with fast depreciation of birr which more than offset higher domestic price made the REER to depreciated by 0.5 percent which enhance international competitiveness of the country. On the other, oil markets have remained broadly stable

2 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin during the review quarter helps the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance. 1.2. Summary of Macroeconomic Developments in Ethiopia A. Inflation In the second quarter of 2019/20, headline inflation has slowdedown to 2.4 percent from 6.0 percent in the preceding quarter on account of 6.3 and 0.3 percentage point decline in food & non-alcoholic beverages and non-food inflation, respectively. By contrast, the year-on-year headline inflation scaled up by 2.0 percentage points due to 1.1 percentage point increase in food & non-alcoholic beverages inflation and 3.1 percentage points in non-food inflation. Accordingly, food & non-alcoholic beverages and non-food inflations contributed 0.7 and 1.8 percent, respectively, to the headline inflation registered in the review quarter. B. Monetary Developments At the end of second quarter of 2019/20, broad money supply (M2) stood at Birr 950.55 billion, showing a 20.5 percent growth over the corresponding quarter of last fiscal year. The annual growth in broad money was attributed to 23.2 percent increase in domestic credit while 162.2 percent drawdown of net foreign assets (NFA). Likewise, reserve money amounted to Birr 197.0 billion, showing a 15.6 percent annual expansion and 1.8 percent quarter on quarter contraction. Similarly, the excess reserves of commercial banks increased 128.1 percent on annual bases while it contracted 9.1 percent on quarterly terms. C. Interest rate Both average savings deposit rate and lending rate stood at 8.0 percent and 14.25 percent, while weighted average time deposit rate witnessed minor decline, of 0.01 percentage point on annual basis. In contrast, weighted average yield on T-bills has increased by 2.02 percentage point over last year same quarter. Considering 19.5 percent headline inflation in December 2019, all average lending rates, deposit rates and T-bill yield remained negative in real terms. D. Financial Sector Developments

1. Banks The number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 state owned. These banks have opened 96 new bank branches during the review period thereby raising the total number of bank branches to 6,136. As a result, population to bank branch ratio stood at 16, 079.71 . About 33.1 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 30.9 percent while that of private banks reached 69.1 percent. Meanwhile, the total capital of the banking system amounted to Birr 108.95 billion, of which state owned banks accounted for 52.9 percent and private banks 47.1 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 45.9 percent. Total deposit liabilities of the banking system reached Birr 958.9 billion by the close of the second quarter of 2019/20, indicating 21 percent annual growth rate. Likewise, during the review quarter, Birr 58.7 billion was disbursed in fresh loans, indicating a 27.6 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 46.9 percent while that of private banks was 53.1 percent. Of the total new loans, international trade was the major beneficiary, accounting for Birr 13.9 billion (23.7 percent) followed by domestic trade Birr 13.8 billion or 14.2 percent), industry (Birr 8.3 billion or 14.2 percent), housing & construction (Birr 8.2 billion or 13.9) and Agriculture (Birr 4.1 billion or 7 percent). 1 Total population is 98,665,000 as CSA estimation for 2019

Second Quarter 2019/20 3 National Bank of Ethiopia Quarterly Bulletin During the review period, the banking system collected loans to the tune of Birr 34.3 billion, about 26.5 percent higher than a year earlier. Of the total loan, 67.4 percent was collected by private banks and 32.6 percent by state owned banks. Meanwhile, total outstanding credit of the banking system (excluding credit to government) increased to Birr 621.3 billion, revealing a 27.6 percent year￾on-year growth. Out of the total outstanding loans and advance of the private banks, 71.5 percent was claims on the private sector compared with 28.5 percent for public sector. 2. Insurance Sector The number of insurance companies stood at 17, of which 16 were private owned. Their branches increased to 585 from 554 a year ago. Of the total branches, about 54 percent were situated in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 8.8 billion, of which 68.5 percent was that of private insurance companies. 3. Microfinance Institutions The 38 micro-finance institutions (MFIs) operating in the country mobilized Birr 41.6 billion in saving deposit which was 22.7 percent higher than last year same period. Similarly, their total outstanding credit increased 25.9 percent and reached Birr 61.6 billion. Likewise, their total asset grew 20.6 percent and stood at Birr 85.7 billion by the end of December, 2019. E. External Sector and Foreign Exchange Developments

1. External Sector Development In the second quarter of 2019/20, total merchandise export amounted to USD 610.5 million, showing 4.5 percent increment over last year same quarter owing to the rise in export receipts from coffee (2.5 percent), fruits & vegetables (152.4 percent), flower (108.3 percent), chat (0.7 percent), live- animals (90.0 percent), textile & textile products (38.6 percent) and gold (98.7 percent). In juxtaposition, total merchandise import bill at USD 3.8 billion depicted a 13.9 percent annual decline due to lower import values of fuel (5.1 percent), capital goods (28.2 percent), consumer goods (11.6 percent) and miscellaneous goods (4.5 percent). The average price of Brent crude oil, which is used as a benchmark for international oil price, exhibited a 6.3 percent slowdown from USD 67.7 per barrel to USD 63.4 per barrel. In contrast, the average retail price of petroleum products in Addis Ababa surged 42.2 percent to reach Birr 23.7 per liter from Birr 16.7 a year ago. During the review period, total current account receipts amounted to USD 4 billion which was 3.7 percent lower than a year earlier. This was on account of a 55 percent decline in receipts from public transfers despite 4.5 percent increase in merchandise export proceeds, 3.4 percent in services receipts and 21.1 percent in private transfers. Total current account payments also decreased 13.6 percent and reached USD 5.2 billion due to a 13.9 percent decline in merchandise import payments and 13.7 percent in service payments. Consequently, current account balance (including official transfers) registered USD 1.2 billion in deficit which was 35.7 percent lower than that of a year ago. On the other hand, capital account showed USD 1.5 billion in surplus, which was 35.7 percent lower than that of a year earlier due to slow down in net other public sector long term capital (77.8 percent), private sector long term capital (43.7 percent) and foreign direct investment (41.9 percent) coupled with lower net short term capital out flow (92.5 percent) albeit net official long term capital rose by 21.2 percent. As a result, the overall balance of payments registered USD 91.1 million deficit compared to 258.6 million surplus a year ago.
2. Exchange Rate Development During the second quarter of 2019/20, the weighted average official exchange rate of Birr showed a

4 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 8.6 percent annual depreciation and reached Birr 31.8041/USD. Indicating that the Birr had lost ground against USD by 13.4 percent vis-à-vis last year same period. Meanwhile, real effective exchange rate index (REERI) of the Birr slightly depreciated (0.5 percent) in real terms, largely due to the weakening of the Birr against major trading partners currencies. Similarly, the nominal effective exchange rate index (NEERI) depreciated by 7.9 percent compared with last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the second quarter of 2019/20 witnessed 25.9 percent annual growth and reached Birr 72.5 billion while its expenditure increased 10.4 percent to Birr 88.8 Billion. Consequently, the overall fiscal deficit (including grants) was Birr 6.7 billion compared with Birr 22.9 Billion last year same quarter. G. Investment During the second quarter of 2019/20, 10 investment projects having investment capital of Birr 99.7 million became operational. However, both the number of investment projects and investment capital showed 94.4 and 87.8 percent respective decline, compared with a year earlier.

Second Quarter 2019/20 5 National Bank of Ethiopia Quarterly Bulletin II Energy Production and Processing 2.1. Import of Petroleum Products Volume of petroleum products imported during the second quarter of 2019/20 stood at 1 million metric tons, having a 5.1 percent annual growth due to 9.3 percent rise in regular gasoline and 8 percent in gas oil. Similarly, petroleum products imported showed 0.3 percent quarterly increase. The share of gas oil, in total petroleum import was 64 percent while jet fuel constituted 21 percent (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share C/A C/B (In %) C/A C/B 96,423.6 10.5 88,010.8 10.0 12.9 -8.7 Regular Gasoline (MGR) 122,357.9 12.7 159,613.1 15.8 133,745.9 13.2 9.3 -16.2 Jet Fuel 221,894.3 23.0 210,503.5 20.8 212,529.5 21.0 -4.2 1.0 Fuel Oil 19,348.6 2.0 23,364.5 2.3 19,007.9 1.9 -1.8 -18.6 Gas Oil (ADO) 600,552.3 62.3 616,810.6 61.1 648,408.0 64.0 8.0 5.1 Total 964,153.1 100.0 1,010,291.7 100.0 1,013,691.3 100.0 5.1 0.3 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported National Bank of Ethiopia Quarterly Bulletin 10 Second Quarter 2019/20 Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import value reached Birr 18.6 billion, about 5.6 percent higher than last year as both international oil price and volume of imports tended to increase. Gasoline and gas oil showed 22.6 and 7.7 percent respective growth while fuel oil and jet fuel declined 22 and 6.4 percent slowdown (Table 2.2). Source: Ethiopian Petroleum Enterprise

6 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Total petroleum import value reached Birr 18.6 billion, about 5.6 percent higher than last year as both international oil price and volume of imports tended to increase. Gasoline and gas oil showed 22.6 and 7.7 percent respective growth while fuel oil and jet fuel declined 22 and 6.4 percent slowdown (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,140,196.1 12.1 2,640,279.7 15.8 2,624,239.4 14.1 22.6 -0.6 Jet Fuel 4,332,286.3 24.6 3,580,975.1 21.4 4,054,106.7 21.8 -6.4 13.2 Fuel Oil 276,323.7 1.6 331,256.0 2.0 215,528.2 1.2 -22.0 -34.9 Gas Oil (ADO) 10,884,033.7 61.7 10,147,426.4 60.8 11,722,479.5 63.0 7.7 15.5 Total 17,632,839.9 100 16,699,937.3 100 18,616,353.8 100 5.6 11.5 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported National Bank of Ethiopia Quarterly Bulletin 11 Second Quarter 2019/20 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,140,196.1 12.1 2,640,279.7 15.8 2,624,239.4 14.1 22.6 -0.6 Jet Fuel 4,332,286.3 24.6 3,580,975.1 21.4 4,054,106.7 21.8 -6.4 13.2 Fuel Oil 276,323.7 1.6 331,256.0 2.0 215,528.2 1.2 -22.0 -34.9 Gas Oil (ADO) 10,884,033.7 61.7 10,147,426.4 60.8 11,722,479.5 63.0 7.7 15.5 Total 17,632,839.9 100 16,699,937.3 100 18,616,353.8 100 5.6 11.5 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products increased 0.2 percent over last year due to higher (47.5 percent) FOB price of regular gasoline which outweighed declines in the FOB prices of other petroleum products (Table 2.3). Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products increased 0.2 percent over last year due to higher (47.5 percent) FOB price of regular gasoline which outweighed declines in the FOB prices of other petroleum products (Table 2.3).

Second Quarter 2019/20 7 National Bank of Ethiopia Quarterly Bulletin Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 588.0 884.3 867.4 47.5 -1.9 Jet Fuel 641.5 597.1 583.3 -9.1 -2.3 Fuel Oil 421.3 380.6 251.8 -40.2 -33.9 Gas Oil (ADO) 602.0 561.8 554.9 -7.8 -1.2 Average 563.2 606.0 564.3 0.2 -6.9 Brent Crude Oil (USD/Barrel) 67.7 61.9 63.4 -6.3 2.4 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products National Bank of Ethiopia Quarterly Bulletin 12 Second Quarter 2019/20 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2018/19 2019/20 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 588.0 884.3 867.4 47.5 -1.9 Jet Fuel 641.5 597.1 583.3 -9.1 -2.3 Fuel Oil 421.3 380.6 251.8 -40.2 -33.9 Gas Oil (ADO) 602.0 561.8 554.9 -7.8 -1.2 Average 563.2 606.0 564.3 0.2 -6.9 Brent Crude Oil (USD/Barrel) 67.7 61.9 63.4 -6.3 2.4 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the review period, the average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 6.3 percent on annual bases and reached USD 63.4 per barrel (Table 2.3). In line with movements in Source: Ethiopian Petroleum Enterprise During the review period, the average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 6.3 percent on annual bases and reached USD 63.4 per barrel (Table 2.3). In line with movements in international oil prices and domestic macroeconomic considerations, domestic fuel retail prices were also adjusted upward against last year same quarter. Thus, average retail price of fuel in Addis Ababa surged 42.2 percent to reach Birr 23.7 per liter owing to increases in the retail prices of all fuel types particularly fuel oil (90.2 percent) and jet fuel (84.7 percent). Quarterly average retail price of fuel also rose 1.6 percent solely owing to 7.7 percent increase in jet fuel (Table 2.4).

8 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2018/19 2019/20 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 19.38 21.53 21.53 11.1 0.0 Fuel Oil 17.30 32.91 32.91 90.2 0.0 Gas Oil (ADO) 17.30 18.75 18.75 8.4 0.0 Kerosene 14.94 18.75 18.75 25.5 0.0 Jet fuel 14.39 24.68 26.58 84.7 7.7 Average 16.66 23.32 23.70 42.2 1.6 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2019/20 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation 3.8 billion KWH of electric power was generated, during the review period and which was 7.9 percent lower than last year same period. About 93.4 percent of the total energy generated was from hydropower, 5.3 percent from wind and 1.3 from biomass (Table 2.5). All the power was generated through the interconnected systems (ICS) 2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution Source: Ministry of Trade 2.2. Electric Power Generation 3.8 billion KWH of electric power was generated, during the review period and which was 7.9 percent lower than last year same period. About 93.4 percent of the total energy generated was from hydropower, 5.3 percent from wind and 1.3 from biomass (Table 2.5). All the power was generated through the interconnected systems (ICS)2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution

Second Quarter 2019/20 9 National Bank of Ethiopia Quarterly Bulletin Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2018/19 2019/20 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,768,573.6 90.3 3,531,942.6 7,780.3 3,591,542.1 93.4 -4.7 1.7 Thermal Power - - - - - - Geothermal 225,890.8 5.4 - - - - - wind 177,375.3 4.3 120,029.1 264.4 203,219.8 5.3 14.6 69.3 Biomass - - 45,396.0 1.2 48,522.0 1.3 - 6.9 Total 4,171,839.7 100 3,697,367.7 8,144.7 3,843,283.8 100 -7.9 3.9 Source: Ethiopian Electric Power Table 2.6 generation of electricity power in the interconnected system (ICS) and self-contained system (SCS) (In ‘000 of K.W.H) System of Power supply 2018/19 2019/20 Percentage Qtr II Qtr I Qtr II Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,316,544.2 79.5 3,531,942.6 95.5 3,591,542.1 93.4 8.3 1.7 Thermal Power - - - - - - - - Gethermal 225,890.8 5.4 - - - - - - Wind 177,375.3 4.3 120,029.1 3.2 203,219.8 5.3 14.6 69.3 Biomass - - 45,396.0 1.2 48,522.0 1.3 0 0 Sub-Total 3,719,810.2 100 3,697,367.7 100 3,843,283.8 100 3.3 3.9 SCS Hydro power 452,029.5 10.8 - - - - - - Thermal Power - - - - - - - - Gethermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,171,839.7 100 3,697,367.7 100 3,843,283.8 100 -7.9 3.9 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type National Bank of Ethiopia Quarterly Bulletin 16 Second Quarter 2019/20 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 QIII QIV 2019/20 QI QII Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power Source: Ethiopian Electric Power

10 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin III. Quarterly Price Developments 3.1 Developments in National CPI Headline inflation scaled up to 2.4 percent in the second quarter of 2019/20 higher than the 0.4 percent inflation recorded a year ago. The 2 percentage point increase in headline inflation was attributed to a 1.1 percentage point increase in food & non-alcoholic beverages inflation and 3.1 percentage point rise in non-food inflation. Food & non-alcoholic beverages contributed 0.7 percent and non- food inflation 1.8 percent, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). In the review quarter, food & non-alcoholic beverages inflation decreased to 1.2 percent from 7.5 percent recorded in the previous quarter, owing to lower price inflation of vegetables (8.3 percentage point), bread & cereals (8.0 percentage point), meat (5.4 percentage point), sugar jam, honey & chocolate (5.2 percentage point), oil & fats (4.4 percentage point), milk, cheese & egg (3.4 percentage point), non-alcoholic beverage (3.0 percentage point) and food products n.e.c (2.9 percentage point). Inflation related to fish and sea food, however, scaled up to 0.8 percentage point and fruits by 3.1 percentage point (Table 3.2). Similarly, non-food inflation dropped to 3.8 percent from 4.2 percent a quarter earlier mainly due to slowdown in inflation for restaurant & hotel (3.3 percentage point), communication (2.8 percentage point), clothing and footwear (1.7 percentage point), education (1.3 percentage point), furnishings, household equipment and routine maintenance of houses (0.9 percentage point) and transport (0.3 percentage point) (Table 3.3). National Bank of Ethiopia Quarterly Bulletin 18 Second Quarter 2019/20 Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Weights in % 2019/20 2019/20 Change in %age Points Contributions in (%) to QII QI QII A B C C-A C-B Headline Inflation Change over QII-2019/20 Headline Inflation Change Over QI-2019/20 QII-2019/20 Headline Inflation Absolute Relative Headline 100 0.4 6.0 2.4 2.0 -3.6 2.0 -3.6 2.5 100 Food & Non￾alcoholic beverage 54 0.1 7.5 1.2 1.1 -6.3 0.6 -3.4 0.7 27.0 Non-food 46 0.7 4.2 3.8 3.1 -0.3 1.4 -0.1 1.8 73.0 Source: CSA

Second Quarter 2019/20 11 National Bank of Ethiopia Quarterly Bulletin Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Items Weights in % 2019/20 2019/20 Change in %age Points Contributions in (%) to QII QI QII C-A C-B Headline Inflation Change over QII-2019/20 Headline Inflation Change Over QI-2019/20 QII-2019/20 Headline Inflation A B C Absolute Relative Headline 100 0.4 6.0 2.4 2.0 -3.6 2.0 -3.6 2.5 100 Food & Non￾alcoholic beverage 54 0.1 7.5 1.2 1.1 -6.3 0.6 -3.4 0.7 27.0 Non-food 46 0.7 4.2 3.8 3.1 -0.3 1.4 -0.1 1.8 73.0 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 19 Second Quarter 2019/20 Source: CSA and NBE Staff Computation

Source: NBE Staff Computation Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=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￾2017/19(%) Headline Inflation Change over QI￾2018/19(%) Food & Non-alcoholic beverages Inflation 0.54 0.1 7.5 1.2 1.1 -6.3 0.6 -3.4 Bread & Cereals 0.17 0.2 11.9 3.9 3.8 -8.0 0.6 -1.4 Meat 0.04 0.1 7.9 2.4 2.3 -5.4 0.1 -0.2 Fish and sea food 0.00 1.9 1.1 1.9 0.0 0.8 0.0 0.0 Milk, cheese & egg 0.03 1.6 2.9 -0.4 -2.0 -3.4 -0.1 -0.1 Oils & Fats 0.04 1.7 3.1 -1.3 -2.9 -4.4 -0.1 -0.2 Fruit 0.00 6.0 5.4 8.5 2.5 3.1 0.0 0.0 Vegetables 0.12 -0.4 6.0 -2.3 -1.9 -8.3 -0.2 -1.0 Sugar jam, honey, chocolate 0.01 3.1 2.9 -2.3 -5.4 -5.2 -0.1 -0.1 Food products n.e.c 0.06 0.7 3.4 0.5 -0.3 -2.9 0.0 -0.2 Non-alcoholic beverages 0.05 -3.3 5.9 2.8 6.1 -3.0 0.3 -0.2 Source: CSA and NBE Staff Computation

12 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Items Weights 2019/20 2019/20 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation Change over QII￾2019/20 Headline Inflation Change over QI￾2019/20(%) Non-Food Inflation 0.46 0.7 4.2 3.8 3.1 -0.4 1.4 -0.2 Alcoholic Beverages and tobacco 0.05 0.0 1.5 3.6 3.6 2.1 0.2 0.1 Clothing and Footwear 0.06 2.8 3.1 1.4 -1.3 -1.7 -0.1 -0.1 Housing, Water, Electricity, Gas and other Fuel 0.17 -0.9 5.7 6.2 7.2 0.6 1.2 0.1 Furnishings, Household Equipment and Routine maintenance of houses 0.05 1.8 1.8 0.9 -0.9 -0.9 0.0 0.0 Health 0.01 3.2 4.8 5.3 2.1 0.5 0.0 0.0 Transport 0.02 3.7 2.8 2.5 -1.1 -0.3 0.0 0.0 Communication 0.02 -5.3 0.2 -2.7 2.6 -2.8 0.1 -0.1 Recreation and culture 0.00 1.9 1.6 8.9 7.0 7.2 0.0 0.0 Education 0.00 7.0 2.4 1.1 -5.9 -1.3 0.0 0.0 Restaurant & hotel 0.05 3.5 7.5 4.2 0.7 -3.3 0.0 -0.2 Miscellaneous Goods 0.03 0.2 3.1 3.1 2.9 0.0 0.1 0.0 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) 3.2 Developments in Regional CPI The regional average headline inflation in the second quarter of 2019/20 went down to 2.2 percent from 7.1 percent in the preceding quarter but stood higher than the 0.5 percent registered last year same quarter. Among the regional states, SNNP, Dire Dawa, Tigray, Somali, Addis Ababa and Harari registered quarterly headline inflation higher than the regional average. The highest headline inflation (5.3 percent) was registered in SNNP, and the lowest (-4.0 percent) in Afar showing a 9.3 percentage point margin. The deviation in the regional headline inflation from the average was 2.6 percent (Table 3.4) The regional average food & non-alcoholic beverage inflation scaled dawn to 1.4 percent in the second quarter of 2019/20 from 9.8 percent recorded in the preceding quarter, but higher than that of last year same quarter. Food & non-alcoholic beverages inflation in Somali, Dire Dawa, Harari, SNNP, Tigray, and Oromia was higher than the regional average. The highest food & non-alcoholic beverages inflation was recorded in Somali (4.7 percent) and the lowest in Afar (-6.4 percent), signifying a 11.1 percentage point margin and 3.2 percent standard deviation (Table 3.4). Likewise, the regional average non-food inflation decreased to 3.2 percent from 4.6 percent in the previous quarter while it increased from 0.9 percent last year same period. SNNP, Tigray, Dire Dawa, Addis Ababa and Amhara recorded higher non￾food inflation than the regional average. Non-food inflation was the highest in SNNP (7.5 percent) and the lowest in Afar (-1.1 percent), revealing 8.6 percentage point margin and 2.5 percent standard deviation (Table 3.4).

Second Quarter 2019/20 13 National Bank of Ethiopia Quarterly Bulletin Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2019/20 2019/20 Annual Change Quarterly Change QII QI QII A B C C-A C-B General Food & Non￾alcoholic beverages Non￾food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food SNNP -0.6 -0.8 -0.3 6.8 8.2 4.8 5.3 3.7 7.5 5.8 4.5 7.7 -1.5 -4.5 2.7 Harari 1.2 0.1 2.0 9.6 10.8 8.7 2.5 4.0 1.3 1.3 3.8 -0.7 -7.1 -6.8 -7.4 Oromia 0.6 0.6 0.5 5.5 6.4 4.3 1.9 1.7 2.1 1.3 1.1 1.6 -3.6 -4.7 -2.2 Tigray 5.1 6.7 3.7 7.8 10.1 5.5 4.0 2.1 6.1 -1.1 -4.6 2.4 -3.8 -8.0 0.6 Gambella -2.4 -2.2 -2.5 7.6 8.7 6.3 0.6 -1.1 2.8 3.0 1.2 5.4 -7.0 -9.8 -3.5 Addis Ababa 0.6 -1.2 1.9 4.0 10.0 1.7 2.5 1.0 3.8 1.9 2.2 1.9 -1.5 -9.0 2.1 Dire Dawa -3.0 -3.5 -2.5 5.5 8.2 3.0 5.2 4.5 5.9 8.2 8.0 8.5 -0.3 -3.7 2.9 Benshangul. Gumuz 3.4 0.8 5.9 9.2 15.2 3.6 1.5 1.3 1.6 -1.9 0.6 -4.3 -7.7 -13.9 -2.0 Somali -0.6 -0.3 -1.0 9.1 10.3 7.5 3.5 4.7 2.0 4.1 5.0 3.0 -5.6 -5.6 -5.5 Afar 0.3 0.2 0.5 6.7 11.4 1.8 -4.0 -6.4 -1.1 -4.3 -6.6 -1.6 -10.7 -17.8 -2.9 Amhara 0.3 -0.8 1.6 6.0 8.1 3.7 1.35 -0.27 3.3 1.1 0.5 1.7 -4.6 -8.4 -0.4 Regions Average 0.5 0.0 0.9 7.1 9.8 4.6 2.2 1.4 3.2 Standard deviation 2.3 2.6 2.5 1.8 2.3 2.2 2.6 3.2 2.5 Coefficient of variation 5.0 -80.3 2.8 0.3 0.2 0.5 1.2 2.3 0.8

14 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 950.6 billion at the end of second quarter of 2019/20 and showed a 20.5 percent annual expansion owing to 23.2 percent growth in domestic credit and 162.2 percent drawdown in an external asset (net). Table 4.1: Factors Influencing Broad Money Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money Growth (Dec. 18) (Sept. 19) (Dec. 19) C/A C/B Annual A B C

1. External Assets (net) 23,507.7 (10,797.2) (14,628.6) -162.2 35.5 -23.6
2. Domestic Credit 844,861.3 999,176.7 1,040,967.8 23.2 4.2 121.5 . Claims on Central Gov't (net) 98,558.5 122,330.8 111,154.2 12.8 -9.1 7.8 . Claims on Non-Central Gov't 746,302.8 876,845.9 929,813.5 17.5 6.0 80.9 . Financial Institutions 52,092.7 52,142.7 55,942.7 7.4 7.3 2.4 . Others 694,210.1 824,703.1 873,870.8 25.9 6.0 111.3
3. Other Items (net) 79,207.2 78,442.6 75,786.6 -4.3 -3.4 -2.1
4. Broad Money (M2) 789,161.8 909,936.9 950,552.6 20.5 4.5 100.0 Source: Staff Computation , NBE Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) National Bank of Ethiopia 25 Second Quarter 2019/20 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 0.0 10.0 20.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Net Foreign Assets Other Items Net -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 Source: Staff Computation, NBE

Second Quarter 2019/20 15 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia 25 Second Quarter 2019/20 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 0.0 10.0 20.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Net Foreign Assets Other Items Net -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 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed 21.0 percent annual growth while narrow money supply expanded 19.5 percent. Thus, narrow money contributed 33.5 percent to broad money growth, while quasi money stood at 66.5 percent (Table 4.2). The surge in quasi-money supply was attributed to bank branch expansion and conducive policy environment. 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. 18) (Sept. 19) (Dec. 19) A B C C/A C/B Annual

1. Narrow Money Supply 277,597.9 317,191.7 331,684.1 19.5 4.6 33.5 . Currency outside banks 92,192.6 91,522.7 98,665.3 7.0 7.8 4.0 . Demand Deposits (net) 185,405.3 225,668.9 233,018.8 25.7 3.3 29.5
2. Quasi-Money 511,563.9 592,745.2 618,868.5 21.0 4.4 66.5 . Savings Deposits 430,098.7 502,198.3 529,147.6 23.0 5.4 61.4 . Time Deposits 81,465.1 90,546.9 89,720.9 10.1 -0.9 5.1
3. Broad Money Supply 789,161.8 909,936.9 950,552.6 20.5 4.5 100.0 Source: Staff Computation, NBE

16 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig. IV. 3: Composition of Monetary Stock National Bank of Ethiopia 27 Second Quarter 2019/20 Fig. IV. 3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 197.0 billion in the second quarter of 2019/20, showing annual expansion. Similarly, excess reserves of commercial banks surged 128.1 percent. The money multiplier, measured by the ratio of broad money to reserve money increased By 4.2 percent while ratio of narrow money to reserve money increased by 3.4 percent. Commercial banks strong performance in mobilizing time and saving deposit attributed for the growth in money multiplier (Table 4.3). 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Source: Staff computation, NBE 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 197.0 billion in the second quarter of 2019/20, showing annual expansion. Similarly, excess reserves of commercial banks surged 128.1 percent. The money multiplier, measured by the ratio of broad money to reserve money increased By 4.2 percent while ratio of narrow money to reserve money increased by 3.4 percent. Commercial banks strong performance in mobilizing time and saving deposit attributed for the growth in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage Change (Dec. 18) (Sept. 19) (Dec. 19) A B C C/A C/B

1. Reserve Requirement (CB's) 39,493.5 45,753.3 47,858.3 21.2 4.6
2. Actual Reserve (CB's) 56,966.6 84,286.5 87,714.4 54.0 4.1
3. Excess Reserve (CB's) 17,473.2 38,533.2 39,856.1 128.1 3.4
4. Reserve Money 170,478.6 186,800.7 197,049.9 15.6 5.5 . Currency in Circulation 120,349.0 123,976.3 128,071.6 6.4 3.3 . Banks deposits at NBE 50,129.6 62,824.4 68,978.3 37.6 9.8
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.7 1.7 3.4 -0.9 . Broad Money to Reserve Money 4.6 4.9 4.8 4.2 -1.0
6. Other Monetary Ratios (%): . Currency to Narrow Money 43.4 39.1 38.6 -10.9 -1.2 . Currency to Broad Money 15.3 13.6 13.5 -11.7 -1.1 . Narrow Money to Broad Money 35.2 34.9 34.9 -0.8 0.1 . Quasi Money to Broad Money 64.8 65.1 65.1 0.4 -0.1 Source: Staff Computation, NBE

Second Quarter 2019/20 17 National Bank of Ethiopia Quarterly Bulletin Fig. IV.4: Quarterly Growth of Reserve Money and Its Components National Bank of Ethiopia 28 Second Quarter 2019/20 Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 18) (Sept. 19) (Dec. 19) Change A B C C/A C/B

1. Reserve Requirement (CB's) 39,493.5 45,753.3 47,858.3 21.2 4.6
2. Actual Reserve (CB's) 56,966.6 84,286.5 87,714.4 54.0 4.1
3. Excess Reserve (CB's) 17,473.2 38,533.2 39,856.1 128.1 3.4
4. Reserve Money 170,478.6 186,800.7 197,049.9 15.6 5.5 . Currency in Circulation 120,349.0 123,976.3 128,071.6 6.4 3.3 . Banks deposits at NBE 50,129.6 62,824.4 68,978.3 37.6 9.8
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.7 1.7 3.4 -0.9 . Broad Money to Reserve Money 4.6 4.9 4.8 4.2 -1.0
6. Other Monetary Ratios (%): . Currency to Narrow Money 43.4 39.1 38.6 -10.9 -1.2 . Currency to Broad Money 15.3 13.6 13.5 -11.7 -1.1 . Narrow Money to Broad Money 35.2 34.9 34.9 -0.8 0.1 . Quasi Money to Broad Money 64.8 65.1 65.1 0.4 -0.1 Source: Staff Computation, NBE Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE Figure 5: Monetary Aggregates National Bank of Ethiopia 29 Second Quarter 2019/20 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 80,000.0 90,000.0 100,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE Source: Staff Computation NBE

18 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.3. Interest Rate Developments Average savings deposit rate and lending rate remained at 8.0 and 14.25 percent, respectively while weighted average time deposit rate witnessed minor decline. At the same time, weighted average yield on T-bills increased by 2.02 percentage point over last year same quarter. Hence, taking in to account the December 2019 headline inflation of 19.5 percent, all real deposit rates T-bills yield and average real lending rate remained negative (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2018/19 2019/20 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 8.01 8.01 8.00 (0.01) (0.01) 1-2 years 8.06 8.06 8.05 (0.01) (0.01) Over 2 years 8.10 8.10 8.09 (0.01) (0.01) Average Time Dep. Rate (Weighted) 8.06 8.06 8.05 (0.01) (0.01)
3. Demand Deposit (Weighted) 0.04 0.05 0.05 0.01 0.00
4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 21.50 21.50 1.50 - Average Lending Rate 13.50 14.25 14.25 0.75 -
5. T-bills Rate (Weighted) 1.43 1.91 3.45 2.02 1.54
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on-year) 10.6 18.6 19.5 8.94 0.90
8. Food Inflation (Year-on-year) 11.4 23.3 22.8 11.39 (0.50)
9. Core/non-food Inflation (Year-on-year) 9.6 13.1 15.8 6.20 2.70 Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, whereas 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 2019/20 19 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia 31 Second Quarter 2019/20 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 Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) National Bank of Ethiopia 32 Second Quarter 2019/20 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted 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 as of December 2019 of which 16 were private and 2 state owned. During the review quarter 96 new bank branches were opened thereby raising the total number of bank branches to 6,136. As a result, population to bank branch ratio stood at 16, 079.73 . About 34.1 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 30.9 percent while that of private banks reached 65.9 percent. 3 Total population is 98,665,000 as CSA estimation for 2019 0.00 5.00 10.00 15.00 20.00 25.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE

20 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector The number of banks operating in Ethiopia remained at 18 as of December 2019 of which 16 were private and 2 state owned. During the review quarter, 96 new bank branches were opened thereby raising the total number of bank branches to 6,136. As a result, population to bank branch ratio stood at 16, 079.73 . About 34.1 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 30.9 percent while that of private banks reached 65.9 percent. Total capital of the banking system amounted to Birr 108.95 billion, of which state owned banks accounted for 52.9 percent and private banks 47.1 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system was 45.9 percent (Table 4.5). Meanwhile, the number of insurance companies stood at 17, of which 16 were private and one state owned. Whose total branch network rose to 585 from 554 a year ago. About 54 percent of the insurance branches were located in Addis Ababa. These insurance companies had a total capital of Birr 8.8 billion, of which private insurance companies accounted for 68.5 percent and state owned company 31.5 percent (Table 4.6). There were 38 micro-finance institutions (MFIs) operating in the country which mobilized Birr 41.6 billion in saving deposit which that grew 22.7 percent over last year same period. Their outstanding credit also rose 25.9 percent to Birr 61.6 billion implying their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Similarly their total asset expanded by 20.6 percent to reach Birr 85.7 billion at the end of December, 2019 (Table 4.7). The top five largest MFIs namely Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions accounted for 83.4 percent of the total capital, 90.4 percent of the deposits, 86.7 percent of the credit and 87.0 percent of the total assets of MFIs. 3 Total population is 98,665,000 as CSA estimation for 2019

Second Quarter 2019/20 21 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) National Bank of Ethiopia 34 Second Quarter 2019/20 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Capital 2018/19 1,125 333 1,458 28.0 1,406 371 1,777 29.4 1,383 392 1,775 28.9 45,474.7 49,933.1 49,979.25 103 4 107 2.1 86 4 90 1.5 88 5 93 1.5 7,676.5 7,676.5 7,676.53 1,151 318 1,565 30 1,492 375 1,867 31 1,471 397 1,868 30 53,151.2 57,609.6 57,655.8

229 174 403 7.7 249 181 430 7.1 259 188 447 7.3 5,822.2 6,060.4 7,782.6 260 151 411 7.9 271 157 428 7.1 268 158 426 6.9 4,627.6 5,414.0 5,761.2 180 153 333 6.4 254 178 432 7.2 290 196 486 7.9 3,918.5 3,649.6 4,160.6 204 133 337 6.5 235 143 378 6.3 247 144 391 6.4 3,648.1 3,606.5 3,866.8 130 124 254 4.9 162 142 304 5.0 163 148 311 5.1 2,742.7 3,764.1 3,854.1 117 142 259 5.0 134 154 288 4.8 141 163 304 5.0 3,151.9 3,950.6 4,269.7 326 72 398 7.6 353 75 428 7.1 344 79 423 6.9 2,340.0 2,687.0 3,244.5 152 68 220 4.2 182 78 260 4.3 178 81 259 4.2 1,882.9 2,137.5 2,456.3 175 92 267 5.1 184 97 281 4.7 186 101 287 4.7 2,690.0 2,926.7 3,475.9 16 19 35 0.7 31 24 55 0.9 22 27 49 0.8 1,459.6 1,813.5 2,170.3 100 84 184 3.5 107 105 212 3.5 120 109 229 3.7 1,843.6 2,171.1 2,369.9 102 96 198 3.8 153 110 263 4.4 124 111 235 3.8 2,065.6 2,401.5 2,247.3 124 71 195 3.7 145 77 222 3.7 143 79 222 3.6 1,658.6 1,903.2 2,150.6 25 38 63 1.2 28 41 69 1.1 28 43 71 1.2 864.4 965.9 1,033.7 23 23 46 0.9 29 39 68 1.1 32 41 73 1.2 674.5 805.4 891.2 Enat Bank S.C 15 28 43 0.8 25 30 55 0.9 25 30 55 0.9 1,267.4 1,356.4 1,558.2 2,178 1,468 3,646 70 2,542 1,631 4,173 69 2,570 1,698 4,268 70 40,658 45,613 51,293 3,329 1,786 5,211 100 4,034 2,006 6,040 100 4,041 2,095 6,136 100 93,809 103,223 108,949 2019/20 Quarter I Quarter II % A.A Share % Share Quarter I Quarter I Quarter II Quarter II Banks Branch Network Total

1. Public Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Dashen Bank
2. Private Banks Awash International Bank Total Public Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank 2019/20 Reg % Share Reg. A.A Total Reg. A.A Total 2018/19 Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa Fig.IV.8: Branch Network and Capital of Banking System National Bank of Ethiopia 35 Second Quarter 2019/20 Fig.IV.8: Branch Network and Capital of Banking System 17.8 30.9 30.4 56.7 55.8 52.9 82.2 69.1 69.6 43.3 44.2 47.1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Series2 Series1 Source: Staff Compilation, NBE Source: Staff Compilation, NBE

22 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) National Bank of Ethiopia 36 Second Quarter 2019/20 Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter II Quarter I Quarter II A.A Reg Total A.A Reg Total A.A Reg Total Capital 25 63 88 25 63 88 25 63 88 1,556 2,674 2,768 27 19 46 28 20 48 28 20 48 944 1,161 1,224 16 13 29 17 13 30 17 14 31 180 219 232 21 16 37 22 17 39 22 17 39 128 161 152 25 12 37 26 12 38 26 12 38 455 670 621 11 8 19 11 8 19 11 8 19 158 174 183 20 20 40 21 21 42 22 21 43 478 492 539 15 16 31 16 16 32 16 16 32 722 845 892 27 13 40 27 14 41 27 14 41 378 507 521 16 15 31 16 18 34 16 19 35 153 181 192 16 5 21 16 5 21 17 5 22 107 154 155 19 20 39 20 20 40 22 20 42 263 418 431 13 13 26 13 13 26 13 13 26 296 276 307 Berhan insurance S.C 10 5 15 11 5 16 12 6 18 106 139 131 14 7 21 16 8 24 18 8 26 152 180 181 Lucy 12 4 16 12 4 16 12 4 16 132 117 125 Bunna Insurance S.C. 12 6 18 13 7 20 13 8 21 123 140 139 299 255 554 310 264 574 317 268 585 6,331 8,508 8,793 Africa Insurance Company Quarter I Insurance Companies Branch Capital Quarter II 2018/19 2019/20 2019/20 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter II Ethiopian Insurance Corporation Awash Insurance Company

Source: Source: Insurance Supervision Directorate, NBE Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of December 31, 2019 (In Thousands of Birr) National Bank of Ethiopia 37 Second Quarter 2019/20 Table 4.7: Microfinance Institutions Performance as of December 31, 2019 (In Thousands of Birr) (2018/19) QII QI QII A B C C/A C/B Total Capital 14,800,240.9 16,873,907.9 17,663,808.0 19.3 4.7 Saving 33,913,973.2 41,168,473.0 41,604,016.4 22.7 1.1 Credit 48,942,340.2 61,593,529.5 61,612,556.3 25.9 0.0 Total Assets 71,073,587.1 82,988,456.7 85,735,527.9 20.6 3.3 % Change (2019/20) Particulars 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) shrank by 1.5 percent over last year same quarter and reached Birr 73.8 billion (Table 4.8). Source: Microfinance Supervision Directorate, NBE

Second Quarter 2019/20 23 National Bank of Ethiopia Quarterly Bulletin 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) shrank by 1.5 percent over last year same quarter and reached Birr 73.8 billion (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) National Bank of Ethiopia 38 Second Quarter 2019/20 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.II 2018/19 Qtr.I 2019/20 Qtr.II 2019/20 A B C C/A C/B 1.Deposits (net change) -3,803.5 22,229.6 21,376.8 19,489.8 42,337.1 17,573.3 41,719.4 -1.5 137.4 -Demand -128.4 6,411.5 3,347.4 9,147.6 16,633.3 3,219.1 15,559.0 -6.5 383.3 -Saving -1,268.4 14,642.5 15,925.8 12,345.1 22,938.4 14,657.5 26,987.6 17.7 84.1 -Time -2,406.7 1,175.6 2,103.5 -2,002.9 2,765.4 -303.2 -827.3 -129.9 172.8 2. Borrowing (net change) 1,597.2 -2,230.0 5,428.4 1,597.2 -2,230.0 -141.1 -239.6 -Local 520.9 -2,238.9 0.0 0.0 5,345.1 520.9 -2,238.9 -141.9 -529.8 -Foreign 1,076.3 8.9 0.0 0.0 83.3 1,076.3 8.9 -89.4 -99.2 3. Collection of Loans 12,222.6 9,168.2 23,108.5 25,127.8 27,120.4 35,331.1 34,296.0 26.5 -2.9 4. Total Resources Mobilized (1+2+3)10,016.3 29,167.7 44,485.3 44,617.6 74,886.0 54,501.6 73,785.4 -1.5 35.4 5. Disbursement 13,398.5 19,489.3 27,544.6 39,255.6 46,046.8 40,943.1 58,744.9 27.6 43.5 6. Change in Liquidity (4-5) -3,382.1 9,678.5 16,940.7 5,362.0 28,839.2 13,558.5 15,040.5 -47.8 10.9 Memorandum Item: Outstanding Credit* 244,427.3 259,106.0 275,188.4 313,153.6 448,419.8 519,615.6 572,259.5 27.6 10.1 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2019/20 Qtr.II 2019/20 Qtr.I 2019/20 Qtr.II 2019/20 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 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 19/20 In Millions of Birr Total Mobilization Net Deposit Source: Staff computation National Bank of Ethiopia 38 Second Quarter 2019/20 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.II 2018/19 Qtr.I 2019/20 Qtr.II 2019/20 A B C C/A C/B 1.Deposits (net change) -3,803.5 22,229.6 21,376.8 19,489.8 42,337.1 17,573.3 41,719.4 -1.5 137.4 -Demand -128.4 6,411.5 3,347.4 9,147.6 16,633.3 3,219.1 15,559.0 -6.5 383.3 -Saving -1,268.4 14,642.5 15,925.8 12,345.1 22,938.4 14,657.5 26,987.6 17.7 84.1 -Time -2,406.7 1,175.6 2,103.5 -2,002.9 2,765.4 -303.2 -827.3 -129.9 172.8 2. Borrowing (net change) 1,597.2 -2,230.0 5,428.4 1,597.2 -2,230.0 -141.1 -239.6 -Local 520.9 -2,238.9 0.0 0.0 5,345.1 520.9 -2,238.9 -141.9 -529.8 -Foreign 1,076.3 8.9 0.0 0.0 83.3 1,076.3 8.9 -89.4 -99.2 3. Collection of Loans 12,222.6 9,168.2 23,108.5 25,127.8 27,120.4 35,331.1 34,296.0 26.5 -2.9 4. Total Resources Mobilized (1+2+3)10,016.3 29,167.7 44,485.3 44,617.6 74,886.0 54,501.6 73,785.4 -1.5 35.4 5. Disbursement 13,398.5 19,489.3 27,544.6 39,255.6 46,046.8 40,943.1 58,744.9 27.6 43.5 6. Change in Liquidity (4-5) -3,382.1 9,678.5 16,940.7 5,362.0 28,839.2 13,558.5 15,040.5 -47.8 10.9 Memorandum Item: Outstanding Credit* 244,427.3 259,106.0 275,188.4 313,153.6 448,419.8 519,615.6 572,259.5 27.6 10.1 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2019/20 Qtr.II 2019/20 Qtr.I 2019/20 Qtr.II 2019/20 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 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 19/20 In Millions of Birr Total Mobilization Net Deposit Source: Staff computation 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 Source: Staff computation

24 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 958.9 billion by the close of the second quarter of 2019/20, indicating 21 percent annual growth rate. The growth in deposit mobilization was attributed to expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits accounted for 34.8 percent of the total deposits and stood at Birr 333.6 billion showing a 18.7 percent annual growth. Similarly, saving deposits went up 23.1 percent and its share in total deposit reached 55.2 percent. Time deposits, which constituted 10 percent of the total deposit liabilities, increased 17.5 percent over the same period of last year. The share of state owned banks in total deposits outstanding was 58.6 percent while that of private banks stood at 41.4 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) National Bank of Ethiopia 39 Second Quarter 2019/20 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 958.9 billion by the close of the second quarter of 2019/20, indicating 21 percent annual growth rate. The growth in deposit mobilization was attributed to expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits accounted for 34.8 percent of the total deposits and stood at Birr 333.6 billion showing a 18.7 percent annual growth. Similarly, saving deposits went up 23.1 percent and its share in total deposit reached 55.2 percent. Similarly, time deposits, which constituted 10 percent of the total deposit liabilities, increased 17.5 percent over the same period of last year. The share of state owned banks in total deposits outstanding was 58.6 percent while that of private banks stood at 41.4 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter II Quarter I Quarter II 2018/19 2019/20 2019/20 A B C Demand Deposit 280,937.0 35.4 318,005.5 34.7 333,564.6 34.8 18.7 4.9 Saving Deposit 430,146.6 54.3 502,459.1 54.8 529,446.7 55.2 23.1 5.4 Time Deposit 81,610.7 10.3 96,730.8 10.5 95,903.5 10.0 17.5 (0.9) Total 792,694.4 100.0 917,195.4 100.0 958,914.8 100.0 21.0 4.5 Share of state owned Banks 61.0 58.8 58.6 Share of Private Banks 39.0 41.2 41.4 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership National Bank of Ethiopia 40 Second Quarter 2019/20 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 IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV 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 19/20 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 34.3 billion, about 26.5 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 67.4 percent and that of state owned banks 32.6 percent. About 97.9 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 73.8 billion, showing a 0.4 percent annual down increase. Of the total borrowing, Birr 61.1 billion (85.4 percent) was from domestic and Birr 10.5 billion (14.6 percent) from external sources (Table 4.10). Source: Commercial Banks and DBE Source: Staff Computation, NBE

Second Quarter 2019/20 25 National Bank of Ethiopia Quarterly Bulletin 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 34.3 billion, about 26.5 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 67.4 percent and that of state owned banks 32.6 percent. About 97.9 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 71.5 billion, showing a 0.4 percent annual decline. Of the total borrowing, Birr 61.1 billion (85.4 percent) was from domestic and Birr 10.5 billion (14.6 percent) from external sources (Table 4.10). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) National Bank of Ethiopia 41 Second Quarter 2019/20 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2018/19 Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 63,592.6 63,285.3 61,046.5 (3.5) (4.0) Foreign Borrowing 8,195.2 10,467.8 10,476.7 0.1 27.8 Total 71,787.8 73,753.2 71,523.2 (3.0) (0.4) Banks Percentage change 2019/20 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the second quarter, Birr 58.7 billion was disbursed in fresh loans, indicating a 27.6 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 46.9 percent and that of private banks 53.1 percent (Table 4.12). The major beneficiary of fresh loans was International trade accounting for Birr 13.9 billion (23.7 percent) followed by domestic trade (Birr 13.8 billion or 23.6 percent), industry (Birr 8.3 billion or 14.2 percent), housing & construction (Birr 8.2 billion or 13.9 percent) and agriculture (Birr 4.1 billion or 7 percent). The remaining balance was taken up by other economic sectors (Table 4.11). Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the second quarter, Birr 58.7 billion was disbursed in fresh loans, indicating a 27.6 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 46.9 percent and that of private banks 53.1 percent (Table 4.12). The major beneficiary of fresh loans was International trade accounting for Birr 13.9 billion (23.7 percent) followed by domestic trade (Birr 13.8 billion or 23.6 percent), industry (Birr 8.3 billion or 14.2 percent), housing & construction (Birr 8.2 billion or 13.9 percent) and agriculture (Birr 4.1 billion or 7 percent). The remaining balance was taken up by other economic sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership National Bank of Ethiopia 42 Second Quarter 2019/20 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 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 19/20 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia 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 * - - 49,010 - - - - - 49,010 Agriculture 3,652 2,063 18,630 447 241 2,432 4,100 2,304 21,062 Industry 4,704 3,021 154,561 3,620 2,714 47,899 8,324 5,734 202,461 Domestic Trade 1,356 507 7,084 12,495 7,304 74,409 13,851 7,811 81,493 International Trade 793 277 21,336 13,120 7,584 96,157 13,913 7,861 117,493 Export 398 251 11,116 9,368 5,528 68,922 9,766 5,779 80,038 Imports 395 26 10,220 2,396 2,056 28,104 2,791 2,082 38,324 Hotels and Tourism 405 454 4,920 1,097 820 10,562 1,502 1,274 15,482 Transport & Communication 115 118 1,261 860 1,423 11,129 975 1,541 12,390 Housing & Construction 3,055 637 15,804 5,123 2,834 43,172 8,178 3,472 58,976 Mines, Power & Water Res. 114 140 1,563 13 2 111 126 142 1,675 Others 831 248 8,162 413 454 2,190 1,244 702 10,352 Personal 4,465 1,704 25,784 3,423 1,750 24,222 7,887 3,454 50,006 Total 19,489 9,168 308,116 39,256 25,128 313,154 58,745 34,296 621,270 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 Source: Commercial Banks and Development Bank of Ethiopia

26 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) National Bank of Ethiopia 42 Second Quarter 2019/20 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 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 19/20 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia 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 * - - 49,010 - - - - - 49,010 Agriculture 3,652 2,063 18,630 447 241 2,432 4,100 2,304 21,062 Industry 4,704 3,021 154,561 3,620 2,714 47,899 8,324 5,734 202,461 Domestic Trade 1,356 507 7,084 12,495 7,304 74,409 13,851 7,811 81,493 International Trade 793 277 21,336 13,120 7,584 96,157 13,913 7,861 117,493 Export 398 251 11,116 9,368 5,528 68,922 9,766 5,779 80,038 Imports 395 26 10,220 2,396 2,056 28,104 2,791 2,082 38,324 Hotels and Tourism 405 454 4,920 1,097 820 10,562 1,502 1,274 15,482 Transport & Communication 115 118 1,261 860 1,423 11,129 975 1,541 12,390 Housing & Construction 3,055 637 15,804 5,123 2,834 43,172 8,178 3,472 58,976 Mines, Power & Water Res. 114 140 1,563 13 2 111 126 142 1,675 Others 831 248 8,162 413 454 2,190 1,244 702 10,352 Personal 4,465 1,704 25,784 3,423 1,750 24,222 7,887 3,454 50,006 Total 19,489 9,168 308,116 39,256 25,128 313,154 58,745 34,296 621,270 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 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 621.3 billion, about 27.6 percent higher than last year same quarter. Of the total outstanding loans and advances of the private banks, 71.5 percent was claims on the private sector compared with 28.5 percent for state owned banks (Table 4.12) Sector wise, outstanding credit to industry stood at Birr 202.5 billion (32.6 percent) followed by international trade (Birr 117.5 billion or 18.9 percent), domestic trade (Birr 81.5 billion or 13.1 percent), housing & construction (Birr 59 billion or 9.5 percent) and agriculture (Birr 21.1 billion or 3.4 percent) and other economic sectors accounted for remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) National Bank of Ethiopia 43 Second Quarter 2019/20 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 621.3 billion, about 27.6 percent higher than last year same quarter. Of the total outstanding loans and advances of the private banks, 71.5 percent was claims on the private sector compared with 28.5 percent for state owned banks (Table 4.12) Sector wise, outstanding credit to industry stood at Birr 202.5 billion (32.6 percent) followed by international trade (Birr 117.5 billion or 18.9 percent), domestic trade (Birr 81.5 billion or 13.1 percent), housing & construction (Birr 59 billion or 9.5 percent) and agriculture (Birr 21.1 billion or 3.4 percent) and other economic sectors accounted for 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 19,489.3 33.2 9,168.2 26.7 308,116.3 49.6 Central Government* 0.0 49,010.3 15.9 State Enterprises 3,377.3 17.3 690.6 7.5 127,175.8 41.3 Cooperatives 3,920.2 20.1 1,978.5 21.6 15,239.3 4.9 Private Enterprises 12,191.8 62.6 6,499.0 70.9 116,690.8 37.9 Private Banks 39,255.6 66.8 25,127.8 73.3 313,153.6 50.4 Central Government* 0.0 State Enterprises 7.7 0.0 36.2 0.1 707.5 0.2 Cooperatives 1,366.7 3.5 829.1 3.3 4,092.0 1.3 Private Enterprises 37,881.2 96.5 24,262.6 96.6 308,354.1 98.5 Grand Total 58,744.9 100.0 34,296.0 100.0 621,269.8 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE

Second Quarter 2019/20 27 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 44 Second Quarter 2019/20 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 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 19/20 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 204.2 billion by end of December 2019, showing 14.3 percent annual increase. Of these claims, direct advance accounted for 96.6 percent and bonds 3.4 percent. Direct advance to central government fell by 6 percent while deposit of financial institutions’ at NBE surged 32.1 percent (Table 4.13). 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 204.2 billion by end of December 2019, showing 14.3 percent annual increase. Of these claims, direct advance accounted for 96.6 percent and bonds 3.4 percent. Direct advance to central government fell by 6 percent while deposit of financial institutions’ at NBE surged 32.1 percent (Table 4.13). Table 4 .13: Financial Activities of NBE during the Second Quarter of 2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 45 Second Quarter 2019/20 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 230,778.01 251,380.46 260,180.46 12.7 3.5 1.1. To Central Government 178,685.30 199,237.75 204,237.75 14.3 2.5 Direct Advances 171,264.95 192,264.95 197,264.95 15.2 2.6 Bonds 7,420.35 6,972.80 6,972.80 -6.0 0.0 1.2.To Development Bank of Ethiopia 52,092.71 52,142.71 55,942.71 7.4 7.3 2.Deposit Liabilities 76,059.82 83,329.50 100,001.41 31.5 20.0 2.1. Government 23,783.26 20,433.47 30,939.51 30.1 51.4 2.2. Financial Institutions 52,276.56 62,896.03 69,061.91 32.1 9.8 O/W: -Banks 52,254.04 62,865.03 69,053.92 32.2 9.8 -Insurance companies 22.5 31.0 8.0 -64.5 -74.2 3.Net Claims of NBE(1-2) 154,718.2 168,051.0 160,179.0 3.5 -4.7 % Change Particulars Table 4 .13: Financial Activities of NBE during the Second Quarter of 2019/20 2019/20 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market T-bills supplied to the weekly T-bills auction market reached Birr 84.9 billion during the second quarter, reflecting a 16.0 percent growth over last year same quarter. Similarly, the demand for T-bills went up 13.5 percent relative to a year earlier and reached Birr 89.6 billion (Table 14) and T￾bills sold reached Birr 89.4 billion, showing 13.3 percent annual increase. The value of the T-bills outstanding was Birr 112.0 billion, depicting a 32.0 percent yearly increase. About 99.8 percent of the outstanding bills were held by non-bank institutions. Average weighted T-bill yield during the review quarter stood at 3.45 percent compared with 1.43 percent a year ago (Table 4.14). Source: NBE

28 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 46 Second Quarter 2019/20 Source NBE 2019/20 Q uarter II Quarter I Q uarter II A B C C/A C/B Number of Bidders 50.00 47.00 49.00 -2.00 4.26 Public 50.00 47.00 36.00 -28.00 -23.40 Private - - 13.00 0.00 0.00 Number of Bids received 50.00 49.00 42.00 -16.00 -14.29 Public 50.00 49.00 35.00 -30.00 -28.57 Private - - 7.00 Amount Demanded (Mn. Birr) 78,973.56 116,759.56 89,622.53 13.48 -23.24 28-day bill 240.00 240.00 659.00 174.58 174.58 91-day bill 70,382.56 113,533.56 86,313.53 22.63 -23.98 182-day bill 685.00 236.00 650.00 -5.11 175.42 364-day bill 7,666.00 2,750.00 2,000.00 - -27.27 Amount Supplied (Mn. Birr) 73,202.56 110,383.36 84,916.53 16.00 -23.07 28-day bill 240.00 910.00 630.00 162.50 -30.77 91-day bill 64,586.56 106,487.36 81,626.53 26.38 -23.35 182-day bill 710.00 236.00 660.00 -7.04 179.66 364-day bill 7,666.00 2,750.00 2,000.00 - Amount Sold (Mn. Birr) 78,973.56 116,759.56 89,439.53 13.25 -23.40 Banks - - 196.00 Non-Banks 78,973.56 116,759.56 89,243.53 13.00 -23.57 28-day bill 99.94 99.94 99.80 -0.14 -0.14 91-day bill 99.70 99.70 99.35 -0.36 -0.36 182-day bill 99.67 99.68 99.74 0.06 0.05 364-day bill 97.10 95.25 95.25 0.00 28-day bill 0.85 0.78 2.65 213.04 239.15 91-day bill 1.20 1.20 2.65 120.43 120.16 182-day bill 0.66 0.64 0.53 -19.44 -17.17 364-day bill 3.00 5.00 7.96 0.00 Banks - - 196.00 Non-Banks 84,879.56 144,725.56 111,849.53 31.77 -22.72 O utstanding bills at the end of Period (Mn.Br.) 84,879.56 144,725.56 112,045.53 32.01 -22.58 Average Weighted Yield for Successful bids (%) 1.43 1.91 3.45 141.61 80.87 Table 14: - Results of Treasury Bills Auction ( 2019/20 first quarter) (In Millions) 2018/19 % Change Average Weighted Price for Successful bids (%) 99.10 98.64 98.53 -0.57 -0.11 Source NBE Table 14: Results of Treasury Bills Auction (2019/20 First quarter) (In Millions of Birr) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market T-bills supplied to the weekly T-bills auction market reached Birr 84.9 billion during the second quarter, reflecting a 16.0 percent growth over last year same quarter. Similarly, the demand for T-bills went up 13.5 percent relative to a year earlier and reached Birr 89.6 billion (Table 14) and T-bills sold reached Birr 89.4 billion, showing 13.3 percent annual increase. The value of the T-bills outstanding was Birr 112.0 billion, depicting a 32.0 percent yearly increase. About 99.8 percent of the outstanding bills were held by non-bank institutions. Average weighted T-bill yield during the review quarter stood at 3.45 percent compared with 1.43 percent a year ago (Table 4.14).

Second Quarter 2019/20 29 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 47 Second Quarter 2019/20 Fig IV .15 Development in Treasury- bills Markets. Source NBE 0 20000 40000 60000 80000 100000 120000 140000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 Demand Supply Fig IV .13 Development in Treasury- bills Markets. Source NBE Fig IV. 14 Developments in Average Weighted yeilds of T-bill with Different Maturities National Bank of Ethiopia Quarterly Bulletin 48 Second Quarter 2019/20 4.7.2. Inter- Bank Money Market No inter-bank money market transaction was held during the review quarter. 4.7.3. Corporate Bond Market The corporate bond market is confined to big a few public institutions and regional governments. The sole purchaser of these bonds has been the solely Commercial Bank of Ethiopia (CBE). During the second quarter, CBE purchased corporate bonds worth Birr 2.5 billion which was wholly issued by EEPCo. At the end of December 2019, the stock of corporate bonds held by the CBE stood at Birr 340.9 billion, of which 92.9 percent was claims on public enterprises and the remaining balance was a claim on regional governments (Table 4.15). Corporate bonds issued by Ethiopian Electric Powwer (EEP) accounted for 100.0 percent of the bonds issued by public enterprises and 80.0 percent of the total outstanding corporate bond balance. 0 2 4 6 8 10 12 14 16 I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/082008/92009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Fig IV. 15 Developments in Average Weighted yeilds of T-bill with Different Maturities 364-day 182-day 91-day 28-day

30 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market No inter-bank money market transaction was held during the review quarter. 4.7.3. Corporate Bond Market The corporate bond market is confined to big a few public institutions and regional governments. The sole purchaser of these bonds has been the solely Commercial Bank of Ethiopia (CBE). During the second quarter, CBE purchased corporate bonds worth Birr 2.5 billion which was wholly issued by EEPCo. At the end of December 2019, the stock of corporate bonds held by the CBE stood at Birr 340.9 billion, of which 92.9 percent was claims on public enterprises and the remaining balance was a claim on regional governments (Table 4.15). Corporate bonds issued by Ethiopian Electric Powwer (EEP) accounted for 100.0 percent of the bonds issued by public enterprises and 80.0 percent of the total outstanding corporate bond balance. Table 4.15: Corporate Bond Purchase, Redemption and Outstanding In millions of Birr Issuer of the Bond 2019/20 2019/20 QI QII NP Red O/S NP Red O/S 1.Puplic Enterprises 7,500.0 122.4 314,204.6 2,500.0 50.0 316,654.6 EEPCO 7,500.0 122.4 271,298.9 2,500.0 50.0 273,748.9 Railways Corporation - 42,905.7 - - 42,905.7 DBE - - - - - - 2. Regional Governments 0.0 4,310.8 27,428.5 0.0 3,096.5 24,222.4 Oromia - 2.1 427.4 - 0.5 426.9 Amhara - 0.5 0.2 - - 0.2 Tigray - 2.3 114.5 - - 4.9 SNNPRS - - 7.6 - - 7.6 Dire Dawa - - - - - 0.0 Harari - - - - - 0.0 City Government of Addis Ababa - 4,305.9 26,878.8 - 3,096.0 23,782.7 3.Grand Total (1+2) 7,500.0 4,433.2 341,633.2 2,500.0 3,146.5 340,877.1 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

Second Quarter 2019/20 31 National Bank of Ethiopia Quarterly Bulletin V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments registered USD 91.1 million in deficit during the second quarter of FY 2019/20 compared with USD 258.6 million surplus seen a year ago. This deficit was mainly attributed to a decline in the surpluses of net official transfers and net capital account. In contrast, while deficit of merchandise trade and net services narrowed, surplus in net private transfers increased during the review period (Table 5.1).

32 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QII QI4 QII A B C D=C/A E=C/B 1 Exports, f.o.b. 584.2 723.0 610.5 4.5 -15.6 Coffee 130.0 232.1 133.3 2.5 -42.6 Other 454.3 491.0 477.2 5.1 -2.8 2 Imports 4,436.3 3,746.4 3,820.0 -13.9 2.0 Fuel 673.6 593.7 639.0 -5.1 7.6 Cereals 142.4 287.2 203.1 42.7 -29.3 Aircraft 790.6 15.8 28.9 -96.3 82.5 Imports excl. fuel, cereals, aircraft 2,829.7 2,849.6 2,949.0 4.2 3.5 3 Trade Balance (1-2) -3,852.1 -3,023.3 -3,209.4 -16.7 6.2 4 Services, net -270.3 101.0 -21.2 -92.2 -121.0 Non-factor services, net -125.9 252.9 117.9 -193.7 -53.4 Exports of non-factor services 1,227.4 1,309.8 1,281.4 4.4 -2.2 Imports of non-factor services 1,353.3 1,056.9 1,163.4 -14.0 10.1 Factor services (Investment income), net -144.4 -151.9 -139.1 -3.7 -8.4 Interest, net -144.4 -151.9 -139.1 -3.7 -8.4 Dividend, net 5 Private transfers, net 1,368.8 1,277.4 1,655.0 20.9 29.6 o/w: NGO's,(Net) 157.7 204.8 288.4 82.9 40.8 Private Individuals 1,211.2 1,072.6 1,366.6 12.8 27.4 6 Current account balance excluding official transfers (3+4+5) -2,753.5 -1,645.0 -1,575.6 -42.8 -4.2 7 Official transfers, net 907.4 185.1 388.3 -57.2 109.7 8 Current account balance including official transfers(6+7) -1,846.1 -1,459.8 -1,187.3 -35.7 -18.7 9 Capital account 2,235.6 693.2 1,525.3 -31.8 120.0 Official Long-term Capital, net 603.2 298.9 730.9 21.2 144.5 Disbursements 639.2 352.5 771.5 20.7 118.9 Amortization 35.9 53.5 40.7 13.1 -24.1 Other public long-term capital 348.4 -282.3 77.2 -77.8 -127.3 Private sector, long term 91.9 36.0 51.8 -43.7 43.7 Foreign Direct Investment, net 1,139.5 700.2 661.6 -41.9 -5.5 Short-term Capital 52.6 -59.7 3.9 -92.5 -106.6 10 Errors and Omissions [11-(9+8)] -130.9 -103.9 -429.2 11 Overall balance (-13) 258.6 -870.5 -91.1 12 Financing (13+16) -258.6 870.5 91.1 13 Reserves [ Increase(-), Decrease (+)] (14+15) -258.6 870.5 91.1 14 Central Bank (NFA) -419.1 758.0 -69.1 Asset -213.2 817.6 -367.4 Liabilities -205.9 -59.6 298.3 15 Commercial banks (NFA) 160.5 112.5 160.2 16 Debt Relief Principal Interest Source: NBE Staff Compilation *Preliminary 4 Revised

Second Quarter 2019/20 33 National Bank of Ethiopia Quarterly Bulletin Total current account receipts amounted to USD 4 billion registering a 3.7 percent decline over last year same quarter Owing to slowdown in receipts from public transfers (55.6 percent) in contrast to an increase in merchandise export proceeds (4.5 percent), services receipts (3.4 percent) and private transfers (21.1 percent). Similarly, total current account payments decreased by 13.6 percent and reached USD 5.2 billion because of the drop in merchandise import (13.9 percent) and services payment (13.6 percent).Yet private transfer payments and public transfers showed significant increase. Hence, the current account balance recorded USD 1.2 billion deficit which was 35.7 percent lower than that of a year ago (Table 5.2) . Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Current Receipts 4,122.0 3,539.6 3,970.7 -3.7 12.2 Export Proceeds 584.2 723.0 610.5 4.5 -15.6 Service Proceeds 1,250.1 1,329.6 1,292.5 3.4 -2.8 Private Transfers 1,371.3 1,283.9 1,661.1 21.1 29.4 Public Transfers 916.4 203.0 406.7 -55.6 100.3 2 Current Payments 5,968.1 4,999.4 5,157.5 -13.6 3.2 Import Payments 4,436.3 3,746.4 3,820.0 -13.9 2.0 Service Payments 1,520.4 1,228.6 1,313.1 -13.6 6.9 Private Transfers 2.4 6.5 6.1 153.6 -6.2 Public Transfers 9.0 17.9 18.3 103.8 2.6 3 Net, (1-2) -1,846.1 -1,459.8 -1,186.7 -35.7 -18.7 Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 53 Second Quarter 2019/20 Source: NBE Staff Compilation 5.2. Balance of Trade During the second quarter of 2019/20 merchandise trade deficit narrowed to USD 3.2 billion from USD 3.9 billion a year ago as merchandise export receipts improved and merchandise import bills declined. 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenue 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 7000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments

34 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 53 Second Quarter 2019/20 Source: NBE Staff Compilation 5.2. Balance of Trade During the second quarter of 2019/20 merchandise trade deficit narrowed to USD 3.2 billion from USD 3.9 billion a year ago as merchandise export receipts improved and merchandise import bills declined. 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenue 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 7000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 5.2. Balance of Trade During the second quarter of 2019/20 merchandise trade deficit narrowed to USD 3.2 billion from USD 3.9 billion a year ago as merchandise export receipts improved and merchandise import bills declined. Source: Ethiopian Ministry of Revenue Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 54 Second Quarter 2019/20 Source: NBE Staff Computation 5.2.1. Export of Goods Total receipts from merchandise export increased by 4.5 percent over last year same quarter owing to higher export revenue from coffee (2.5 percent), fruits & vegetables (152.4 percent), flower (108.3 percent), chat (0.7 percent), live￾animals (90.0 percent), textile & textile products (38.6 percent) and gold (98.7 percent). On the other hand, drop in receipts was observed with regard to oilseeds (41.3 percent), pulses (28.3 percent), leather & leather products (24.6 percent), meat & meat products (20.4 percent), electricity (7.1 percent) and other export product (22.4 percent). Export earnings from coffee grew by 2.5 percent over last year same quarter due to 19.4 percent increase in export volume despite 14.2 percent decline in international price. However, the share of coffee in total export earnings slightly decreased to 21.8 percent from 22.3 percent a year ago. Similarly, export revenue from fruit & vegetables stood at USD 37.1 million, showing 152.4 percent annual growth owing to 2.4 percent increase in export 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit 5.2.1. Export of Goods Total receipts from merchandise export increased by 4.5 percent over last year same quarter owing to higher export revenue from coffee (2.5 percent), fruits & vegetables (152.4 percent), flower (108.3 percent), chat (0.7 percent), live-animals (90.0 percent), textile & textile products (38.6 percent) and gold (98.7 percent). On the other hand, drop in receipts was observed with regard to oilseeds (41.3 percent), pulses (28.3 percent), leather & leather products (24.6 percent), meat & meat products (20.4 percent), electricity (7.1 percent) and other export product (22.4 percent). Export earnings from coffee grew by 2.5 percent over last year same quarter due to 19.4 percent

Second Quarter 2019/20 35 National Bank of Ethiopia Quarterly Bulletin increase in export volume despite 14.2 percent decline in international price. However, the share of coffee in total export earnings slightly decreased to 21.8 percent from 22.3 percent a year ago. Similarly, export revenue from fruit & vegetables stood at USD 37.1 million, showing 152.4 percent annual growth owing to 2.4 percent increase in export volume and 146.5 percent surge in international price. Thus, the share of fruits & vegetables in total merchandise export rose to 6.1 percent from 2.5 percent a year earlier. Receipts from textile & textile products increased 38.6 percent on account of 20.6 percent growth in export volume and 14.9 percent rise in international price. As a result, the share of textile and textile product in total merchandise export earnings went up to 7.9 percent from 5.9 percent last year same period. Likewise, export revenue from flower surged 108.3 percent over the same quarter of last year due to 100.6 percent growth in export volume and 3.8 percent increase in international price. Thus, the share of flower in total export earnings doubled to 18.0 percent from 9.0 percent a year earlier. Revenue from export of live-animals increased by 90.0 percent as export volume grew by 105.8 percent despite 7.7 percent drop in international price. Consequently, the share of live-animals in total merchandise export increased to 1.4 percent from 0.8 percent a year ago. Similarly, export receipts from chat showed a 0.7 percent marginal growth as prices improved 1.3 percent against 0.6 percent fall in volume. Thus, the share of chat in total merchandise export earnings stood at 13.3 percent. Export earnings from gold depicted a 98.7 percent annual surge due to 97.2 percent increase in export volume and 0.8 percent rise in international price. As a result, the share of gold in total merchandise export doubled to 1.2 percent from 0.6 percent a year ago. Earnings from oilseeds fell 41.3 percent and reached USD 53.3 million because of 41.4 percent decrease in export volume despite marginal improvement in international price. Hence, the share of oilseeds in total merchandise export earnings deteriorated to 8.7 percent from 15.6 percent last year same period. Export receipt from pulses fell 28.3 percent vis-à-vis the same quarter of last year due to 26.3 percent decrease in export volume and 2.7 percent drop in international price. Thus, the share of pulses in total export earnings went down to 8.1 percent from 11.8 percent a year earlier. Receipts from export of leather & leather products declined 24.6 percent as export volume dropped 34.5 percent despite 15.2 percent rise in international price. Thus, the share of these export items in total merchandise export declined to 4.2 percent from 5.8 percent of last year same quarter. Likewise, export receipts from meat & meat products decreased to USD 16.9 million showing 20.4 percent annual decline as export volume fell 29.1 percent while international price increased 12.4 percent. As a result, the share of meat & meat products in total export earnings stood at 2.8 percent. Export revenue from electricity showed a 7.1 percent annual decline mainly due to 9.8 percent decrease in export volume. Hence, the share of electricity in total merchandise export revenue slightly dropped to 2.5 percent from 2.8 percent a year ago (Tables 5.3, 5.4 and 5.5).

36 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2018/19 2019/20 Percentage Change QII QI QII A %share B %share C %share C/A C/B Coffee 130 22.3 232.1 32.10 133.3 21.8 2.5 -42.6 Oilseeds 90.9 15.6 53.9 7.46 53.3 8.7 -41.3 -1.1 Leather and Leather products 33.8 5.8 23.6 3.26 25.5 4.2 -24.6 8.1 Pulses 68.9 11.8 48.7 6.74 49.4 8.1 -28.3 1.6 Meat & Meat Products 21.2 3.6 18.5 2.56 16.9 2.8 -20.4 -8.8 Fruits & Vegetables 14.7 2.5 16.4 2.27 37.1 6.1 152.4 126.5 Textile & Textile Products 34.7 5.9 51.8 7.16 48 7.9 38.6 -7.4 Live Animals 4.5 0.8 24.2 3.35 8.5 1.4 90 -64.9 Chat 80.7 13.8 92.5 12.79 81.2 13.3 0.7 -12.2 Gold 3.7 0.6 6.1 0.84 7.4 1.2 98.7 20.1 Flower 52.7 9.0 115.4 15.96 109.8 18.0 108.3 -4.8 Electricity 16.4 2.8 10.2 1.41 15.2 2.5 -7.1 48.8 Others 32.1 5.5 29.57 4.09 24.90 4.1 -22.4 -15.8 Total Export 584.2 100 723 100 610.5 100 4.5 -15.6 Total Export excluding Electricity 567.9 712.8 595.3 4.8 -16.5 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 57 Second Quarter 2019/20 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 QIII IV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Table 5.4: Volume of Major Export Items (In Millions of Kg) Particulars 2018/19 2019/20 Percentage Change QII QI QII A B C C/A C/B Coffee 44.0 80.5 52.5 19.4 -34.8 Oilseeds 60.7 35.0 35.6 -41.4 1.6 Leather and Leather Products 1.7 1.1 1.1 -34.5 0.6 Pulses 109.5 87.6 80.8 -26.3 -7.8 Meat & Meat Products 4.3 3.7 3.1 -29.1 -15.9 Fruits & Vegetables 42.4 48.8 43.4 2.4 -11.0 Textile & Textile product 4.8 6.9 5.8 20.6 -16.1 Live Animals 2.3 12.5 4.8 105.8 -61.8 Chat 14.3 16.3 14.2 -0.6 -13.0 Gold(In mn. of grams) 0.1 0.2 0.2 97.2 18.8 Flower 12.0 26.1 24.1 100.6 -7.9 Electricity(Inmn of kwh) 290.9 167.0 262.4 -9.8 57.1 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

Second Quarter 2019/20 37 National Bank of Ethiopia Quarterly Bulletin Table 5.4: Volume of Major Export Items (In Millions of Kg) Particulars 2018/19 2019/20 Percentage Change QII QI QII A B C C/A C/B Coffee 44.0 80.5 52.5 19.4 -34.8 Oilseeds 60.7 35.0 35.6 -41.4 1.6 Leather and Leather Products 1.7 1.1 1.1 -34.5 0.6 Pulses 109.5 87.6 80.8 -26.3 -7.8 Meat & Meat Products 4.3 3.7 3.1 -29.1 -15.9 Fruits & Vegetables 42.4 48.8 43.4 2.4 -11.0 Textile & Textile product 4.8 6.9 5.8 20.6 -16.1 Live Animals 2.3 12.5 4.8 105.8 -61.8 Chat 14.3 16.3 14.2 -0.6 -13.0 Gold(In mn. of grams) 0.1 0.2 0.2 97.2 18.8 Flower 12.0 26.1 24.1 100.6 -7.9 Electricity(Inmn of kwh) 290.9 167.0 262.4 -9.8 57.1 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 58 Second Quarter 2019/20 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (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 2018/19 2019/20 Percentage Change QII QI QII A B C C/A C/B Coffee 3.0 2.9 2.5 -14.2 -12.0 Oilseeds 1.5 0.2 -2.6 Leather and Leather Products 19.6 21.0 22.6 15.2 7.4 Pulses 0.6 -2.7 10.1 Meat & Meat Products 4.9 5.1 5.5 12.4 8.5 Fruits & Vegetables 0.3 0.3 0.9 146.5 154.5 Textile & Textile product 7.2 7.5 8.3 14.9 10.4 Live Animals 1.9 1.9 1.8 -7.7 -8.1 Chat 5.7 1.3 0.9 Gold (in USD/gm) 36.6 36.5 36.9 0.8 1.1 Flower 4.4 4.4 4.6 3.8 3.4 Electricity 0.1 0.0 0.1 3.0 245.6 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation

38 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2018/19 2019/20 Percentage Change QII QI QII A B C C/A C/B Coffee 3.0 2.9 2.5 -14.2 -12.0 Oilseeds 1.5 0.2 -2.6 Leather and Leather Products 19.6 21.0 22.6 15.2 7.4 Pulses 0.6 -2.7 10.1 Meat & Meat Products 4.9 5.1 5.5 12.4 8.5 Fruits & Vegetables 0.3 0.3 0.9 146.5 154.5 Textile & Textile product 7.2 7.5 8.3 14.9 10.4 Live Animals 1.9 1.9 1.8 -7.7 -8.1 Chat 5.7 1.3 0.9 Gold (in USD/gm) 36.6 36.5 36.9 0.8 1.1 Flower 4.4 4.4 4.6 3.8 3.4 Electricity 0.1 0.0 0.1 3.0 245.6 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 59 Second Quarter 2019/20 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (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 Source: NBE Staff Computation 5.2.2 Import of Goods Total merchandise import stood at USD 3.8 billion during the second quarter of 2019/20 depicting 13.9 percent decrease over last year same quarter due to lower import values of fuel, capital goods, consumer goods and miscellaneous goods. Import bill of capital goods fell 28.2 percent due to 88.4 percent decline in payments for transport capital goods despite 33 percent increase for industrial capital goods and 123.3 percent surge for agricultural goods. Hence, the share of capital goods in total goods import bill stood at 34.3 percent compared with 41.1 percent a year earlier. Likewise, fuel import value decreased by 5.1 percent while its share in total import payments rose 16.7 percent from 15.2 percent last year same period. Payments for consumer goods went down by 11.6 percent over last year same quarter due to lower import payments for durable and non-durable goods. Nevertheless, the share of consumer goods in total imports slightly increased to 27.5 percent from 26.8 percent a year ago. Similarly, imports of miscellaneous goods decreased by 4.5 percent while payment for semi-finished goods Source: NBE Staff Computation 5.2.2 Import of Goods Total merchandise import stood at USD 3.8 billion during the second quarter of 2019/20 depicting 13.9 percent decrease over last year same quarter due to lower import values of fuel, capital goods, consumer goods and miscellaneous goods. Import bill of capital goods fell 28.2 percent due to 88.4 percent decline in payments for transport capital goods despite 33 percent increase for industrial capital goods and 123.3 percent surge for agricultural capital goods. Hence, the share of capital goods in total goods import bill stood at 34.3 percent compared with 41.1 percent a year earlier. Likewise, fuel import value decreased by 5.1 percent while its share in total import payments rose 16.7 percent from 15.2 percent last year same period. Payments for consumer goods went down by 11.6 percent over last year same quarter due to lower import payments for durable and non-durable goods. Nevertheless, the share of consumer goods

Second Quarter 2019/20 39 National Bank of Ethiopia Quarterly Bulletin in total imports slightly increased to 27.5 percent from 26.8 percent a year ago. Similarly, imports of miscellaneous goods decreased by 4.5 percent while payment for semi-finished goods increased by 11.4 percent as a result of 28.2 percent surge in import bills of fertilizer. Thus, the share of semi-finished goods in total goods import reached 18.4 percent compared with 14.3 percent a year earlier. Import of raw materials rose 5.5 percent and their share in total merchandise import bills stood at 1.1 percent. Meanwhile, total franco-valuta import decreased by 41.1 percent and stood at USD 1.1 billion accounting for 28.2 percent of the total imports. Table 5.6: Values of Major Import Items (In Millions Of USD) Particular 2018/19 2019/20 Percentage Changes QII Share (%) QI Share (%) QII Share (%) A B C C/A C/B Raw Materials 41.5 0.9 42.8 1.1 43.7 1.1 5.5 2.1 Semi-finished Goods 632.3 14.3 707.3 18.9 704.5 18.4 11.4 -0.4 Fertilizers 6.9 0.2 22.6 0.6 8.9 0.2 28.2 -60.6 Fuel 673.6 15.2 593.7 15.8 639.0 16.7 -5.1 7.6 Petroleum Products 634.3 14.3 574.2 15.3 614.1 16.1 -3.2 6.9 Others 39.3 0.9 19.5 0.5 24.9 0.7 -36.6 27.6 Capital Goods 1,825.0 41.1 1,020.3 27.2 1,310.3 34.3 -28.2 28.4 Transport 930.9 21.0 138.2 3.7 108.3 2.8 -88.4 -21.7 Agricultural 14.0 0.3 16.6 0.4 31.3 0.8 123.3 88.2 Industrial 880.0 19.8 865.5 23.1 1,170.7 30.6 33.0 35.3 Consumer Goods 1,189.5 26.8 1,149.6 30.7 1,051.3 27.5 -11.6 -8.6 Durables 316.5 7.1 281.6 7.5 246.2 6.4 -22.2 -12.5 Non-durables 872.9 19.7 868.1 23.2 805.1 21.1 -7.8 -7.3 Miscellaneous 74.5 1.7 232.5 6.2 71.1 1.9 -4.5 -69.4 Total Imports 4,436.3 100 3,746.4 100 3,820.0 100 -13.9 2.0 Source: Ministry of Revenues

40 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In Millions of USD Commodity Group 2018/19 2019/20 Percentage Change QII QI QII A B C C/A C/B Beverages 0.2 0.1 0.2 -3.7 88.6 Chemicals 7.1 4.8 5.1 -27.8 7.1 Clothing 5.7 2.9 3.9 -31.8 30.9 Food and Live animals 90.6 135.3 110.6 22.0 -18.3 Textiles 4.3 10.4 11.6 170.7 11.6 Tobacco 0.1 0.0 0.0 -42.7 411.9 Soap & polish 0.6 0.3 0.4 -31.0 44.1 Fertilizer 131.2 63.3 59.4 -54.7 -6.1 Paper & Paper Manufacturing 2.1 1.8 3.3 57.0 86.5 Metal & Metal Manufacturing 87.8 83.0 104.2 18.7 25.5 Medical and Pharmaceuticals Products 33.5 6.5 26.3 -21.7 303.5 Rubber products 6.6 7.3 7.6 15.4 3.6 Petroleum Crude 2.1 - 0.0 -99.9 0.0 Petroleum product 27.9 101.8 7.0 -74.8 -93.1 Glass & glass ware 4.1 3.4 2.1 -47.8 -37.8 Electrical material 73.8 69.1 88.2 19.5 27.6 Machine 254.7 350.0 374.7 47.1 7.1 Road & motor vehicles 40.3 43.4 26.6 -34.0 -38.7 Tele apparatus 4.1 5.0 1.2 -70.7 -75.8 Cement 0.08 0.0 0.0 Others 1,051.5 241.1 244.8 -76.7 1.5 Total 1,828.4 1,129.7 1,077.3 -41.1 -4.6 Source: Ministry of Revenues

Second Quarter 2019/20 41 National Bank of Ethiopia Quarterly Bulletin 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian exports were Asia, Europe and Africa. Asia accounted for 34.8 percent of the total exports, with Saudi Arabia being the main destination having 23 percent share followed by United Arab Emirates (12.9 percent), Israel (11.2 percent), China (9.8 percent), Japan (9.5 percent), India (7.7 percent), South Korea (4.0 percent), Singapore (3.1 percent), Yemen (3.0 percent), Indonesia (2.6 percent) and Taiwan (1.1 percent). All these countries accounted for 87.9 percent of Ethiopia’s total export to Asia. Europe constituted 29.7 percent of Ethiopia’s total export revenue with the Netherlands taking 40.3 percent share followed by Germany (18.6 percent), Belgium (6.9 percent), Italy (5.3 percent), France (5.3 percent), Turkey (4.5 percent), Switzerland (4.3 percent), United Kingdom (4.0 percent), Spain (2.1 percent), Norway (1.8 percent) and Russia (1.2 percent). These European countries together had 94.4 percent share in Ethiopia’s total exports to Europe. About 25.2 percent of Ethiopia’s export earnings originated from Africa mainly from Somalia (27.9 percent), Djibouti (19.0 percent), Sudan (11.7 percent), Kenya (3.1 percent) and South Africa (0.8 percent) which altogether accounted for 62.5 percent of the total exports to Africa. America had 9.8 percent share in Ethiopia’s total export earnings of which 70.8 percent was from exports to the United States and 6.8 percent to Canada. Both countries accounted for 77.6 percent of Ethiopia’s total exports to America. National Bank of Ethiopia Quarterly Bulletin 63 Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the second quarter of 2019/20, Asia accounted for 63.4 percent of total Ethiopia’s import bills. The major import payments include China (44.3 percent), Kuwait (17.2 percent), India (14.1 percent), Saudi Arabia (7.5 percent), U.A.E (4.1 percent), Indonesia (2.5 percent), Japan (1.9 percent), Malaysia (1.9 percent), South Korea (1.8 percent), Taiwan (1.1 percent) and Thailand (1.1 percent) whose combined share was 97.4 percent. Ethiopia’s imports from Europe constituted 22.8 percent of total imports. The major countries constituted of Turkey (20.2 percent), United Kingdom (15.3 percent), Ukraine (12.2 percent), Germany (11.0 percent), Belgium (9.2 percent), Italy (7.3 percent), France (6.5 percent), Spain (3.3 percent), the Netherlands (2.6 percent), Denmark (1.5 percent), Ireland (1.5 percent), Poland (1.5 percent) and Rumania (1.4 percent) which jointly accounted for 93.4 percent of Ethiopia’s total imports from Europe. Imports from America comprised 9.5 percent of the total import bill of which the United States took 87.2 percent share followed by Canada (10.4 percent) and Brazil (1.1 percent). 35% 30% 25% 10% 0% Fig.V.7: Export By Destination Asia Europe Africa America Oceania Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the second quarter of 2019/20, Asia accounted for 63.4 percent of total Ethiopia’s import bills. The major import payments include China (44.3 percent), Kuwait (17.2 percent), India (14.1 percent), Saudi Arabia (7.5 percent), U.A.E (4.1 percent), Indonesia (2.5 percent), Japan (1.9 percent), Malaysia (1.9 percent), South Korea (1.8 percent), Taiwan (1.1 percent) and Thailand (1.1 percent) whose combined share was 97.4 percent. Ethiopia’s imports from Europe constituted 22.8 percent of total imports. The major countries constituted of Turkey (20.2 percent), United Kingdom (15.3 percent), Ukraine (12.2 percent), Germany (11.0 percent), Belgium (9.2 percent), Italy (7.3 percent), France (6.5 percent), Spain (3.3

42 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin percent), the Netherlands (2.6 percent), Denmark (1.5 percent), Ireland (1.5 percent), Poland (1.5 percent) and Rumania (1.4 percent) which jointly accounted for 93.4 percent of Ethiopia’s total imports from Europe. Imports from America comprised 9.5 percent of the total import bill of which the United States took 87.2 percent share followed by Canada (10.4 percent) and Brazil (1.1 percent). Africa accounted for about 4.3 percent of Ethiopia’s total merchandise import bill. With the major countries of origin being South Africa (33.7 percent), Egypt (31.7 percent), Kenya (25.4 percent), Sudan (3.6 percent) and Djibouti (3.3 percent) which altogether accounted 97.6 percent of the total import bill from the continent. National Bank of Ethiopia Quarterly Bulletin 64 Africa accounted for about 4.3 percent of Ethiopia’s total merchandise import bill. With the major countries of origin being South Africa (33.7 percent), Egypt (31.7 percent), Kenya (25.4 percent), Sudan (3.6 percent) and Djibouti (3.3 percent) which altogether accounted 97.6 percent of the total import bill from the continent. Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services Net payments for services trade narrowed to USD 21.2 million in the review quarter from USD 270.3 million a year ago due to higher surplus in net travel services (264.4 percent), net government services (65 percent) and net transport services (80.9 percent) coupled with decline in net payment on investment income (3.7 percent) and other services (37.6 percent) (Table 5.8). 63% 23% 10% 4% 0% Fig.V.8 Import by Origion Asia Europe America Africa Oceania Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services Net payments for services trade narrowed to USD 21.2 million in the review quarter from USD 270.3 million a year ago due to higher surplus in net travel services (264.4 percent), net government services (65 percent) and net transport services (80.9 percent) coupled with decline in net payment on investment income (3.7 percent) and other services (37.6 percent) (Table 5.8).

Second Quarter 2019/20 43 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 65 Second Quarter 2019/20 Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 (In Million USD) Fig.V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income Source: NBE Staff Compilation

44 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -144.4 -151.9 -139.1 -3.7 -8.4 2 Interest, net (3-4) -144.4 -151.9 -139.1 -3.7 -8.4 3 Credit 22.7 19.8 11.1 -51.2 -44.2 4 Debit 167.1 171.8 150.2 -10.1 -12.6 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -125.9 252.9 117.9 -193.7 -53.4 7 Exports of non-factor services 1,227.4 1,309.8 1,281.4 4.4 -2.2 8 Travel 194.6 181.3 215.8 10.9 19.0 9 Transport 1 855.2 1015.7 927.9 8.5 -8.6 10 Gov't 2 121.9 34.3 47.9 -60.7 39.4 11 Other 3 55.7 78.4 89.8 61.4 14.6 12 Imports of non-factor services 1,353.3 1,056.9 1,163.4 -14.0 10.1 13 Travel 175.0 177.1 144.2 -17.6 -18.6 14 Transport 1 717.3 658.0 678.4 -5.4 3.1 15 Gov't 2 25.4 35.2 14.1 -44.6 -60.0 16 Other 3 435.7 186.6 326.8 -25.0 75.2 17 Net Services (18+19+20+21+22) -270.3 101.0 -21.2 -92.2 -121.0 18 Travel (8-13) 19.7 4.2 71.6 264.4 1621.8 19 Transport (9-14) 137.9 357.7 249.5 80.9 -30.3 20 Gov't (10-15) 96.6 -0.8 33.8 -65.0 -4234.2 21 Other (11-16) -380.0 -108.2 -237.0 -37.6 119.1 22 Investment Income (2+5) -144.4 -151.9 -139.1 -3.7 -8.4 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business 5.3.2. Transfers During the review quarter, total transfer receipts slowed down to USD 2.1 billion due to 55.6 percent decline in receipts from official transfers in contrast to 21.1 percent increase in private transfers. On the other hand, total transfer payments surged 114.4 percent on account of 153.6 percent and 103.8 percent growth in private transfers and official transfers, respectively. As a result, net transfers dropped by 10.2 percent and reached USD 2.04 billion (Table 5.9).

Second Quarter 2019/20 45 National Bank of Ethiopia Quarterly Bulletin Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QII Percent Share QI Percent Share QII Percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,368.8 60.1 1,277.4 87.3 1,655.0 81.0 20.9 29.6 2 Credit (3+4) 1,371.3 59.9 1,283.9 86.3 1,661.1 80.3 21.1 29.4 3 NGO's 160.1 7.0 211.3 14.2 294.5 14.2 83.9 39.4 4 Private individuals 1,211.2 52.9 1,072.6 72.1 1,366.6 66.1 12.8 27.4 5 Debit 2.4 21.1 6.5 26.7 6.1 25.0 153.6 -6.2 6 Official transfers, net (7-8) 907.4 39.9 185.1 12.7 388.3 19.0 -57.2 109.7 7 Credit 916.4 40.1 203.0 13.7 406.7 19.7 -55.6 100.3 8 Debit 9.0 78.9 17.9 73.3 18.3 75.0 103.8 2.6 9 Total Receipts 2,287.6 100.0 1,486.9 100.0 2,067.8 100.0 -9.6 39.1 10 Total Payments 11.4 100.0 24.4 100.0 24.5 100.0 114.4 0.2 11 Net Transfers 2,276.2 100.0 1,462.5 100.0 2,043.3 100.0 -10.2 39.7 Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 68 Source: NBE Staff Compilation 5.4. Current Account Balance The current account deficit (including official transfers) narrowed to USD 1.2 billion from USD 1.8 million a year ago due to slowdown in merchandise trade deficit , net services and surplus in official transfers (Table 5.1). 5.5. Capital Account Similarly, capital account recorded USD 1.5 billion surplus which was 35.7 percent lower than that of a year earlier. The decline in surplus was attributed to decrease in net other public sector long term capital (77.8 percent), private sector long term capital (43.7 percent) and foreign direct investment (41.9 percent) coupled with lower net short term capital inflow (92.5 percent). Net official long term capital, however, showed a 21.2 percent increase (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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 (In Millions of USD) Fig.V.10: Trends in Receipts of Private and Official Transfers Private Transfers Official Transfers Source: NBE Staff Compilation 5.4. Current Account Balance The current account deficit (including official transfers) narrowed to USD 1.2 billion from USD 1.8 billion a year ago due to slowdown in merchandise trade deficit , net services and surplus in official transfers (Table 5.1). 5.5. Capital Account Similarly, capital account recorded USD 1.5 billion surplus which was 35.7 percent lower than that of a year earlier. The decline in surplus was attributed to decrease in net other public sector long term capital (77.8 percent), private sector long term capital (43.7 percent) and foreign direct investment (41.9 percent) coupled with lower net short term capital inflow (92.5 percent). Net official long term capital, however, showed a 21.2 percent increase (Table 5.1).

46 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 5.6. Changes in Reserve Position The deficit in the overall balance reached USD 91.1 million compared to a surplus of USD 258.6 million recorded last year same period. Consequently, net foreign assets of the National Bank of Ethiopia showed USD 69.1 million build up while that of commercial banks saw USD 160.2 million drawdowns. Thus, as of December 31, 2019 gross foreign reserve coverage stood at 2 months of imports of goods and non￾factor services of next fiscal year (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, the weighted average official exchange rate of Birr reached Birr 30.2107/ USD in the second quarter of 2019/20, depicting 8.6 percent annual depreciation. The end period exchange rate of the Birr at 31.8041/USD revealed that the Birr has lost its ground by 13.4 percent vis-à￾vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2018/19 28.9109 28.0543 12.6 0.0 Qtr. II C 28.0398 27.8137 3.30 0.00 2019/20 Qtr. I B 29.2751 29.0947 3.20 0.00 Qtr. II A 31.8041 30.2107 3.30 0.00 Percentage Changes A/B 8.64 3.84 3.13 A/C 13.42 8.62 0.00 Source: National Bank of Ethiopia In retail foreign exchange market, average buying rate in the forex bureau of commercial banks stood at Birr 30.2650/USD, showing 8.8 percent depreciation, while the selling rate was Birr 30.8666/USD, depicting 8.9 percent depreciation over last year same quarter. Thus, average spread between the buying and the selling rates was 1.99 percent compared with 1.96 percent a year ago (Table 5.11).

Second Quarter 2019/20 47 National Bank of Ethiopia Quarterly Bulletin Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2018/19 2019/20 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 71,425.8 60,367.7 73,622.8 49,268.2 69,690.8 20,966.9 -5.34 -57.44 -2.43 -65.27 2 Bank of Abyssinia 2,545.1 6,579.0 3,073.3 8,383.2 2,329.4 6,012.7 -24.21 -28.28 -8.47 -8.61 3 Dashen Bank 4,654.9 10,497.2 4,127.2 9,269.3 5,700.3 7,207.7 38.12 -22.24 22.46 -31.34 4 Awash International Bank 2,796.6 7,808.1 2,814.2 17,775.8 1,979.8 13,382.6 -29.6 -24.7 -29.2 71.4 5 Construction & Business Bank - - - - - 6 Wegagen Bank 6,846.4 3,045.7 4,988.1 2,645.5 4,523.9 2,283.1 -9.3 -13.7 -33.9 -25.0 7 United Bank 7,513.3 7,515.8 16,420.4 6,355.6 17,112.3 6,308.2 4.2 -0.7 127.8 -16.1 8 Development Bank 1.1 6,866.1 0.2 158.6 2.3 207.0 1231.3 30.5 110.6 -97.0 9 Nib International Bank 2,353.7 2,034.1 928.6 2,407.9 982.3 1,795.6 5.8 -25.4 -58.3 -11.7 10 Lion International Bank 18,174.9 1,883.6 14,236.1 1,776.1 25,653.3 1,847.1 80.2 4.0 41.1 -1.9 11 Oromia International Bank 4,784.5 2,908.5 6,583.6 5,254.2 4,935.1 4,362.0 -25.0 -17.0 3.1 50.0 12 Zemen Bank 209.7 3,682.7 128.1 5,705.4 74.3 4,795.1 -42.0 -16.0 -64.6 30.2 13 Cooperative Bank of Oromia 507.7 2,849.9 199.4 4,398.5 250.1 3,428.0 25.4 -22.1 -50.7 20.3 14 Buna International Bank 6,254.7 778.3 3,531.7 1,169.3 1,435.2 578.1 -59.4 -50.6 -77.1 -25.7 15 Birhan International Bank 741.8 2,802.3 269.9 2,608.8 153.9 2,367.1 -43.0 -9.3 -79.2 -15.5 16 Abay Bank 4,580.6 523.1 401.2 316.3 331.5 362.8 -17.4 14.7 -92.8 -30.6 17 Addis International Bank 1,759.7 811.9 1,456.5 1,058.0 1,764.1 644.1 21.1 -39.1 0.3 -20.7 18 Debub Global Bank 493.3 709.8 232.4 782.3 211.6 522.5 -9.0 -33.2 -57.1 -26.4 19 Enat Bank 904.6 1,326.4 576.3 1,199.1 4,146.1 713.2 619.5 -40.5 358.3 -46.2 Total 136,548.4 122,990.3 133,589.9 120,532.1 141,276.5 77,783.6 5.8 -35.5 3.5 -36.8 Average Exchange Rate 27.8068 28.3515 29.0904 29.6605 30.2650 30.8666 4.0 4.1 8.8 8.9 Spread* 1.96 1.96 1.99 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarte

48 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks National Bank of Ethiopia Quarterly Bulletin 72 Second Quarter 2019/20 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar showed annual appreciation against Euro (3.0 percent), SDR (0.9 percent) and Pound Sterling (0.1 percent), while it depreciated against Japanese Yen (5.5 percent) and Swiss Franc (0.5 percent). Similarly, it depicted quarterly appreciation against Japanese Yen (7.7 percent), Swiss Franc (0.6 percent), Euro (0.9 percent) and SDR (0.1 percent), while it depreciated against Pound Sterling (4.2 percent) (Table 5.12). Source: NBE Staff Compilation In the official forex market, US dollar showed annual appreciation against Euro (3.0 percent), SDR (0.9 percent) and Pound Sterling (0.1 percent), while it depreciated against Japanese Yen (5.5 percent) and Swiss Franc (0.5 percent). Similarly, it depicted quarterly appreciation against Japanese Yen (7.7 percent), Swiss Franc (0.6 percent), Euro (0.9 percent) and SDR (0.1 percent), while it depreciated against Pound Sterling (4.2 percent) (Table 5.12).

Second Quarter 2019/20 49 National Bank of Ethiopia Quarterly Bulletin Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2018/19 QII C 1.1413 0.0082 1.3874 1.3869 1.3872 1.2870 1.0046 1.0041 1.0043 October 1.1497 0.0089 0.0089 0.008863 1.3923 1.3024 1.0079 1.0063 1.0071 November 1.1360 0.0078 0.0078 0.007766 1.3851 1.3836 1.3844 1.2899 0.9981 December 1.1384 0.0078 0.0078 0.007822 1.38487 1.3849 1.3849 1.2687 1.0078 2019/20 QI B 1.1124 1.1135 1.1129 0.0093 1.3750 1.3765 1.3757 1.2330 1.2344 1.2337 1.0147 1.0158 1.0152 July 1.1231 1.1266 1.1249 0.0092 0.0093 0.009256 1.3828 1.3871 1.3850 1.2507 1.2547 1.2527 1.0135 1.0166 1.0151 August 1.1129 0.0094 0.0094 0.009402 1.3734 1.2145 1.0209 September 1.1011 0.0093 0.0093 0.009316 1.3688 1.2338 1.0097 QII A 1.1067 0.0086 1.3747 1.2859 1.2861 1.2860 1.0093 October 1.1042 0.0092 0.0092 0.009249 1.3707 1.2605 1.0060 November 1.1059 0.0083 0.0083 0.008310 1.3754 1.2880 1.2887 1.2884 1.0065 December 1.1100 0.0083 0.0083 0.008250 1.3780 1.3091 1.0155 1.0154 1.0155 Percentage Changes A/B -0.51 -0.61 -0.56 -7.69 -7.79 -7.74 -0.03 -0.13 -0.08 4.28 4.19 4.24 -0.53 -0.64 -0.58 A/C -3.04 5.56 5.55 5.55 -0.92 -0.88 -0.90 -0.09 -0.07 -0.08 0.47 0.52 0.50

50 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin The Birr has depreciated against all major currencies both on annual and quarterly basis. On yearly basis, it depreciated against Japanese Yen (12.7 percent), Swiss Franc (9.2 percent), USD (8.6 percent), Pound Sterling (8.6 percent), SDR (7.7 percent) and Euro (5.3 percent). Similarly, on quarterly basis, the Birr weakened against Pound Sterling (8.4 percent), USD (3.9 percent), SDR (3.8 percent), Swiss Franc (3.3 percent), Euro (3.3 percent) and Japanese Yen (2.5 percent) (Table5.13).

Second Quarter 2019/20 51 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid-Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid -Rate Buying Selling Mid- Rate 2018/19 QII C 27.8137 28.0918 27.9528 31.7445 32.0620 31.9033 0.2465 0.2490 0.2478 38.5895 38.9611 38.7753 35.7939 36.1518 35.9728 27.9414 28.2063 28.0739 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 27.9642 28.2438 28.1040 31.8347 32.1530 31.9939 0.2490 0.2515 0.2503 38.7269 39.1142 38.9205 35.4767 35.8315 35.6541 28.1823 28.4641 28.3232 2019/20 QI B 29.0947 29.3566 29.2257 32.3629 32.6865 32.5247 0.2712 0.2739 0.2725 40.0061 40.4062 40.2061 35.8741 36.2329 36.0535 29.5225 29.8177 29.6701 July 28.9732 29.1757 29.0744 32.5401 32.8655 32.7028 0.2678 0.2705 0.2692 40.0656 40.4663 40.2660 36.2342 36.5966 36.4154 29.3682 29.6619 29.5151 August 29.0943 29.3852 29.2398 32.3783 32.7021 32.5402 0.2736 0.2763 0.2749 39.9586 40.3582 40.1584 35.3364 35.6898 35.5131 29.7034 30.0004 29.8519 September 29.2167 29.5089 29.3628 32.1704 32.4921 32.3312 0.2721 0.2749 0.2735 39.9941 40.3940 40.1940 36.0517 36.4122 36.2320 29.4959 29.7909 29.6434 QII A 30.2108 30.5128 30.3618 33.4366 33.7710 33.6038 0.2779 0.2807 0.2793 41.5331 41.9484 41.7408 38.8643 39.2604 39.0624 30.4973 30.8008 30.6491 October 29.3560 29.6495 29.5028 32.4149 32.7391 32.5770 0.2715 0.2742 0.2729 40.2385 40.6408 40.4397 37.0042 37.3742 37.1892 29.5329 29.8283 29.6806 November 29.8168 30.1150 29.9659 32.9730 33.3027 33.1379 0.2740 0.2767 0.2754 41.0103 41.4205 41.2154 38.4038 38.8102 38.6070 30.0094 30.3095 30.1595 December 31.4598 31.7740 31.6169 34.9219 35.2711 35.0965 0.2881 0.2910 0.2895 43.3505 43.7840 43.5673 41.1850 41.5969 41.3909 31.9496 32.2647 32.1071 Percentage Change A/B 3.84 3.94 3.89 3.32 2.47 3.82 8.34 8.36 8.35 3.30 A/C 8.62 5.33 12.72 7.63 7.67 7.65 8.58 8.60 8.59 9.15 9.20 9.17 Source: National Bank of Ethiopia

52 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency December 31, 2018 September 30, 2019 December 31, 2019 Percentage Change A B C B/A C/A USD 28.1800 29.4215 31.9631 8.64 13.42 Pound 35.7548 36.1649 41.9389 15.97 17.30 Swedish Kroner 3.1510 3.0041 3.4271 14.08 8.76 Djibouti Frank 0.1581 0.1651 0.1794 8.66 13.44 Swiss Frank 28.7346 29.6319 32.8873 10.99 14.45 Saudi Riyal 7.5117 7.8432 8.5194 8.62 13.42 UAE Dirhams 7.6712 8.0092 8.7020 8.65 13.44 Canadian Dollar 20.7221 22.1898 24.4628 10.24 18.05 Japanese Yen 0.2556 0.2721 0.2929 7.65 14.60 Euro 32.3027 32.1489 35.7700 11.26 10.73 SDR 39.0772 40.1515 44.1155 9.87 12.89 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2019/20, the Birr slightly depreciated (0.5 percent) in real terms against currencies of Ethiopia’s major trading partners. This was partly due to the deprecation of US dollar against Euro (11.4 percent), Egyptian Pound (9.9 percent), Israelis Shekel (5.8 percent), Japanese Yen (3.6 percent), Swiss Franc (0.6 percent) and British Pound (0.1 percent). Likewise, the NEERI depreciated by 7.9 percent compared with last year same quarter (Table 5.15). Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 Percentage Change QII QI QII A B C C/B C/A REERI 187.8 199.1 186.8 -6.1 -0.5 NEERI 42.9 41.6 39.5 -5.0 -7.9 Source: NBE Staff Compilation NB: • REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index • A decrease in the REERI and NEERI implies depreciation and vice versa.

Second Quarter 2019/20 53 National Bank of Ethiopia Quarterly Bulletin Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate National Bank of Ethiopia Quarterly Bulletin 78 Second Quarter 2019/20 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 QII QI QII Percentage Change A B C C/B C/A REERI 187.8 199.1 186.8 -6.1 -0.5 NEERI 42.9 41.6 39.5 -5.0 -7.9 Source: NBE Staff Compilation NB:  REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index  A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 2019/20 NEERI REERI Source: NBE Staff Compilation Source: NBE Staff Compilation 5.7.3. Volume of Transactions In the second quarter of 2019/20, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million, which was the same amount of foreign exchange traded last year same quarter. The foreign exchange was supplied exclusively by NBE with a view of stabilizing the foreign exchange market (Table 5.10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market National Bank of Ethiopia Quarterly Bulletin 79 Second Quarter 2019/20 5.7.3. Volume of Transactions In the second quarter of 2019/20, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million, which was the same amount of foreign exchange traded last year same quarter. The foreign exchange was supplied exclusively by NBE with a view of stabilizing the foreign exchange market (Table 5.10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 141.3 million and sold USD 77.8 million. Hence, the amount of forex purchased increased by 3.5 percent while the forex sold decreased by 36.8 percent (Table 5.11). Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 141.3 million and sold USD 77.8 million. Hence, the amount of forex purchased increased by 3.5 percent while the forex sold decreased by 36.8 percent (Table 5.11).

54 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government collected during the second quarter of 2019/20 increased 25.9 percent and reached Birr 72.5 billion in the second quarter of 2019/20 (Table 6.1). Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) No Particulars 2018/20 2019/20 Percentage changes Performance rate A B C D D/A D/C D/B QII Budget QI QII 1 Revenue and Grants 57,572.7 271,009.4 65,984.1 72,490.0 25.9 9.9 26.7 1.1 Total Revenue 56,183.3 253,010.6 65,659.2 71,531.2 27.3 8.9 28.3 Tax Revenue 53,314.5 224,815.9 55,781.4 68,936.3 29.3 23.6 30.7 Direct tax 22,034.3 67,912.7 16217.6 26,991.5 22.5 66.4 39.7 Indirect tax 31,280.3 156,903.2 39563.7 41,944.8 34.1 6.0 26.7 Non-Tax Revenue 2,868.7 28,194.7 9,877.8 2,594.9 (9.5) (73.7) 9.2 1.2 Grant & Relief 1,389.5 17,998.8 324.9 958.7 (31.0) 191.1 5.3 2 Current Expenditure 16,014.9 101,656.0 25,739.9 18,931.5 18.2 (26.5) 18.6 3 Current Surplus/Deficit - Including Grants 40,618.8 169,353.4 40,244.1 53,558.4 28.9 33.1 31.6 Excluding Grants 39,229.3 151,354.6 39,919.3 52,599.7 30.9 31.8 34.8 4 Capital Expenditure 21,396.7 112,260.4 27,165.0 24,674.5 15.3 (9.2) 22.0 5 Regional Transfers 42,115.7 143,779.6 33,833.4 35,654.9 (15.3) 5.4 24.8 6 Total Expenditure (2+4+5) 80466.3 357,696.0 86,738.3 79,260.9 (0.3) (8.6) 22.2 7 Overall Surplus/Deficit - Including Grants (22893.6) (86,686.6) (20,754.2) (6,771.0) (69.2) (67.4) 7.8 Excluding Grants (24283.0) (104,685.4) (21,079.1) (7,729.7) (66.9) (63.3) 7.4 8 Total Financing 22,893.6 86,686.6 20,754.2 6,771.0 (70.4) (67.4) 7.8 8.1 Net External Borrowings 3,944.3 30,323.3 5,012.0 10,990.4 178.6 119.3 36.2 External Borrowing 2,945.9 17,746.3 5,511.1 8,349.4 183.4 51.5 47.0 Amortization 1,089.8 7,349.0 1,787.4 1,118.9 2.7 (37.4) 15.2 8.2 Net Domestic Borrowings 12,647.7 56,363.3 9,001.4 (5,296.8) (141.9) (158.8) (9.4) Banking System 6,244.7 4,280.2 (11,360.8) (281.9) (365.4) Non-Bank Sources 6,403.0 4,721.2 6,064.0 (5.3) 28.4 8.3 Privatization receipts - 8.4 Others and Residuals 6,301.5 0 6,740.8 1,077.3 (82.9) (84.0) Source: Ministry of Finance In contrast, Federal Government expenditure showed a 0.3 percent slowdown. Hence, the overall fiscal deficit of the Federal government (including grants) stood at Birr 6.7 billion, during the review quarter (Table 6.1).

Second Quarter 2019/20 55 National Bank of Ethiopia Quarterly Bulletin 6.1 Revenue and Grants Total revenue and grant during the review period was Birr 72.5 billion of which total domestic revenue accounted for Birr 71.5 billion or 98.7 percent. Of the total domestic revenue 96.4 percent was collected through taxes and the remaining from non-taxes. The amount of grant & relief in the quarter amounted to Birr 958.7 million (Table 6.2). Table 6.2: Summary of Quarterly Federal Government Revenue by Component (In millions Birr) No Particulars 2018/19 2019/20 Percentage Change Performance Rate QII Budget QI QII A B C D [D/A] [D/C] [D/B] Total Revenue and Grants 57,572.7 271,009.4 65,982.9 72,490.0 25.9 9.9 26.7 Total Domestic Revenue 56,183.3 253,010.6 65,658.0 71,531 27.3 8.9 28.3 1 Tax Revenue 53,314.5 224,815.9 55,780.2 68,936 29.3 23.6 30.7 1.1 Direct Tax 22,034.3 67,912.7 16,217.6 26,991 22.5 66.4 39.7 1.1.1 Income Taxes 20,211.7 58,776.3 13,641.1 24,307.0 20.3 78.2 41.4

• Personal 2,912.1 11,229.4 3,053.6 3,678 26.3 20.5 32.8
• Business 17,299.6 47,546.9 10,587.5 20,629 19.2 94.8 43.4 1.1.2 Others1 1,822.6 9,136.4 2,576.5 2,685 47.3 4.2 29.4 1.2 Indirect Taxes 31,280.3 156,903.2 39,562.5 41,944.8 34.1 6.0 26.7 1.2.1 Domestic Taxes 13,714.7 65,569.9 14,499.6 15,325 11.7 5.7 23.4 1.2.2 Foreign Trade Taxes 17,565.6 91,333.3 25,062.9 26,617.4 51.5 6.2 29.1
• Import 17,565.6 91,333.3 25,062.9 26,617.4 51.5 6.2 29.1 2 Non-Tax Revenue 2,868.7 28,194.7 9,877.8 2,595 (9.5) (73.7) 9.2 3 Privatization - - 4 Grants and Relief 1,389.5 17,998.8 324.9 958.7 (31.0) 5.3 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government National Bank of Ethiopia Quarterly Bulletin 84 Second Quarter 2019/20 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government During the review quarter indirect taxes accounted for 60.8 percent of total the tax revenue and showed a 34.1 percent annual growth to reach Br 41.9 billion.. About 63.5 percent of the revenue from indirect taxes was derived through foreign trade taxes and the rest from domestic taxes. Direct tax revenue also surged 22.5 percent over last year same period. 0 10000 20000 30000 40000 50000 60000 70000 80000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

56 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin During the review quarter indirect taxes accounted for 60.8 percent of the total tax revenue and showed a 34.1 percent annual growth to reach Birr 41.9 billion. About 63.5 percent of the revenue from indirect taxes was derived through foreign trade taxes and the rest from domestic taxes. Direct tax revenue also surged 22.5 percent over last year same period. Fig.VI.2 Domestic Revenue of federal government by Major Components during the Second Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 85 Second Quarter 2019/20 Fig.VI.2 Domestic Revenue of federal government by Major Components during the Second Quarter of 2019/20 Direct Tax Revenue 37.7 Indirect Taxes 58.6 Non-Tax Revenue 3.7

Second Quarter 2019/20 57 National Bank of Ethiopia Quarterly Bulletin 6.2 Expenditure Total Federal government expenditure (including regional transfers) reached Birr 88.8 billion, depicting 10.4 percent annual growth. Current expenditure at Birr 28.5 billion, accounted for 32.1 percent of the total expenditure. Meanwhile, capital expenditure stood at Birr 24.6 billion and constituted 27.8 percent of the total expenditure. The remaining Birr 35.6 billion or 40.1 percent comprised regional transfers (Table 6.3). Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2018/19 2019/20 Percentage Change Performance Rate QII Budget QI QII [A] [B] [C] [D] [D/A] [D/B] [D/C] Total Expenditure 80,465.5 357,696.0 89,565.8 88,831.2 10.4 (0.8) 24.8 1 Current Expenditure 16,953.1 101,656.0 28,567.5 28,501.8 68.1 (0.2) 28.0

• General Services 6,417.3 33,495.5 7,184.4 8,716.3 35.8 21.3 26.0
• Economic Services 1,228.8 5,240.2 929.6 1,616.8 31.6 73.9 30.9
• Social Services 5,678.2 31,103.3 9,394.4 9,590.6 68.9 2.1 30.8
• Debt Service 3,472.8 17,407.8 8,106.3 4,846.8 39.6 (40.2) 27.8 2 Capital Expenditure 21,396.7 112,260.4 27,165.0 24,674.5 15.3 (9.2) 22.0
• Economic Development 14,530.4 79,800.7 18,133.9 16,455.9 13.3 (9.3) 20.6
• Social Development 6,077.3 27,281.2 8,209.8 7,379.6 21.4 (10.1) 27.0
• General Development 788.9 5,178.4 821.3 839.0 6.3 2.2 16.2 3 Regional Transfers 42,115.7 143,779.6 33,833.4 35,654.9 (15.3) 5.4 24.8 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 87 Second Quarter 2019/20 Fig.VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2019/20 Current Expenditure 32.1% Capital Expenditure 27.8% Regional Transfer 40.1%

58 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components National Bank of Ethiopia Quarterly Bulletin 88 Second Quarter 2019/20 Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

Second Quarter 2019/20 59 National Bank of Ethiopia Quarterly Bulletin 6.3 Deficit Financing The Federal government budget operation in the second quarter of 2019/20 resulted in an overall deficit (including grant) of Birr 6.7 billion, compared with Birr 22.9 billion deficit recorded a year ago. The deficit was financed by net external borrowing and residuals. Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2019/20 National Bank of Ethiopia Quarterly Bulletin 89 Second Quarter 2019/20 6.3 Deficit Financing The Federal government budget operation in the second quarter of 2019/20 resulted in an overall deficit (including grant) of Birr 6.7 billion, compared with Birr 22.9 billion deficit recorded a year ago. The deficit was financed by net external borrowing and residuals. Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2019/20 0 20000 40000 60000 80000 100000 120000 140000 160000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 (In Millions of Birr) Quarters/Years Revenue Including Grants Deficit Expenditure

60 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2018/19 2019/20 Percentage Changes QII QI QII A B C Share C/A C/B

1. Total Investment Number of projects 177 9 10 100 -94.4 11.1 Capital 814.3 60.7 99.7 100 -87.8 64.1 Permanent Employment 2,202 51 387 100 -82.4 658.8 Temporary Employment 1,887 61 660 100 -65.0 982.0
2. Private Investment Number of projects 177 9 10 100 -94.4 11.1 Capital 814.3 60.7 99.7 100 -87.8 64.1 Permanent Employment 2,202 51 387 100 -82.4 658.8 Temporary Employment 1,887 61 660 100 -65.0 982.0 2.1 Domestic Investment Number of projects 174 9 6 60.0 -96.6 -33.3 Capital 747.4 60.7 51.4 51.6 -93.1 -15.4 Permanent Employment 1,401 51 12 3.1 -99.1 -76.5 Temporary Employment 1,782 61 160 24.2 -91.0 162.3 2.2. Foreign Investment Number of projects 3 - 4 40.0 33.3 - Capital 66.9 - 48.3 48.4 -27.8 - Permanent Employment 801 - 375 96.9 -53.2 - Temporary Employment 105 - 500 75.8 376.2 -
3. Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission. VII. Developments in Investment During the second quarter of 2019/20, 10 investment projects having investment capital of Birr 99.7 million became operational. Both the number of investment projects and investment capital showed annual slowdown. Ownership wise, all of the investment projects were private, of which 60 percent were domestic and 40 percent foreign. These investment projects have generated employment opportunities for 1,047 citizens of which 37 percent was permanent and 63 percent casual (Table 7.1).

Second Quarter 2019/20 61 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, construction sector constituted the lion’s share accounting for 50 percent of the total investment projects followed by manufacturing and real estate, renting & business activities (20 percent each) and tour operation, transport, and communication (10 percent). Of the total Birr 99.7 million capital invested, the construction sector received 50 percent, real estate, renting & business activities 23.9 percent, manufacturing 20 percent and tour operation, transport, and communication 6 percent. With regard to job opportunity 92.8 percent, of the permanent employment was created by manufacturing sector while that of construction and real estate, renting & business activities was 3.1 percent each followed by tour operation, transport, and communication 1 percent. Likewise, manufacturing sector was the leading sector by employing 75.8 percent of temporary labor force while construction constituted 24.2 percent (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2019/20 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 5 50.0 49.9 50.0 12 3.1 160 24.2 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 2 20.0 19.9 20.0 359 92.8 500 75.8 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 2 20.0 23.9 23.9 12 3.1 0.0 - Tour operation, transport, and communication 1 10.0 6.0 6.0 4 1.0 - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 10 100 99.7 100 387 100 660 100 Source: Ethiopian Investment Commission. In terms of regional distribution, Addis Ababa accounted for 70 percent of the total projects and 57.6 percent of the investment capital followed by Oromia (30 percent of total projects with 42.4 percent of investment capital). In terms of job creation, Oromia region constituted 95.9 of the permanent and 75.8 percent of the temporary employment, while that of Addis Ababa was 4.1 and 24.2 percent, respectively (Table 7.3).

62 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2018/19 2019/20 Growth Rate QII QI QII C/A A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Addis Ababa 25 276.8 1,554 338 8 45.7 41 41 7 57.4 16 160 70.0 57.6 4.1 24.2 -72.0 -79.3 -99.0 -52.7 -12.5 Afar - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - Oromia 145 519.8 578 789 - - - - 3 42.3 371 500 30.0 42.4 95.9 75.8 -97.9 -91.9 -35.8 -36.6 - SNNPR - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - Tigray 7 17.7 70 760 1 15.0 10 20 - - - - - - - - - - - - - Multi-regional - - - - - - - - - - - - - - - - - - - - - Grand Total 177 814.3 2,202 1,887 9 60.7 51 61 10 99.7 387 660 100 -94.4 -87.8 -82.4 -65.0 11.1 Source: Ethiopian Investment Commission

Second Quarter 2019/20 63 National Bank of Ethiopia Quarterly Bulletin VIII. International Economic Developments 8.1. Overview of the World Economy Global economic activity remains moderate, but there are signs of stabilization. In particular, the global manufacturing sector firmed in the second quarter of 2019/20 while services sector remained broadly stable. Global trade remains weak amid signs of stabilization. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area increased moderately in December. The manufacturing component in particular recovered in the second quarter of 2019/20, signaling a firming of global manufacturing activity, which had gradually weakened since early 2018. In United States annualized real GDP growth stood at 2.1 percent. Despite the modest pick-up in activity from first quarter growth of 2.0 percent, economic activity moderated as a result of weak investment, the fading effect of the 2018 tax reform and the maturing business cycle. In the United Kingdom, economic activity appears to have slowed progressively over the second quarter of 2019/20. Confidence indicators remain subdued and well below their historical averages. In Japan, the government has prepared a stimulus package to support economic growth. Under the package, fiscal spending amounts to 2.4 percent of GDP, which puts it among the largest fiscal stimulus packages enacted under “Abenomics”. It should be noted that the impact of the package on the economy partially offsets the recent increase in VAT. In addition, weak manufacturing pushed growth into negative territory in the second quarter of FY2019/20. In China, growth slowdown is due to both cyclical and structural factors. The structural slowdown is driven by a rebalancing of the economy away from investment, and implies a slowdown of potential growth that mainly reflects a slower pace of capital accumulation and unfavorable demographics. At the same time, cyclical headwinds, reflecting weaker manufacturing activity amid uncertainty relating to the trade tensions, add downward pressure on growth. 8.2. Inflation Developments Global inflation rose further in November. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) increased to 1.8 percent in November, driven in part by high food price inflation in selected emerging market economies, including China and India. Meanwhile, inflation excluding energy and food increased only marginally to 2.1 percent in November, from 2.0 percent in the previous month. Looking ahead, 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 Japan, consumer price inflation has accelerated slightly. Annual headline inflation increased to 0.5 percent in November. Looking ahead, subdued wage growth and expectations of stable inflation at low levels imply a weak reflation momentum in the economy. In Euro area annual HICP inflation increased to 1.3 percent in December 2019, from 1.0 percent in November, reflecting mainly higher energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to hover around current levels in the coming months. While indicators of inflation expectations remain at low levels, recently they have either stabilized or ticked up slightly. Measures of underlying inflation have remained generally muted, although there are further indications of a moderate increase in line with previous expectations. While labor cost pressures have strengthened amid tighter labor markets, the weaker growth momentum is delaying their pass￾through to inflation.

64 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 8.3. Commodity Price Oil markets have remained broadly stable. Oil prices were supported only temporarily by the OPEC plus group of major oil producers, who extended their production cuts in early December. Prices spiked at around USD 70 per barrel following a rise in tensions in the Middle East but fell back quickly after tensions eased. Total non-oil prices slightly increased by 1.7 percent due to rise in both metal prices (1.2 percent) and food prices rose (2.8 percent). 8.4. Exchange Rate Developments In foreign exchange markets, the euro weakened slightly in trade weighted terms over the review period. The nominal effective exchange rate of the euro, as measured against the currencies of 38 of the euro area’s most important trading partners, depreciated by 0.9 percent. This largely reflected a depreciation of the euro against the Chinese renminbi by 2.4 percent and the currencies of other major emerging economies in Asia, as investor sentiment towards emerging economies improved on the prospect of a reduction in trade tensions. The euro also weakened against the Swiss franc by 1.7 percent as well as to a lesser extent against the US dollar by 0.4 percent and the pound sterling by 0.1 percent, but strengthened against the Japanese yen by 0.8 percent. 8.5. Impact of Global Economic Development on Ethiopian Economy During the second quarter of 2019/20, Global economic activity remains moderate, but there are signs of stabilization. In particular, the global manufacturing sector firmed in the first quarter of FY2019/2020, while the services sector remained broadly stable. Global trade remains weak amid signs of stabilization. A preliminary trade deal between China and the United States has led to an easing of trade tensions, which should contribute to removing impediments to trade growth. Global headline inflation rise during the review quarter. This together with fast depreciation of birr which more than offset higher domestic price made the REER to depreciated by 0.5 percent which enhance international competitiveness of the country. On the other, oil markets have remained broadly stable during the review quarter helps the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance.

Second Quarter 2019/20 65 National Bank of Ethiopia Quarterly Bulletin STATISTICAL TABLES

66 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period 2007/08 Foreign Assets Claims on Government Advance To DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Others Qtr.I 13,021.85 375.82 102.13 12,080.02 463.88 30,269.27 9,899.27 20,370.00 - - - 2,193.03 Qtr.II 12,829.31 491.81 105.68 11,759.64 472.18 31,995.27 9,899.27 22,096.00 - - - 2,159.20 Qtr.III 10,875.89 502.52 113.69 9,772.72 486.96 33,917.27 9,899.27 24,018.00 - - - 2,109.17 Qtr.IV 8,708.66 5.47 113.96 8,093.97 495.26 41,563.08 9,745.08 31,818.00 - - - 2,451.20 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13 Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 2019/20 Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 192,264.95 - 52,142.71 - 106,893.95 QII 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr)

Second Quarter 2019/20 67 National Bank of Ethiopia Quarterly Bulletin End of Period Total Liab.= Assets Currency (Notes

• Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov’t Banker Total Fund Credit Others 2007/08 Qtr.I 45,484.15 14,847.95 20,238.35 8,032.28 12,206.08 2,674.04 - 2,674.04 3,115.04 4,608.76 Qtr.II 46,983.78 16,355.52 19,216.37 6,740.91 12,475.46 2,761.94 - 2,761.94 3,116.72 5,533.24 Qtr.III 46,902.32 18,958.53 16,917.68 5,966.52 10,951.16 3,621.19 - 3,621.19 2,129.14 5,275.79 Qtr.IV 52,722.94 20,216.39 21,492.02 6,157.32 15,334.70 2,768.01 - 2,768.01 2,124.40 6,122.12 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 QII 470371.976 128071.58 99917.83 30939.506 68978.324 111833.992 530.842 111303.15 4849.198 125699.376 Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr)

68 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Total Reserves Claims on Non-Central Gov't Cash in Deposits Foreign Claims Total Loans Invest- Commercial Other (2+3) Hand with NBE Assets On Gov't (7+8+9) &Adv. ment Banks Assets 1 2 3 4 5 6 7 8 9 10 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.52 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 117120.695 29406.329 87714.366 23973.081 23123.423 977370.588 512299.576 456233.828 8837.184 232194.688 Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr)

Second Quarter 2019/20 69 National Bank of Ethiopia Quarterly Bulletin End of Period Non-Central Gov't Deposits Capital Account Total (Liab.= Assets) Total (3+4+5) Demand Time Saving Gov't Depos. Foreign Liab. Total (9+10+11) Capital Legal Reserve Others Other Liab. 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 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 QII 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr)

70 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov’t Claims on Non-Central Gov't Other Assets Total Assets Total Public Enterprise Cooper-atives Private & Individuals 2007/08 Qtr.I 481.15 184.54 80.84 4,893.32 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 253.93 5,061.27 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 253.93 5,248.60 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 253.93 5,389.25 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8243.212 2471.145 26627.384 47326.258 5148.777 532.671 41644.81 10844.089 95512.088 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets

Second Quarter 2019/20 71 National Bank of Ethiopia Quarterly Bulletin End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov’t Foreign Advance & Loan Other Liability Items Total N.B.E Others 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.07 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr)

72 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (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) Quasi￾Money Total Volume (3+4) Total Credit (7+10) Net Claims on Gov't Claims on Total (8+9) Nat. Bank Comm. Banks Non-Cen Gov’t Total (13+12) Nat. Bank Comm. Banks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2007/08 Qt r.I 12,997.43 16,968.54 29,965.97 28,513.39 58,479.36 61,447.66 30,118.02 22,236.99 7,881.02 31,329.65 15,229.24 10,347.81 4,881.43 18,197.54 Qtr.II 14,445.79 16,652.00 31,097.79 30,051.05 61,148.84 67,400.14 32,245.35 25,254.37 6,990.98 35,154.79 14,210.43 10,067.38 4,143.05 20,461.73 Qtr.III 16,772.57 17,462.77 34,235.35 31,479.07 65,714.42 73,476.09 30,718.38 27,950.75 2,767.63 42,757.71 13,000.07 7,254.70 5,745.37 20,761.74 Qtr.IV 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 79,969.25 33,075.66 35,405.76 (2,330.10) 46,893.59 11,665.63 5,940.65 5,724.98 23,452.75 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,016.97 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Table 4: Money Supply and its Determinants

Second Quarter 2019/20 73 National Bank of Ethiopia Quarterly Bulletin End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi-Money Total Volume Central Gov’t (Net) Non-Cent. Gov’t 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 Qtr.II 11,480.07 16,418.87 27,898.94 29,450.03 57,348.97 67,467.54 24,608.36 Qtr.III 16,554.53 17,986.66 34,541.18 30,912.45 65,453.63 76,782.51 32,495.86 Qtr.IV 20,537.02 18,123.44 38,660.46 32,831.78 71,492.24 81,092.02 65,088.31 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 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 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 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 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 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 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 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 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 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 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 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 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 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 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 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 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 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 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 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 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 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) 1/ Obtained by multiplying each original observation by appropriate index for the month

74 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 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 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2018/19 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95,770.88 69,790.04 15.26 64,693.13 4,646.29 435.36 25,980.84 112,813.99 18,605.21 94,208.78 (17,043.11) (24,418.74) 7,375.63 Qtr.II 118,262.24 94,289.16 19.38 88,749.48 5,041.96 478.35 23,973.08 132,890.84 21,056.84 111,833.99 (14,628.59) (17,544.83) 2,916.24 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr)

Second Quarter 2019/20 75 National Bank of Ethiopia Quarterly Bulletin End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non- Central Gov't Total NBE Banks Comm. Total Loans & Advances Invest-ments 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 46,095.09 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Table 7: Domestic Credit by Sector (In Millions of Birr)

76 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 6,215.84 10,336.00 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 6,682.81 11,766.01 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 6,671.53 10,450.06 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.40 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Table 8: Deposits by Type and Sector

Second Quarter 2019/20 77 National Bank of Ethiopia Quarterly Bulletin

1. Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
2. Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
3. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. End of Period Reserve Requir-ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Liqui- dity Ratio Ratio: Loans Adv.to Dep. Debit Bal￾ance Turn- Over of Deposit Total Short Term Long Term 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 - 18,746.71 41.22 42.72 76,830.15 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 - 18,498.56 39.61 46.18 82,185.63 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 - 18,208.97 37.21 54.30 90,495.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 - 23,520.23 46.55 56.47 90,493.46 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 - 23,085.01 41.90 54.16 93,429.37 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 - 24,755.30 42.34 52.24 102,943.96 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 - 27,178.78 44.34 50.75 105,249.56 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 - 29,833.87 47.51 52.98 124,300.65 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.10 9,775.10 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.41 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 0.0 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 0.0 97,566.83 14.26 55.87 2,464.99 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

78 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (In Millions of Birr) End of Period Value of Notes & Coins Total Value (Notes) Denomination of Notes: Birr Denominations of Coins: Cents 1 5 10 50 100 Total Value (Coins) 1 5 10 25 50 100(coin) 2007/08 Qtr.I 15130.3 14953.0 414.2 122.2 1809.0 2612.7 9994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17852.4 17673.6 454.4 189.8 2415.8 2974.2 11639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19492.3 19309.5 437.6 210.3 2697.2 3519.6 12444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 19780.8 19591.5 414.9 188.2 2574.3 3459.4 12954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20388.5 20191.0 417.0 162.8 2456.7 3554.5 13600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22129.9 21926.0 441.7 259.8 2514.7 3757.7 14952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24028.8 23818.7 459.8 268.9 2581.7 3931.9 16576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 24133.9 23918.2 449.0 245.7 2227.0 3897.3 17099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23036.3 22815.5 426.3 231.8 2023.7 3521.7 16612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26011.3 25786.8 458.5 258.6 2023.7 3724.2 19321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28333.2 28103.5 466.2 364.7 2943.1 3723.9 20605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 28812.7 28576.9 462.6 356.9 2842.9 3383.9 21530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30620.0 30277.1 482.3 366.6 2618.5 3493.4 23316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qrt.II 34074.7 33731.2 404.1 223.3 3124.9 4082.8 25896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37477.8 37199.9 471.9 310.0 4012.5 4601.5 27803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39144.3 38848.3 482.9 293.4 3425.0 4283.8 30363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38781.8 38475.2 486.5 287.1 3526.7 4612.6 29562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42056.0 41736.3 496.5 287.4 3563.9 5885.1 31503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qrt.III 44718.0 44390.7 661.5 659.5 4605.1 7134.5 31330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45802.1 45468.4 626.3 514.8 1144.0 2482.0 40701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46238.6 45991.0 677.6 626.9 1545.6 3113.7 40027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50982.9 50727.7 700.2 465.3 2533.4 5065.1 41963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54337.6 54065.5 614.7 513.6 3368.2 6488.9 43080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54993.7 54632.8 659.6 533.0 3430.7 6602.4 43407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50591.9 50222.6 683.6 589.5 3222.9 6397.1 39329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52495.9 52121.9 692.6 609.2 3321.6 6475.1 41023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64642.3 64230.3 659.9 867.2 2421.4 6669.2 53612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64472.9 64048.1 634.9 906.9 2368.8 6773.2 53364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63846.6 63406.6 618.3 964.8 2339.5 6555.3 52928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70841.5 70384.8 602.5 1097.3 2550.7 7607.6 58526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74470.2 73989.1 589.0 1161.0 2695.0 7767.3 61776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75358.8 74846.9 557.8 1177.8 2675.6 7459.8 62975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74863.5 74313.7 538.9 1209.0 2725.7 7304.0 62536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77947.8 77357.4 507.3 1306.8 2885.2 7573.2 65084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80376.2 79731.9 479.6 1325.7 2807.1 7367.4 67752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 82,765.0 82,067.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 85,984.2 85,243.1 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 90,418.9 89,629.2 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 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 Qtr.II 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 Qtr.III 125,466.5 124,323.0 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5 QtrIV 121,967.5 120,805.0 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 124,143.8 122,970.8 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 Qtr.II 128,238.0 127,057.0 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 Table 10: Circulating Notes and Coins by Denomination

Second Quarter 2019/20 79 National Bank of Ethiopia Quarterly Bulletin Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994-Jan. 1, 1995 Cooperatives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 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 B. Deposit rates Minimum and Maximum Interest Rates Jan. 2, 1995 - Nov. 30, 1995 Dec. 1, 1995 - May 30, 1996 June 1, 1996- Sep. 15, 1996 Sep.16,1996 - Dec. 31,1997 Jan. 1,1998 - Mar. 3, 2002 Mar.4,2002- August-02 Aug.2002 to 7-Feb-05 8-Feb-05 04-Jul-07 04-Jul-07 30-Nov-10 01-Dec-10 to 10-Oct -2017 11-Oct-17 to todate Minimum interest rates on Time and Savings Deposits 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 C. Minimum and Maximum Interest Rates

80 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period National Bank of Ethiopia Commercial Banks Others Total Gov't Indebt￾edness NBE Total Direct Advance Gov't Bonds Noninterest bearing Interest bearing Comm . Banks Total Gov’t Bonds Treasury Bills Others Total Gov’t Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2008/09 Qtr.I 56,674.45 44,270.98 34,578.00 9,270.88 422.10 6,234.94 3,891.83 2,343.11 6,168.53 430.32 5,738.21 Qtr.II 54,951.33 42,948.98 33,256.00 9,270.88 422.10 5,547.24 3,879.25 1,667.98 6,455.12 413.91 6,041.21 Qtr.III 54,449.46 42,248.98 32,556.00 9,270.88 422.10 5,548.90 3,878.19 1,670.71 6,651.58 370.61 6,280.97 Qtr.IV 56,589.88 44,498.73 34,891.00 9,193.63 414.10 5,409.36 3,741.62 1,667.73 6,681.79 370.61 6,311.18 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 369,643.62 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 142,282.45 18.10 142,264.36 Table 12: Government Internal Debt by Holder (In Millions of Birr)

Second Quarter 2019/20 81 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year 2011 2012 Fiscal year ending July 7 2018/19 2019/20 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 289,521.3 60,080.5 135,807.6 75,727.1 194,642.5 58,834.8 268,457.4 73,815.0 311,067.9 73,522.2 167,547.4 Direct taxes 114,487.6 24,546.3 63,348.8 38,802.4 84,463.6 21,114.8 115,857.8 31,394.2 127,778.3 27,968.8 74,812.5 Income and profits tax 109,067.1 21,177.3 55,766.9 34,589.6 73,750.9 17,984.1 100,609.1 26,858.2 124,751.6 27,315.0 73,381.0 Personal income 36,708.6 8,326.0 19,071.6 10,745.6 27,792.3 8,720.7 41,202.5 13,410.2 44,392.5 9,169.6 22,964.8 Rental income tax 2,488.1 913.8 1,850.1 936.3 1,942.6 92.5 2,137.6 195.0 2,556.5 1,049.6 2,318.6 Business profits 57,607.9 12,851.3 36,695.3 23,844.0 45,958.7 9,263.4 59,406.6 13,448.0 65,411.5 14,246.5 42,088.1 Withholding income tax on imports 2,916.9 889.0 1,742.0 853.0 2,654.7 912.7 3,648.5 993.8 3,806.8 1,208.3 2,511.4 Agriculture income 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 565.0 10.7 59.5 Other income 7,632.4 449.7 1,550.0 1,100.4 2,218.7 668.7 3,973.9 1,755.2 5,388.2 984.2 2,152.0 Interest income tax 877.2 370.0 685.0 315.0 1,189.0 504.0 1,689.3 500.3 1,770.5 547.9 1,127.7 Capital gains tax 137.9 58.3 148.1 89.8 242.0 93.9 388.0 146.0 860.6 98.3 159.0 Rural land use fee 2,300.4 12.1 70.2 58.1 225.7 155.5 356.0 130.3 560.7 15.3 65.5 Urban land lease fee 3,120.0 669.2 1,476.6 807.3 2,010.6 534.0 2,703.3 692.7 2,465.9 638.6 1,366.0 Domestic indirect taxes 83,200.3 17,349.9 36,708.9 19,359.1 55,256.1 18,547.2 77,774.0 22,517.9 91,956.4 20,490.4 41,054.6 Sales/TOT/excise taxes 40,833.5 7,266.0 15,452.7 8,186.7 24,627.7 9,175.0 35,541.9 10,914.2 45,973.6 9,425.5 18,017.1 Petroleum products 820.3 160.4 386.0 225.5 522.6 136.7 629.1 106.4 688.3 140.9 323.1 Alcohol and tobacco 7,638.8 1,459.2 3,504.8 2,045.7 5,947.2 2,442.4 8,408.9 2,461.7 8,826.5 1,988.8 4,661.9 Other goods 32,374.4 5,646.4 11,561.9 5,915.5 18,157.8 6,595.9 26,503.9 8,346.1 36,458.8 7,295.8 13,032.1 Services TOT/ sales tax 38,999.8 9,638.3 19,934.8 10,296.5 28,672.4 8,737.6 39,400.5 10,728.1 43,707.3 10,453.2 21,399.5 Stamp duties 3,367.0 445.5 1,321.4 875.9 1,956.0 634.6 2,831.6 875.6 2,275.4 611.7 1,637.9 Import duties and taxes 91,833.5 18,184.3 35,749.9 17,565.6 54,922.7 19,172.8 74,825.6 19,902.8 91,333.3 25,062.9 51,680.4 Custom duties 30,548.3 6,171.2 12,037.4 5,866.2 18,318.8 6,281.4 24,883.6 6,564.8 31,303.5 8,632.5 17,603.9 Sales/excise taxes 43,423.5 8,418.9 16,773.5 8,354.6 25,993.9 9,220.4 35,544.1 9,550.2 42,430.6 11,583.8 24,042.2 Petroleum products 3,088.4 401.5 671.4 269.8 1,502.8 831.4 2,348.5 845.7 2,284.3 726.9 1,584.2 Alcohol and tobacco 648.2 82.2 207.9 125.7 306.0 98.0 430.9 125.0 445.9 124.1 217.8 Other imports 39,686.9 7,935.1 15,894.2 7,959.1 24,185.1 8,290.9 32,764.6 8,579.5 39,700.4 10,732.8 22,240.2 Surtax on imports 17,861.7 3,594.2 6,938.9 3,344.8 10,610.0 3,671.1 14,397.9 3,787.9 17,599.1 4,846.6 10,034.3 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 45,812.3 11,306.6 17,819.3 6,512.7 24,861.8 7,042.5 42,860.0 17,998.2 54,136.2 12,795.2 20,049.4 Charges and fees 3,115.8 587.9 1,232.5 644.6 2,172.1 939.6 4,428.6 2,256.5 3,492.5 1,085.0 2,222.8 Sales of goods & services 6,580.9 922.1 2,218.2 1,296.2 3,720.9 1,502.7 6,872.8 3,151.9 4,474.2 1,201.5 2,580.2 Residual surplus, capital charge, interest 0.0 payments and state dividend 15,668.4 7,612.2 8,939.2 1,327.0 10,369.0 1,429.7 15,821.6 5,452.7 19,454.4 7,152.5 8,018.9 Reimbursement & property sales 323.1 13.1 32.6 19.5 80.9 48.3 245.9 165.0 543.4 25.7 159.1 Miscellaneous 9,686.5 885.0 2,363.5 1,478.5 3,475.2 1,111.7 7,197.0 3,721.8 10,619.2 2,003.9 3,677.1 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 10,437.6 1,286.3 3,033.2 1,746.9 5,043.7 2,010.5 8,293.9 3,250.2 15,552.5 1,326.5 3,391.3 0.0 Total revenue 335,333.7 71,387.1 153,626.9 82,239.9 219,504.3 65,877.3 311,317.4 91,813.1 365,204.1 86,317.4 187,596.8 External grants 19,148.0 3,362.7 8,619.3 5,256.6 26,728.3 18,109.0 33,619.1 6,890.8 36,793.6 4,083.9 9,365.4 Grants in kind/earmarked 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 Untied cash & CPF/grants 2,334.4 0.0 1,389.5 1,389.5 14,118.1 12,728.7 17,646.2 3,528.0 17,998.8 324.9 1,283.6 Total revenue and grants 354,481.7 74,749.8 162,246.2 87,496.4 246,232.6 83,986.4 344,936.5 98,703.9 401,997.7 90,401.2 196,962.3 Table 13. General Government Quarterly Revenue

82 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year 2011 2012 Fiscal year ending July 7 2018-19 2019-20 Pre actual Budget 3mon(Qrt.I.Re ) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon(Qrt.I) 6mon(Qrt.II) A. Capital Expenditure Economic development 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 106,518.0 38,714.2 145,030.4 22,862.7 51,179.8 Agriculture 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 22,228.9 9,150.9 20,861.6 3,888.9 8,652.0 Natural Resource 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 20,563.1 9,360.9 30,003.2 2,726.1 7,153.8 o/w: Water 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 19,699.8 8,632.6 29,957.3 2,724.0 7,071.8 Mines & Energy 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 49.8 2.5 15.6 Trade, Industry & Tourism 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 6,237.0 1,909.5 6,790.8 155.4 1,011.5 Urban dev't & housing 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 12,619.5 6,202.6 25,269.8 4,504.0 10,148.7 Road construction 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 39,585.9 9,229.1 57,637.5 11,311.1 21,974.5 Transport & communication 4,923.7 108.9 996.5 887.6 1,643.7 647.2 4,495.5 2,851.8 4,417.7 274.7 2,223.8 Social Development 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 47,891.4 18,746.7 51,314.6 10,759.9 22,661.2 Education 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 30,109.1 11,031.7 29,380.8 8,207.8 14,312.5 Health 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 12,863.1 4,995.1 15,626.4 2,116.4 6,882.8 Socail welfare 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 359.8 Culture & sport 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 2,327.8 635.1 4,862.3 388.7 1,106.1 General Development 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 22,926.48 1,887.6 5,061.0 Compensation payments 0.0 External assistance 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 Sub Total Capital Expenditure 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 174,949.1 69,409.4 219,271.5 35,510.1 78,902.0 B. Current Expenditure General Services 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 74,660.4 26,511.3 77,008.6 15,035.1 37,075.7 Organ of the State 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 12,175.0 4,640.2 12,632.8 2,332.1 5,858.3 Justice 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 9,295.7 3,896.2 8,575.5 1,590.9 4,808.7 Defence 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15605.0 5,121.4 15,000.0 3,586.8 7,443.2 Public order & security 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 17,221.1 5,549.3 20,581.8 3,875.7 8,984.3 Other General services 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 20,363.6 7,304.2 20,218.5 3,649.5 9,981.2 Economic Services 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 31,233.4 11,679.0 37,281.8 5,523.7 15,131.6 Agriculture&natural resource 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 20,182.5 8,093.0 24,511.7 3,359.1 9,753.6 Agriculture 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 15,397.6 6,275.3 19,298.3 2,967.6 7,360.7 Natural resource 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 4,784.9 1,817.7 5,213.4 391.5 2,392.8 o/w: Water 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 3,746.1 1,528.5 5,128.5 349.8 1,760.0 Trade, Industry & Tourism 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 6,058.1 2,004.7 6,595.2 1,199.7 3,173.0 Mines & Energy 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 192.4 48.2 102.0 Tourism 0.0 Transport & communication 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 355.6 Urban devt. & construction 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 3,474.4 1,050.0 3,387.4 615.3 1,527.1 o/w: Road Construction 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 1,361.6 305.4 856.3 Economic development studies 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 1,098.0 154.5 220.3 Social Services 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 112,516.0 43,531.1 114,933.3 22,659.6 54,534.3 Education & training 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 72,707.2 24,674.2 80,686.1 15,491.1 37,667.7 Culture & sports 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 3,470.6 1,077.4 3,539.6 563.1 1,251.7 Public health 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 25,518.5 10,424.5 29,071.1 4,138.9 11,735.4 Labour & social welfare 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 1,011.8 240.9 644.7 Rehabilitation 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 9,590.4 6,929.1 624.7 2,225.6 3,234.8 Interest & Charges 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 13,525.8 4,199.9 17,407.8 8,106.3 6,990.8 Internal debt 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 7,436.1 2,212.8 9,351.2 6,746.2 3,658.4 External debt 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 6,089.8 1,987.1 8,056.6 1,360.0 3,332.3 O/w: defence commercial Miscellaneous 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 6,221.0 1,739.7 24,422.6 826.2 2,414.4 External assistance * 0.0 Sub Total Current Expenditure 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 238,156.6 87,660.9 271,054.2 52,150.8 116,146.9 Grand Total Expenditure 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4 413,105.7 157,070.3 490,325.7 87,660.9 195,048.9

• Estimated value Re = First Quarter Capital part is reviesed Table 14. General Government Quarterly Expenditure

Second Quarter 2019/20 83 National Bank of Ethiopia Quarterly Bulletin End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2008/09 418,890.0 1,533,226.5 307,025.6 3,383,065.0 1,848,967.3 Qtr.I 29,907.1 38,126.2 281,623.3 349,656.6 Qtr.II 177,096.0 722,822.0 94,822.0 1,364,649.0 456,829.0 Qtr.III 171,188.3 680,808.8 133,999.7 1,415,943.2 511,260.2 Qtr.IV 40,698.6 129,595.7 40,077.7 320,849.5 531,221.5 2009/10 155,759.9 489,778.5 111,570.3 1,237,077.2 1,994,185.9 Qtr.I 29,177.6 103,453.7 8,711.0 304,391.2 445,733.4 Qtr.II 50,128.1 146,894.3 38,232.4 323,862.3 559,117.2 Qtr.III 34,311.2 124,473.7 41,446.0 292,199.0 492,429.9 Qtr.IV 42,142.9 114,956.8 23,180.9 316,624.7 496,905.3 2010/11 148,773.9 529,354.7 150,967.9 845,557.1 1,674,653.6 Qtr.I 34,775.1 173,261.4 31,202.1 184,166.3 423,404.9 Qtr.II 48,048.3 153,993.7 23,734.3 297,309.2 523,085.5 Qtr.III 32,966.8 101,025.1 58,800.1 192,791.9 385,583.9 Qtr.IV 32,983.8 101,074.5 37,231.4 171,289.7 342,579.3 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 Qtr.I 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 Qtr.II 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5 Qtr.III 114,839.2 9,240.3 20,637.6 21,698.1 629,025.2 795,440.4 Qtr.IV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2018/19 Qtr.I 120,069.7 6,646.3 4,500.0 11,146.3 570,182.1 712,544.4 Qtr.II 122,357.9 9,751.8 9,596.8 19,348.6 600,552.3 761,607.4 Qtr.III 135,787.6 5,987.2 9,894.9 19,348.6 690,546.5 861,564.9 QIV 128,524.0 8,695.8 11,076.0 19,771.8 635,440.9 803,508.4 2019/20 QI 159,613.1 8,886.7 14,477.8 23,364.5 616,810.6 823,152.8 QII 133,745.9 10,582.6 8,425.3 19,007.9 648,408.0 820,169.7 Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons)

84 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 258,637.3 286,869.8 313,975.7 337,502.8 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 Crop 146,545.6 168,479.8 187,053.1 201,996.9 215,075.1 233,879.2 258,009.7 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 Animal Farming and Hunting 84,931.4 89,093.2 96,111.9 103,150.3 110,419.1 117,249.1 126,016.6 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 Forestry 34,883.0 35,814.5 36,846.7 38,393.2 39,595.9 40,906.7 42,138.1 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 Fishing 305.4 280.3 301.9 404.5 511.9 520.3 551.2 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 Mining and Quarrying 2,598.2 2,784.4 2,355.4 2,859.8 3,225.2 4,649.7 7,333.7 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 Manufacturing 23,177.6 25,633.8 27,772.7 30,636.9 33,417.3 37,292.5 41,815.8 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 Large and Medium Scale Manufacturing 11,623.1 13,209.7 14,462.2 16,280.9 17,955.8 20,398.0 23,282.3 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 Small Scale and Cottage Industries 16,324.3 17,123.4 18,157.6 19,171.7 20,393.7 21,814.3 23,384.1 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 Electricity and Water 4,135.7 4,501.6 5,114.4 5,362.3 5,630.6 5,771.0 6,872.5 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 Construction 33,548.2 37,068.0 41,110.6 45,773.6 51,117.9 56,684.7 63,932.5 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 Whole Sale and Retail Trade 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 Hotels and Restaurants 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 Transport and Communications 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 Financial Intermediation 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 Real Estate, Renting and Business Activities 21,104.9 24,168.3 27,845.9 32,659.3 37,846.4 45,401.8 55,423.4 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 Public Administration and Defense 23,516.8 25,015.9 27,966.7 31,469.5 37,248.7 40,567.8 44,391.8 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 Education 14,508.7 15,757.7 19,105.0 21,925.3 24,773.6 28,976.1 30,247.9 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 Health and Social Work 3,985.6 4,377.5 5,067.3 5,854.2 7,049.6 8,038.8 8,540.0 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 Other Community , Social & Personal Services 7,805.7 8,521.3 9,244.9 10,326.0 10,981.8 11,867.6 12,443.7 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 Private Households with Employed Persons 8,444.9 9,000.3 9,358.5 9,851.6 10,224.1 10,714.0 11,256.4 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 Total 494,086.6 552,177.4 617,397.5 687,588.5 756,824.5 836,539.1 931,759.1 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 Less : FISIM 3,323.6 4,663.8 5,294.9 6,884.3 7,747.2 8,334.9 9,258.8 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 Gross Value Added at Constant Basic Prices 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Taxes on Products 44,257.1 45,442.0 48,711.5 51,420.5 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 GDP at Constant Market Prices 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Source: MoF Table 16 : GDP By Economic Activity at Constant Prices (In Millions of Birr)

Second Quarter 2019/20 85 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 13.5 10.9 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 Crop 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 Animal Farming and Hunting 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 Fishing 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 Mining and Quarrying 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 Manufacturing 12.8 10.6 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 Large and Medium Scale Manufacturing 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 Construction 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 Whole Sale and Retail Trade 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 Hotels and Restaurants 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 Transport and Communications 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 Financial Intermediation 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 Real Estate, Renting and Business Activities 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 Education 12.6 8.6 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 Private Households with Employed Persons 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 Total 12.7 11.8 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 Less : FISIM 16.5 40.3 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 Gross Value Added at Constant Basic Prices 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 Taxes on Products 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 GDP at Constant Market Prices 11.8 10.8 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 Source:MoF bable 17 : Growth Rate of GDP by Economic Activity at Constant Prices ( In percent)

86 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 45,752 58,423 75,872 117,112 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 Crop 27,155 35,218 48,112 79,596 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 Animal Farming and Hunting 12,418 16,100 19,185 25,474 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 Forestry 6,681 7,434 8,954 12,646 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 Mining and Quarrying 503 608 572 828 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 Manufacturing 7,679 9,073 11,701 15,170 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 Large and Medium Scale Manufacturing 4,299 5,226 6,997 9,197 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 Small Scale and Cottage Industries 4,250 4,759 5,671 7,126 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 Electricity and Water 2,388 2,833 3,836 4,259 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 Construction 5,547 6,967 9,330 12,080 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 Whole Sale and Retail Trade 13,046 17,211 23,695 34,184 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 Hotels and Restaurants 941 1,263 1,940 2,883 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 Transport and Communications 5,898 5,933 6,853 8,078 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 Financial Intermediation 1,693 2,290 2,768 3,767 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 Real Estate, Renting and Business Activities 6,006 7,317 10,736 16,035 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 Public Administration and Defense 7,771 9,030 10,516 13,878 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 Education 4,167 5,292 6,740 8,641 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 Health and Social Work 1,477 1,697 2,068 2,748 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 Other Community , Social & Personal Services 1,504 1,843 2,357 3,295 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 Private Households with Employed Persons 1,290 1,706 1,974 2,694 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 Total 101,350 126,266 165,345 239,463 327,394 366,976 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507 Less : FISIM 476 702 837 1,156 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 Gross Value Added at Current Basic Prices 101,034 125,712 164,742 238,672 326,026 365,483 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 GDP at Current Market Prices 110,102 136,128 177,851 256,766 346,824 395,991 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,223 Source: MoF Table 18: GDP by Economic Activity at Current Prices (In Millions of Birr)

Second Quarter 2019/20 87 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 Crop 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 Animal Farming and Hunting 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 Forestry 9.3 11.3 20.5 41.2 21.9 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 Fishing 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 Mining and Quarrying 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 Construction 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 Whole Sale and Retail Trade 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 Hotels and Restaurants 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 Transport and Communications 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 Financial Intermediation 22.2 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 Real Estate, Renting and Business Activities 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 Private Households with Employed Persons 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 Total 24 25 31 45 37 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 Less : FISIM 15 47 19 38 54 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 GDP at Current Market Prices 23 24 31 44 35 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Source: MoF Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%)

88 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Gross Value Added at Current Basic Prices 101,034.4 125,711.9 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 Taxes on Products, net 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 GDP at Current Market Prices 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Incomes from ROW, net 107.3 (9.5) 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) Gross National Income at Current Basic Prices 101,141.7 125,702.3 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 Gross National Income at Current Market Prices 110,209.2 136,118.9 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 Gross National Disposable Income 125,543.9 154,281.8 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 Government Final Consumption Expenditure 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Private Final Consumption Expenditure 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Gross Capital Formation (Investment) 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports of Goods and Services 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports of Goods and Services 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (21,699.4) (29,887.0) (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) Gross Domestic Savings 13,348.6 15,137.6 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 Gross National Savings 28,790.6 33,291.0 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 Mid-year Population (In Million) 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 Per Capita Nominal GDP (In Birr) 1,540.9 1,862.3 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 Per Capita Real GDP (In Birr) 7,487.9 8,112.3 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 Real GDP (In USD) 61,840.7 68,310.4 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 Nominal GDP (In USD)(Million) 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 Per Capita Nominal GDP (In USD) 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 Per Capita Real GDP (In USD) 865.5 934.5 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 GDP Deflator 0.21 0.23 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 Source: Planning Commission Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr)

Second Quarter 2019/20 89 National Bank of Ethiopia Quarterly Bulletin Description / Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 GDP at Current Basic Prices 1.2 (2.0) 10.4 16.1 23.8 24.4 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products, net 14.0 (3.6) 9.4 43.0 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 GDP at Current Market Prices 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 Incomes from ROW, net (37.6) 25.4 (10.2) (44.9) 132.1 (108.9) 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) Gross National Income at Current Basic Price 1.1 (1.9) 10.4 16.0 24.4 24.3 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 Gross National Income at Current Market Price 2.0 (2.1) 10.3 17.9 23.4 23.5 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 Current Transfers from ROW, net 13.8 3.1 41.5 0.5 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 Gross National Disposable Income 2.9 (1.6) 13.1 16.0 27.2 22.9 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 Government Final Consumption Expenditure (16.4) (0.9) (0.2) 14.9 16.7 21.8 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 Private Final Consumption Expenditure 5.2 2.8 15.1 7.2 33.8 25.9 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 Gross Capital Formation (Investment) 8.3 9.6 1.6 40.9 10.1 31.2 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 Exports of Goods and Services 1.7 3.0 16.6 32.0 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 Imports of Goods and Services 1.0 9.9 13.7 35.9 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 Resource Balance (0.2) (17.0) (11.1) (39.6) (50.1) (37.7) (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) Gross Domestic Savings 27.3 (26.3) 1.7 101.0 (11.7) 13.4 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 Gross National Savings 21.4 (14.6) 20.7 45.2 18.9 15.6 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 Mid-year Population (in Million) 2.9 2.8 2.6 2.6 2.3 2.3 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) (0.8) (4.8) 7.5 15.0 20.1 20.9 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 Per Capita GDP (Birr) (Real) 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 Average Exchange Rate (Birr/USD) 2.3 2.5 0.5 0.6 0.3 0.3 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 Real GDP (USD) 5.8 (1.0) (2.6) 12.9 11.5 10.5 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 GDP at Current Market Prices(USD) (0.3) (4.6) 9.8 17.3 22.6 23.2 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.9 Per Capita GDP (USD) (Nominal) (3.1) (7.1) 7.0 14.4 19.8 20.4 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 Per Capita GDP (USD) (Real) 2.8 (3.6) (5.1) 10.1 9.0 8.0 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) Percentage Change in GDP Deflator (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 Source:Planning commission Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings (Inpercent)

90 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016=100 Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Table 22(A): National Non-Food Consumer Price Index,

Second Quarter 2019/20 91 National Bank of Ethiopia Quarterly Bulletin December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 Source: CSA and NBE Staff Compilation. Table 22 (B): National Food Consumer Price Index,

92 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016=100 Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 Table 22 (C): Addis Ababa Non-Food Consumer Price Index ,0 Table 22 (C): Addis Ababa Non-Food Consumer Price Index ,

Second Quarter 2019/20 93 National Bank of Ethiopia Quarterly Bulletin December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 Source: Central Statistical Agency & NBE staff Compilation Table 22(D): Addis Ababa Food Consumer Price Index

94 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 Source: Central Statistical Agency Table 22 (E1): Regional States' Consumer Price Indices (Non-Food)

Second Quarter 2019/20 95 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.2 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.4 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.8 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 Source: Central Statistical Agency Table 22 (E2): Regional States' Consumer Price Indices (Non-Food)

96 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 Source: Central Statistical Agency Table 22 (E3): Regional States' Consumer Price Indices (Non-Food)

Second Quarter 2019/20 97 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 Source: Central Statistical Agency Table 22 (E4): Regional States' Consumer Price Indices (Non-Food)

98 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 Source: Central Statistical Agency Table 22 (E5): Regional States' Consumer Price Indices (Non-Food)

Second Quarter 2019/20 99 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 Source: Central Statistical Agency Table 22 (E6): Regional States' Consumer Price Indices (Non-Food)

100 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods OROMIA 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2019/20 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QI 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 Source: Central Statistical Agency Table 22 (E7): Regional States' Consumer Price Indices (Non-Food)

Second Quarter 2019/20 101 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2019/20 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 Source: Central Statistical Agency Table 22 (E8): Regional States' Consumer Price Indices (Non-Food)

102 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SOMALI 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2019/20 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Source: Central Statistical Agency Table 22 (E9): Regional States' Consumer Price Indices (Non-Food)

Second Quarter 2019/20 103 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 Source: Central Statistical Agency Table 22 (E10): Regional States' Consumer Price Indices (Non-Food)

104 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 Source: Central Statistical Agency Table 22 (F1): Regional States' Consumer Price Index (Food)

Second Quarter 2019/20 105 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 Source: Central Statistical Agency Table 22 (F2): Regional States' Consumer Price Index (Food)

106 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 Source: Central Statistical Agency Table 22 (F3): Regional States' Consumer Price Index (Food)

Second Quarter 2019/20 107 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 Source: Central Statistical Agency Table 22 (F4): Regional States' Consumer Price Index (Food)

108 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 Source: Central Statistical Agency Table 22 (F5): Regional States' Consumer Price Index (Food)

Second Quarter 2019/20 109 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 Source: Central Statistical Agency Table 22 (F6): Regional States' Consumer Price Index (Food)

110 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.8 183.1 162.5 0.0 151.3 88.3 188.7 172.3 84.5 158.3 113.9 Source: Central Statistical Agency Table 22 (F7): Regional States' Consumer Price Index (Food)

Second Quarter 2019/20 111 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 Source: Central Statistical Agency Table 22 (F8): Regional States' Consumer Price Index (Food)

112 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 Source: Central Statistical Agency Table 22 (F9): Regional States' Consumer Price Index (Food)

Second Quarter 2019/20 113 National Bank of Ethiopia Quarterly Bulletin December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 Source: Central Statistical Agency Table 22 (F10): Regional States' Consumer Price Index (Food)

114 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Continent Country of Origin 2018/19 2019/20 Percentage Change Percentage Change QI QIl QIll QIv Ql QII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F E F G H I=G/Y J=H/Z I J K=I/A L=J/B Africa: Djibouti 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 (4.4) 4,717.3 29.2 5.3 -14.2888 3774.933 Egypt 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 (55.2) (19.1) 1.0 51.4 -77.1009 -10.0074 Ghana 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 (66.8) 475.7 0.1 0.0 -72.3772 -68.4521 Kenya 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 (2.4) 20.8 4.8 41.3 114.8902 300.7381 Libia - - - - 0.0 0.0 - - - - - - - - #DIV/0! #DIV/0! Morocco 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 9.1 (98.4) 0.1 0.4 -73.3207 -45.9643 Nigeria 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 33.1 (95.7) 0.9 0.1 -77.1277 -18.7585 Ruwanda 1.1 0.0 0.2 0.0 0.1 0.0 0.0 - 0.1 0.0 (92.7) 32.4 0.0 0.0 -98.0318 5393.072 Somali Land - 0.1 - 0.1 0.0 0.4 - 0.0 - 0.3 - 419.3 - 0.1 #DIV/0! 0.800377 Somalia 70.0 - 66.7 - 59.4 0.0 61.1 - 78.7 - 12.5 - 43.0 - -35.5157 #DIV/0! South Africa 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.6 (25.0) 1.3 54.7 -45.8507 2.191091 Sudan 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 (33.2) 165.8 18.0 5.8 -18.8074 -64.8783 Tanzania 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 40.4 20.5 0.0 1.8 -99.6337 103.3544 Uganda 0.1 0.2 0.1 0.4 0.1 0.2 0.1 (58.7) (70.8) 0.1 0.1 7.90739 -69.106 Zambia 0.9 0.0 0.3 0.3 0.1 0.0 0.0 0.5 0.3 0.0 (67.0) 5.2 - 0.0 -100 -99.631 Zembabwe 0.1 0.0 0.1 0.0 0.1 - 0.0 0.0 (87.1) 251.0 0.0 - -96.1054 -100 Others 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 95.5 (63.5) 55.6 1.3 662.8186 -80.8734 Total 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 3.3 0.4 154.0 162.4 6.703052 10.49064 %Share Of Continent 22.75 3.47 24.68 3.31 21.1 9.7 16.01 9.28 20.40 3.42 (10.32) - 25.22 4.25 Europe: Austria 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 (68.0) (27.1) 0.0 7.3 15.43075 63.86422 Belgium 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 14.0 12.1 12.5 79.8 9.194583 -38.7113 Bulgaria 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 (41.5) (56.8) 0.3 8.9 -32.2237 551.1472 Cyprus 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 (19.5) 34.0 - 3.1 #DIV/0! 209.4863 Czech Republic 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 (41.6) (59.7) - 1.9 -100 -66.1141 Slovakia 0.0 0.3 0.0 0.3 0.0 0.5 0.0 0.8 0.0 0.4 268.8 6.9 0.0 0.9 -91.9998 186.79 Denmark 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 187.8 (7.6) 0.2 13.2 -2.17085 -48.476 Finland 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 (95.8) (22.8) 0.0 0.3 -85.0069 -82.0189 France 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 2.5 (14.3) 9.7 56.9 144.004 1.403856 Germany 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 38.6 (14.4) 33.7 95.5 87.03584 15.22365 Greece 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 19.8 (40.2) 0.8 1.8 11.20508 51.69141 Hungary 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 (57.2) (12.8) 0.0 4.1 -80.1425 8.663135 Ireland 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 (52.2) (26.3) 0.1 12.9 -40.9029 52.35322 Italy 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 (12.4) (21.7) 9.7 63.5 92.66338 -35.8237 Netherlands 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 80.1 215.5 73.2 22.3 70.27788 -19.1867 Norway 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 135.0 96.4 3.2 0.7 123.3518 -46.4204 Poland 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.4 (31.7) 0.3 12.8 468.5571 105.1178 Portugal 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 (53.3) (24.1) 1.2 0.8 -38.5856 -53.2785 Rumania 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 - (47.3) 0.3 12.2 -33.1681 -18.5478 Spain 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 (18.3) 13.2 3.8 28.6 33.09174 27.5115 Sweden 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 (0.6) 318.2 1.0 9.1 -35.4862 -22.0745 Switzerland 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 (55.9) 66.2 7.8 5.1 75.91035 -44.8816 Turkey 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 43.2 (6.1) 8.2 176.0 -39.7615 5.726345 Ukraine 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 12.7 267.4 0.2 106.0 292.4594 48.63801 United Kingdom 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 (1.0) (55.3) 7.2 133.6 -5.45549 93.09923 Russia 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 113.7 (18.5) 2.3 9.8 -19.5282 -45.244 Yugoslavia - - - - 0.0 0.0 - - - - - - - - - - Others 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 32.3 (9.2) 5.9 3.6 -48.0368 -70.2206 Total 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 27.3 3.0 181.5 870.8 37.93259 1.953785 %Share Of Continent 27.30 23.34 22.51 19.25 23.9 19.7 27.38 24.01 30.19 23.61 10.59 - 29.73 22.80 America: Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 (100.0) (91.0) - 3.9 -100 -65.1495 Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 (37.1) (60.1) 4.1 37.8 42.22718 77.06612 Cuba - 0.0 - 0.0 - 0.1 - 0.0 - 49.5 - - #DIV/0! -100 Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 (50.8) (58.3) 0.2 2.1 -6.10066 87.29966 United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 (15.8) 85.1 42.1 316.7 65.23245 -66.6524 Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 165.6 (17.8) 13.2 2.6 -16.0023 32.51859 Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 16.4 41.3 59.5 363.1 34.66284 -63.1495 %Share Of Continent 10.98 6.14 7.56 22.21 11.3 5.5 14.25 3.05 11.10 8.53 1.14 - 9.75 9.51 28.94917 -57.2038 Asia: China, Mainland 40.6 1,083.1 35.4 959.8 34.5 1001.0 35.3 876.1 19.4 933.9 (52.2) (13.8) 20.7 1,072.7 -41.3714 11.76989 China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 (5.0) 103.5 2.4 26.9 15.8621 63.34225 Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 (49.3) (58.4) 1.6 0.7 -47.7807 -72.8229 India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 197.5 23.6 16.4 341.2 17.21243 -7.23805 Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 32.2 0.7 5.6 59.4 -51.223 -29.7233 Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 45.8 (28.4) 23.7 8.6 -19.4899 12.36549 Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 23.4 0.2 20.2 45.4 -17.8559 -54.4598 N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 (93.2) 61.5 - 1.4 -100 171.6273 S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 33.8 (14.6) 8.6 43.6 0.272341 -14.0074 Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 111.5 (18.2) 1.2 417.3 100.096 9.438291 Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 (45.1) (8.2) 1.0 0.5 102.857 15.70897 Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 - (55.6) 0.2 45.4 14329.97 -60.5928 Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 (93.5) (76.4) 0.4 11.3 -82.4207 -22.0733 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 31.1 36.5 48.8 181.7 7.423819 102.2652 Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 522.8 139.3 6.7 10.0 276.3524 133.5302 Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 64.4 2.9 6.3 0.4 -38.6648 -46.309 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 (17.6) (62.1) 1.0 25.7 -21.4528 -46.7253 UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 (16.7) (4.0) 27.4 99.3 1.835998 -26.8011 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 2.7 416.1 20.3 30.3 -53.4994 -52.5013 Total 235.1 2,466.2 261.3 2,443.4 295.9 2317.3 315.2 2,179.9 269.8 2,410.2 14.8 (2.3) 212.6 2,421.6 -18.6165 -0.88889 %Share Of Continent 37.44 66.98 44.69 55.08 43.0 65.0 41.21 63.58 37.32 64.33 (0.31) - 34.83 63.39 Oceania: Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 (30.9) 1.8 2.6 1.1 -15.4615 -76.2369 Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 (11.5) 133.1 0.3 0.9 49.99012 -54.4925 Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 (26.1) 34.8 2.9 2.0 -10.9463 -69.5048 % Share Of Continent 1.54 0.08 0.56 0.14 0.6 0.1 1.15 0.09 0.99 0.11 (35.8) - 0.47 0.05 Unspecified Unspecified - - - - - - - - - - - - - - - Grand Total Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 9723.0 3,746.4 15.1 1.7 610.5 3,820.0 4.4 (13.9) Source: Ministry of Revenues

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ministry of Revenues, while export data includes electricity export Table 23: Direction of Trade** (In millions of USD)

Second Quarter 2019/20 115 National Bank of Ethiopia Quarterly Bulletin Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9 2018/19 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Qtr III 48,139.8 87,260.6 1,166.0 150,345.7 4,417.6 41,420.9 10,006.2 0.1 - 7,066.4 12,529.6 - 69.5 35.1 70.9 5,158.2 Qtr IV 79,617.4 69,662.1 1,159.0 133,806.5 4,264.1 50,170.1 17,500.3 0.1 - 7,780.1 12,547.0 - 93.9 17.5 - 5,336.9 2019/20 Qtr I 80,530.9 35,026.1 1,122.7 87,604.0 3,654.0 48,805.8 7,500.2 0.2 - 12,498.8 16,282.2 - 66.0 16.7 - 6,934.0 Qtr II 52,528.2 35,569.5 1,129.7 80,765.1 3,071.7 43,433.0 2,507.1 0.2 - 4,773.8 14,171.3 - 44.0 17.2 - 5,790.3 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 Table 24: Volume of Exports, by major commodity groups (In metric tone)

116 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 24 continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in '1000' kwh) others* Re-Exports Grand Total* 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 - 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 - 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 - 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 - 452,218.5 2015/16 Qtr I 3,078.6 510.0 - - - 250.0 - 12,506.6 1,177.3 2,397.0 42,680.0 90,814.7 65,804.0 - 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 - 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 - 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 - 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0 Qtr IV 739.8 448.5 - - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 4,490.2 338,312.3 2018/19 Qtr I 553.9 108.1 - - - 16.4 - 12,122.2 989.9 3,446.0 9,478.5 293,768.7 5,062.2 - 252,459.3 Qtr II 264.2 197.4 - - - 45.0 - 11,998.8 1,032.3 2,316.8 17,858.8 298,893.7 38,560.4 - 326,726.8 Qtr III 1,692.9 393.9 - - - 72.5 - 13,785.0 1,035.8 2,016.5 20,034.3 280,763,322.9 280,763.3 - 643,185.9 Qtr IV 1,069.0 411.9 - - - 0.6 - 19,943.2 1,346.9 3,810.5 45,367.5 453,904.8 280,763.3 - 657,363.9 2019/20 Qtr I 669.8 709.6 - - - 12.5 - 26,141.5 812.2 4,361.9 30,467.7 167,043.2 70,125.9 363,216.7 Qtr II 164.6 311.6 - - - 38.7 - 24,070.4 935.6 3,605.5 39,044.7 262,447.5 73,978.5 - 311,972.2 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity

Second Quarter 2019/20 117 National Bank of Ethiopia Quarterly Bulletin Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2014/15 Qtr I 3,601,606.60 1,782,898.66 650,939.82 1,231,102.44 472,079.61 202,646.32 - 1,548,672.59 - 1,182,546.88 1,316,313.98 - 21,439.25 74,818.49 4.74 420,448.06 Qtr II 2,518,466.43 2,455,328.14 599,692.01 1,157,023.03 416,795.93 256,407.19 - 1,283,486.68 - 615,036.67 1,658,532.63 - 21,584.25 82,407.47 - 364,718.87 Qtr III 3,450,896.65 3,515,303.69 693,219.39 1,243,523.40 473,887.80 245,897.65 - 2,365,432.58 - 462,946.54 1,325,665.80 - 16,251.30 23,524.21 231.25 779,611.07 Qtr IV 6,163,963.66 2,515,767.17 700,896.33 777,563.07 503,104.87 251,662.78 - 1,201,434.50 - 716,025.97 1,167,518.10 - 36,452.15 21,895.90 - 404,544.21 2015/16 Qtr I 3,833,482.55 1,117,113.73 611,869.33 1,008,591.81 536,437.89 284,426.10 - 1,533,270.26 - 1,513,932.09 1,513,299.59 - 12,738.43 43,474.09 - 462,484.53 Qtr II 2,483,305.88 1,744,206.98 599,845.57 1,270,029.37 461,902.72 285,570.28 - 1,353,852.86 - 562,849.10 1,382,213.41 - 14,305.96 40,780.40 - 399,474.19 Qtr III 3,468,404.77 4,246,993.00 565,811.69 1,296,829.87 503,926.11 283,215.63 - 1,428,736.52 - 444,847.26 1,286,804.44 - 7,269.83 44,244.54 11.59 384,833.83 Qtr IV 5,482,069.78 2,968,529.53 646,580.27 1,311,552.35 524,281.73 274,857.76 - 1,797,371.68 - 568,958.88 1,329,711.26 - 17,011.91 23,065.16 - 387,202.37 2016/17 Qtr I 3,967,681.81 1,566,890.84 568,470.09 1,122,225.51 481,858.65 294,980.86 - 1,429,988.74 - 729,289.63 1,646,044.16 - 12,745.69 41,717.52 - 461,145.78 Qtr II 2,947,226.42 1,545,549.69 642,588.05 1,736,431.27 533,074.66 325,785.53 - 751,520.29 - 214,348.91 1,504,475.06 - 10,395.38 29,485.20 - 457,402.49 Qtr III 5,262,982.58 2,447,326.56 570,064.32 2,162,962.11 562,140.77 305,094.56 59,869.51 1,020,138.31 - 212,897.51 1,460,530.31 - 19,689.21 33,777.29 - 516,886.85 Qtr IV 7,719,668.05 2,331,595.43 777,873.35 1,254,944.02 637,647.65 331,887.52 55,562.19 1,482,343.45 - 349,972.81 1,502,640.11 - 17,736.43 32,881.43 - 568,850.61 2017/18 Qtr I 5,011,278.90 1,744,858.76 769,891.95 1,067,855.73 562,830.79 362,770.12 73,122.09 665,027.05 - 698,508.03 1,478,336.66 - 3,557.04 32,525.56 35,581.39 709,998.20 Qtr II 4,443,198.44 3,834,235.78 949,826.11 1,839,139.38 563,485.93 417,619.41 7,754.76 501,643.73 - 212,460.16 1,641,071.57 - 27,767.27 73,565.65 44,337.81 508,420.22 Qtr III 4,861,307.06 3,706,619.53 788,275.50 2,307,768.02 684,152.76 386,724.14 27,284.49 1,256,940.42 - 217,174.16 1,846,728.64 - 27,095.50 35,121.47 49,979.95 678,085.12 Qtr IV 7,577,696.00 1,903,139.95 947,815.16 1,909,501.27 851,498.53 436,383.47 25,421.15 182,145.95 - 410,929.25 1,916,101.39 - 22,891.58 104,794.87 10,452.29 798,725.24 2018/19 Qtr I 5,606,714.42 1,595,732.93 912,007.83 1,193,432.93 664,247.51 406,255.91 18,005.50 429,197.17 - 400,073.40 2,162,094.27 - 20,306.93 41,732.37 6,947.01 932,321.83 Qtr II 3,612,728.79 2,533,022.91 939,790.06 1,917,614.35 589,620.38 408,648.39 22,162.45 103,196.93 - 124,210.78 2,244,183.10 - 7,953.53 102,966.16 - 964,078.79 Qtr III 4,674,836.41 3,683,306.94 688,275.06 2,550,109.98 612,962.22 393,723.19 24,457.76 97,457.01 - 360,827.07 2,047,883.83 - 16,807.45 82,487.28 1,625.18 1,139,113.35 Qtr IV 7,596,429.28 3,109,261.04 745,400.80 1,998,393.93 618,118.57 500,841.03 42,084.77 145,854.56 - 402,843.34 2,056,960.28 - 22,589.88 47,105.95 - 1,260,749.58 2019/20 Qtr I 6,750,439.44 1,568,071.12 686,309.06 1,416,493.64 538,072.54 476,181.88 17,614.88 178,598.49 - 702,058.85 2,691,144.01 - 15,808.72 23,708.43 - 1,507,985.47 Qtr II 4,005,575.11 1,626,802.81 767,530.69 1,491,982.14 512,495.87 1,149,065.65 8,359.28 228,186.77 - 255,711.34 2,455,099.54 - 11,751.05 30,848.47 - 1,453,545.15 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 25: Continued... Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total 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 22,716.24 176,613.38 593,113.21 384,298,139.3 550,664.13 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 1,015,628.87 671,946,659.6 940,887.77 - 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 Qtr.III 33,496.23 49,308.62 - - - 7,549.68 - 1,805,661.75 28,921.70 81,210.40 384,709.47 455,941.67 4,070,025.33 19,220,672.25 Qtr.IV 20,460.31 48,683.46 - - - 227.39 - 2,504,340.79 34,552.63 111,198.37 556,139.47 136,119.39 4,719,577.34 21,958,354.82 2019/20 Qtr I 19,375.25 65,291.30 - - - 1,011.08 - 3,357,991.98 20,282.22 126,256.43 570,324.43 297,530.17 5,989,756.76 21,030,549.39 Qrt II 29,972.9 37,492.49 - - 3,755.86 - 3,324,188.09 31,360.27 182,452.95 418,410.69 461,911.04 5,973,937.96 18,486,498.20 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

118 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 26: Value of Imports, by Major Commodity Groups** (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 1,215 163 19 0 11,978 674 1,534 690 467 1,446 512 Qtr II 3,913 124 27 0 10,006 899 3,728 747 580 1,625 564 Qtr III 2,581 139 32 - 12,565 899 1,062 421 601 1,361 502 Qtr IV 1,458 108 15 0 13,071 1,174 1,485 531 539 1,426 414 2014/15 Qtr I 3,614,064 169,116 18,366 45 11,125,318 929,302 1,310,143 242,236 483,501 1,587,620 522,434 Qtr II 3,357,999 148,421 22,050 71 11,793,269 954,461 1,081,713 1,269,710 607,792 1,426,216 514,790 Qtr III 3,352,714 165,580 29,315 - 7,415,455 899,651 2,045,870 209,194 582,277 1,477,470 578,833 Qtr IV 2,830,621 86,928 25,046 84 9,488,497 968,581 4,204,046 847,847 513,167 1,488,362 446,776 2015/16 Qtr I 2,723,464 177,134 37,401 47 7,269,778 910,225 1,649,390 328,325 582,691 1,649,379 495,802 Qtr II 5,738,333 204,992 48,584 50 7,186,215 723,846 1,859,882 1,191,311 680,624 1,572,598 567,087 Qtr II 9,814,431 198,590 31,413 5 5,534,198 816,529 1,861,968 292,866 692,295 1,603,370 691,583 Qtr IV 6,316,660 165,606 36,197,015,302 1,166,104 5,120,080 719,231 738,846 1,525,275 771,085 2016/17 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 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 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 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 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 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 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 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 2018/19 Qtr I 6,108,505 171,395 18,926 - 17,291,911 1,640,216 3,200,286 537,018 997,360 1,938,502 563,586 QII 4,400,932 119,231 35,128 876 17,632,840 1,406,331 4,955,085 1,001,683 891,969 2,117,501 866,013 QIII 5,007,888 92,947 28,053 - 17,506,737 1,179,234 1,885,652 447,431 1,013,454 1,792,978 693,449 QIV 3,765,871 163,893 25,126 9 17,511,115 1,129,430 7,668,833 445,573 1,020,599 1,849,875 841,461 2019/20 Qtr I 9,086,741 204,261 29,042 - 16,699,933 1,479,065 3,582,154 267,772 1,274,355 2,038,489 1,042,851 QII 7,072,204 259,326 32,121 257 18,616,354 1,791,221 3,766,270 973,466 1,283,965 2,185,393 1,278,813 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 Qtr I 898 1,449 512 6,152 6,034 5,872 3,262 979 120 11,695 54,693 Qtr II 1,598 1,403 511 6,757 9,088 6,467 4,629 3,057 44 13,375 66,084 Qtr III 1,116 1,246 441 6,679 10,214 5,181 9,587 1,014 60 16,004 70,690 Qtr IV 1,010 1,345 478 10,351 11,438 6,300 5,256 553 126 13,843 70,370 2014/15 Qtr I 1,382,449 1,854,400 607,650 11,404,893 9,246,269 5,960,021 6,591,109 689,775 68,975 15,229,957 72,347,869 Qtr II 1,413,409 1,762,478 648,320 12,737,671 12,380,955 8,060,575 11,072,288 610,477 452,791 17,934,138 87,639,117 Qtr III 1,543,161 1,637,457 641,197 12,771,367 12,115,191 8,753,874 12,305,462 791,821 473,791 17,664,885 84,662,746 Qtr IV 1,480,110 1,548,163 580,113 8,717,207 11,964,849 8,697,385 13,282,677 879,719 493,615 18,480,428 86,144,501 2015/16 Qtr I 1,398,135 2,064,413 627,591 12,299,464 11,948,027 8,470,542 15,447,371 818,473 149,425 17,180,363 85,408,968 Qtr II 1,579,650 2,135,932 729,110 11,408,166 13,931,995 11,836,615 8,447,821 905,411 757,068 16,688,579 87,288,459 Qtr III 1,460,601 1,806,638 616,393 12,441,279 19,369,129 6,876,924 6,173,385 1,067,599 190,054 22,173,067 92,644,720 Qtr IV 1,230,856 1,983,777 758,872 10,601,333 12,881,820 6,575,215 7,347,648 825,910 115,616 22,602,181 87,671,709 2016/17 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 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 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 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 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 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 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 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 Qtr I 1,562,470 2,163,693 701,640 9,627,455 17,850,408 4,941,253 7,724,711 1,251,621 80,252 23,862,895 100,982,482 Qtr II 1,732,147 1,348,460 742,908 11,005,781 14,079,383 5,621,035 6,815,022 942,366 73,570 48,546,021 123,391,918 QIII 1,679,391 1,234,317 737,995 10,736,343 15,201,505 5,282,974 7,548,035 1,388,347 540,334 28,166,238 100,774,956 QIV 1,771,434 1,824,720 806,768 9,306,267 12,236,842 6,306,055 5,842,118 1,071,067 670,598 25,058,207 98,244,794 2019/20 Qtr I 2,285,861 1,462,753 880,465 10,749,605 16,282,976 4,480,745 5,902,375 791,672 248,197 30,995,465 108,993,105 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 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 2019/20 119 National Bank of Ethiopia Quarterly Bulletin Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 121,419 4,143 261 0 669,540 31,795 2,685 286 9,055 21,554 24,016 Qtr II 508,511 3,898 382 0 554,646 45,722 3,144 250 10,969 23,532 29,789 Qtr III 337,836 4,057 411 - 692,867 44,244 3,006 198 10,497 18,732 38,045 Qtr IV 130,551 3,630 205 0 706,398 61,678 2,929 190 12,990 20,568 21,271 2014/15 Qtr I 452,242 5,510 192 0 623,917 43,704 2,961 137 11,429 23,016 24,093 Qtr II 405,413 4,881 292 0 706,967 46,958 3,034 396 14,814 20,773 27,105 Qtr III 414,382 5,317 353 - 685,107 40,989 4,505 159 13,203 21,346 24,651 Qtr IV 284,718 3,349 312 7 806,068 50,393 3,304 258 12,106 22,484 20,575 2015/16 Qtr I 309,617 5,615 383 1 714,115 49,882 2,719 246 14,931 61,333 23,395 Qtr II 755,321 5,770 562 0 762,331 39,561 3,064 351 16,198 74,484 27,056 Qtr III 1,372,229 5,430 399 0 808,630 39,509 3,017 199 15,933 52,628 31,506 Qtr IV 725,765 5,419 375 0 758,484 56,525 5,355 485 19,263 53,955 38,983 2016/17 Qtr I 656,575 7,189 257 1 775,800 52,454 4,200 147 19,567 27,537 30,827 Qtr II 377,203 5,792 494 0 871,156 47,715 5,384 322 16,095 27,204 30,786 QIII 450,363 5909.05859 352 0.4621 915,650 31761.66576 5,462 183.12774 12,043 25729.27817 28,015 QIV 243,404 7731.98879 403 71.145 876,711 41864.5013 7,640 199.93632 17,801 27886.63827 24,745 2017/18 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 QII 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 QIII 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 QIV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641 2018/19 Qtr I 626,714 5,466 240 - 907,140 61,064 18,233 249 19,140 24,312 21,371 QII 395,944 3,051 382 30 964,153 55,976 4,802 347 20,690 26,814 30,290 QIII 432,852 3,160 310 - 1,050,653 42,018 5,097 308 50,288 22,808 24,747 QIV 367,234 5,132 232 0 898,277 40,590 5,828 246 24,447 24,005 28,938 2019/20 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 QII 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 Table 27 Continued…. 2013/14 Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL Qtr I 13,707 10,318 53,282 317,009 43,314 46,562 25,334 110,004 164 466,234 1,860,679 Qtr II 23,042 9,809 50,784 311,230 54,693 49,887 29,905 448,984 112 745,746 2,456,050 Qtr III 15,687 9,395 39,812 386,366 213,629 42,278 90,219 122,596 117 934,526 2,881,923 Qtr IV 13,877 11,992 44,725 378,224 55,737 47,373 28,411 53,879 141 629,374 2,170,263 2014/15 Qtr I 18,944 13,854 57,150 446,523 132,764 43,686 31,154 64,668 71 546,488 2,477,835 Qtr II 21,253 73,876 57,016 391,995 57,415 57,023 36,316 56,541 125 867,567 2,793,218 Qtr III 21,377 11,655 50,110 385,687 52,948 49,581 40,602 63,652 119 796,687 2,618,778 Qtr IV 20,196 10,964 51,224 422,486 45,408 61,239 122,576 73,993 189 794,714 2,732,570 2015/16 Qtr I 20,088 16,100 54,112 607,536 56,640 61,333 33,241 68,343 181 726,416 2,757,885 Qtr II 26,322 15,053 62,474 440,523 63,679 74,484 30,871 74,409 114 681,956 3,080,173 Qtr III 24,294 12,265 57,804 597,514 73,222 52,628 33,303 88,324 144 982,143 4,162,797 Qtr IV 20,960 11,995 63,517 526,856 64,956 53,955 30,962 67,109 67 1,383,463 3,821,341 2016/17 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 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 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 QIII 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 Qtr IV 21,398 10,066 36,166 324,198 54,745 43,797 20,781 250,677 48 1,408,728 3,715,243 2018/19 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 QIII 27,469 6,297 52,633 390,714 58,356 38,979 26,554 136,824 128 1,221,897 3,455,268 Qtr IV 28,819 13,511 50,875 533,747 47,746 41,545 31,910 157,898 29 1,225,197 3,368,308 2019/20 Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 Qtr II 34,370.0 8,558.8 47,399.8 533,019.9 73,839.3 18,454.0 43,820.0 173,982.6 142.3 1,255,710.3 4,401,337.5 ** 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

120 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Categories 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II QIII Qtr IV Annual Qtr I Qtr II Raw Materials 728.47 711.96 648.15 1,094.36 3,182.93 787.20 1,008.72 680.09 950.40 3,426.40 932.87 711.34 722.62 780.44 3,147.26 836.64 761.61 516.87 694.11 2,809.23 729.49 751.46 1,059.66 1,077.25 3,617.87 1,382.74 1,151.76 835.52 863.31 4,233.32 1,246.52 1,328.60 Semi-finished Goods 8,974.35 10,770.61 11,971.86 10,878.79 42,595.61 10,272.65 14,291.08 13,063.34 14,229.29 51,856.36 14,553.33 11,787.57 17,132.78 17,734.08 61,207.76 13,774.36 13,368.46 12,979.43 18,718.24 58,840.49 16,608.67 16,030.99 13,722.86 19,306.55 65,669.07 15,194.93 17,589.88 23,876.85 21,454.84 78,116.49 20,576.67 21,285.22 Chemicals 1,601.11 1,171.42 1,392.87 1,498.97 5,664.36 1,815.97 1,608.35 1,446.80 1,527.08 6,398.19 1,742.84 1,519.96 1,718.58 2,408.58 7,389.96 2,289.95 1,383.79 1,426.13 2,424.31 7,524.19 2,489.66 2,059.94 1,807.53 2,553.40 8,910.53 2,996.00 2,917.90 2,372.24 2,572.77 10,858.90 5,879.40 3,564.76 Fertilizers 153.68 2,125.06 3,578.42 1,786.38 7,643.53 185.43 3,004.88 3,631.80 3,341.47 10,163.58 199.33 474.66 4,787.39 3,706.22 9,167.59 88.79 1,509.88 2,406.27 4,349.93 8,354.88 133.00 2,156.43 3,446.63 7,265.53 13,001.60 209.45 193.32 7,439.91 6,377.18 14,219.85 657.48 269.57 Textile Materials 218.05 250.33 248.88 266.43 983.69 329.70 333.75 341.92 305.87 1,311.24 283.70 403.66 309.80 338.44 1,335.60 339.85 424.76 370.75 445.54 1,580.89 339.85 373.55 335.92 540.25 1,589.57 515.15 652.90 524.03 584.87 2,276.95 816.41 755.30 Others 7,001.52 7,223.80 6,751.69 7,327.01 28,304.02 7,941.55 9,344.10 7,642.83 9,054.86 33,983.34 12,327.46 9,389.30 10,317.01 11,280.84 43,314.60 11,055.77 10,050.03 8,776.28 11,498.44 41,380.52 13,646.16 11,441.07 8,132.77 8,947.37 42,167.37 11,474.33 13,825.77 13,540.67 11,920.01 50,760.78 13,223.37 16,695.59 Fuel 12,161.03 10,626.78 12,916.58 13,410.23 49,114.62 11,368.92 12,232.38 7,644.45 9,697.33 40,943.09 7,692.76 7,531.00 5,667.15 7,355.44 28,246.34 8,174.61 10,377.97 11,462.17 10,925.45 40,940.19 10,730.48 15,288.66 15,824.75 19,170.06 61,013.95 18,198.76 18,727.02 17,890.37 18,125.75 72,941.90 17,268.47 19,365.31 Crude petroleum 0.01 151.94 169.51 0.01 321.46 0.04 0.07 - 0.08 0.20 0.05 0.05 0.00 0.01 0.11 0.03 0.01 0.08 3.61 3.73 - 0.17 1.53 0.10 1.80 - 0.88 - 0.01 0.88 - 0.26 Petroleum Products 11,977.88 10,005.69 12,565.02 13,071.29 47,619.87 11,125.32 11,793.27 7,415.46 9,488.50 39,822.54 7,269.78 7,186.22 5,534.20 7,015.30 27,005.49 7,812.91 9,779.33 11,196.39 10,354.65 39,143.28 10,217.55 14,481.84 15,362.85 18,551.75 58,613.99 17,291.91 17,632.84 17,506.74 17,511.12 69,942.60 16,699.93 18,616.35 Others 183.15 469.16 182.05 338.93 1,173.29 243.56 439.04 228.99 208.75 1,120.35 422.94 344.73 132.94 340.13 1,240.74 361.67 598.64 265.69 567.19 1,793.18 512.92 806.65 460.37 618.22 2,398.17 906.85 1,093.30 383.63 614.63 2,998.41 568.54 748.69 Capital Goods 16,011.92 21,926.75 27,186.98 27,539.78 92,665.43 27,384.56 35,342.56 38,384.33 37,309.76 138,421.22 38,414.82 38,285.67 36,607.93 30,635.05 143,943.46 31,112.00 35,495.51 33,157.35 35,520.33 135,285.20 34,924.77 40,498.39 33,914.62 27,346.30 136,684.08 32,791.25 50,759.84 31,527.12 25,492.20 140,570.41 29,668.84 39,592.26 Transport 4,572.19 5,591.67 5,108.41 5,521.07 20,793.33 6,489.57 9,052.77 9,713.71 8,920.18 34,176.24 7,997.99 11,079.66 6,546.50 6,738.71 32,362.86 7,642.28 9,673.61 7,953.13 6,736.56 32,005.58 7,222.04 13,252.80 4,821.57 4,042.73 29,339.13 3,841.91 25,889.34 5,238.93 4,847.52 39,817.70 4,017.79 3,279.03 Tyres for Heavy Vehicles 749.53 797.03 866.51 676.14 3,089.21 780.90 737.52 575.46 647.72 2,741.61 662.76 685.07 732.36 738.62 2,818.81 816.06 871.22 745.37 753.93 3,186.58 716.95 757.80 511.43 642.79 2,628.97 732.70 888.63 751.55 799.85 3,172.73 833.18 939.29 Heavy Road Motor Veh. 3,661.30 4,127.47 3,577.44 4,082.25 15,448.45 4,250.08 5,014.26 4,789.75 5,932.48 19,986.57 6,110.87 5,748.53 4,131.49 4,529.14 20,520.03 5,587.41 6,029.64 5,627.27 5,155.86 22,400.17 5,820.54 6,371.53 3,537.37 2,937.00 18,666.44 2,157.72 2,748.20 2,843.47 3,692.17 11,441.56 2,632.86 1,334.55 Aircraft 135.91 259.43 128.61 149.68 673.64 819.82 1,190.55 848.78 967.13 3,826.27 451.90 295.67 1,500.12 1,215.27 3,462.96 828.18 1,142.15 815.76 576.69 3,362.78 628.38 5,990.55 536.61 373.97 7,529.52 364.25 21,987.41 1,583.85 293.68 24,229.19 460.65 884.88 Others 25.44 407.74 535.85 613.00 1,582.03 638.76 2,110.44 3,499.72 1,372.86 7,621.78 772.46 4,350.40 182.52 255.68 5,561.06 410.63 1,630.60 764.73 250.08 3,056.05 56.17 132.91 236.16 88.96 514.20 587.23 265.10 60.06 61.82 974.22 91.10 120.30 Agricultural 1,117.69 893.85 243.51 963.20 3,218.25 279.51 215.59 322.46 627.15 1,444.71 485.43 399.57 321.67 554.70 1,761.37 476.95 553.55 352.96 307.92 1,691.39 233.92 612.77 239.42 256.91 1,343.02 451.15 389.55 413.81 361.50 1,616.02 484.19 933.41 Industrial 10,322.04 15,441.23 21,835.06 21,055.52 68,653.85 20,615.49 26,074.20 28,348.16 27,762.43 102,800.27 29,931.40 26,806.44 29,739.75 23,341.63 109,819.23 22,992.77 25,268.36 24,851.26 28,475.84 101,588.23 27,468.81 26,632.82 28,853.64 23,046.66 106,001.93 28,498.18 24,480.95 25,874.38 20,283.18 99,136.69 25,166.87 35,379.83 Consumer Goods 15,966.91 21,047.53 16,970.17 16,460.07 70,444.68 21,469.98 22,593.36 23,804.63 22,746.33 90,614.30 22,567.00 27,915.50 31,306.78 29,439.43 111,228.72 33,084.51 25,949.60 24,413.52 26,177.38 109,625.01 28,442.08 32,972.73 30,435.70 30,721.60 122,572.11 31,495.66 33,094.30 24,831.12 30,336.96 119,758.04 33,456.83 31,708.67 Durables 5,157.67 5,230.85 5,901.07 6,169.22 22,458.80 6,584.65 8,773.75 10,315.91 6,631.23 32,305.54 7,625.35 8,908.65 9,214.17 7,314.07 33,062.24 14,574.92 7,774.60 7,950.54 7,846.70 38,146.76 9,244.15 10,197.31 8,803.03 6,778.12 35,022.62 8,090.79 8,803.07 7,912.65 8,863.90 33,670.41 8,185.50 7,433.48 Radio & T.V. 474.14 319.66 356.44 467.09 1,617.33 427.04 822.33 863.06 896.53 3,008.95 682.43 1,162.79 596.10 628.18 3,069.50 7,769.98 713.57 490.66 582.46 9,556.66 965.66 717.51 663.06 490.33 2,836.57 652.88 635.72 941.39 1,187.16 3,417.15 682.68 768.96 Tyres for cars & Other Veh. 300.30 392.25 365.67 368.68 1,426.90 371.57 297.23 307.14 282.30 1,258.24 274.25 295.53 327.38 314.37 1,211.53 319.26 344.35 382.72 388.74 1,435.07 375.19 468.40 372.75 408.22 1,624.56 355.13 324.58 458.72 373.39 1,511.83 343.29 438.93 Cars & Other Veh. 1,684.79 1,763.25 2,175.75 1,643.65 7,267.45 1,730.50 1,813.73 1,679.48 2,082.28 7,305.98 2,161.20 2,556.27 2,615.23 2,009.62 9,342.33 2,355.92 2,770.67 2,373.24 2,417.90 9,917.73 2,916.00 3,861.79 3,021.82 2,202.24 12,001.85 2,212.74 2,721.97 2,482.96 2,581.68 9,999.35 1,931.12 1,151.77 Others 2,698.44 2,755.69 3,003.20 3,689.79 12,147.13 4,055.54 5,840.46 7,466.24 3,370.13 20,732.38 4,507.47 4,894.06 5,675.46 4,361.89 19,438.89 4,129.77 3,946.01 4,703.92 4,457.60 17,237.31 4,987.30 5,149.60 4,745.40 3,677.34 18,559.64 4,870.05 5,120.80 4,029.57 4,721.66 18,742.09 5,228.42 5,073.83 Non-durables 10,809.24 15,816.69 11,069.10 10,290.86 47,985.88 14,885.32 13,819.61 13,488.72 16,115.10 58,308.75 14,941.65 19,006.85 22,092.61 22,125.37 78,166.48 18,509.59 18,175.00 16,462.98 18,330.68 71,478.24 19,197.94 22,775.43 21,632.66 23,943.47 87,549.49 23,404.87 24,291.23 16,918.47 21,473.06 86,087.63 25,271.33 24,275.19 Cereals 1,024.44 3,754.08 2,423.64 1,237.92 8,440.07 3,407.80 3,044.30 3,074.95 2,538.29 12,065.34 2,475.92 5,020.68 9,251.20 5,108.93 21,856.74 4,545.45 2,686.95 3,355.88 1,775.40 12,363.68 4,667.22 5,960.54 3,368.73 6,047.13 20,043.62 5,607.41 3,963.48 4,289.46 2,873.85 16,734.20 8,375.00 6,079.64 Other Food 2,330.46 1,605.78 1,707.92 1,586.31 7,230.47 3,021.82 2,191.10 1,788.41 1,986.68 8,988.00 2,848.80 3,175.29 3,517.57 3,710.62 13,252.27 3,600.41 3,167.24 3,440.85 2,798.54 13,007.05 2,873.00 4,424.25 4,895.35 4,061.54 16,254.14 4,408.68 5,079.67 3,007.04 3,146.73 15,642.11 4,341.13 4,872.30 Medical & Pharmaceuticals 2,371.62 4,736.69 1,625.09 2,086.79 10,820.18 1,774.09 2,447.19 2,346.76 5,255.40 11,823.44 2,127.92 3,284.74 2,286.85 5,936.65 13,636.15 2,280.23 4,501.90 2,691.48 5,554.59 15,028.19 2,665.79 2,759.75 3,617.87 5,771.11 14,814.52 4,038.30 6,336.62 2,534.04 8,224.78 21,133.74 4,363.84 4,985.29 Textile Fabrics 2,207.33 2,586.00 2,081.07 2,082.63 8,957.03 2,979.83 2,791.33 2,953.61 2,799.13 11,523.90 3,442.98 3,381.36 3,029.47 3,202.31 13,056.13 3,328.01 3,166.57 3,068.68 3,416.06 12,979.33 3,727.90 3,709.68 4,518.54 2,841.64 14,797.76 3,363.54 2,351.60 2,211.08 3,163.35 11,089.57 3,173.08 3,406.18 Others 2,875.39 3,134.14 3,231.37 3,297.22 12,538.12 3,701.79 3,345.69 3,324.98 3,535.61 13,908.07 4,046.01 4,144.78 4,007.53 4,166.87 16,365.19 4,755.49 4,652.34 3,906.08 4,786.08 18,099.98 5,264.02 5,921.20 5,232.17 5,222.05 21,639.45 5,986.94 6,559.86 4,876.85 4,064.35 21,488.01 5,018.28 4,931.77 Miscellaneous 849.89 1,000.41 996.68 987.10 3,834.08 1,064.56 2,171.02 1,085.90 1,211.39 5,532.88 1,248.19 1,057.38 1,207.47 1,727.28 5,240.32 1,896.57 1,658.14 1,484.51 1,731.80 6,771.02 2,339.67 2,032.10 1,569.75 1,616.87 7,558.39 1,919.15 2,069.12 1,813.98 1,971.74 7,773.99 6,775.77 2,143.24 Total Imports 54,692.57 66,084.04 70,690.42 70,370.33 261,837.36 72,347.87 87,639.12 84,662.75 86,144.50 330,794.23 85,408.97 87,288.46 92,644.72 87,671.71 353,013.86 88,878.69 87,611.29 84,013.85 93,767.31 354,271.13 93,775.16 107,574.34 96,527.34 99,238.63 397,115.47 100,982.48 123,391.92 100,774.96 98,244.79 423,394.15 108,993.10 115,423.30 Source: Ethiopian Revenues and Customs Authority.

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 28: Value Of Imports, bY End-Use** (In Millions of Birr)

Second Quarter 2019/20 121 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2011(2018/19) 2012(2019/20) QI QII QIII QIV QI QII No of projects Investment Capital No of No of projects Investment Capital No of No of projects Investment Capital No of No of projects Investment Capital No of No of projects Investment Capital No of No of projects Investment Capital No of Manufacturing 232 3435.7 19 274.6 13 135.2 31.0 292.5 5.0 40.3 2 19.9 Agriculture, hunting and forestry 8.0 58.2 7.0 12.5 7.0 4.0 1 3.3 Real estate, renting and business activities 169 1076.8 135 470 9 26.79 54 221.98 2 16 2 23.9 Hotels and restaurants 2.0 21.1 Education 3 13.1 2 15 1 40 Health and social work 3.0 22.3 1 2 Construction 122 1243.6 13 36 9 53 23 334.5 2 4.4 5 49.9 Wholesale, retail trade and repair service 169.0 1076.8 Transport, storage and communication 3 10.9 1 6.0 Mining and Quarrying 1.0 3.0 2.0 31.0 1 4 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 1.0 4525.6 Others 1 6 Grand Total 544 5886.8 177.0 814.1 40.0 250.0 112.0 898.5 9.0 60.7 10 99.7 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector

122 Second Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2010(2017/18) 2011(2018/19) 2012(2019/20) QI QII QIII QIV QI QII QIII QIV QI QII Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Perm. Emp. Tempo. Perm Manufacturing 852 339 309 73 3657 624 100,039 5220 8377 3556 1416 172 773 169 3920 1749 39 41 359 500 Agriculture, hunting and forestry 10 20 91 225 28 308 50 225 48.0 710.0 42 560 6 300 Real estate, renting and business activities 150 82 136 151 829 389 54 560 1,036 408 537 710 405 20 135 89.0 12 20 12 Hotels and restaurants 21 35 18 Education 9 12 7 5 6 18 20 132.0 130.0 50 4 Health and social work 4 6 36 11 4 203 25 8 8 Construction 518 522 314 614 575 465 125 877 2,940 965 57.0 60.0 85 296 133 212.0 12 160 Wholesale, retail trade and repair service 2 Transport, storage and communication 2 4 30 4 Mining and Quarrying 25 150 19 80 52 184 25 62 10 30 Electricity, gas, steam and water supply 250 Construction machinery leasing Fishing Other community, social and personal service activities 2 2 125,000 107 12 Others 12.0 105.0 Grand Total 1549 1093 837 967 5186 1743 225298 7715 12506 5174 2202 1887 1330 1107 4262 2392 51 61 387 660 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY]