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National Bank of Ethiopia Quarterly Bulletin Second Quarter 2020/21

The National Bank of Ethiopia publishes the Second Quarter 2020/21 Quarterly Bulletin, presenting data on Ethiopia's macroeconomic and social indicators, energy production, price developments, monetary trends, external sector performance, and federal government finance. The document provides statistical tables covering real sector development, money supply, inflation rates, exchange rates, treasury bill markets, and the financial sector for the fiscal year series. It details specific metrics including GDP growth, reserve money, interest rates, balance of payments, and the number of commercial banks and branches.

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Second Quarter 2020/21 Volume 37 No. 2

የኢትዮጵያ ብሔራዊ ባንክ National Bank of Ethiopia

National Bank of Ethiopia (Central Bank)

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

National Bank of Ethiopia (Central Bank)

: nbe.edpc@ethionet.et : http://www.nbe.gov.et Prepared By: Domestic Economic Analysis & Publications Directorate Domestic Economic Analysis & Publications Directorate National Bank of Ethiopia P. O. Box 5550 Tel. 251 11 517 2247/ 11 517 5297 Addis Ababa, Ethiopia National Bank of Ethiopia E-mail Web Site  This Publication can be acquired by subscription or exchange. Please Contact: P.O. Box: 5550, Addis Ababa, Ethiopia Tel. 251-11-551 7430 Tel. 251-11-551 4588 Telegraphic Address: NATIONAL BANK, TELEX 21020, CODES USED PETERSON 3rd & 4th ED BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 37, No.2 Second Quarter 2020/21 Fiscal year Series Addis Ababa 2021

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 ......................................................................................... 10 III. Quarterly Price Developments ...............................................................................................12 3.1: Developments in National CPI .................................................................................. 12 3.2: Developments in Regional Inflation ......................................................................... 14 IV. Monetary Developments .......................................................................................................17 4.1: Money Supply and Credit........................................................................................... 17 4.2: Developments in Reserve Money and Monetary Ratio .......................................... 20 4.3: Interest Rate Developments ...................................................................................... 22 4.4: Developments in the Financial Sector ...................................................................... 24 4.5: Activities of the Banking System................................................................................. 27 4.5.1: Resource Mobilization ................................................................................... 27 4.5.1.1: Deposit Mobilization ................................................................................... 29 4.5.1.2: Collection of Loans ................................................................................ 30 4.5.1.3: Borrowing ................................................................................................ 31 4.5.2: Disbursement of Fresh Loans ....................................................................... 31 4.5.3: Outstanding Credit........................................................................................ 33 4.6: Financial Activities of NBE .......................................................................................... 34 4.7: Developments in Financial Markets .......................................................................... 35 4.7.1:Treasury Bills Market ........................................................................................ 35 4.7.2: Inter-bank Money Market ............................................................................ 38 4.7.3: Corporate Bond Market................................................................................ 38 V. External Sector Developments ...............................................................................................40 5.1: Balance of Payments ................................................................................................ 40 5.2: Balance of Trade ......................................................................................................... 43 5.2.1: Exports of Goods ........................................................................................... 44 5.2.2: Imports of Goods ........................................................................................... 49 5.2.3: Direction of Trade ........................................................................................ 52 5.2.3.1: Exports of goods ..................................................................................... 52

| Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.2.3.2: Imports of goods .................................................................................... 53 5.3: Services and Transfers ................................................................................................. 54 5.4: Current Account Balance ......................................................................................... 57 5.5: Capital Account .......................................................................................................... 58 5.6: Changes in Reserve Position ..................................................................................... 58 5.7: Developments in Foreign Exchange Market ............................................................ 58 5.7.1: Exchange Rate Movements ........................................................................ 58 5.7.2: Movements in the Real Effective Exchange Rate .................................... 66 5.7.3: Volume of Transactions ................................................................................ 68 VI. Federal Government Finance ................................................................................................69 6.1: Revenue and Grants................................................................................................... 71 6.2: Expenditure................................................................................................................... 73 6.3: Deficit Financing .......................................................................................................... 76 VII. Developments in Investment.................................................................................................77 VIII. International Economic Developments...............................................................................81 8.1: Overview of the World Economy .............................................................................. 81 8.2: Inflation Developments ............................................................................................... 82 8.3: Commodity Price......................................................................................................... 82 8.4: Exchange Rate Development.................................................................................... 82 8.5: Impact of Global Economic Dev't on Ethiopian Economy .................................. 83 Statistical Tables .........................................................................................................................87

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

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

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

| iii Continued…. Indicators 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 Broad Money Supply (M2) ( In Mn. Birr ) 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 Net Foreign Assets ( In Mn. Birr ) 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) Reserve Requirement ( CBs ) 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6 Interest Rate ( In % ) Minimum Deposit Rate 3 3 4.0 4.0 5.00 7.00 7.0 7.0 Lending Rate 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 14.3 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 Government 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 Other Sectors 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 19.9 -Food inflation 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 23.3 -Non-food inflation (core inflation) 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 Addis Ababa -General inflation 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 -Food inflation 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.0 25.9 -Non-Food inflation (core inflation) 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.0 13.9 3.4: External Trade(In Mn.USD) Export of goods & services 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 Import of goods & services 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,822.8 Net trade in goods & services -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,107.1 Current account balance including official transfers -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,396.4 Capital account balance 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,147.3 Overall balance of payments 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -1227.3 3.5: Government Finance (In Mn .Birr4) Total Revenue (including grants) 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 Total Revenue (excluding grants) 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 o/w Tax-Revenue 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 Tax-Revenue as % of GDP 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.00 12.26 11.55 10.50 Total Expenditures 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 Current Expenditures 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 Capital Expenditures 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 Equity Contribution ( Sinking Fund ) Special Programs 224.0 50.0 44.0 0.0 - - - Total Expenditures as % of GDP 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 14.23 Current Surplus/Deficit 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 Overall Budget Deficit ( including grants ) -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36) Deficit as % of GDP -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) (2.52) Overall Budget Deficit ( excluding grants ) -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) Deficit as % of GDP -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) (3.73) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

  • Period weighted Average 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427
  • End period 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822

iv | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Continued…. Indicators 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 T-Bills Sold 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 Average Weighted Yield (in %) 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 T-Bills Outstanding by holder 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 Banks 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 Non-Banks 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 3.8: Inter Bank Money Market Rate5 7.5 _ _ 7.5 8.5 _ - 3.9: Financial Institutions Number of Commercial Banks 9 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 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 Population : Bank Branch 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 18.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 17.00 Number of Insurance Branches 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 Population : Insurance Branch 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 93.00 Number of Micro-financial Institutions 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 41.00 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

  1. Excluding manpower out side the Ministry of Health.
  2. The GDP data series is revised on basis of 2010/11=100 base year
  3. Inflation data is calculated using the new base year (December 2016=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

| 1 I. OVERVIEW 1.1.International Economic Developments According to the European Central Bank’s monthly bulletin of 7/2020, the global economy continued its recovery during the second quarter of 2020/21. The global composite output PMI (excluding the euro area) improved for the second time in a row to 54.1 compared to 51.9 in the previous quarter. In the United States, economic growth is set to lose momentum slightly following a sharp recovery in the first quarter of 2020/21. Subdued consumer confidence, combined with rising number of daily new COVID-19 infections pose downside risks to economic activity. In the United Kingdom, the monthly GDP data and survey signal a decline in growth to negative territory in the second quarter of 2020/21. The rebound in economic activity remains weak by the end of the quarter. Despite the agreement between EU and the UK diminishes the uncertainity surrounding the Brexit negotiations, the worsening pandemic situation and deteriorating labor market conditions continue to weigh on consumer confidence and demand. Japan is experiencing a stalled economic recovery during the second quarter of 2020/21, as the third wave of COVID-19 prompted additional lockdown measures. While Consumption remained relatively robust, growth in industrial production weakened in November. In China, real GDP growth during the second quarter of 2020/21 confirmed the continuation of robust recovery and broadening of the recovery momentum from investment towards consumption. Global inflation remained stable in November. Annual consumer price inflation in Member countries of the Organization for Economic Co-operation and Development (OECD) remained unchanged at 1.2 percent in November. Commodity prices have continued to show broad-based increases with oil and non-energy prices increasing by more than 10 percent during the month of December 2020 compared to previous month. The upward pressure in prices is driven by a surge in global demand following the recovery from the COVID-19 shock. Over all, the global economy during the second quarter of 2020/21 registered a continuous rebound. Likewise, global inflation remained stable, despite the increase in oil and non- energy prices.

2 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation In the second quarter of 2020/21, headline inflation has slowed down to 1.1 percent from 5.1 percent in the preceding quarter on account of 6.4 percentage point decline in food & non-alcoholic beverages and 0.9 percentage point decrease in non-food inflation. Likewise, year-on-year basis, headline inflation went down by 1.3 percentage point due to 0.4 percentage point decrease in food & non-alcoholic beverages inflation and 2.3 percentage point drop in non￾food inflation. Consequently, food & non-alcoholic beverages and non-food inflations contributed 0.4 and 0.7 percent, respectively, to the headline inflation registered in the review quarter. 1.2.2. Monetary Developments Broad money supply (M2 ) stood at Birr 1.2 trillion, at the end of second quarter of 2020/21 showing a 23.9 percent growth over the corresponding quarter of last fiscal year owing to 114.9 percent growth of domestic credit offsetting the 8.9 percent contraction of external asset (net). Likewise, reserve money at Birr 258.7 billion, depicted a 31.3 percent annual expansion while excess reserve of commercial banks increased 39.9 percent during the same period. 1.2.3. Interest rate Average savings deposit rate stood at 8 percent and weighted average time deposit rate decreased by 0.27 percent while average lending rate was 14.25 percent year-on-year basis. Weighted average yield on T-bills has increased by 6.25 percentage point over last year same quarter. Yet, considering the 18.2 percent headline inflation in December 2020, real interest rates on deposit, lending and T-bill yields remained negative. 1.2.4. Financial Sector Developments a) Banks The number of banks operating in Ethiopia reached 19 of which 17 were private and 2 state owned. These banks have opened 269 new bank branches during the review period thereby raising the total number of bank branches to 6,897. As a result, population to bank branch ratio stood at 14,619.31 . About 34.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 28.1 percent and that of private banks 71.9 percent. Total capital of the banking system amounted to Birr 120.8 billion, of which state owned banks accounted for 48.1 percent and private banks 51.9 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the 1Total population is 100,829,000 as CSA Estimation for 2020

| 3 banking system was 41.7 percent. During the review quarter, Birr 100.4 billion was disbursed in fresh loans, indicating a 51.5 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 40.5 percent and that of private banks was 59.5 percent (Table 4.12). Of the total new loans, housing and construction took Birr 23.5 billion (23.4 percent) followed by domestic trade (Birr 17.5 billion or 17.4 percent), international trade (Birr 16.8 billion or 16.7 percent), industry (Birr 15.1 billion or 15 percent). The share of Mines, Power & Water Resource was Birr 10.0 billion or 9.9 percent, while that of transport and communication was Birr 6.0 billion or 5.4 percent), and personal loans Birr 4.5 billion or 4.5 percent with the remaining balance being taken up by other sectors. During the review period, the banking system collected loans amounting to Birr 39.6 billion, depicting 2.4 percent annual increase. Of the total loans, 60.6 percent was collected by private banks and 39.4 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.2 trillion, about 28.6 percent higher than last year same quarter. Out of the total outstanding credit, the share of private banks was 37.4 percent and that of state owned banks 62.6 percent. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 622 from 585 a year ago, of which, about 54.2 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 10.2 billion, with private insurance companies accounting for 71.4 percent. c) Microfinance Institutions The 39 micro-finance institutions (MFIs) operating in the country have mobilized Birr 48.4 billion in saving deposit which grew 16.2 percent over last year same period. Their total outstanding credit also increased by 5.3 percent to Birr 64.9 billion while their total asset expanded 13.3 percent to Birr 97.1 billion as of December, 2020. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the second quarter of 2020/21, merchandise export earnings amounted to USD 722.3 million, showing 28.0 percent annual growth due to higher export receipts from gold (1,693.8 percent), oil seeds (79.4 percent), flower (21.0 percent), chat (14.5 percent), meat & meat products (1.7 percent), live-animals (1.8 percent), electricity (25.4 percent) and other export products (38.1 percent).

4 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin In contrast, merchandise import bill at USD 3.3 billion, depicted 13.0 percent annual decline as import values of capital goods, fuel, semi-finished goods, raw materials and miscellaneous goods dropped. Average price of brent crude oil, which is used as a benchmark for international oil price, decreased by 30 percent to USD 44.3 per barrel vis-à-vis USD 63.4 a year ago. Similarly, capital goods import decreased by 26.4 percent, semi-finished goods by 27.2 percent and raw materials by 9.3 percent. During the review period, current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier on account of a rise in receipts from goods (28.0 percent), and public transfers (28.4 percent), despite the decline in service export receipts (0.8 percent) and private transfers (1.7 percent). Meanwhile, total current account payments decreased by 9.8 percent relative to the same quarter of last year due to the drop in goods payment (13.0 percent), service payment (0.4 percent), private transfers (53.8 percent) and public transfers (10.6 percent). Therefore, current account balance (including official transfers) registered USD 592.6 million deficit compared to USD 1.4 billion deficit a year ago. On the other hand, capital account balance registered USD 880.5 million in surplus, which was 40.1 percent lower than that of a year earlier. As a result, the overall balance of payments recorded USD 129.3 million deficit compared to USD 205.6 million deficit a year earlier. b) Exchange Rate Development Weighted average official exchange rate of Birr showed a 25.3 percent annual depreciation and reached Birr 37.8663/ USD during the second quarter of 2020/21. Similarly, real effective exchange rate index (REERI) of the Birr depreciated by 32.8 percent on annual basis due to the weakening of the nominal effective exchanged rates of the Birr against major trading partner currencies. Likewise, the nominal effective exchange rate index (NEERI) depreciated 14.0 percent over last year same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the second quarter of 2020/21 showed a 28.5 percent annual growth to Birr 93.1 billion while its total expenditure increased by 59.2 percent to Birr 126.2 billion. As a result, the overall fiscal deficit (including grants) was Birr 32.9 billion during the review quarter. 1.2.7. Investment During the second quarter of 2020/21, five investment projects having investment capital of Birr 161.5 million became operational. Compared to last year same quarter, the number of investment projects slowed down by 50 percent while investment capital was increased by 62.1 percent.

| 5 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the second quarter of 2020/21, the volume of petroleum products imported was about 937.9 thousand metric tons; showing 7.5 percent annual decrease due to lower volume of imports of jet fuel (49.2 percent) and oil gas (2.7 percent) despite of the increase in import of regular gasoline (32.3 percent) and fuel oil (17.9 percent). In terms of the preceding quarter, however, the amount of petroleum products imported rose 6.7 percent. Of the total petroleum imports, gas oil accounted for 67.2 percent, followed by regular gasoline (18.9 percent), jet fuel (11.5 percent), and fuel oil (2.4 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 133,745.93 13.2 145,183.01 16.5 176,894.50 18.9 32.3 21.8 Jet Fuel 212,529.51 21.0 99,180.54 11.3 107,969.29 11.5 -49.2 8.9 Fuel Oil 19,007.88 1.9 20,495.65 2.3 22,414.50 2.4 17.9 9.4 Gas Oil (ADO) 648,408.02 64.0 613,828.06 69.9 630,617.51 67.2 -2.7 2.7 Total 1,013,691.33 100 878,687.25 100 937,895.80 100.0 -7.5 6.7 Source: Ethiopian Petroleum Enterprise

6 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Meanwhile, the total value of petroleum products imported during the period under review reached Birr 14.7 billion, showed a 20.8 percent decline compared to a year ago on account of reduction in the value and volume of jet fuel and gas oil, except for regular gasoline and fuel oil (Table 2.2).

| 7 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2019/20 2020/21 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gas￾oline (MGR) 2,624,239.4 14.1 2,391,824.2 18.7 3,191,180.6 21.7 21.6 33.4 Jet Fuel 4,054,106.7 21.8 1,357,688.8 10.6 1,687,041.3 11.4 -58.4 24.3 Fuel Oil 215,528.2 1.2 267,938.4 2.1 329,665.4 2.2 53.0 23.0 Gas Oil (ADO) 11,722,479.5 63.0 8,782,556.0 68.6 9,528,043.2 64.7 -18.7 8.5 Total 18,616,353.8 100 12,800,007.3 100 14,735,930.5 100 -20.8 15.1 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products depicted 39 percent annual decline due to the drop in FOB price of all types of petroleum products except fuel oil. However, average FOB price of petroleum products went up by 5.7 percent Vis-a-Vis the preceding quarter as a result of 11.2 percent increase in jet fuel followed by fuel oil (10.1 percent), gas oil (2 percent) and regular gasoline (1.8 percent) (Table 2.3).

8 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B )Regular Gasoline (MGR 867.4 388.2 395.0 -54.5 1.8 Jet Fuel 583.3 322.9 359.0 -38.5 11.2 Fuel Oil 251.8 246.4 271.3 7.8 10.1 )Gas Oil (ADO 554.9 344.8 351.8 -36.6 2.0 Average 564.3 325.6 344.3 -39.0 5.7 Brent Crude Oil (USD/ )Barrel 63.4 42.7 44.3 -30.2 3.7 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise The average price of Brent crude oil, which is used as a benchmark for international oil price, dropped 30.2 percent to USD 44.3 per barrel compared with USD 63.4 a year ago although it increased by 3.7 percent relative to the preceding quarter. The average retail price of fuel in Addis Ababa during the review period fall in to Birr 23.57 per litter from Birr 23.70 per litter a year ago depicting a slight decline of 0.6 percent as result of 6.9 percent drop in jet fuel price (Table 2.4).

| 9 Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2019/20 2020/21 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B )Regular Gasoline (MGR 21.53 21.53 21.87 1.6 1.6 Fuel Oil 32.91 32.91 33.27 1.1 1.1 )Gas Oil (ADO 18.75 18.75 18.98 1.2 1.2 Kerosene 18.75 18.75 18.98 1.2 1.2 Jet fuel 26.58 25.87 24.74 -6.9 -4.4 Average 23.70 23.56 23.57 -0.6 0.0 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade

10 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 2.2. Electric Power Generation Total electric power generated during the second quarter was about 3.8 billion KWH showing 1.8 percent annual and 6.9 percent quarterly (Table 2.5) decrease due to lower electric production from hydropower and biomass sources (table 2.5). Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2019/20 2020/21 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,591,542.1 93.4 3,918,091.3 96.7 3,554,618.5 94.2 -1.0 -9.3 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 203,219.8 5.3 113,199.8 2.8 197,852.0 5.2 -2.6 74.8 Biomass 48,522.0 1.3 22,287.0 0.5 21,217.5 0.6 -56.3 -4.8 Total 3,843,283.8 100 4,053,578.2 100 3,773,688.0 100 -1.8 -6.9 Source: Ethiopian Electric Power Of the total energy generated, 94.2 percent was from hydropower, 5.2 percent from wind and 0.6 percent from biomass (Table 2.5). Virtually 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

| 11 Table 2.6: Generation of electricity power in the interconnected system (ICS) and self-contained system (SCS) System of Pow￾er supply 2019/20 2020/21 Percentage Qtr. II Qtr. I Qtr. II Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,591,542.1 93.4 3,918,091.3 96.7 3,554,618.5 94.2 -1.0 -9.3 Thermal Power - - - - - 0.0 Gethermal - - - - - 0.0 Wind 203,219.8 5.3 113,199.8 2.8 197,852.0 5.2 -2.6 74.8 Biomass 48,522.0 1.3 22,287.0 0.5 21,217.5 0.6 -56.3 -4.8 Sub-Total 3,843,283.8 100 4,053,578.2 100 3,773,688.0 100 -1.8 -6.9 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,843,283.8 100 4,053,578.2 100 3,773,688.0 100 -1.8 -6.9 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power

12 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation decreased to 1.1 percent during the second quarter of 2020/21 from 5.1 percent a quarter earlier and 2.4 percent last year same quarter. The slowdown in quarterly headline inflation was attributed to 6.4 percentage point decrease in food & non-alcoholic beverages and 0.9 percentage point drop in non-food inflation. Similarly, headline inflation scaled down annually by 1.3 percentage points as a result of a 2.3 percentage point decrease in non-food inflation and 0.4 percentage point decline in food & non-alcoholic beverages inflation. Food & non-alcoholic beverages inflation and non-food inflation made 0.4 and 0.7 percent, respective contribution, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). Food & non-alcoholic beverages inflation decreased to 0.8 percent from 7.2 percent in the previous quarter, owing to lower inflation in the prices of vegetables (17.4 percentage point), fish and sea food (9.5 percentage point), food products n.e.c (6.7 percentage point), bread & cereals (4.5 percentage point) and non-alcoholic beverages (4.4 percentage point). On the other hand, inflation related to fruits, sugar jam, honey, chocolate, oils & fats, milk, cheese & egg and meat tended to slowdown (Table 3.2). Likewise, the 1.5 percent decline in non-food inflation from 2.4 percent a quarter earlier and 3.8 percent last year same quarter was attributed mainly to lower inflation for transport, furnishings, household equipment & routine maintenance of houses and housing, water, electricity, gas & fuel (Table 3.3).

| 13 Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Items Weights in % 2019/20 2020/21 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-2020/21 QII-2020/21 Headline Inflation Absolute Rela￾tive Headline 100 2.4 5.1 1.1 -1.3 -4.0 -1.3 -4.0 1.1 100 Food & Non-al￾coholic beverage 54 1.2 7.2 0.8 -0.4 -6.4 -0.2 -3.5 0.4 38.5 Non-food 46 3.8 2.4 1.5 -2.3 -0.9 -1.1 -0.4 0.7 61.5 Source: CSA and NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/20 2020/21 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation Change over QII￾2019/20(%) Headline In￾flation Change over QI-2020/21 (%) Food & Non-alcoholic beverages Inflation 0.54 1.2 7.2 0.8 -0.4 -6.4 -0.2 -3.4 Bread & Cereals 0.17 3.9 7.6 3.2 -0.8 -4.5 -0.1 -0.8 Meat 0.04 2.4 1.6 1.9 -0.6 0.2 0.0 0.0 Fish and sea food 0.00 1.9 8.2 -1.3 -3.2 -9.5 0.0 0.0 Milk, cheese & egg 0.03 -0.4 2.8 5.6 6.1 2.9 0.2 0.1 Oils & Fats 0.04 -1.3 4.3 9.8 11.0 5.4 0.5 0.2 Fruit 0.00 8.5 -5.9 3.8 -4.7 9.7 0.0 0.0 Vegetables 0.12 -2.3 10.0 -7.3 -5.0 -17.4 -0.6 -2.1 Sugar jam, honey, choc￾olate 0.01 -2.3 -0.9 7.5 9.8 8.4 0.1 0.1 Food products n.e.c 0.06 0.5 7.1 0.3 -0.1 -6.7 0.0 -0.4 Non-alcoholic bever￾ages 0.05 2.8 9.8 5.5 2.6 -4.4 0.1 -0.2 Source: CSA and NBE Staff Computation

14 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Items Weights 2019/20 2019/21 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation Change over QIV-2018/19 Headline In￾flation Change over QIII￾2019/20(%) Non-Food Inflation 0.46 3.8 2.4 1.5 -2.3 -0.9 -1.1 -0.4 Alcoholic Beverages and to￾bacco 0.05 3.6 -2.8 6.5 2.9 9.3 0.1 0.5 Clothing and Footwear 0.06 1.4 1.9 4.1 2.7 2.2 0.2 0.1 Housing, Water, Electricity, Gas and other Fuel 0.17 6.2 2.2 1.5 -4.7 -0.7 -0.8 -0.1 Furnishings, Household Equipment and Routine main￾tenance of houses 0.05 0.9 1.5 0.7 -0.2 -0.8 0.0 0.0 Health 0.01 5.3 2.8 5.8 0.5 3.0 0.0 0.0 Transport 0.02 2.5 13.3 -21.6 -24.2 -35.0 -0.6 -0.9 Communication 0.02 -2.7 -1.9 -1.7 1.0 0.2 0.0 0.0 Recreation and culture 0.00 8.9 -0.1 9.7 0.9 9.8 0.0 0.0 Education 0.00 1.1 -3.9 11.7 10.6 15.6 0.0 0.0 Restaurant & hotel 0.05 4.2 3.7 7.0 2.8 3.2 0.1 0.2 Miscellaneous Goods 0.03 3.1 3.9 3.8 0.7 -0.1 0.0 0.0 Source: CSA and NBE Staff Computation 3.2. Developments in Regional CPI The regional average headline inflation in the second quarter of 2020/21 decreased to 0.7 percent from 6.7 percent in the preceding quarter and 2.2 percent a year ago. Tigray, Somali, SNNP, Benshangul Gumuz and Oromia had higher headline inflation than the regional average. The highest headline inflation (6.7 percent) was seen in Tigray and the lowest (-5.1 percent) in Dire Dawa. Hence, the margin between the highest and the lowest headline inflation was 11.8 percentage points signifying a 2.8 percent quarterly deviation compared with 2.6 percent last year same quarter (Table 3.4)

| 15 The regional average food & non￾alcoholic beverage inflation fell to 0.4 percent from 8.6 percent in the preceding quarter and 1.4 percent last year same quarter. Food & non-alcoholic beverages inflation in Tigray, Afar, SNNP, Harari, Oromia and Somali was higher than the regional average. The highest food & non-alcoholic beverages inflation was recorded in Tigray (4.8 percent) and the lowest in Dire Dawa (-5.8 percent), showing a 10.6 percentage point margin. The variation in food & non￾alcoholic beverages inflation, measured by standard deviation, was 3.0 percent compared to 3.2 percent a year ago (Table 3.4). Likewise, the regional average non-food inflation has decreased to 1.0 percent from 4.6 percent in the previous quarter and 3.2 percent last year same quarter. Tigray, Somali, Benshangul gumuz, Amhara, and Gambella regional states recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Tigray (8.7 percent) and the lowest in Afar (-6.3 percent), revealing 15.0 percentage point margin. The variation in non-food inflation, measured by the standard deviation, was 4.1 percent in contrast to 4.2 percent in the previous quarter (Table 3.4).

16 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2019/20 2020/21 Annual Change Quarterly Change QII QI QII A B C C-A C-B General Food & Non-al- coholic beverages Non-food General Food & Non-al- coholic beverages Non- food General Food & Non-al- coholic beverages Non- food General Food & Non-al- coholic bever- ages Non- food General Food & Non-al- coholic bever- ages Non- food SNNP 5.3 3.7 7.5 6.0 7.1 4.3 2.0 3.1 0.4 -3.3 -0.6 -7.0 -4.0 -4.0 -3.9 Harari 2.5 4.0 1.3 10.1 9.7 10.5 0.7 1.4 0.2 -1.8 -2.6 -1.2 -9.4 -8.3 -10.3 Oromia 1.9 1.7 2.1 5.0 6.9 2.3 0.8 0.9 0.5 -1.1 -0.8 -1.6 -4.2 -6.0 -1.8 Tigray 4.0 2.1 6.1 7.5 9.4 3.9 6.7 4.8 8.7 2.7 2.8 2.6 -0.8 -4.6 4.8 Gambella 0.6 -1.1 2.8 4.8 6.0 3.1 0.0 -0.8 1.1 -0.7 0.3 -1.8 -4.8 -6.8 -2.0 Addis Ababa 2.5 1.0 3.8 4.6 10.7 -0.1 -0.3 -1.7 0.8 -2.9 -2.7 -3.0 -4.9 -12.4 0.9 Dire Dawa 5.2 4.5 5.9 10.6 15.5 5.9 -5.1 -5.8 -4.4 -10.3 -10.2 -10.4 -15.7 -21.3 -10.3 Benshangul. Gumuz 1.5 1.3 1.6 11.7 16.6 6.6 1.1 -0.9 3.5 -0.4 -2.3 1.9 -10.6 -17.5 -3.1 Somali 3.5 4.7 2.0 2.2 3.0 1.2 2.7 0.7 5.1 -0.8 -4.0 3.1 0.5 -2.3 3.9 Afar -4.0 -6.4 -1.1 7.6 3.0 13.2 -0.9 4.1 -6.3 3.1 10.6 -5.1 -8.5 1.1 -19.5 Amhara 1.4 -0.3 3.3 3.8 6.7 0.1 0.1 -1.0 1.6 -1.3 -0.8 -1.7 -3.7 -7.7 1.5 Regions Average 2.2 1.4 3.2 6.7 8.6 4.6 0.7 0.4 1.0 Standard deviation 2.6 3.2 2.5 3.1 4.4 4.2 2.8 3.0 4.1 Coefficient of vari￾ation 1.2 2.3 0.8 0.5 0.5 0.9 4.0 6.7 4.0 Source: CSA and NBE Staff Computation

| 17 4. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2 ) stood at Birr 1.2 trillion, showing a 23.9 percent annual growth owing to 25.1 percent surge in domestic credit which offset 111.4 percent contraction in external asset (net). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars    Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money growth (Dec. 19) (Sept. 20) (Dec. 20) C/A C/B Annual A B C

  1. External Assets (net) (18,250.0) (28,149.3) (38,577.0) -111.4 -37.0 -8.9
  2. Domestic Credit 1,040,967.8 1,219,546.6 1,301,882.7 25.1 6.8 114.9 . Claims on Central Gov’t (net) 111,154.2 148,399.1 139,723.4 25.7 -5.8 12.6 . Claims on Non-Central Gov’t 929,813.5 1,071,147.6 1,162,159.3 15.2 8.5 62.2 . Financial Institutions 55,942.7 57,642.7 56,642.7 1.3 -1.7 0.3 . Others 873,870.8 1,013,504.9 1,105,516.6 26.5 9.1 102.0
  3. Other Items (net) 72,165.2 106,408.7 85,591.1 18.6 -19.6 5.9
  4. Broad Money (M2) 950,552.6 1,084,988.7 1,177,714.6 23.9 8.5 100.0 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE

18 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, quasi-money supply exhibited 27.2 percent annual and 4.9 percent quarterly expansion while narrow money supply saw 17.7 percent growth on annual and 16.7 percent contraction in quarterly terms. Year-on￾year basis, narrow money contributed 25.9 percent and quasi money 74.1 percent to broad money growth (Table 4.2). The growth in quasi-money supply was attributed bank branch expansion and improved service outreach, currency demonetization and cash withdrawal limit set by the National Bank of Ethiopia.

| 19 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 Compo￾nent to Broad Money growth (Dec. 19) (Sept. 20) (Dec. 20) C/A C/B Annual A B C

  1. Narrow Money Supply 331,684.1 334,583.2 390,480.7 17.7 16.7 25.9 . Currency outside banks 98,665.3 64,666.1 108,326.1 9.8 67.5 4.3 . Demand Deposits (net) 233,018.8 269,917.2 282,154.6 21.1 4.5 21.6
  2. Quasi-Money 618,868.5 750,405.4 787,233.9 27.2 4.9 74.1 . Savings Deposits 529,147.6 658,821.5 698,079.0 31.9 6.0 74.4 . Time Deposits 89,720.9 91,583.9 89,154.9 -0.6 -2.7 -0.2
  3. Broad Money Supply 950,552.6 1,084,988.7 1,177,714.6 23.9 8.5 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock Source: Staff computation, NBE

20 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 258.7 billion in the second quarter of 2020/21, showing 31.3 percent year-on-year expansion and 1.0 percent quarterly contraction. Similarly, excess reserve of commercial banks increased 39.9 percent over last year same quarter while it declined 17.7 percent on quarterly basis (Table 4.3). Money multiplier, measured by the ratio of broad money to reserve money decreased to 4.6 from 4.8 last year while the ratio of narrow money and reserve money declined to 1.5 from 1.7 a year ago. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage Change (Dec. 19) (Sept. 20) (Dec. 20) A B C C/A C/B

  1. Reserve Requirement (CB’s) 47,858.3 57,211.4 60,394.2 26.2 5.6
  2. Actual Reserve (CB’s) 87,714.4 124,961.2 116,138.0 32.4 -7.1
  3. Excess Reserve (CB’s) 39,856.1 67,749.7 55,743.9 39.9 -17.7
  4. Reserve Money 197,049.9 261,352.9 258,706.6 31.3 -1.0 . Currency in Circulation 128,071.6 124,403.5 138,864.5 8.4 11.6 . Banks deposits at NBE 68,978.3 136,949.4 119,842.1 73.7 -12.5
  5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.7 1.3 1.5 -10.3 17.9 . Broad Money to Reserve Money 4.8 4.2 4.6 -5.6 9.7
  6. Other Monetary Ratios (%): . Currency to Narrow Money 38.6 37.2 35.6 -7.9 -4.4 . Currency to Broad Money 13.5 11.5 11.8 -12.5 2.8 . Narrow Money to Broad Money 34.9 30.8 33.2 -5.0 7.5 . Quasi Money to Broad Money 65.1 69.2 66.8 2.7 -3.4 Source: Staff Computation, NBE

| 21 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates Source: Staff Computation NBE

22 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.3. Interest Rate Developments Average savings deposit rate remained at 8.0 percent and lending rate at 14.25 percent, while weighted average time deposit rate witnessed a 0.27 percent annual decline. In contrast, the yield on T-bills has witnessed significant rise since the market based T-bills market was introduced. Accordingly, weighted average yield on T-bills increased from 2.7 percent in December 2019 to 8.9 percent in December 2020. Considering the December 2020 headline inflation of 18.2 percent, interest rates on deposit, lending and the T-bills yield remained negative in real terms (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2019/20 2020/21 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 8.00 7.83 7.73 (0.27) (0.10) 1-2 years 8.05 7.88 7.78 (0.27) (0.10) Over 2 yrs 8.09 7.93 7.83 (0.26) (0.10) Average Time Dep. Rate (Weighted) 8.05 7.88 7.78 (0.27) (0.10)
  3. Demand Deposit (Weighted) 0.05 0.04 0.05 - 0.01
  4. Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate

14.25 - - 5. T-bills Rate (Weighted) 2.71 6.28 8.95 6.25 2.67 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) 19.5 18.6 18.2 (1.30) (0.40) 8. Food Inflation (Year-on-year) 22.8 21.2 21.3 (1.50) 0.10 9. Core/non-food Inflation (Year-on-year) 15.8 15.4 14.5 (1.30) (0.90) 1/ Minimum interest rate on saving bond is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ Lending rates (minimum & maximum rates) are determined by banks. 3/ GERD stands for Grand Ethiopian Renaissance Dam

| 23 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) N.B: Inflation rate (core) is depicted on the right axis while lending rate, 91 day T-bills yield and average saving deposit rate are shown on the left axis Source: Staff computation, NBE

24 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector The total number of banks in Ethiopia has reached 19, of which 17 were private and the remaining 2 state owned .These banks have opened 269 new bank branches during the review period thereby increasing the number of bank branches to 6,897. Thus, population to bank branch ratio stood at 14,619.33 . About 34.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 28.1 percent while that of private banks stood at 71.9 percent. Total capital of the banking system reached Birr 120.8 billion, of which state owned banks accounted for 48.1 percent while private banks took 51.9 percent share. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 41.7 percent as of December 2020 (Table 4.5). Similarly, the number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branch network increased to 622 from 585 a year ago, of which, about 54.2 percent were located in Addis Ababa. 3 Total population is 100,829,000 as CSA Estimation for 2020 Total capital of insurance companies reached Birr 10.2 billion compared to Birr 8.9 billion a year ago. Private insurance companies accounted for 71.4 percent of the total capital of the insurance sector (Table 4.6). During the review quarter, there were 39 micro-finance institutions (MFIs) which have mobilized Birr 48.4 billion in saving deposit, depicting 16.2 percent annual growth. Similarly, their outstanding credit rose 5.3 percent to Birr 64.9 billion while their total assets increased 13.3 percent growth to reach Birr 97.1 billion. Their capital also increased to Birr 20.3 billion showing 15.0 percent annual growth (Table 4.7). The top five largest MFIs namely, Amhara, Dedebit, Oromia, Omo and Addis Credit and Savings Institutions accounted for 81.0 percent of the total capital, 89.5 percent of the total deposit, 84.5 percent of total credit and 85.6 percent of total assets of MFIs.

| 25 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Banks Branch Network Capital 2019/20 2020/21 2019/20 2020/21 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter II Reg A.A Total % Share Reg. A.A Total % Share Reg. A.A Total % Share

  1. Public Banks Commercial Bank of Ethiopia 1,383 392 1,775 28.9 1,419 398 1,817 27.4 1,449 410 1,859 27.0 49,979.3 49,645.98 50,323.44 Development Bank of Ethiopia 88 5 93 1.5 77 5 82 1.2 77 5 82 1.2 7,676.5 7,676.53 7,748.10 Total Public Banks 1,471 397 1,868 30 1,496 403 1,899 29 1,526 415 1,941 28 57,655.8 57,322.5 58,071.5
  2. Private Banks - Awash International Bank 259 188 447 7.3 292 199 491 7.4 311 213 524 7.6 7,782.6 8,095.91 10,945.6 Dashen Bank 268 158 426 6.9 286 164 450 6.8 290 165 455 6.6 5,761.2 5,464.42 5,848.7 Abyssinia Bank 290 196 486 7.9 375 228 603 9.1 389 239 628 9.1 4,160.6 4,179.23 4,658.2 Wegagen Bank 247 144 391 6.4 256 146 402 6.1 268 148 416 6.0 3,866.8 4,137.13 4,388.4 United Bank 163 148 311 5.1 191 165 356 5.4 194 169 363 5.3 3,854.1 4,374.48 4,604.9 Nib International Bank 141 163 304 5.0 159 188 347 5.2 186 207 393 5.7 4,269.7 4,950.78 5,166.6 Cooperative Bank of Oromiya 344 79 423 6.9 348 87 435 6.6 356 92 448 6.5 3,244.5 3,906.34 4,317.7 Lion International Bank 178 81 259 4.2 194 86 280 4.2 202 86 288 4.2 2,456.3 2,767.05 2,974.9 Oromia International Bank 186 101 287 4.7 208 108 316 4.8 214 108 322 4.7 3,475.9 3,650.61 3,865.2 Zemen Bank 22 27 49 0.8 22 32 54 0.8 22 36 58 0.8 2,170.3 2,376.81 2,793.6 Buna International Bank 120 109 229 3.7 130 115 245 3.7 146 124 270 3.9 2,369.9 2,552.40 2,738.1 Berhan International Bank 124 111 235 3.8 137 125 262 4.0 143 127 270 3.9 2,247.3 2,742.52 3,081.4 Abay Bank 143 79 222 3.6 166 88 254 3.8 180 94 274 4.0 2,150.6 2,580.09 3,088.4 Addis Interational Bank 28 43 71 1.2 32 53 85 1.3 33 55 88 1.3 1,033.7 1,113.28 1,196.3 Debub Global Bank 32 41 73 1.2 39 53 92 1.4 42 58 100 1.4 891.2 1,099.88 1,373.2 Enat Bank S.C 25 30 55 0.9 27 30 57 0.9 27 32 59 0.9 1,558.2 1,584.78 1,697.5 Total Private Banks 2,570 1,698 4,268 70 2,862 1,867 4,729 71 3,003 1,953 4,956 72 51,293 55,576 62,739 3.Grand Total Banks 4,041 2,095 6,136 100 4,358 2,270 6,628 100 4,529 2,368 6,897 100 108,949 112,898 120,810 Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

26 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.IV.8: Share of Branch Network and Capital of Banking System 30.4 28.7 28.1 52.9 50.8 48.1 69.6 71.3 71.9 47.1 49.2 51.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Private Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2019/20 Quarter I Quarter I Quarter II A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 63 25 88 25 65 90 25 65 90 2,768 2,911 2,933 2.0 20 28 48 28 20 48 28 22 50 1,224 1,379 1,467 3.0 14 17 31 18 14 32 18 14 32 232 367 326 4.0 17 22 39 22 17 39 22 17 39 152 179 152 5.0 12 26 38 28 12 40 28 12 40 621 744 673 6.0 8 11 19 12 8 20 12 8 20 183 204 189 7.0 21 22 43 27 22 49 28 22 50 539 638 562 8.0 16 16 32 17 18 35 17 18 35 892 961 1,009 9.0 14 27 41 28 14 42 28 14 42 521 628 546 10.0 19 16 35 16 20 36 16 20 36 192 328 352 11.0 5 17 22 18 6 24 18 6 24 155 177 166 12.0 20 22 42 22 20 42 22 21 43 431 548 567 13.0 13 13 26 15 13 28 15 13 28 307 349 396 Berhan insurance S.C 14.0 6 12 18 13 8 21 13 8 21 131 169 170 15.0 8 18 26 18 9 27 18 9 27 181 267 291 Lucy Insurance S.C. 16.0 4 12 16 12 5 17 12 6 18 125 135 132 Bunna Insurance S.C. 17.0 8 13 21 16 9 25 16 10 26 139 171 197 Zemen Insurance S.C. 18.0 - 1 - 1 1 - 1 - 119 116 317 268 585 336 280 616 337 285 622 8,793 10,274 10,244 p p, TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company E-Life & General Insurance S.C. Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. Ethiopia Quarter II Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter I Branch Capital Quarter II Insurance Companies 2019/20 2020/21 2020/21 Source: Insurance Supervision Directorate, NBE

| 27 Table 4.7: Microfinance Institutions Performance as of September 30, 2020 (In Thousands of Birr) 2019/20 QII QI QII A B C C/A C/B Total Capital 17,663,808.0 19,695,910.5 20,318,381.2 15.0 3.2 Saving 41,604,016.4 46,911,371.6 48,345,831.9 16.2 3.1 Credit 61,612,556.3 64,630,555.5 64,895,444.5 5.3 0.4 Total Assets 85,735,527.9 93,405,604.6 97,131,162.1 13.3 4.0 % Change Particulars 2020/21 Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) rose 33.7 percent over last year due to the policy change made by the National Bank of Ethiopia with respect to Legal Tender Protection Directive that restricts cash holding and cash withdrawal limits and demonetization measures that resulted in high deposit mobilization during the first half of 2020/21 (Table 4.8).

28 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.I 2019/20 Qtr.I 2020/21 Qtr.II 2020/21 A B C C/A C/B 1.Deposits (net change) 59,327.2 24,125.9 45,691.5 39,383.7 41,719.4 105,018.7 63,509.7 52.2 -39.5 -Demand 19,752.6 9,762.9 12,193.5 15,632.2 15,559.0 31,946.1 25,395.0 63.2 -20.5 -Saving 37,592.2 17,864.7 31,979.3 21,534.6 26,987.6 69,571.5 39,399.3 46.0 -43.4 -Time 1,982.3 -3,501.7 1,518.8 2,217.0 -827.3 3,501.1 -1,284.7 55.3 -136.7 2. Borrowing (net change) 85.5 1,370.8 0.0 0.0 -2,230.0 85.5 1,370.8 -161.5 1,503.2 -Local 40.0 -992.1 0.0 0.0 -2,238.9 40.0 -992.1 -55.7 -2,583.0 -Foreign 45.5 2,362.9 0.0 0.0 8.9 45.5 2,362.9 26,582.2 5,087.7 3. Collection of Loans 13,765.3 12,160.5 21,206.2 27,502.3 38,729.2 34,971.5 39,662.9 2.4 13.4 4. Total Resources Mobilized (1+2 73,178.0 37,657.3 66,897.7 66,886.1 78,218.6 140,075.8 104,543.3 33.7 -25.4 5. Disbursement 16,688.3 40,608.8 38,339.7 59,771.7 66,244.9 55,028.0 100,380.4 51.5 82.4 6. Change in Liquidity (4-5) 56,489.8 -2,951.5 28,558.0 7,114.4 11,973.7 85,047.8 4,162.9 -65.2 -95.1 Memorandum Item: Outstanding Credit* 696,481.2 736,027.9 377,813.2 439,092.4 913,906.7 1,074,294.4 1,175,120.3 28.6 9.4 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2020/21 Qtr.II 2020/21 Qtr.I 2020/21 Qtr.II 2020/21 Source: Commercial Banks and staff computation Notes: *Includes corporate bonds of Commercial Bank of Ethiopia Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 I II III IV I II III IV I II III IV I II 2017/18 2018/2019 2019/2020 2020/21 In Millions of Birr Total Resource Mobilization Collection of Loans Disbursement of Loans Source: Staff computation

| 29 4.5.1.1. Deposit Mobilization Total deposit liabilities reached Birr 1.2 trillion by the end of second quarter 2020/21 indicating 26.2 percent annual growth driven by NBE’s policy measures of setting daily cash withdrawal and cash holding limits as well as demonetization process, all of which helped in boosting deposit mobilization. Demand deposits which accounted for 34.2 percent of the total deposits reached Birr 413.7 billion showing 24.0 percent year- on -year growth. Similarly, saving deposits surged 31.9 percent to Birr 698.4 billion with a 57.7 percent share in total deposits. Time deposits, which constituted 8.1 percent of the total deposit liabilities, increased by 2.0 percent to Birr 97.8 billion. The share of state owned banks in total deposit was 56.3 percent and that of private banks 43.7 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 2019/20 2020/21 2020/21 A BC Demand Deposit 333,564.6 34.8 388,274.7 33.9 413,669.7 34.2 24.0 6.5 Saving Deposit 529,446.7 55.2 659,036.5 57.5 698,435.8 57.7 31.9 6.0 Time Deposit 95,903.5 10.0 99,117.8 8.6 97,833.1 8.1 2.0 (1.3) Total 958,914.8 100.0 1,146,429.0 100.0 1,209,938.6 100.0 26.2 5.5 Share of Public Banks 58.6 57.3 56.3 Share of Private Banks 41.4 42.7 43.7 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE

30 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/2020 2020/21 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) amounting to Birr 39.6 billion, which was 2.4 percent higher than last year (Table 4.8). About 60.6 percent of the total loan was collected by private banks and 39.4 percent by state owned banks of which 95.6 percent was from private sector (Table 4.12).

| 31 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 81.6 billion, showing a 14.1 percent annual growth. Of the total borrowing, Birr 67.5 billion (82.7 percent) was from domestic and Birr 14.1 billion (17.3 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2019/20 Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 61,046.5 68,456.9 67,464.7 10.5 (1.4) Foreign Borrowing 10,476.7 12,071.5 14,134.4 17.1 34.9 Total 71,523.2 80,528.4 81,599.2 14.1 1.3 Banks Percentage change (In Millions of Birr) 2020/21 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans Fresh loans (including in CBE bonds) amounted to Birr100.4 billion, indicating a 51.5 percent annual growth of which 40.5 percent was the share of state owned banks, 59.5 percent went to private banks (Table 4.12). Housing and construction, domestic trade, international trade, industry, mines, Power & water resources were the major beneficiaries of disbursed loan (Table4.11).

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

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2017/18 2018/19 2019/20 2020/21 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QII-2020/21 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 28,005 3,266 439,001 - - 28,005 - 3,266 439,001 Agriculture 1,559 1,091 18,777 1,287 4,244 186 2,846 1,277 23,021 Industry 4,498 2,888 174,539 10,585 67,753 3,991 15,084 6,878 242,292 Domestic Trade 1,400 984 16,054 7,978 91,672 7,184 17,454 8,168 99,650 International Trade 1,055 30,141 304 15,753 143,630 8,485 16,807 8,790 173,770 Export 961 11,856 259 11,962 103,299 5,980 12,922 6,238 115,155 Imports 94 18,285 46 3,791 40,331 2,505 3,885 2,551 58,615 Hotels and Tourism 100 351 4,647 2,031 19,421 662 2,131 1,013 24,068 Transport & Communication 4,582 69,837 75 1,376 11,633 1,215 5,958 1,290 81,470 Housing & Construction 14,816 4,572 74,018 8,650 63,572 3,725 23,466 8,297 137,591 Mines, Power & Water Res. 9,911 316,088 121 57 397 12 9,968 133 316,485 Others 1,493 10,393 312 639 2,977 617 2,131 929 13,370 Personal 1,194 1,462 29,609 3,340 33,794 1,426 4,534 2,889 63,403 Total 68,614 15,427 1,175,029 59,772 439,092 27,502 100,380 39,663 1,175,120 Source: Commercial Banks and staff computation For the Second quarter of 2020/21, December 31, 2021 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) (In Millions of Birr) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit

| 33 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) rose 28.6 percent to Birr 1.2 trillion, about 99.6 percent of the total outstanding credit of which was claims on private sector (Table 4.12). Mines, power & water resources sector was the major holder of the credit outstanding (Birr 316.5 billion) followed by industry (Birr 242.3 billion), international trade (Birr 173.8 billion), housing & construction (Birr 137.6 billion), domestic trade (Birr 99.7 billion), and transport & communication (Birr 81.5 billion) (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients in QII-2020/21 (In Millions of Birr) Qtr.I 2019/20 Qtr.I 2020/21 Qtr.II 2020/21 A B C C/A C/B 1.Deposits (net change) 59,327.2 24,125.9 45,691.5 39,383.7 41,719.4 105,018.7 63,509.7 52.2 -39.5 -Demand 19,752.6 9,762.9 12,193.5 15,632.2 15,559.0 31,946.1 25,395.0 63.2 -20.5 -Saving 37,592.2 17,864.7 31,979.3 21,534.6 26,987.6 69,571.5 39,399.3 46.0 -43.4 -Time 1,982.3 -3,501.7 1,518.8 2,217.0 -827.3 3,501.1 -1,284.7 55.3 -136.7 2. Borrowing (net change) 85.5 1,370.8 0.0 0.0 -2,230.0 85.5 1,370.8 -161.5 1,503.2 -Local 40.0 -992.1 0.0 0.0 -2,238.9 40.0 -992.1 -55.7 -2,583.0 -Foreign 45.5 2,362.9 0.0 0.0 8.9 45.5 2,362.9 26,582.2 5,087.7 3. Collection of Loans 13,765.3 12,160.5 21,206.2 27,502.3 38,729.2 34,971.5 39,662.9 2.4 13.4 4. Total Resources Mobilized (1+2+ 73,178.0 37,657.3 66,897.7 66,886.1 78,218.6 140,075.8 104,543.3 33.7 -25.4 5. Disbursement 16,688.3 40,608.8 38,339.7 59,771.7 66,244.9 55,028.0 100,380.4 51.5 82.4 6. Change in Liquidity (4-5) 56,489.8 -2,951.5 28,558.0 7,114.4 11,973.7 85,047.8 4,162.9 -65.2 -95.1 Memorandum Item: Outstanding Credit* 696,481.2 736,027.9 377,813.2 439,092.4 913,906.7 1,074,294.4 1,175,120.3 28.6 9.4 Source: Commercial Banks and staff computation sectors other than NBE 572259.51 Notes: *Excludes government borrowing in the form of bonds and treasury bills from commercial banks and other Table 4.8: Summary of Resource Mobilization & Disbursement of Banking System Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2020/21 Qtr.II 2020/21 Qtr.I 2020/21 Qtr.II 2020/21 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia

34 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 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 2017/18 2018/19 2019/20 2020/21 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 4.6. Financial Activities of NBE NBE gross claims on the central government as of end December 2020 has reached Birr 248.1 billion about 21.5 percent higher than a year earlier of which, government bonds accounted for 79.9 percent and direct advance 20.1 percent. The share of direct advance dropped by 74.8 percent compared with last year due to its conversion to government bond, thereby increasing the share of bonds. Deposit of financial institution at the NBE surged 73.8 percent owing to an increase in bank deposits as their liquidity position improved as a result of NBE policy measures discussed earlier (Table 4.13).

| 35 Table 4 .13: Financial Activities of NBE (In Millions of Birr) (In Millions of Birr) 2019/20 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 260,180.46 300,784.02 304,784.02 17.1 1.3 1.1. To Central Government 204,237.75 243,141.31 248,141.31 21.5 2.1 Direct Advances 197,264.95 44,778.66 49,778.66 -74.8 11.2 Bonds 198,362.65 6,972.80 198,362.65 2,744.8 0.0 1.2.To Development Bank of Ethiopia 55,942.71 57,642.71 56,642.71 1.3 -1.7 2.Deposit Liabilities 100,001.41 170,701.77 151,740.25 51.7 -11.1 2.1. Government 30,939.51 33,548.57 31,702.07 2.5 -5.5 2.2. Financial Institutions 69,061.91 137,153.20 120,038.18 73.8 -12.5 O/W: -Banks 69,053.92 137,141.99 120,034.59 73.8 -12.5 -Insurance companies 8.0 11.2 -55.2 -68.0 3.6 3.Net Claims of NBE(1-2) 160,179.0 130,082.2 153,043.8 -4.5 17.7 20.1 79.9 % Change Particulars Table 4 .13: Financial Activities of NBE during the Second Quarter of 2020/21 2020/21 Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the bi￾weekly T-bills auction during the second quarter reached Birr 67.5 billion, which was 20.5 percent lower than last year same period. Similarly, the demand for T-bills contracted by 38.4 percent to Birr 55.2 billion (Table 14.4). The total amount of T-bill sold was Birr 45.6 billion, about 88.8 percent lower than a year ago. Non-bank institutions bought T-bills worth Birr 36.1 billion while banks purchased T-bills amounting to Birr 9.6 billion. Total T-bills at the end of the quarter stood at Birr 50.3 billion, reflecting a 55.1 percent year-on-year decline. Average weighted T-bill yield was 8.952 percent about 230.3 percentage points higher than a year earlier, mainly due to policy change on the issuance and operability of T-bills markets (Table 4.14).

36 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 4.14: Results of Treasury Bills Auction (In Millions of Birr) 2019/20 2020/21 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 49.00 159.00 82.00 67.35 -48.43 Public 36.00 26.00 25.00 -30.56 -3.85 Private 13.00 133.00 57.00 0.00 - Number of Bids received 42.00 159.00 82.00 95.24 -48.43 Public 35.00 26.00 25.00 -28.57 -3.85 Private 7.00 133.00 57.00 - -41.86 Amount Demanded (Mn. Birr) 89,622.53 53,261.00 55,196.60 -38.41 3.63 28-day bill 659.00 3,558.00 3,010.00 356.75 -15.40 91-day bill 86,313.53 34,967.00 25,516.00 -70.44 -27.03 182-day bill 650.00 14,736.00 23,289.60 3,483.02 58.05 364-day bill 2,000.00 - 3,381.00 - - Amount Supplied (Mn. Birr) 84,916.53 33,173.00 67,500.00 -20.51 103.48 28-day bill 630.00 1,320.00 1,810.00 187.30 37.12 91-day bill 81,626.53 20,517.00 19,400.00 -76.23 -5.44 182-day bill 660.00 11,336.00 36,340.00 5406.06 220.57 364-day bill 2,000.00 - 9,950.00 - - Amount Sold (Mn. Birr) 407,971.65 33,350.00 45,642.60 -88.81 36.86 Banks 196.00 14,343.86 9,592.00 -33.13 Non-Banks 407,775.65 19,006.15 36,050.60 -91.16 89.68 Redemption (Mn. Birr) 28,309.00 Average Weighted Price for Successful bids (%) 98.53 98.21 128.96 30.88 31.31 28-day bill 99.80 99.59 99.62 -0.17 0.03 91-day bill 99.35 98.40 98.37 -0.99 -0.03 182-day bill 99.74 96.63 96.77 -2.98 0.14 364-day bill 95.25 - 92.13 - - Average Weighted Yield for Successful bids (%) 2.71 6.28 8.952 230.33 42.55 28-day bill 2.65 5.34 4.924 85.89 -7.85 91-day bill 2.641 6.518 6.659 152.10 2.16 182-day bill 0.53 6.99 6.704 1158.13 -4.08 364-day bill 5.00 - 8.569 - - Outstanding bills at the end of Period (Mn.Br.) 112,045.53 38,760.00 50,281.60 -55.12 29.73 Banks 196.00 12,982.04 10,829.00 - -16.58 Non-Banks 111,849.53 25,777.96 39,452.60 -64.73 53.05 Source: NBE

| 37 Fig.IV.13: Development in Treasury- bills Markets

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 Supply Demand Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Dierent Maturities 28-day 91-day 182-day 364-day Source: NBE

38 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market There has been no inter-bank money market conducted during the quarter under review. 4.7.3. Corporate Bond Market Corporate bond market continued to stay limited to few institutional investors such as public institutions and regional governments. The purchaser of these bonds was solely Commercial Bank of Ethiopia (CBE). During the second quarter, CBE purchased corporate bonds worth Birr 28.0 billion issued by City Governments of Addis Ababa (Birr 13.6 billion), Ethiopian Electric power (EEP) (Birr 9.9 billion) Ethiopian Electric Utility (EEU) (Birr 9.9 billion) and Ethiopian Railways Corporations (Birr 4.6 billion). Thus, the stock of corporate bonds held by the CBE at end of December 2020 stood at Birr 439.0 billion, of which 87.3 percent was claims on public enterprises, and the remaining balance (13.7 percent) on regional governments (Table 4.15). EEP&EEU accounted for 68.3 percent of the bonds issued by public enterprises and 71.7 percent of the total outstanding corporate bond balance.

| 39 Table 4.15: Corporate Bond Purchase, Redemption and Outstand during the Second Quarter of 2020/21 In millions of Birr Issuer of the Bond 2019/20 2020/21 QII Q II New Pur￾chase Redemption Outstand￾ing NP Red O/S 1.Puplic Enterprises 2,500.0 50.0 316,654.6 14,417.4 71.4 383,476.5 EEP&EEU 2,500.0 50.0 269,648.9 9,850.16 71.43 314,843.25 Railways Corporation - - 43,029.95 4,567.23 - 68,633.22 DBE - - - - - - 2. Regional Governments 0.0 3,096.5 24,222.4 13,587.37 3,194.71 55,524.33 Oromia - 0.5 421.38 - 16.29 376.06 Amhara - - - - 0.00 Tigray

    • 131.52 - - 91.54 SNNPRS - - - - - Dire Dawa - - - - - - Harari - - - - - - City Government of Addis Ababa
  • 3,096.0 44,297.1 13,587.37 3,178.42 55,056.74 3.Grand Total (1+2) 2,500.0 3,146.5 357,528.86 28,004.76 3,266.14 439,000.81 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

40 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The deficit in the overall balance of payments narrowed to USD 129.3 million during the second quarter of FY 2020/21 compared to USD 205.6 million deficit a year ago. This was mainly attributed to narrowing of the merchandise trade deficit coupled with an increase in surplus of net official transfers. In contrast, the deficit in net service receipts widened while net private transfers and net capital account showed contraction (Table 5.1).

| 41 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QII QI1 QII2 A B C D=C/A E=C/B 1 Exports, f.o.b. 564.2 834.7 722.3 28.0 -13.5 Coffee 133.3 185.3 120.2 -9.8 -35.1 Other 430.9 649.4 602.0 39.7 -7.3 2 Imports 3,820.0 3,480.3 3,321.7 -13.0 -4.6 Fuel 639.0 377.9 404.4 -36.7 7.0 Cereals 203.1 195.7 327.3 61.1 67.3 Aircraft 28.9 14.7 12.3 -57.3 -15.9 Imports excl. fuel, cereals, aircraft 2,949.0 2,892.1 2,577.8 -12.6 -10.9 3 Trade Balance (1-2) -3,255.8 -2,645.6 -2,599.4 -20.2 -1.7 4 Services, net -25.4 37.3 -30.5 20.4 -181.8 Non-factor services, net 111.7 172.3 179.5 60.7 4.2 Exports of non-factor services 1,288.4 1,079.3 1,287.7 -0.1 19.3 Imports of non-factor services 1,176.8 907.1 1,108.3 -5.8 22.2 Factor services (Investment income), net -137.0 -134.9 -210.0 53.2 55.6 Interest, net -137.0 -134.9 -210.0 53.2 55.6 Dividend, net 5 Private transfers, net 1,491.1 1,550.9 1,469.7 -1.4 -5.2 o/w: NGO’s,(Net) 291.7 215.6 327.5 12.3 51.9 Private Individuals 1,199.4 1,335.3 1,142.2 -4.8 -14.5 6 Current account balance excluding official transfers (3+4+5) -1,790.0 -1,057.4 -1,160.2 -35.2 9.7 7 Official transfers, net 435.4 328.3 567.6 30.3 72.9 8 Current account balance including official transfers(6+7) -1,354.6 -729.1 -592.6 -56.2 -18.7 9 Capital account 1,469.5 457.2 880.5 -40.1 92.6 Official Long-term Capital, net 553.1 186.3 281.7 -49.1 51.2 Disbursements 593.8 202.9 321.4 -45.9 58.4 Amortization 40.7 16.6 39.7 -2.4 139.1 Other public long-term capital 199.1 -344.0 36.1 -81.9 -110.5 Private sector, long term 51.8 33.1 24.4 -52.9 -26.3 Foreign Direct Investment, net 661.6 632.0 706.5 6.8 11.8 Short-term Capital 3.9 -50.2 -168.2 -4,376.3 235.2 10 Errors and Omissions [11-(9+8)] -320.6 94.5 -417.2 11 Overall balance (-13) -205.6 -177.4 -129.3 12 Financing (13+16) 205.6 177.4 129.3 13 Reserves [ Increase(-), Decrease (+)] (14+15) 205.6 177.4 129.3 14 Central Bank (NFA) 45.4 27.3 314.7 Asset -366.8 -29.9 118.5 Liabilities 412.2 57.2 196.2 15 Commercial banks (NFA) 160.2 150.1 -185.3 16 Debt Relief Principal Interest Source: NBE Staff Compilation 1 Revised 2 Preliminary

42 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Total current receipts amounted to USD 4.1 billion which about 6.6 percent higher than a year earlier. This was on account of a rise in receipts from merchandise proceeds (28.0 percent) and public transfers (28.4 percent) despite a decrease in private transfers (1.7 percent) and services (0.8 percent). In contrast, total current payments decreased by 9.8 percent and reached USD 4.7 billion due to decline in merchandise import (13.0 percent), services payment (0.4 percent), private transfers (53.8 percent) and public transfers (10.6 percent). Thus, the deficit in the current account balance narrowed to USD 592.6 million compared with USD 1.4 billion deficit a year ago (Table 5.2) . Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2019/20 2020/21 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,818.6 3,838.4 4,071.0 6.6 6.1 Export Proceeds 564.2 834.7 722.3 28.0 -13.5 Service Proceeds 1,299.5 1,080.1 1,289.1 -0.8 19.3 Private Transfers 1,498.1 1,558.9 1,472.9 -1.7 -5.5 Public Transfer 456.8 364.7 586.7 28.4 60.9 2 Current Payments 5,173.2 4,567.5 4,663.6 -9.8 2.1 Import Payments 3,820.0 3,480.3 3,321.7 -13.0 -4.6 Service Payments 1,324.9 1,042.8 1,319.6 -0.4 26.5 Private Transfers 7.0 8.0 3.2 -53.8 -59.8 Public Transfer 21.4 36.4 19.1 -10.6 -47.6 3 Net, (1-2) -1,354.6 -729.1 -592.6 -56.2 -18.7 Source: NBE Staff Compilation

| 43 5.2. Balance of Trade Merchandise trade deficit in the second quarter declined to USD 2.6 billion from USD 3.3 billion last year due to lower import payments and higher merchandise export receipts.

44 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.2.1. Export of Goods Total receipts from export of goods increased by 28.0 percent over last year same quarter owing to higher export revenue from gold (1,693.8 percent), oilseeds (79.4), flower (21.0 percent) chat (14.5 percent), meat & meat products (1.7 percent), live-animals (1.8 percent), electricity (25.4 percent) and other export products (38.1 percent). On the other hand, receipts from coffee (9.8 percent), pulses (23.3 percent), leather & leather products (65.7 percent), fruits & vegetables (2.5 percent) and textile & textile products (25.3 percent) registered decrement in the review quarter. Specifically, export earnings from gold surged significantly mainly due to remarkable increase in export volume and international price. As a result, the share of gold in total merchandise export rose to 18.3 percent from 1.3 percent. Likewise, export revenue from oilseeds grew 79.4 percent owing to an increase in export volume despite decline in international price. Thus, the share of oilseeds in total export earnings went up to 13.2 percent from 9.4 percent a year ago. Earnings from chat and electricity export rose 14.5 and 25.4 percent because of higher export volume despite decline in international price. Consequently, the share of chat in total merchandise export decreased to 12.9 percent from 14.4 percent of last year same period while that of electricity slightly dropped from 2.7 to 2.6 percent. Similarly, receipts from flower export increased by 21.0 percent due to higher export volume (18.3 percent) and international price (2.2 percent).

| 45 However, the share of flower in total merchandise export decreased to 15.4 percent from 16.3 percent a year ago. Export receipts from meat & meat products and live animals showed annual growth as export volume increased despite decline in international price. Thus, the share of meat & meat products and live animals in total export earnings tended to decline compared with last year same quarter. On the other hand, export revenue from coffee and pulses decreased vis￾à-vis the same quarter of last year due to lower export volume despite higher international price. As a result, the share of coffee in total export earnings decreased to 16.6 percent from 23.6 percent while that of pulses fell from 8.8 percent to 5.3 percent during the review period. Likewise, export revenue from textile & textile products , fruits and vegetables and leather and leather products decreased on account of export volume and international price, which resulted in their share in total merchandise export earnings falling compared with last year ( see Tables 5.3 - 5.5).

46 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2019/20 2020/21 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 133.3 23.6 185.3 22.2 120.2 16.6 (9.8) (35.1) Oilseeds 53.2 9.4 58.0 7.0 95.5 13.2 79.4 64.6 Leather and Leather Products 25.0 4.4 9.3 1.1 8.6 1.2 (65.7) (7.8) Pulses 49.9 8.8 46.7 5.6 38.3 5.3 (23.3) (18.0) Meat & Meat Products 16.1 2.9 16.0 1.9 16.4 2.3 1.7 2.6 Fruits & Vegetables 15.1 2.7 13.2 1.6 14.8 2.0 (2.5) 11.5 Textile & Textile Prod. 45.5 8.1 41.5 5.0 34.0 4.7 (25.3) (18.1) Live Animals 8.5 1.5 12.4 1.5 8.6 1.2 1.8 (30.3) Chat 81.2 14.4 94.7 11.3 93.0 12.9 14.5 (1.8) Gold 7.4 1.3 203.3 24.4 132.4 18.3 1,693.8 (34.9) Flower 91.7 16.2 102.5 12.3 110.9 15.4 21.0 8.3 Electricity 15.2 2.7 23.3 2.8 19.1 2.6 25.4 (18.0) Others 22.1 3.9 28.6 3.4 30.5 4.2 38.1 6.6 Total Export 564.2 100.0 834.7 100.0 722.3 100.0 28.0 (13.5) Total Export excluding Electricity 549.0 811.5 703.2 28.1 (13.3) Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

| 47 Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2019/20 2020/21 Percentage Change QII QI QII A B C C/A C/B Coffee 52.53 53.53 38.45 -26.80 -28.17 Oilseeds 35.57 46.20 68.41 92.34 48.09 Leather and Leather Products 1.13 0.55 0.52 -53.86 -5.39 Pulses 81.77 63.77 50.46 -38.29 -20.87 Meat & Meat Products 3.07 3.20 3.17 3.35 -0.93 Fruits & Vegetables 43.46 38.86 46.30 6.56 19.14 Textile & Textile Prod. 5.79 6.09 5.41 -6.64 -11.28 Live Animals 4.77 6.91 5.07 6.18 -26.68 Chat 14.17 16.67 16.80 18.57 0.82 Gold(In mn. of grams) 0.20 2.70 1.90 852.26 -29.57 Flower 20.30 22.74 24.01 18.30 5.60 Electricity(In mn of kwh) 262.45 430.11 342.28 30.42 -20.42 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

48 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2019/20 2020/21 Percentage Change QII QI QII A B C C/A C/B Coffee 2.54 3.46 3.13 1.26 16.82 Oilseeds 1.50 1.26 1.40 -6.71 11.18 Leather and Leather Products 22.07 16.82 16.39 -25.73 -2.51 Pulses 0.61 0.73 0.76 24.34 3.62 Meat & Meat Products 5.25 4.99 5.16 -1.55 3.60 Fruits & Vegetables 0.35 0.34 0.32 -8.46 -6.45 Textile & Textile Prod. 7.85 6.80 6.28 -19.99 -7.67 Live Animals 1.78 1.79 1.70 -4.08 -4.97 Chat 5.73 5.68 5.54 -3.44 -2.59 Gold (USD/kg) 36.93 75.22 69.57 88.37 -7.51 Flower 4.51 4.51 4.62 2.30 2.51 Electricity (USD/kwh) 0.06 0.05 0.06 -3.87 3.02 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

| 49 5.2.2. Import of Goods Total merchandise import stood at USD 3.3 billion during the second quarter of 2020/21, depicting 13.0 percent year-on￾year decline due to lower import values of capital goods, fuel, semi-finished goods, raw materials and miscellaneous goods. Capital goods import decreased by 26.4 percent due to lower import bills of transport and industrial capital goods by 37.6 percent and 27.2 percent, respectively. Imports of agricultural capital goods, however, increased by 42.0 percent. Thus, the share of capital goods in total goods import declined to 29.0 percent from 34.3 percent a year earlier. Likewise, import value of fuel decreased by 36.7 percent and its share in total import payments fell to 12.2 percent from 16.7 percent during the same period. Import of semi-finished goods showed 27.2 percent decline despite 179.3 percent surge in fertilizer imports. Thus, the share of semi-finished goods in total merchandise import decreased to 15.4 percent from 18.4 percent a year earlier. Import of raw materials declined by 9.3 percent although, their share in total merchandise import marginally increased to 1.2 percent from 1.1 percent a year ago. Similarly, imports of miscellaneous goods decreased by 37.7 percent and their share in total imports slightly went down to 1.3 percent from 1.9 percent a year ago. In contrast, import payments for consumer goods rose 29.0 percent over last year same quarter due to 43.3 percent increase in import payments for non-durable goods, while durable goods import payments saw 17.6 percent decline. As a result, the share of consumer goods in total imports increased to 40.8 percent from 27.5 percent a year ago. Meanwhile, total franco-valuta imports increased by 8.4 percent and stood at USD 1.2 billion accounting for 35.2 percent of the total import value.

50 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2019/20 2020/21 Percentage Changes Qtr II Share (%) Qtr I Share (%) Qtr II Share (%) A B C C/A C/B Raw Materials 43.7 1.1 34.9 1.0 39.7 1.2 -9.3 13.6 Semi-finished Goods 704.5 18.4 572.5 16.5 512.8 15.4 -27.2 -10.4 Fertilizers 8.9 0.2 9.6 0.3 24.9 0.7 179.3 160.4 Fuel 639.0 16.7 377.9 10.9 404.4 12.2 -36.7 7.0 Petroleum Products 614.1 16.1 358.3 10.3 388.7 11.7 -36.7 8.5 Others 24.9 0.7 19.7 0.6 15.6 0.5 -37.2 -20.5 Capital Goods 1310.3 34.3 966.1 27.8 963.9 29.0 -26.4 -0.2 Transport 108.3 2.8 106.6 3.1 67.5 2.0 -37.6 -36.6 Agricultural 31.3 0.8 20.8 0.6 44.5 1.3 42.0 114.3 Industrial 1170.7 30.6 838.7 24.1 851.8 25.6 -27.2 1.6 Consumer Goods 1051.3 27.5 1491.5 42.9 1356.7 40.8 29.0 -9.0 Durables 246.2 6.4 207.4 6.0 202.9 6.1 -17.6 -2.1 Non-durables 805.1 21.1 1284.2 36.9 1153.8 34.7 43.3 -10.2 Miscellaneous 71.1 1.9 37.3 1.1 44.3 1.3 -37.7 18.6 Total Imports 3820.0 100.0 3480.3 100.0 3321.7 100.0 -13.0 -4.6 Source: Ministry of Revenues

| 51 Table 5.7: The Value of Franco Valuta Import (In Millions of USD Commodity Group 2019/20 2020/21 Percentage Change Qtr II Qtr I Qtr II A B C C/A C/B Beverages 0.2 0.8 1.7 910.8 125.6 Chemicals 5.1 8.0 2.1 -58.3 -73.3 Clothing 3.9 5.4 7.3 88.5 34.6 Food and live animals 110.6 133.3 292.5 164.5 119.4 Textiles 11.6 23.5 42.2 262.0 79.7 Tobacco 0.0 -48.4 -19.4 Soap & polish 0.4 0.7 0.9 114.7 34.7 Fertilizer 59.4 12.6 106.7 79.6 749.1 Paper & paper manufacturing 3.3 1.4 2.2 -34.6 57.7 Metal & metal manufacturing 104.2 103.6 64.9 -37.7 -37.4 Medical and pharmaceuticals prod￾ucts 26.3 23.7 17.2 -34.4 -27.3 Rubber products 7.6 11.9 9.0 18.4 -24.1 Petroleum crudes 0.0 -10.3 Petroleum products 7.0 5.3 6.1 -13.8 13.9 Glass & glass wares 2.1 2.4 1.6 -23.8 -32.1 Electrical materials 88.2 46.7 77.2 -12.5 65.2 Machines 374.7 204.7 203.6 -45.7 -0.6 Road & motor vehicles 26.6 30.5 8.0 -70.1 -73.9 Tele apparatus 1.2 0.9 5.3 335.8 470.2 Cement 0.1 0.0 0.0 Others 244.8 421.3 319.4 30.5 -24.2 Total 1077.3 1036.6 1167.7 8.4 12.6 Source: Ministry of Revenues

52 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.2.3 Direction of Trade 5.2.3.1 Export of Goods Europe, Asia and Africa were the major destinations for Ethiopian exports where Europe constituted 40.6 percent, Asia 32.1 percent and Africa 20.5 percent of Ethiopia’s total export revenue. In terms of Europe, Switzerland took 45.2 percent share, followed by the Netherlands (27.2 percent), Germany (7.8 percent), Belgium (5.0 percent), Italy (2.8 percent), Turkey (2.4 percent), United Kingdom (2.1 percent), France (1.5 percent), Spain (1.1 percent), and Russia (1.0 percent). These European countries together had a 96.1 percent share of Ethiopia’s total exports to Europe. In Asia, United Arab Emirates was the main destination for Ethiopia’s export having 20.8 percent share, followed by Saudi Arabia (19.8 percent), Israel (7.3 percent), China (6.8 percent), Japan (6.7 percent), India (6.6 percent), Singapore (6.5 percent), South Korea (3.8 percent), Yemen (3.0 percent), Indonesia (2.8 Percent), Hong Kong (1.5 percent), Pakistan (1.4 percent), Taiwan (1.1 percent) and Malaysia (1.0 percent). All these countries combined accounted for 89.1 percent of Ethiopia’s total export to Asia. Africa accounted for about 20.5 percent of Ethiopia’s export earnings with major destination being Somalia (22.6 percent), Djibouti (14.1 percent), Sudan (13.0 percent), Kenya (1.5 percent) and Egypt (1.0 percent), which altogether took 52.3 percent share of the total exports to Africa. America had 6.3 percent share in Ethiopia’s total export earnings, of which 89.7 percent was from exports to the United States and 8.6 percent to Canada. Both countries accounted for 98.3 percent of Ethiopia’s total exports to America. Source: NBE Staff Compilation

| 53 5.2.3.2. Import of Goods During the second quarter of 2020/21, Asia accounted for 65.5 percent of the total import bills of Ethiopia with the major imports coming from China (40.9 percent), India (21.1 percent), U.A.E (16.0 percent), Malaysia (4.9 percent), Indonesia (3.9 percent), Saudi Arabia (3.3 percent), Thailand (3.3 percent), South Korea (2.0 percent) and Japan (1.3 percent) whose combined share was 96.7 percent. Imports from Europe had a 22.9 percent share with the major countries being Turkey (19.3 percent), Ukraine (19.3 percent), Italy (12.3 percent), United Kingdom (10.5 percent), Germany (7.6 percent), France (4.8 percent), Belgium (4.4 percent), Russia (3.9 percent), Switzerland (3.9 percent), the Netherlands (3.1 percent), Poland (2.9 percent), Spain (1.8 percent) and Sweden (1.5 percent). These countries jointly accounted for 95.3 percent of Ethiopia’s total imports from Europe. Africa accounted for about 3.8 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (48.4 percent), South Africa (22.1 percent), Djibouti (12.5 percent), Kenya (9.1 percent) and Sudan (5.2 percent) which altogether represented 97.3 percent of the total imports from the continent. Imports from America comprised 7.6 percent of Ethiopia’s import, of which the share of United States was 83.3 percent followed by Canada (11.1 percent) and Brazil (3.0 percent). Source: NBE Staff Compilation

54 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net deficit in trade services deteriorated widened by 20.4 percent and reached USD 30.5 million compared to USD 25.4 million deficit a year ago; due to increases in the deficits of net investment income (53.2 percent) and net other services (41.6 percent) which outweighed substantial improvements in surplus of net travel services improvements in net surpluses of transport services and government services, respectively (Table 5.8).

| 55 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -137.0 -134.9 -210.0 53.2 55.6 2 Interest, net (3-4) -137.0 -134.9 -210.0 53.2 55.6 3 Credit 11.1 0.8 1.3 -88.2 68.1 4 Debit 148.1 135.7 211.3 42.7 55.7 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 111.7 172.3 179.5 60.7 4.2 7 Exports of non-factor services 1,288.4

1,079.3

1,287.7 -0.1 19.3 8 Travel 220.7 289.5 292.7 32.6 1.1 9 Transport 1 927.9 686.8 863.8 -6.9 25.8 10 Gov’t 2 47.9 38.7 55.7 16.3 43.7 11 Other 3 91.9 64.3 75.6 -17.8 17.5 12 Imports of non-factor services 1,176.8

907.1

1,108.3 -5.8 22.2 13 Travel 154.4 49.0 95.0 -38.5 93.9 14 Transport 1 678.4 543.9 600.5 -11.5 10.4 15 Gov’t 2 14.1 11.1 0.2 -98.4 -98.0 16 Other 3 329.9 303.0 412.5 25.1 36.1 17 Net Services (18+19+20+21+22) -25.4 37.3 -30.5 20.4 -181.8 18 Travel (8-13) 66.3 240.5 197.7 198.2 -17.8 19 Transport (9-14) 249.5 142.9 263.2 5.5 84.3 20 Gov’t (10-15) 33.8 27.6 55.4 64.0 100.9 21 Other (11-16) -238.0 -238.7 -337.0 41.6 41.1 22 Investment Income (2+5) -137.0 -134.9 -210.0 53.2 55.6 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

56 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.3.2. Transfers During the review period, total transfer receipts increased by 5.4 percent and reached USD 2.1 billion due to 28.4 percent rise in official transfers despite 1.7 percent reduction in private transfers. On the other hand, total transfer payments decreased by 21.2 percent owing to 10.6 percent decline in official transfers and 53.8 percent drop in private transfer payments. As a result, net transfers increased 5.7 percent to USD 2.04 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QII Share (In %) QI Share (In %) QII Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,491.1 77.4 1,550.9 82.5 1,469.7 72.1 -1.4 -5.2 2 Credit (3+4) 1,498.1 76.6 1,558.9 81.0 1,472.9 71.5 -1.7 -5.5 3 NGO’s 298.7 15.3 223.6 11.6 330.7 16.1 10.7 47.9 4 Private individuals 1,199.4 61.4 1,335.3 69.4 1,142.2 55.5 -4.8 -14.5 5 Debit 7.0 24.6 8.0 18.0 3.2 14.4 -53.8 -59.8 6 Official transfers, net (7-8) 435.4 22.6 328.3 17.5 567.6 27.9 30.3 72.9 7 Credit 456.8 23.4 364.7 19.0 586.7 28.5 28.4 60.9 8 Debit 21.4 75.4 36.4 82.0 19.1 85.6 -10.6 -47.6 9 Total Receipts 1,954.9 100.0 1,923.6 100.0 2,059.6 100.0 5.4 7.1 10 Total Payments 28.3 100.0 44.4 100.0 22.3 100.0 -21.2 -49.8 11 Net Transfers 1,926.5 100.0 1,879.1 100.0 2,037.3 100.0 5.7 8.4 Source: NBE Staff Computation

| 57 5.4. Current Account Balance The deficit in the current account balance (including official transfers) narrowed to USD 592.6 million compared to USD 1.4 billion deficit a year ago. This was due to narrowing of merchandise trade deficit by 20.2 percent , a 30.3 percent increase in surplus of net official transfers despite 20.4 percent rise in net deficit of service receipts widened and 1.4 percent decline in net private transfers (Table 5.1).

58 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.5. Capital Account Capital account recorded USD 880.5 million in surplus which was 40.1 percent lower than that of a year earlier. The slowdown in surplus was attributed to decreases in net official long term capital (49.1 percent), other public sector long term capital (81.9 percent), private sector long term capital (52.9 percent) and short term capital. Meanwhile, foreign direct investment registered 6.8 percent annual growth (Table 5.1). 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the second quarter of FY 2020/21 reached USD 129.3 million compared to USD 205.6 million deficit a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia showed USD 314.7 million draw down despite USD 185.3 million build up in NFA of Commercial banks. Thus, as of 31st of December 2020, gross foreign reserve coverage stood at 2.4 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 Weighted average official exchange rate of Birr in the inter-bank forex market reached Birr 37.8663/USD in the second quarter of 2020/21, depicting 25.3 percent annual depreciation. The end period exchange rate of the Birr was 39.1809/USD, indicating the weakening of the Birr against USD by 23.2 percent vis-à-vis last year same period.

| 59 Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period    Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2019/20 34.9822 31.3427 12.6 0.0 Qtr. II C 31.8041 30.2107 3.30 0.00 October 29.4303 29.3560 1.15 0.00 November 30.6158 29.8168 1.05 0.00 December 31.8041 31.4594 1.10 0.00 2020/21 Qtr. I B 36.7488 35.7771 3.10 0.00 July 35.2684 35.1278 1.00 0.00 August 36.1553 35.6843 1.05 0.00 September 36.7488 36.5192 1.05 0.00 Qtr. II A 39.1809 37.8663 3.25 0.00 October 37.5468 37.1586 1.05 0.00 November 38.0516 37.8053 1.05 0.00 December 39.1809 38.6350 1.15 0.00 Percentage Changes A/B 6.62 5.84 4.84 A/C 23.19 25.34 -1.52 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 37.8726/USD, showing 25.1 percent depreciation, while the selling rate was Birr 38.6340/USD, depicting the same depreciation rate over last year same quarter. Thus, the average spread between the buying and selling rates remained at 2.0 percent (Table 5.11).

60 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2019/20 2020/21 Percentage Change Quarter II A Quarter I B Quarter II C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 69,690.8 20,966.9 26,508.6 5,751.9 36,920.7 6,073.7 39.28 5.59 -47.02 -71.03 2 Bank of Abyssinia 2,329.4 6,012.7 1,062.6 1,444.5 724.3 2,341.6 -31.84 62.11 -68.91 -61.06 3 Dashen Bank 5,700.3 7,207.7 2,571.7 2,060.7 5,840.7 4,163.7 127.12 102.06 2.46 -42.23 4 Awash International Bank 1,979.8 13,382.6 839.2 1,651.7 1,334.3 4,584.1 59.0 177.5 -32.6 -65.7 5 Construction & Business Bank - 154.0 95.3 - - 6 Wegagen Bank 4,523.9 2,283.1 2,797.6 690.4 1,199.4 710.4 -57.1 2.9 -73.5 -68.9 7 United Bank 17,112.3 6,308.2 6,302.8 543.4 5,637.0 1,389.9 -10.6 155.8 -67.1 -78.0 8 Development Bank 2.3 207.0 54.6 41.2 - 2.2 -98.9 9 Nib International Bank 982.3 1,795.6 777.6 267.4 647.0 1,324.8 -16.8 395.4 -34.1 -26.2 10 Lion International Bank 25,653.3 1,847.1 3,044.2 197.1 716.5 99.4 -76.5 -49.6 -97.2 -94.6 11 Oromia International Bank 4,935.1 4,362.0 2,335.8 849.1 4,091.2 387.8 75.2 -54.3 -17.1 -91.1 12 Zemen Bank 74.3 4,795.1 65.6 1,185.1 65.7 2,689.0 0.2 126.9 -11.5 -43.9 13 Cooperative Bank of Oromia 250.1 3,428.0 90.7 410.9 84.5 945.3 -6.8 130.1 -66.2 -72.4 14 Buna International Bank 1,435.2 578.1 296.6 54.9 33.5 97.7 -88.7 77.9 -97.7 -83.1 15 Birhan International Bank 153.9 2,367.1 324.9 364.6 213.7 694.4 - 90.4 38.8 - 16 Abay Bank 331.5 362.8 602.6 67.1 54.3 161.6 -91.0 - -83.6 -55.4 17 Addis International Bank 1,764.1 644.1 990.9 238.5 556.0 127.0 -43.9 -46.8 -68.5 -80.3 18 Debub Global Bank 211.6 522.5 46.3 99.5 1,951.1 243.1 4117.8 144.3 822.2 -53.5 19 Enat Bank 4,146.1 713.2 3,659.5 1,561.1 111.6 206.2 -97.0 -86.8 -97.3 -71.1 Total 141,276.5 77,783.6 52,525.6 17,574.5 60,181.6 26,241.9 14.6 49.3 -57.4 -66.3 Average Exchange Rate 30.2650 30.8766 35.6792 36.3535 37.8726 38.6340 6.1 6.3 25.1 25.1 Spread 2.0 1.9 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

| 61 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks In the official forex market, US dollar has depreciated against major currencies both on quarterly and annual bases. I n annual terms, USD depreciated against Japanese Yen (11.1 percent), Swiss Franc (9.5 percent), Euro (7.8 percent), SDR (3.6 percent) and Pound Sterling (2.6 percent) Likewise, on quarterly basis, USD depreciated against Pound Sterling (2.2 percent), Euro (2.1 percent), Japanese Yen (1.5 percent), SDR (1.4 percent) and Swiss Franc (1.8 percent) (Table 5.12).

62 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate 2019/20 QII C 1.1067 0.0086 1.3747 1.2859 1.2861 1.2860 1.0093 October 1.1042 0.0092 1.3707 1.2605 1.0060 November 1.1059 0.0083 1.3754 1.2880 1.2887 1.2884 1.0065 December 1.1100 0.0083 1.37796 1.3780 1.3780 1.3091 1.0155 1.0154 1.0155 2020/21 QI B 1.1678 0.0094 1.4039 1.2912 1.2910 1.2911 1.0861 1.0862 1.0862 July 1.1419 0.0093 1.3875 1.2611 1.0669 August 1.1818 0.0094 1.4108 1.3119 1.3112 1.3115 1.0977 September 1.1798 0.0095 1.4134 1.3006 1.0938 1.0940 1.0939 QII A 1.1917 1.1938 1.1927 0.0096 1.4238 1.3195 1.3192 1.3193 1.1054 1.1055 1.1055 October 1.1777 0.0095 1.4136 1.2971 1.0958 November 1.1823 1.1884 1.1854 0.0096 1.4204 1.3190 1.0971 December 1.2152 0.0096 1.4372 1.4373 1.4373 1.3424 1.3414 1.3419 1.1234 1.1235 1.1235 Percentage Changes A/B 2.04 2.22 2.13 1.50 1.48 1.49 1.41 2.20 2.18 2.19 1.78 1.77 1.78 A/C 7.68 7.87 7.77 11.09 11.08 11.09 3.57 2.62 2.57 2.59 9.52 9.53 9.52 Source: National Bank of Ethiopia

| 63 The Birr has also depreciated against all major currencies. On yearly basis, it depreciated against Swiss Franc (37.3 percent), Euro (35.1 percent), Japanese Yen (30.3 percent), SDR (30.3 percent), Pound Sterling (28.6 percent) USD (25.3 percent). In the meantime, the Birr weakened against Pound Sterling (8.2 percent), Euro (8.1 percent), Swiss Franc (8.1 percent), Japanese Yen (7.7 percent), SDR (7.3 percent) and USD (5.8 percent) in quarterly terms (Table5.13).

64 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2019/20 QII C 30.2107 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 30.49733 30.80084 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 31.4594 31.7740 31.6167 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 2020/21 QI B 35.7771 36.1347 35.9559 41.7931 42.2110 42.0021 0.3369 0.3403 0.3386 50.2356 50.7379 50.4867 46.2075 46.6622 46.4349 38.8677 39.2589 39.0633 July 35.1278 35.4786 35.3032 40.1131 40.5140 40.3135 0.3284 0.3317 0.3301 48.7412 49.2286 48.9849 44.2995 44.7425 44.5210 37.4791 37.8538 37.6665 August 35.6843 36.0411 35.8627 42.1803 42.6022 42.3912 0.3363 0.3398 0.3381 50.3502 50.8537 50.6020 46.8297 47.2758 47.0527 39.1816 39.5734 39.3775 September 36.5192 36.8844 36.7018 43.0860 43.5169 43.3014 0.3460 0.3494 0.3477 51.6153 52.1315 51.8734 47.4935 47.9685 47.7310 39.94249 40.3494 40.1459 QII A 37.8663 38.2443 38.0553 45.1354 45.6641 45.3998 0.3619 0.3655 0.3637 53.9182 54.4574 54.1878 49.9764 50.4617 50.2190 41.86607 42.28467 42.0754 October 37.1586 37.5302 37.3444 43.7599 44.1975 43.9787 0.3520 0.3559 0.3540 52.5277 53.0530 52.7903 48.1988 48.6808 48.4398 40.7182 41.1254 40.9218 November 37.8053 38.1833 37.9943 44.6976 45.3770 45.0373 0.3621 0.3657 0.3639 53.6999 54.2368 53.9684 49.8664 50.3651 50.1158 41.4763 41.8911 41.6837 December 38.6350 39.0194 38.8272 46.9486 47.4180 47.1833 0.3718 0.3749 0.3733 55.5270 56.0823 55.8047 51.8640 52.3391 52.1015 43.4037 43.8375 43.6206 Per￾centage Change A/B 5.84 8.00 8.18 8.09 7.43 7.40 7.41 7.33 8.16 8.14 8.15 7.71 A/C 25.34 34.99 35.22 35.10 30.26 30.23 30.25 29.82 28.59 28.53 28.56 37.28 Source: National Bank of Ethiopia

| 65 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency December 31, 2019 September 30, 2020 December 31, 2020 Percentage change C B A A/B A/C USD 31.9631 36.9326 39.3768 6.62 23.19 Pound 41.9389 47.5027 53.5958 12.83 27.79 Swedish Kroner 3.4271 4.1032 4.8064 17.14 40.25 Djibouti Frank 0.1794 0.2073 0.2210 6.61 23.19 Swiss Frank 32.8873 40.0310 44.4835 11.12 35.26 Saudi Riyal 8.5194 9.8463 10.4946 6.58 23.18 UAE Dirhams 8.7020 10.0538 10.7192 6.62 23.18 Canadian Dollar 24.4628 27.6131 30.8185 30.82 25.98 Japanese Yen 0.2929 0.3496 0.3818 9.23 30.37 Euro 35.7700 43.2111 48.3114 56.43 35.06 SDR 44.1155 51.9494 56.7145 9.17 28.56 Source: NBE Staff Compilation

66 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2020/21, the Birr depreciated by 32.8 percent in real terms largely due to the weakening of the Birr with respect to the trading partners’ currencies as well as Ethiopia’s price advantage over its trading partners4. Likewise, the NEERI depreciated by 14.0 percent compared with last year same quarter (Table 5.15). 4 Sudanese inflation for the month of December 2020 was 269.3 percent thereby eroding Ethiopia’s price advantage.

| 67 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2019/20 2020/21 Percentage Change QII QI QII A B C C/B C/A REERI 190.2 148.0 127.8 -13.7 -32.8 NEERI 40.3 36.4 34.6 -4.8 -14.0 Source: NBE Staff Compilation NB: • REERI = Real Effective Exchange Rate Index, • NEERI = Nominal Effective Exchange Rate Index • A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate

68 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.7.3. Volume of Transactions In the second quarter of 2020/21, the volume of foreign exchange traded in the inter-bank foreign exchange was USD 3.3 million showing 1.5 percent annual decrease. Virtually all the foreign exchange was supplied by NBE with a view to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 1 1 2 2 3 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 (I n Mill. USD) Total Amount Traded Amount Traded among CBs During the same period, forex bureaus of commercial banks purchased USD 60.2 million and sold USD 26.2 million which indicated 57.4 percent and 66.3 percent respective decline largely due to COVID- 19 pandemic (Table 5.11).

| 69 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government during the second quarter of 2020/21 was Birr 93.1 billion about 28.5 percent higher than last year same quarter and indicating a 28.7 percent performance of annual budget (Table 6.1). Similarly, Federal government expenditure showed a 59.2 percent annual growth due to an increase in all components of expenditure. The total expenditure performance was 29.4 percent of the annual plan. Consequently, the overall fiscal balance of the Federal government (including grants) resulted in Birr 32.9 billion deficit (Table 6.1).

70 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr] No Finer points 2019/20 2020/21 Percentage changes performance rate QII Budget QI QII D/A D/C D/B A B C D 1 Revenue and Grants 72,490.0 325,212.6 81,108.6 93,178.4 28.5 14.9 28.7 1.1 Total Revenue 71,531.2 304,552.2 75,074.7 86,949.2 21.6 15.8 28.5 Tax Revenue 68,936.3 271,748.2 61,909.9 84,002.4 21.9

35.7 30.9 Direct tax 26,991.5 65,850.7 19,003.4 40,587.2 50.4

113.6 61.6 Indirect tax 41,944.8 205,897.5 42,906.5 43,415.2 3.5

1.2 21.1 Non-Tax Revenue 2,594.9 32,804.0 13,164.8 2,946.8 13.6

(77.6) 9.0 1.2 Grant & Relief 958.7 20,660.4 6,033.8 6,229.2 549.7

3.2 30.2 2 Current Expenditure 18,931.5 116,102.5 24,487.3 46,979.1 148.2

91.9 40.5 3 Current Surplus/Deficit - - - - - (Including Grants) 53,558.4 209,110.1 56,621.3 46,199.3 (13.7)

(18.4) 22.1 (Excluding Grants) 52,599.7 188,449.7 50,587.4 39,970.1 (24.0)

(21.0) 21.2 4 Capital Expenditure 24,674.5 136,794.2 22,225.3 35,124.2 42.4

58.0 25.7 5 Regional Transfers 35,654.9 175,805.7 42,187.3 44,068.6 23.6

4.5 25.1 6 Total Expenditure 79,260.9 428,702.4 88,900.0 126,172.0 59.2

41.9 29.4 7 Overall Surplus/Deficit - - - - - - (Including Grants) (6,771.0) (103,489.7) (7,791.4) (32,993.6) 387.3

323.5 31.9 (Excluding Grants) (7,729.7) (124,150.1) (13,825.2) (39,222.8) 407.4 183.7 31.6 8 Total Financing 6,771.0 103,489.7 7,791.4 32,993.6 387.3

323.5 31.9 8.1 Net External Borrowings 10,990.4 31,044.2 2,902.6 8,468.3 (22.9)

191.7 27.3 External Borrowing 8,349.4 21,557.2 3,130.3 12,770.5 53.0

308.0 59.2 Amortization 1,118.9 11,755.4 586.7 1,530.9 36.8

160.9 13.0 8.2 Net Domestic Borrowings (5,296.8) 72,445.6 (1,837.6) 33,375.1 (730.1) (1,916.3) 46.1 Banking System (11,360.8) - (1,451.5) 9,731.5 (185.7) (770.4) Non-Bank Sources 6,064.0 - (386.0) 23,643.6 289.9 (6,224.7) 8.3 Privatization receipts - - 0.4 - - - - 8.4 Others and Residuals 1,077.3 0.0 6,726.0 (8,849.9) (921.5) (231.6) Source: Ministry of Finance

| 71 6.1 Revenue and Grants Total revenue and grants under the review quarter reached Birr 93.1 billion of which 93.3 percent was from domestic sources and 6.7 percent from grant and relief. Of the total domestic revenue Birr 86.9 billion (96.6 percent) was collected from taxes and Birr 2.9 billion (3.4 percent) from non-taxes external grants & relief in the quarter amounted to Birr 6.2 billion. The performance of total revenue and grant was 28.5 percent of the annual plan (Table 6.2).

72 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 6.2 Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2019/20 2020/21 Percentage Change Perfor￾mance Rate QII Budget QI QII A B C D [D/A] [D/C] [D/B] Total Revenue and Grants

72,490.0

325,212.6

81,108.6

93,178.4

28.5

14.9

28.7 Total Domestic Rev￾enue

71,531.2

304,552.2

75,074.7

86,949.2

21.6

15.8

28.5 1 Tax Revenue 68,936.3

271,748.2

61,909.9

84,002.4

21.9

35.7

30.9 1.1 Direct Tax Revenue 26,991.5

65,850.7

19,003.4

40,587.2

50.4

113.6

61.6 1.1.1 Income Taxes 24,307.0

52,164.8

16,722.9

37,868.5

55.8

126.4

72.6

  • Personal 3,678.1

15,255.1

4,330.6

5,320.9

44.7

22.9

34.9

  • Business 20,628.8

36,909.7

12,392.3

32,547.6

57.8

162.6

88.2 1.1.2 Others1 2,684.5

13,685.9

2,280.5

2,718.7

1.3

19.2

19.9 1.2 Indirect Taxes 41,944.8

205,897.5 42,906.5 43,415.2

3.5

1.2

21.1 1.2.1 Domestic Taxes 15,327.4

84,518.0

16,597.5

16,859.9

10.0

1.6

19.9 1.2.2 Foreign Trade Taxes 26,617.4

121,379.5

26,309.0

26,555.2

(0.2)

0.9

21.9

  • Import 26,617.4

121,379.5

26,309.0

26,553.3

(0.2)

0.9

21.9 2 Non-Tax Revenue 2,594.9

32,804.0

13,164.8

2,946.8

13.6

(77.6)

9.0 3 Privatization

4 Grants and Relief 958.7

20,660.4

6,033.8

6,229.2

549.7

3.2

30.2 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

| 73 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Tax revenue mainly originated from indirect taxes which accounted for 51.6 percent of the total tax revenue. Revenue from indirect taxes went up by 3.5 percent compared to the same quarter of last fiscal year. About 61.1 percent of the indirect tax revenue was from foreign trade taxes, while direct taxes constituted the remaining balance which grew 50.4 percent over last year. Fig.VI.2: Domestic Revenue of federal government by Major Components during the Second Quarter of 2020/21 6.2 Expenditure Total Federal government expenditure (including regional transfers) amounted to Birr 126.1 billion indicating 59.2 percent annual growth Current expenditure reached Birr 46.9 billion or 37.2 percent of the total expenditure, capital expenditure amounted to Birr 35.1 billion or 27.9 percent of total expenditure. Regional transfers constituted Birr 44.0 billion or 34.9 percent of the total Federal government budgetary expenses (Table 6.3).

74 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2019/20 2020/21 Percentage Change Performance Rate QII Budget QI QII [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 79,260.9 428,702.4 88,900.0 126,172.0 59.2 41.9 29.4 1 Current Expenditure 18,931.5 116,102.5 24,487.3 46,979.1 148.2 91.9 40.5

  • General Services 8,716.3 38,465.5 9,720.4 22,066.8 153.2 127.0 57.4
  • Economic Services 1,616.8 6,770.2 1,954.0 2,498.6 54.5 27.9 36.9
  • Social Services 9,590.6 37,099.0 10,757.1 13,088.3 36.5 21.7 35.3
  • Others expenditure 123.3 14,002.8 236.8 235.0 90.6 (0.7) 1.7
  • Debt Service (1,115.5) 19,765.1 1,819.1 9,090.5 (914.9) 399.7 46.0 2 Capital Expenditure 24,674.5 136,794.2 22,225.3 35,124.2 42.4 58.0 25.7
  • Economic Development 16,455.9 99,746.8 17,028.3 25,235.0 53.3 48.2 25.3
  • Social Development 7,379.6 29,180.2 4,691.2 8,809.3 19.4 87.8 30.2
  • General Development 839.0 7,867.1 505.8 1,080.0 28.7 113.5 13.7 3 Regional Transfers 35,654.9 175,805.7 42,187.3 44,068.6 23.6 4.5 25.1 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2020/21

| 75 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components Second Quarterof2020/21 0 20000 40000 60000 80000 100000 120000 140000 2017/18 2018/19 2019/20 2020/21 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

76 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 6.3 Deficit Financing Federal government budget operation during second quarter 2020/21 depicted an overall deficit (including grant) of Birr 32.9 billion, which was much higher than Birr 6.7 billion deficits seen a year ago. The deficit was financed by net external loan and domestic borrowing largely from non-bank sources. Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2020/21 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 (In Millions of Birr) Quarters/Years Expenditure Decit Revenue Including Grants

| 77 VII. Developments in Investment During the second quarter of 2020/21, five investment projects having investment capital of Birr 161.5 million became operational. Compared to last year same quarter, the number of investment projects slowed down by 50 percent while investment capital was increased by 62.1 percent. Virtually, all of the investment projects reported was private foreign investment. There was no domestic and public investment during the period under review. These investment projects have generated employment opportunities for 725 employees which was 30.8 percent lower than the same quarter of last year. Of the total employment created during the period, 35.2 percent was permanent and 64.8 percent casual (Table 7.1).

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

  1. Total Investment Number of projects 10 16 5 100 -50.0 -68.8 Capital 99.7 1,846.2 161.5 100 62.1 -91.3 Permanent Employ￾ment 387 36 255 100 -34.1 608.3 Temporary Employment 660 2 470 100 -28.8 23,400.0
  2. Private Investment Number of projects 10 16 5 100 -50.0 -68.8 Capital 99.7 1,846.2 161.5 100 62.1 -91.3 Permanent Employ￾ment 387 36 255 100 -34.1 608.3 Temporary Employment 660 2 470 100 -28.8 23,400.0 2.1 Domestic Investment Number of projects 6 14 - - - - Capital 51.4 75.7 - - - - Permanent Employ￾ment 12 - - - - - Temporary Employment 160 - - - - - 2.2. Foreign Investment Number of projects 4 2 5 100 25.0 150.0 Capital 48.3 1,770.5 161.5 100 234.5 -90.9 Permanent Employ￾ment 375 36 255 100 -32.0 608.3 Temporary Employment 500 2 470 100 -6.0 23,400.0
  3. Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employ￾ment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission. As for sectoral distribution, real estate, renting and business activities constituted the lion’s share by accounting 60 percent of total investment projects while that of manufacturing and others sector on their parts constitutes 20 percent each. Out of the total Birr 161.5 million capitals invested, manufacturing received 82.3 percent, real estate, renting and business activities 9.2 and others sector 8.4 percent (Table 7.2). About 78.4 percent of the permanent employment was created by real estate, renting and business activities, 20.4 percent by manufacturing and 1.2 percent by other sectors. Conversely, real estate, renting and business activities constitute 100 percent of temporary labor force employed (Table 7.2).

| 79 Table 7.2: Investment Distribution by Sector during the Second Quarter of 2020/21 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction - - - - - - - - Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 1 20.0 133.0 82.3 52 20.4 0 Mining and quarrying - - - - - - - - Other community, social and personal service activities

Real estate, renting and business activities 3 60.0 14.9 9.2 200 78.4 470 100 Tour operation, trans￾port, and communica￾tion

Wholesale, retail trade & repair service - - - - - - - - Others* 1 20.0 13.6 8.4 3 1.2 0 Grand Total 5 100 161.5 100 255 100 470 100 Source: Ethiopian Investment Commission. *Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data canter services. In terms of regional distribution, there was no project under operation during the review quarter while all projects presented were multi regional projects. When compared with the preceding quarter multi regional projects show a remarkable step forward (Table 7.3).

80 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Reigion Region 2019/20 2020/21 Growth Rate QII QI QII C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 7 57.4 16 160 14 76 0 0 - - - - - - - - - - - - - - - Afar - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - Oromia 3 42.3 371 500 - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - Multi-regional - - - - 2 1,770 36 2 5 162 255 470 100 - - - - 150.0 -90.9 608.3 23,400.0 Grand Total 10 99.7 387 660 16 1,846 36 2 5 162 255 470 100 -50.0 62.1 -34.1 -28.8 -68.8 -91.3 608.3 23,400.0

| 81 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy7 The global economy continued its recovery during the second quarter of 2020/21, despite new wave of the pandemic and associated containment measures. The global composite output PMI (excluding the euro area) improved for the second time in a row to 54.1 compared to 51.9 in the previous quarter. However, it showed marginal contraction in December, signalling some moderation in the momentum of economic recovery. In the United States, economic growth is set to lose momentum slightly following a sharp recovery in the first quarter of 2020/21. Subdued consumer confidence, combined with rising number of daily new COVID-19 infections pose downside risks to economic activity. Despite the economy benefited from new fiscal stimulus, the weakness in the labour market prevails, as suggested by rising permanent job losses through November. The unemployment rate continued to be high at 6.7 percent in November, supported by a reduction in temporary layoffs. In the United Kingdom, the rebound in economic activity remains weak by the end of the second quarter of 2020/21. Despite the agreement between EU and the UK diminishes the uncertainty surrounding the Brexit negotiations, the worsening pandemic situation and deteriorating labor market conditions continue to weigh on consumer confidence and demand. Especially in UK, the emergence of a new variant of coronavirus prompts the government to implement nationwide lockdown in a bid to curb the rapidly spreading virus. As a result, monthly GDP data and surveys signal a decline in growth into negative territory in the second quarter of 2020/21. The composite PMI deteriorated to 50.5 vis-a-vis 57.5 of the previous quarter. Japan is experiencing a stalled economic recovery during the second quarter of 2020/21, as the third wave of COVID-19 prompted additional lockdown measures. While consumption remained relatively robust, growth in industrial production weakened in November, while the services PMI continues to stand below the neutral threshold, signalling on going weakness. During the second quarter of 2020/21, the composite PMI remained low and stood at 48.2. In China, real GDP growth during the second quarter of 2020/21 confirmed the continuation of robust recovery and broadening of the recovery momentum from investment towards consumption. During the period, China experienced a quarter on quarter GDP growth rate of 2.6 percent. PMI data also improved from 54.7 to 56.3 which signal that the economy is gaining strength as the pandemic remains broadly under control in China.

7 Section 8.1 - 8.3 are Extracted from Eurpean Central Bank Monthly Bulltein of 7/2020.

82 | Second Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 8.2. Inflation Developments Global inflation remained stable in November. Annual consumer price inflation in member countries of the Organization for Economic Co￾operation and Development (OECD) remained unchanged at 1.2 percent in November. Similarly, annual OECD CPI inflation excluding food and energy stayed 1.6 percent. Global wage and price inflationary pressures are expected to remain contained amid ample spare capacity in most economies. 8.3 Commodity Price Commodity prices have continued to show broad-based increases since the last Governing Council meeting, with oil and non-energy prices increasing by more than 10 percent during the month of December 2020 compare to previous month. The rebound in prices for most commodities is driven by a surge in global demand following the recovery from the COVID-19 shock. Demand from China for metals seems to be particularly strong. Copper prices have also been supported by government programs for renewable infrastructure projects and electric vehicles, which are usually copper- intensive. Food prices have been supported by strong demand as governments stockpile and by supply disruptions as a result of hot and dry weather conditions in South America. 8.4 Exchange rate developments In foreign exchange markets, the euro depreciated slightly in trade-weighted terms. Since 10 December 2020 data, the nominal effective exchange rate of the euro, as measured against the currencies of 42 of the euro area’s most important trading partners, depreciated by 0.7 percent. Regarding bilateral exchange rate developments, the euro depreciated against the pound sterling by 2.8 percent, mainly reflecting the pound’s appreciation following the conclusion of the Brexit process with the announcement of the EU-UK Trade and Cooperation Agreement. Amid stabilization in the global risk sentiment, the euro appreciated slightly against the Swiss franc (by 0.2 percent), while depreciating moderately against the Japanese yen (by 0.7 percent) and the US dollar (by 0.1 percent). The euro weakened against the Turkish Lira (by 5.4 percent) and the Chinese Renminbi (by 1.2 percent) and strengthened against the Brazilian real (by 4.5 percent).

| 83 8.5 Impact of Global Economic Development on Ethiopian Economy During the second quarter of 2020/21, the global economy continued its recovery, but also the momentum slowing down afterwards. Likewise, global inflation remained stable. During the review quarter, the fast depreciation of Birr along with the relative price advantage of domestic economy over trading partners economy resulted in the REER to depreciate by 32.8 percent (The price advantage is highly influenced by Sudan’s rising inflation and REER, excluding Sudan, depreciated by 4.7 percent). Thus, it enhances international competitiveness of the country in global market. On the other hand, the decline in crude oil prices helps the country to save additional payments vis-à-vis relatively higher oil price a year ago, and avoided further suppressing impact on current account balance compared to last year the same period.

STATISTICAL TABLES

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

National Bank of Ethiopia Quarterly Bulletin 86 | Second Quarter 2020/21 Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes

  • Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.90 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Qtr.IV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 2020/21 Qtr.I 560,948.82 124,403.48 170,497.94 33,548.57 136,949.38 154,135.85 24,550.96 129,584.89 4,849.20 107,062.35 Qtr.II 570,333.80 138,864.54 151,544.16 31,702.07 119,842.09 172,023.04 24,979.40 147,043.65 1,013.45 106,888.61

| 87 Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr) End of Period Total (2+3) 1 Reserves Cash in Hand 2 Deposits with NBE 3 Foreign Assets 4 Claims On Gov't 5 Total (7+8+9) 6 Claims on Non-Central Gov't Other Assets 10 Loans & Adv. 7 Invest￾ment 8 Commercial Banks 9 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.70 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.45 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.90 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.40 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 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 54,596.38 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 84,286.51 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 117,120.70 29,406.33 87,714.37 23,973.08 23,123.42 977,370.59 512,299.58 456,233.83 8,837.18 232,194.69 Qtr.III 114,998.82 29,771.00 85,227.82 24,606.29 22,927.78 1,025,047.29 528,438.89 487,766.96 8,841.44 257,616.79 Qtr.IV 136,738.41 31,449.32 105,289.09 35,116.52 28,838.49 1,074,869.20 571,811.98 490,492.71 12,564.51 219,185.38 2020/21 Qtr.I 184,698.60 59,737.43 124,961.18 33,204.14 36,506.06 1,126,390.63 611,983.47 500,592.74 13,814.42 233,131.04 Qtr.II 146,676.51 30,538.49 116,138.02 43,367.05 32,698.32 1,203,355.10 660,534.64 526,006.13 16,814.34 259,022.95

National Bank of Ethiopia Quarterly Bulletin 88 | Second Quarter 2020/21 Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) 1 Non-Central Gov't Deposits Gov't Depos. 6 Foreign Liab. 7 Capital Account Other Liab. 12 Total (3+4+5) 2 Demand 3 Time 4 Saving 5 Total (9+10+11) 8 Capital 9 Legal Reserve 10 Others 11 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.30 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.09 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 Qtr.IV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 2020/21 Qtr.I 1,613,930.46 1,020,322.63 269,917.20 91,583.91 658,821.52 97,699.75 27,650.16 132,885.23 83,326.31 26,401.11 23,157.80 335,372.71 Qtr.II 1,685,119.93 1,069,388.57 282,154.65 89,154.94 698,078.98 109,414.14 30,184.61 133,129.90 86,224.23 27,173.26 19,732.41 343,002.71

| 89 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total Public Enterprise Cooper￾atives Private & Individuals 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.06 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35 Qtr.IV 8,022.54 4,718.27 33,036.37 51,103.50 3,519.43 889.98 46,694.08 7,209.88 104,090.56 2020/21 Qtr.I 8,684.02 2,625.89 33,416.61 51,992.48 4,732.12 5,476.46 41,783.90 7,416.75 104,135.75 Qtr.II 6,225.58 5,639.41 32,913.18 53,384.20 5,038.49 5,560.51 42,785.20 8,170.46 106,332.83

National Bank of Ethiopia Quarterly Bulletin 90 | Second Quarter 2020/21 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't Foreign Advance & Loan Other Liability Items Total N.B.E Others 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.06 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 QIV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 2020/21 - Qtr.I 104,135.75 630.13 126.34 6,731.18 68,456.86 68,395.75 61.10 - 12,071.50 16,119.76 Qtr.II 106,332.83 825.02 126.50 7,014.60 67,464.75 67,416.64 48.11 - 14,134.42 16,767.55

| 91 Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 Quasi￾Money 4 Total Volume (3+4) 5 Total Credit (7+10) 6 Net Claims on Gov't Claims on Non-Cen Gov't 10 Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.15 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.23) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.58 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 Qtr.IV 109,071.81 251,513.71 360,585.51 677,060.82 1,037,646.34 1,257,527.48 137,080.08 195,708.16 (58,628.07) 1,120,447.40 (4,683.72) (15,221.00) 10,537.27 215,197.43 2020/21 Qtr.I 64,666.05 269,917.20 334,583.25 750,405.43 1,084,988.68 1,318,617.97 148,399.05 209,592.74 (61,193.69) 1,170,218.92 (28,149.28) (33,703.26) 5,553.98 205,480.01 Qtr.II 108,326.05 282,154.64 390,480.69 787,233.92 1,177,714.61 1,382,906.89 139,723.41 216,439.24 (76,715.83) 1,243,183.48 (38,577.03) (51,759.47) 13,182.44 166,615.25

National Bank of Ethiopia Quarterly Bulletin 92 | Second Quarter 2020/21 Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 2020/21 Qtr.I 68,222.69 262,629.43 330,852.12 774,418.40 1,105,270.52 1,269,829.10 1,259,155.56 (27,107.75) Qtr.II 86,086.71 278,204.48 364,291.19 771,489.24 1,135,780.43 1,384,289.79 870,228.43 (38,615.60) 1/ Obtained by multiplying each original observation by appropriate index for the month

| 93 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve 6 Gross Reserve 1=2+6 NBE Total 2=3 to 5 Gold 3 Foreign Exc. 4 Others Reserve Tranche Posi. 5 Total Liab. 7=8+9 Comm. Banks 8 NBE 9 Total 10=11+12 NBE 11=2-9 Comm. Banks 12=6-8 2007/08 Qtr.I 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.09 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2017/18 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95770.9 69790.0 15.3 64693.1 4646.3 435.4 25980.8 112814.0 18605.2 94208.8 -17043.1 -24418.7 7375.6 Qtr.II 118262.2 94289.2 19.4 88749.5 5042.0 478.3 23973.1 132890.8 21056.8 111834.0 -14628.6 -17544.8 2916.2 Qtr.III 105013.8 80407.5 316.7 74412.2 5190.3 488.3 24606.3 133916.8 23358.5 110558.3 -28903.0 -30150.8 1247.8 Qtr.IV 147202.8 112086.3 3280.6 102412.1 5868.2 525.4 35116.5 151886.6 24579.2 127307.3 -4683.7 -15221.0 10537.3 2020/21 Qtr.I 153636.7 120432.6 5033.1 108717.2 6119.0 563.3 33204.1 181786.0 27650.2 154135.8 -28149.3 -33703.3 5554.0 Qtr.II 163630.6 120263.6 1868.9 111460.7 6319.0 615.0 43367.0 202207.6 30184.6 172023.0 -38577.0 -51759.5 13182.4

National Bank of Ethiopia Quarterly Bulletin 94 | Second Quarter 2020/21 Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit 1=2+5 Claims on Central Gov't Claims on Non-Central Gov't Total 2=3+4 NBE 3 Comm. Banks 4 Total 5=6+7 Loans & Advances 6 Invest￾ments 7 2007/08 Qtr.I 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.08 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.45 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 QIV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 2020/21 Qtr.I 1,449,866.28 279,647.36 243,141.31 36,506.06 1,170,218.92 669,626.18 500,592.74 Qtr.II 1,524,023.10 280,839.63 248,141.31 32,698.32 1,243,183.48 717,177.35 526,006.13

| 95 Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits 1=2+6 Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total 2=3 to 5 Net Demand Deposit 3 Savings Deposit 4 Time Dep. (30 days & over) 5 Total 6=7+8 National Bank 7 Comm. Banks 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 6,215.84 10,336.00 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 6,682.81 11,766.01 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 6,671.53 10,450.06 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.39 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 Qtr.IV 1,050,842.01 928,845.86 251,513.71 589,445.39 87,886.77 121,996.15 34,529.59 87,466.56 2020/21 Qtr.I 1,151,766.44 1,020,518.13 269,917.20 659,017.03 91,583.91 131,248.31 33,548.57 97,699.75 Qtr.II 1,210,840.93 1,069,724.72 282,154.64 698,415.14 89,154.94 141,116.21 31,702.07 109,414.14

National Bank of Ethiopia Quarterly Bulletin 96 | Second Quarter 2020/21 Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requir￾ments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 Foreign Liabilities Actual Reserve+ Net For. Assets 7=2+4-5 Liqui￾dity Ratio 8 Ratio: Loans Adv.to Dep. 9 Debit Bal￾ance 10 Turn￾Over of Deposit 11 Total 5=6+7 Short Term 6 Long Term 7 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 - 18,746.71 41.22 42.72 76,830.15 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 - 18,498.56 39.61 46.18 82,185.63 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 - 18,208.97 37.21 54.30 90,495.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 - 23,520.23 46.55 56.47 90,493.46 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 - 23,085.01 41.90 54.16 93,429.37 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 - 24,755.30 42.34 52.24 102,943.96 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 - 27,178.78 44.34 50.75 105,249.56 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 - 29,833.87 47.51 52.98 124,300.65 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.09 9,775.09 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.40 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 - 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 97,566.83 14.26 55.87 2,464.99 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 62.54 30,715.28 0.09 Qtr.IV 49,370.84 136,738.41 87,367.57 35,116.52 24,579.24 24,579.24 - 147,275.68 16.61 62.77 (11,125.89) (0.03) 2020/21 Qtr.I 53,516.97 184,698.60 131,181.63 33,204.14 27,650.16 27,650.16 - 190,252.58 19.61 60.67 (31,821.59) (0.08) Qtr.II 57,514.76 146,676.51 89,161.75 43,367.05 30,184.61 30,184.61 - 159,858.95 15.28 59.88 (28,127.24) (0.07)

  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.

| 97 Table 10: Circulating Notes and Coins by Denomination (In Millions of Birr) End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 200 Total Value (Coins) 1 5 10 25 50 100 (coin) 2008/09 Qtr.I 6,788.5 6,591.0 417.0 162.8 2,456.7 3,554.5 13,600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 7,177.9 6,974.0 441.7 259.8 2,514.7 3,757.7 14,952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 7,452.4 7,242.4 459.8 268.9 2,581.7 3,931.9 16,576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 7,034.6 6,818.9 449.0 245.7 2,227.0 3,897.3 17,099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 6,424.3 6,203.5 426.3 231.8 2,023.7 3,521.7 16,612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 6,689.4 6,464.9 458.5 258.6 2,023.7 3,724.2 19,321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 7,727.5 7,497.9 466.2 364.7 2,943.1 3,723.9 20,605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 7,282.1 7,046.3 462.6 356.9 2,842.9 3,383.9 21,530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 7,303.7 6,960.8 482.3 366.6 2,618.5 3,493.4 23,316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 8,178.7 7,835.2 404.1 223.3 3,124.9 4,082.8 25,896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 9,673.9 9,396.0 471.9 310.0 4,012.5 4,601.5 27,803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 8,781.1 8,485.1 482.9 293.4 3,425.0 4,283.8 30,363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 9,219.4 8,912.8 486.5 287.1 3,526.7 4,612.6 29,562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 10,552.7 10,233.0 496.5 287.4 3,563.9 5,885.1 31,503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 13,387.9 13,060.6 661.5 659.5 4,605.1 7,134.5 31,330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 5,100.8 4,767.1 626.3 514.8 1,144.0 2,482.0 40,701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 6,211.5 5,963.9 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 9,019.3 8,764.0 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 11,257.6 10,985.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 11,586.7 11,225.8 659.6 533.0 3,430.7 6,602.4 43,407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 11,262.4 10,893.1 683.6 589.5 3,222.9 6,397.1 39,329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 11,472.5 11,098.5 692.6 609.2 3,321.6 6,475.1 41,023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 11,029.7 10,617.7 659.9 867.2 2,421.4 6,669.2 53,612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 11,108.5 10,683.8 634.9 906.9 2,368.8 6,773.2 53,364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 10,917.9 10,477.9 618.3 964.8 2,339.5 6,555.3 52,928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 12,314.8 11,858.1 602.5 1,097.3 2,550.7 7,607.6 58,526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 12,693.4 12,212.3 589.0 1,161.0 2,695.0 7,767.3 61,776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 12,383.0 11,871.1 557.8 1,177.8 2,675.6 7,459.8 62,975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 12,327.4 11,777.6 538.9 1,209.0 2,725.7 7,304.0 62,536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 12,863.1 12,272.6 507.3 1,306.8 2,885.2 7,573.2 65,084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 12,624.2 11,979.8 479.6 1,325.7 2,807.1 7,367.4 67,752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 QIV 13,164.0 12,466.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 14,241.1 13,500.0 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 QII 15,014.6 14,224.9 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 QIII 15,312.7 14,470.9 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 QIV 15,442.8 14,554.8 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 15,423.3 14,497.0 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 QII 16,995.0 16,025.5 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 QIII 17,419.4 16,400.5 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5 QIV 17,568.5 16,508.1 384.1 1,467.8 3,512.8 11,143.4 95,512.5 1,060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 17,125.8 16,038.5 380.4 1,464.1 3,497.5 10,696.4 93,919.9 1,087.3 0.8 41.4 99.8 73.2 119.9 752.2 QII 18,732.9 17,612.0 378.1 1,525.6 3,764.1 11,944.2 101,784.7 1,120.9 0.8 41.5 99.7 73.5 120.5 784.9 QIII 18,695.3 17,551.8 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5 QIV 18,185.2 17,022.6 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 18,032.3 16,859.3 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 QII 18,740.4 17,559.4 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 QIII 19,935.3 18,743.4 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 19,859.4 18,664.8 375.8 1,674.6 4,389.0 12,225.4 120,817.5 1,194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 18,165.6 16,968.7 375.8 1,520.3 4,430.4 10,642.3 106,393.0 0.0 1,196.9 0.8 41.4 99.4 73.1 123.3 858.7 Qtr.II 82,325.3 81,125.6 373.0 1,538.1 6,611.0 15,844.8 56,691.9 56,758.8 1,199.7 0.8 41.4 99.4 73.1 123.2 861.7

National Bank of Ethiopia Quarterly Bulletin 98 | Second Quarter 2020/21 Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: CBEs/ Discount Rate/ 10.5 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates Deposit rates Through Septem￾ber 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 and maturity 12 12 Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by ownership and maturity 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 Sep.16, 1996- Dec. 31, 1997 Jan. 1, 1998- Mar. 3, 2002 Mar. 4, 2002- 01/08/2002 Aug. 2002 to 07/02/2005 08/02/2005 04/07/2007 04/07/2007 30/11/2010 01/12/2010 to 10-Oct-2017 11/10/2017 to todate 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

| 99 Table 12: Government Internal Debt by Holder (In Millions of Birr) End of Period Total Gov't Indebt-ed￾ness 1=2+6+9 National Bank of Ethiopia Commercial Banks Others NBE Total 2=3 to 5 Direct Advance 3 Gov't Bonds Non-inter￾est bearing 4 Interest bearing 5 Comm. Banks Total 6=7+8 Gov't Bonds 7 Treasury Bills 8 Others Total 9=10+11 Gov't Bonds 10 Treasury Bills 11 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 377,411.83 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 150,050.66 18.10 150,032.56 Qtr.III 400,742.18 221,237.75 214,264.95 6,968.80 4.00 22,927.78 22,927.78 - 156,576.66 18.10 156,558.56 Qtr.IV 447,118.02 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 167,470.66 18.10 167,452.56 2020/21 Qtr.I 453,775.98 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 174,128.62 18.10 174,110.52 Qtr.II 469,642.92 248,141.31 49,778.66 6,097.70 192,264.95 32,698.32 23,341.82 9,356.50 188,803.30 18.10 188,785.20

National Bank of Ethiopia Quarterly Bulletin 100 | Second Quarter 2020/21 Table 13. General Government Revenue Quarterly and Annual (In million Birr) Ethiopian fiscal year 2012 2013 Fiscal year ending July 7 2019/20 2020/21 Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon (QI) 6mon (QII) Tax revenue 311,067.9 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 311,476.5 70,181.9 374,730.1 82,539.4 121,640.4 Direct taxes 127,778.3 27,968.8 74,812.5 46,843.7 102,822.5 28,010.0 132,214.5 29,392.1 140,803.1 34,201.6 66,331.3 Income and profits tax 124,751.6 27,315.0 73,381.0 46,066.0 100,643.8 27,262.8 129,479.3 28,835.5 136,710.7 33,154.0 65,243.0 Personal income 44,392.5 9,169.6 22,964.8 13,795.2 35,965.2 13,000.4 49,869.6 13,904.3 55,133.8 13,232.5 20,060.1 Rental income tax 2,556.5 1,049.6 2,318.6 1,269.0 2,476.5 157.9 2,612.2 135.7 3,231.2 1,170.1 1,548.5 Business profits 65,411.5 14,246.5 42,088.1 27,841.6 52,963.0 10,875.0 64,664.1 11,701.1 57,750.9 16,148.3 40,288.9 Withholding income tax on imports 3,806.8 1,208.3 2,511.4 1,303.1 3,851.7 1,340.3 4,892.7 1,041.0 5,945.4 1,232.9 1,213.5 Agriculture income 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 660.3 10.5 133.8 Other income 5,388.2 984.2 2,152.0 1,167.8 2,947.5 795.5 4,347.0 1,399.4 10,928.8 689.3 1,113.8 Interest income tax 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 2,132.2 468.6 2,565.9 629.5 824.0 Capital gains tax 860.6 98.3 159.0 60.7 523.6 364.6 596.3 72.7 494.5 40.9 60.4 Rural land use fee 560.7 15.3 65.5 50.2 238.5 173.1 358.0 119.5 450.7 17.6 118.0 Urban land lease fee 2,465.9 638.6 1,366.0 727.4 1,940.1 574.1 2,377.3 437.2 3,641.7 1,030.0 970.3 0.0 Domestic indirect taxes 91,956.4 20,490.4 41,054.6 20,564.1 59,807.0 18,752.4 78,886.5 19,079.5 112,547.5 22,028.8 28,755.8 Sales/TOT/excise taxes 45,973.6 9,425.5 18,017.1 8,591.6 26,377.7 8,360.6 35,454.8 9,077.1 60,840.0 11,458.3 14,755.9 Petroleum products 688.3 140.9 323.1 182.2 358.2 35.1 398.2 40.0 863.2 33.8 97.3 Alcohol and tobacco 8,826.5 1,988.8 4,661.9 2,673.0 6,485.8 1,824.0 9,657.7 3,171.8 12,055.8 2,601.5 4,456.8 Other goods 36,458.8 7,295.8 13,032.1 5,736.4 19,533.7 6,501.5 25,398.9 5,865.2 47,920.9 8,823.0 10,201.9 Services TOT/ sales tax 43,707.3 10,453.2 21,399.5 10,946.3 31,013.8 9,614.2 40,264.6 9,250.8 47,743.5 9,853.3 12,977.9 Stamp duties 2,275.4 611.7 1,637.9 1,026.2 2,415.5 777.6 3,167.1 751.5 3,964.1 717.1 1,021.9 0.0 Import duties and taxes 91,333.3 25,062.9 51,680.4 26,617.4 78,665.1 26,984.7 100,375.4 21,710.3 121,379.5 26,309.0 26,553.3 Custom duties 31,303.5 8,632.5 17,603.9 8,971.4 26,846.9 9,243.0 34,060.5 7,213.6 44,995.9 9,078.3 9,322.5 Sales/excise taxes 42,430.6 11,583.8 24,042.2 12,458.4 36,383.1 12,340.9 46,560.0 10,176.8 51,611.1 12,084.0 12,111.4 Petroleum products 2,284.3 726.9 1,584.2 857.3 2,248.8 664.7 3,025.3 776.4 3,891.7 497.2 624.5 Alcohol and tobacco 445.9 124.1 217.8 93.6 309.7 91.9 356.0 46.4 825.0 128.2 90.3 Other imports 39,700.4 10,732.8 22,240.2 11,507.5 33,824.6 11,584.4 43,178.7 9,354.0 46,894.4 11,458.5 11,396.5 Surtax on imports 17,599.1 4,846.6 10,034.3 5,187.7 15,435.1 5,400.8 19,755.0 4,319.9 24,772.5 5,146.7 5,119.5 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 54,136.2 12,795.2 20,049.4 7,254.2 26,681.1 6,631.7 42,836.3 16,155.2 65,598.4 15,725.4 8,489.4 Charges and fees 3,492.5 1,085.0 2,222.8 1,137.7 3,400.7 1,177.9 4,095.2 694.5 3,800.2 507.4 1,212.6 Sales of goods & services 4,474.2 1,201.5 2,580.2 1,378.7 4,195.0 1,614.8 5,794.2 1,599.2 6,223.0 871.5 1,594.5 Residual surplus, capital charge, interest 0.0 payments and state dividend 19,454.4 7,152.5 8,018.9 866.4 8,443.9 425.0 17,488.90 9,045.0 23,055.6 11,486.7 441.1 Reimbursement & property sales 543.4 25.7 159.1 133.4 178.8 19.7 203.38 24.6 524.1 144.3 53.6 Miscellaneous 10,619.2 2,003.9 3,677.1 1,673.2 5,889.0 2,211.9 7,199.78 1,310.8 12,656.5 1,711.7 3,271.9 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 15,552.5 1,326.5 3,391.3 2,064.8 4,573.7 1,182.3 8,054.9 3,481.2 19,339.0 1,003.9 1,915.7 Total revenue 365,204.1 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 354,312.8 86,337.1 440,328.5 98,264.8 130,129.9 External grants 36,793.6 4,083.9 9,365.4 5,281.6 14,442.3 5,076.9 40,653.0 26,210.7 45,440.1 11,237.6 11,688.7 Grants in kind/earmarked 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,779.7 5,203.7 5,459.5 Untied cash & CPF/grants 17,998.8 324.9 1,283.6 958.7 1,285.9 2.3 22,797.9 21,512.0 20,660.4 6,033.8 6,229.2 0.0 Total revenue and grants 401,997.7 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 394,965.8 112,547.8 485,768.6 109,502.4 141,818.6

| 101 Table 14. General Government Quarterly Expenditure Ethiopian fiscal year 2012 2013 Fiscal year ending July 7 2019/20 2020/21 Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3 Mon(QI) 6Mon(QII) A. Capital Expenditure Economic development 145,030.4 22,862.7 51,179.8 28,317.1 78,260.3 27,080.5 132,629.1 54,368.8 168,099.0 23,577.2 38,993.6 Agriculture 20,861.6 3,888.9 8,652.0 4,763.1 13,675.0 5,023.0 22,383.73 8,708.8 22,672.1 6,421.7 9,749.2 Natural Resource 30,003.2 2,726.1 7,153.8 4,427.7 11,280.1 4,126.3 22,116.65 10,836.6 33,821.7 1,916.2 5,157.4 o/w: Water 29,957.3 2,724.0 7,071.8 4,347.8 11,273.4 4,201.6 21,921.86 10,648.5 30,066.6 1,839.9 3,548.1 Mines & Energy 49.8 2.5 15.6 13.1 23.6 8.0 34.64 11.1 59.4 402.3 361.7 Trade, Industry & Tourism 6,790.8 155.4 1,011.5 856.1 2,036.2 1,024.7 4,545.58 2,509.3 7,255.5 578.9 626.1 Urban dev't & housing 25,269.8 4,504.0 10,148.7 5,644.7 15,331.9 5,183.3 26,837.44 11,505.5 29,008.8 2,858.9 6,091.8 Road construction 57,637.5 11,311.1 21,974.5 10,663.4 32,503.1 10,528.6 51,429.14 18,926.0 70,137.9 11,164.4 16,113.3 Transport & communication 4,417.7 274.7 2,223.8 1,949.1 3,410.4 1,186.6 5,281.95 1,871.5 5,143.5 234.9 894.0 Social Development 51,314.6 10,759.9 22,661.2 11,901.3 31,965.7 9,304.5 51,316.1 19,350.4 61,251.9 8,312.4 14,964.8 Education 29,380.8 8,207.8 14,312.5 6,104.7 19,854.0 5,541.5 33,203.5 13,349.5 33,432.9 4,356.4 7,704.4 Health 15,626.4 2,116.4 6,882.8 4,766.3 10,354.1 3,471.3 15,019.3 4,665.2 21,848.3 3,523.8 6,028.3 Socail welfare 1,445.1 46.9 359.8 312.9 651.7 291.8 989.9 338.2 1,827.7 167.2 261.5 Culture & sport 4,862.3 388.7 1,106.1 717.4 1,105.9 2,103.4 997.5 4,143.0 265.1 970.6 General Development 22,926.5 1,887.6 5,061.0 3,173.4 8,448.4 3,387.4 20,231.0 11,782.5 28,972.1 1,422.2 6,171.3 Compensation payments 0.0 External assistance 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,779.7 5,203.7 5,459.5 Sub Total Capital Expenditure 219,271.5 35,510.1 78,902.0 43,391.9 118,674.4 39,772.4 204,176.1 85,501.7 258,322.9 33,311.8 60,129.7 B. Current Expenditure General Services 77,008.6 15,035.1 37,075.7 22,040.7 59,840.1 22,764.4 89,920.2 30,080.1 89,164.4 18,506.7 41,117.5 Organ of the State 12,632.8 2,332.1 5,858.3 3,526.2 9,894.5 4,036.2 15,302.1 5,407.6 14,761.4 2,675.3 6,551.3 Justice 8,575.5 1,590.9 4,808.7 3,217.8 7,926.9 3,118.2 10,377.0 2,450.1 11,361.5 1,890.3 3,484.9 Defence 15,000.0 3,586.8 7,443.2 3,856.4 12,131.0 4,687.7 16,908.2 4,777.3 16,500.0 1,937.8 16,451.3 Public order & security 20,581.8 3,875.7 8,984.3 5,108.6 14,226.8 5,242.5 24,174.2 9,947.4 23,719.3 7,091.6 4,816.0 Other General services 20,218.5 3,649.5 9,981.2 6,331.6 15,661.0 5,679.9 23,158.7 7,497.7 22,822.3 4,911.6 9,814.1 Economic Services 37,281.8 5,523.7 15,131.6 9,607.9 23,563.2 8,431.6 36,323.1 12,759.9 42,675.5 7,824.3 13,120.9 Agriculture&natural resource 24,511.7 3,359.1 9,753.6 6,394.5 14,930.4 5,176.8 23,198.7 8,268.3 28,137.2 5,044.8 8,005.7 Agriculture 19,298.3 2,967.6 7,360.7 4,393.2 11,453.5 4,092.8 17,895.3 6,441.7 23,283.2 4,536.5 6,406.3 Natural resource 5,213.4 391.5 2,392.8 2,001.3 3,476.9 1,084.1 5303.5 1,826.6 4,854.0 508.3 1,599.5 o/w: Water 5,128.5 349.8 1,760.0 1,410.2 2,577.4 817.4 4753.4 2,176.0 4,569.7 446.8 1,549.8 Trade, Industry & Tourism 6,595.2 1,199.7 3,173.0 1,973.3 5,127.0 1,954.0 7,795.5 2,668.6 6,370.0 1,381.6 2,487.1 Mines & Energy 192.4 48.2 102.0 53.8 148.3 46.2 188.8 40.5 233.7 73.4 96.0 Tourism 0.0 111.4 158.2 200.5 Transport & communication 1,497.1 146.9 355.6 208.7 585.6 230.0 927.3 341.7 2,411.5 186.3 865.6 Urban devt. & construction 3,387.4 615.3 1,527.1 911.8 2,348.3 821.2 3667.0 1,318.7 4,672.7 814.6 1,284.8 o/w: Road Construction 1,361.6 305.4 856.3 550.9 1,298.6 442.4 2029.5 730.8 2,008.7 459.0 457.5 Economic development studies 1,098.0 154.5 220.3 65.8 423.7 203.4 545.8 122.1 738.9 165.5 181.1 Social Services 114,933.3 22,659.6 54,534.3 31,874.7 84,026.8 29,492.5 130,356.0 46,329.2 158,327.1 29,828.8 47,393.5 Education & training 80,686.1 15,491.1 37,667.7 22,176.6 58,395.8 20,728.1 86,411.4 28,015.7 103,759.0 20,804.9 31,450.7 Culture & sports 3,539.6 563.1 1,251.7 688.6 2,006.2 754.4 2,817.6 811.4 3,199.3 603.0 755.1 Public health 29,071.1 4,138.9 11,735.4 7,596.5 19,227.6 7,492.2 33,464.7 14,237.1 37,521.0 6,428.1 11,570.5 Labour & social welfare 1,011.8 240.9 644.7 403.8 1,042.5 397.9 1,878.2 835.6 2,050.9 367.3 277.3 Rehabilitation 624.7 2,225.6 3,234.8 1,009.2 3,354.7 119.9 5,784.0 2,429.3 11,796.8 1,625.6 3,339.8 Interest & Charges 17,407.8 8,106.3 6,990.8 -1,115.5 11,341.6 4,350.8 13,481.1 2,139.5 19,765.1 1,819.1 9,090.5 Internal debt 9,351.2 6,746.2 3,658.4 -3,087.8 6,376.0 2,717.6 6,366.5 -9.5 10,012.5 988.5 6,586.0 External debt 8,056.6 1,360.0 3,332.3 1,972.3 4,965.6 1,633.2 7,114.6 2,149.0 9,752.6 830.6 2,504.5 O/w: defence commercial 0.0 Miscellaneous 24,422.6 826.2 2,414.4 1,588.2 3,934.1 1,519.6 5,886.6 1,952.5 14,002.8 1,163.1 2,387.4 External assistance * 0.0 Sub Total Current Expenditure 271,054.2 52,150.8 116,146.9 63,996.0 182,705.8 66,559.0 275,967.0 93,261.2 323,934.9 59,142.1 113,109.8 Grand Total Expenditure 490,325.7 87,660.9 195,048.9 107,388.0 301,380.3 106,331.4 480,143.2 178,762.9 582,257.9 92,453.9 173,239.5

  • Estimated value Re = First Quarter Capital part is reviesed

National Bank of Ethiopia Quarterly Bulletin 102 | Second Quarter 2020/21 Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons) End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 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 QIII 141,900.1 9,393.6 10,290.6 19,684.2 659,674.5 840,942.9 QIV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2020/21 Qtr.I 145,183.0 8,195.6 12,300.0 20,495.6 613,828.1 800,002.4 QII 176,894.5 6,914.5 15,500.0 22,414.5 630,617.5 852,341.0

| 103 Table 16 : GDP By Economic Activity at Constant Prices (In millions of Birr) Sectors/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 Crop 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 Animal Farming and Hunting 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 Forestry 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 Fishing 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,614.0 Mining and Quarrying 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 Manufacturing 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 Large and Medium Scale Manufacturing 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 Small Scale and Cottage Industries 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 Electricity and Water 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 Construction 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 Whole Sale and Retail Trade 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 Hotels and Restaurants 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 Transport and Communications 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,579.6 Financial Intermediation 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,290.3 Real Estate, Renting and Business Activities 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 Public Administration and Defense 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 Education 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 Health and Social Work 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 Other Community , Social & Personal Services 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 Private Households with Employed Persons 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 Total 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 2,014,046.2 Less : FISIM 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,527.2 Gross Value Added at Constant Basic Prices 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 1,989,519.0 Taxes on Products 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,603.2 GDP at Constant Market Prices 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 Source:MoFED

National Bank of Ethiopia Quarterly Bulletin 104 | Second Quarter 2020/21 Table 17 : Growth Rate Of GDP By Economic Activity at Constant Prices ( In percent) Industry/Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 Crop 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 Animal Farming and Hunting 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 Forestry 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 Fishing 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2 Mining and Quarrying 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 Manufacturing 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 Large and Medium Scale Manu￾facturing 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 Small Scale and Cottage Industries 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 Electricity and Water 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 Construction 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 Whole Sale and Retail Trade 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 Hotels and Restaurants 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 Transport and Communications 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.1 Financial Intermediation 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 Real Estate, Renting and Business Activities 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 Public Administration and Defense 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 Education 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 Health and Social Work 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 Other Community , Social & Person￾al Services 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 Private Households with Employed Persons 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 Total 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 Less : FISIM 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.3 Gross Value Added at Constant Basic Prices 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 6.1 Taxes on Products 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 GDP at Constant Market Prices 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 Source:MoFED

| 105 Table 18: GDP by Economic Activity at Current Prices (In million Birr) Industry/Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 1,196,254 Crop 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 797,016 Animal Farming and Hunting 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 303,074 Forestry 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 96,164 Fishing 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 3,720 Mining and Quarrying 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 9,643 Manufacturing 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 178,972 Large and Medium Scale Manufacturing 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 125,758 Small Scale and Cottage Industries 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 53,215 Electricity and Water 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 23,827 Construction 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 567,201 Whole Sale and Retail Trade 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 444,506 Hotels and Restaurants 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 79,304 Transport and Communications 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 140,237 Financial Intermediation 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 102,426 Real Estate, Renting and Business Activities 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 154,804 Public Administration and Defense 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 120,236 Education 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 94,199 Health and Social Work 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 34,928 Other Community , Social & Personal Services 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 33,306 Private Households with Employed Persons 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 38,264 Total 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 3,221,829 Less : FISIM 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 38,830 Gross Value Added at Current Basic Prices 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 3,182,998 Taxes on Products 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 191,351 GDP at Current Market Prices 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 3,374,349 Source: MoFED

National Bank of Ethiopia Quarterly Bulletin 106 | Second Quarter 2020/21 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Sectors/Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 Crop 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 Animal Farming and Hunting 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 Forestry 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 Fishing 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 23.2 Mining and Quarrying 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 Manufacturing 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 Large and Medium Scale Manufacturing 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 Small Scale and Cottage Industries 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 2.6 Electricity and Water 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 Construction 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 9.9 Whole Sale and Retail Trade 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 Hotels and Restaurants 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 2.2 Transport and Communications 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.4 Financial Intermediation 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 10.2 Real Estate, Renting and Business Activities 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 Public Administration and Defense 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 Education 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 Health and Social Work 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 Other Community , Social & Personal Services 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 Private Households with Employed Persons 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 Total 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.2 Less : FISIM 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.0 Gross Value Added at Current Basic Prices 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 GDP at Current Market Prices 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 Source: MoFED

| 107 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) Description / Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Gross Value Added at Current Basic Prices 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,182,998.0 Taxes on Products, net 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.0 GDP at Current Market Prices 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,349.0 Incomes from ROW, net (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (18,270.0) Gross National Income at Current Basic Prices 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,728.0 Gross National Income at Current Market Prices 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,356,079.5 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 218,029.0 Gross National Disposable Income 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,574,109.0 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769.0 Private Final Consumption Expenditure 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896.0 Gross Capital Formation (Investment) 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685.0 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229.0 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230.0 Resource Balance (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (332,001.0) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 705684 Gross National Savings 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 905,444.0 Mid-year Population (In Million) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,845.0 Per Capita Real GDP (In Birr) 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,153.1 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,287.5 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,660.0 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 Per Capita Real GDP (In USD) 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 GDP Deflator 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 Source: Planning commission

National Bank of Ethiopia Quarterly Bulletin 108 | Second Quarter 2020/21 Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) Description / Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 GDP at Current Basic Prices 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products, net 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 GDP at Current Market Prices 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.4 Incomes from ROW, net 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) (10.5) Gross National Income at Current Basic Price 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.5 Gross National Income at Current Market Price 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.5 Current Transfers from ROW, net 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (3.6) Gross National Disposable Income 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 23.2 Government Final Consumption Expenditure 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.4 Private Final Consumption Expenditure 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.7 Gross Capital Formation (Investment) 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 9.4 Exports of Goods and Services 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.0 Imports of Goods and Services 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.7 Resource Balance (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) 4.6 Gross Domestic Savings 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.5 Gross National Savings 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 12.5 Mid-year Population (in Million) 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 2.2 Per Capita GDP (Birr) (Nominal) 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 Per Capita GDP (Birr) (Real) 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 Average Exchange Rate (Birr/USD) 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 Real GDP (USD) 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) GDP at Current Market Prices(USD) 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.2 Per Capita GDP (USD) (Nominal) 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 Per Capita GDP (USD) (Real) 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) Percentage Change in GDP Deflator 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 Source:Planning commission

| 109 Table 22(A): National Non-Food Consumer Price Index, 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 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 Source: Central Statistical Agency(CSA) and NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 110 | Second Quarter 2020/21 Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 Source: CSA and NBE Staff Compilation.

| 111 Table 22 (C): Addis Ababa Non-Food Consumer Price Index , 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 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 Source: Central Statistical Agency(CSA) and NBE Staff Compilation.

National Bank of Ethiopia Quarterly Bulletin 112 | Second Quarter 2020/21 Table 22(D): Addis Ababa Food Consumer Price Index December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate 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 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 189.5 205.4 187.4 162.5 155.9 155.8 186.6 176.0 142.1 291.5 157.0 Source: Central Statistical Agency & NBE staff Compilation

| 113 Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household 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 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.3 187.3 151.9 140.9 172.6 133.4 172.7 116.8 218.4 104.6 209.7 122.1 168.0 153.3 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 114 | Second Quarter 2020/21 Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip￾ment and Routine Mainte￾nance 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 75.172 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 77.366 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 78.770 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 Source: Central Statistical Agency

| 115 Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household 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 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 116 | Second Quarter 2020/21 Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 Source: Central Statistical Agency

| 117 Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 118 | Second Quarter 2020/21 Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,- Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 Source: Central Statistical Agency

| 119 Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip￾ment 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 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 120 | Second Quarter 2020/21 Table 22 (E8): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Rou￾tine 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 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 Source: Central Statistical Agency

| 121 Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electric￾ity,Gas and Other Fuels Furnishings, House￾hold 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 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 122 | Second Quarter 2020/21 Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alco￾holic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot￾wear Housing,Water,Elec￾tricity,Gas and Other Fuels Furnishings, House￾hold Equipment and Routine Mainte￾nance 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 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency

| 123 Table 22 (F1): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alco￾holic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confection￾ery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 124 | Second Quarter 2020/21 Table 22 (F2): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate 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 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 Source: Central Statistical Agency

| 125 Table 22 (F3): Regional States’ Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 126 | Second Quarter 2020/21 Table 22 (F4): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 Source: Central Statistical Agency

| 127 Table 22 (F5): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food products Non-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 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 128 | Second Quarter 2020/21 Table 22 (F6): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate 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 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 Source: Central Statistical Agency

| 129 Table 22 (F7): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate 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 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 130 | Second Quarter 2020/21 Table 22 (F8): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 Source: Central Statistical Agency

| 131 Table 22 (F9): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate 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 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 132 | Second Quarter 2020/21 Table 22 (F10):: Regional States’ Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate 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 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency

| 133 Table 23 A: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Continents “Country of Destination” 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Africa Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 Somali Land - - - - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 21.9 19.7 18.0 Europe Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 Yugoslavia - - - - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 27.0 28.0 39.8 America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 163.0 77.1 - Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 Cuba - - - 325.5 15,043.2 - - - - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 10.6 11.8 8.8 Asia China, Mainland 3,330,807.6 4,764,263.2 5,167,985.4 5,682,920.3 8,071,388.2 6,145,483.9 7,498,265.1 5,111,009.8 4,754,322.7 3,152,537.0 2,538,974.1 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 39.6 39.7 32.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 0.8 0.8 0.6 Unspecified - - - - 0 Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia

National Bank of Ethiopia Quarterly Bulletin 134 | Second Quarter 2020/21 Table 23 B: Direction of Trade** (in millions of USD) Country of Origin 2018/19 2019/20 2020/21 Percentage Change QI QII QIII QIV QI QII QIII QIV QI QII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Y Z A B C D E F G H I J K L M N O P Q R S=Q/I T=R/J Africa: Djibouti 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 26.3 5.3 27.5 4.7 29.4 20.5 21.0 22.8 20.8 16.0 (24.2) 237.3 Egypt 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 1.0 51.4 2.8 95.3 0.7 102.3 1.4 42.4 1.6 61.9 (44.6) (35.1) Ghana 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 0.1 0.0 0.1 0.3 0.0 0.1 0.4 0.1 0.1 25.5 (100.0) Kenya 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 4.8 41.3 2.3 17.4 1.4 13.7 1.9 12.0 2.2 11.6 (2.0) (33.4) Libia - - - - - - - - - - - - - - - - - - - - - - Morocco 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 0.1 0.4 - 284.7 0.3 140.1 0.5 1.4 0.9 0.3 - (99.9) Nigeria 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 1.7 0.1 5.4 0.1 0.9 0.0 3.2 0.0 0.5 0.0 (90.1) (60.4) Ruwanda 1.1 0.0 0.2 0.0 0.1 - 0.0 - 0.1 0.0 0.1 0.0 - 0.1 0.5 - 0.6 - 782.2 (100.0) Somali Land - 0.1 - 0.1 - 0.4 - 0.0 - 0.3 - 0.1 - 0.1 - 0.0 - 0.1 - 0.0 0.0 (98.6) Somalia 70.0 - 66.7 - 59.4 - 61.1 - 78.7 - 48.1 - 47.3 - 56.6 - 34.5 - 33.5 - (29.2) - South Africa 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.1 54.7 2.2 64.0 1.6 29.9 1.6 40.3 0.9 28.2 (58.6) (55.9) Sudan 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 17.9 5.8 20.4 19.1 20.0 22.2 23.2 19.4 19.3 6.6 (5.7) (65.3) Tanzania 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 0.0 1.8 1.1 0.9 1.0 2.3 0.9 0.4 0.0 0.4 (100.0) (50.6) Uganda 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.2 0.1 0.1 0.3 0.7 0.2 1.1 110.9 359.4 Zambia 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 0.3 0.0 - 0.0 1.8 0.0 2.2 0.2 0.4 - (78.8) (100.0) Zembabwe 0.1 0.0 0.1 0.0 0.1 - 0.0 - 0.0 0.2 0.0 0.3 0.0 - 0.4 0.1 1,511.2 (35.7) Others 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 30.2 1.3 43.8 19.7 17.8 1.0 61.8 3.1 66.6 1.2 52.1 (93.9) Total 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 131.4 162.4 154.8 506.9 129.7 332.8 153.2 143.0 148.0 127.7 (4.4) (74.8) %Share Of Continent 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 20.40 3.42 23.28 4.25 20.43 13.98 13.76 12.38 18.36 4.11 20.49 3.85 0.31 (72.49) Europe: Austria 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 0.0 7.3 0.0 6.3 0.0 3.0 0.0 6.0 0.0 2.9 101.5 (54.1) Belgium 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 12.5 79.8 21.2 90.9 24.4 27.2 20.7 20.3 14.7 33.7 (30.8) (62.9) Bulgaria 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 0.3 8.9 1.3 0.3 0.5 0.5 0.6 10.2 0.5 0.7 (65.6) 123.9 Cyprus 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 - 3.1 0.3 1.4 0.3 0.7 - 1.6 - 1.1 (100.0) (21.0) Czech Republic 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 - 1.9 0.0 9.5 0.0 1.1 0.0 1.4 0.0 1.4 (70.9) (85.2) Slovakia 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 0.0 0.4 0.0 0.9 - 0.4 - 0.4 0.0 0.1 0.0 0.1 0.0 (63.7) Denmark 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 0.2 13.2 0.2 13.4 0.2 7.1 0.3 18.7 0.2 3.9 (20.7) (71.0) Finland 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 0.0 0.3 1.1 0.6 2.4 1.2 0.0 0.5 0.0 0.8 (96.2) 25.5 France 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 9.3 56.9 5.4 31.0 7.5 133.5 5.5 50.8 4.4 36.3 (19.3) 17.1 Germany 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 33.2 95.5 36.7 75.7 41.6 57.1 29.8 74.5 22.9 58.1 (37.7) (23.2) Greece 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 0.8 1.8 1.1 2.5 1.2 0.9 0.8 1.6 1.1 1.1 7.8 (57.8) Hungary 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 0.0 4.1 0.1 1.7 0.1 4.3 0.3 3.0 - 5.4 (100.0) 213.7 Ireland 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 0.1 12.9 0.1 8.4 0.0 6.6 0.0 10.2 0.0 6.6 (44.0) (21.2) Italy 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 9.2 63.5 7.2 76.9 16.7 50.9 10.8 83.3 8.1 94.0 12.9 22.1 Netherlands 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 65.5 22.3 82.5 23.7 79.2 13.5 78.7 31.8 79.9 23.8 (3.2) 0.4 Norway 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 2.9 0.7 2.8 3.0 3.0 0.3 2.2 1.9 2.8 0.4 0.0 (87.8) Poland 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.3 12.8 0.1 5.0 0.2 4.2 0.2 8.8 0.1 22.2 20.6 340.1 Portugal 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 1.2 0.8 1.7 2.6 1.0 1.1 1.2 2.7 2.9 0.7 63.3 (72.8) Rumania 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 0.3 12.2 0.3 0.5 0.1 0.2 0.0 30.9 0.2 0.3 (37.8) (49.8) Spain 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 3.7 28.6 3.7 17.5 3.4 17.1 4.6 15.7 3.2 13.9 (12.0) (20.6) Sweden 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 1.0 9.1 1.8 3.7 1.5 14.9 1.4 3.1 1.3 11.4 (24.0) 210.2 Switzerland 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 7.8 5.1 14.4 6.7 169.6 28.4 204.4 5.8 132.7 29.4 820.6 336.3 Turkey 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 8.2 176.0 13.5 158.0 8.5 126.6 4.9 375.5 7.0 147.2 (48.3) (6.8) Ukraine 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 0.2 106.0 0.3 40.0 0.3 52.0 0.4 29.1 0.6 146.9 91.5 267.5 United Kingdom 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 6.5 133.6 8.8 30.0 8.0 80.6 9.1 53.3 6.2 79.8 (29.8) 165.8 Russia 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 2.2 9.8 3.5 5.5 2.5 9.5 3.3 4.0 3.0 29.7 (15.8) 441.2 Yugoslavia - - - - - - - - - - - - - - - - - - - - - - Others 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 6.2 3.6 15.4 10.0 17.7 2.5 2.9 4.9 1.7 10.5 (88.7) 6.0 Total 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 171.5 870.8 223.5 625.4 389.7 645.5 382.2 849.5 293.4 762.2 31.3 21.9 %Share Of Continent 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 30.19 23.61 30.40 22.80 29.50 17.25 41.33 24.01 45.79 24.41 40.63 22.95 37.72 33.05 America: Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 - 4.2 - 21.2 - 7.7 - 50.7 Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 3.6 4.3 3.9 28.1 (7.0) 5.7 Cuba - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - - - - - 0.0 - (80.3) Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 0.6 0.8 0.0 3.2 (94.1) 2.0 United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 59.0 157.5 40.6 211.6 (12.2) (29.4) Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 1.5 4.9 0.7 3.3 (97.6) (96.8) Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 64.7 188.7 45.3 253.9 (44.4) (42.0) %Share Of Continent 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 9.66 9.51 10.74 12.07 10.52 6.53 7.75 5.42 0.00 7.64 (100.00) (36.66) Asia: China, Mainland 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 13.1 918.0 15.9 890.0 (31.8) (0.5) China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 5.2 17.8 2.7 12.1 (18.3) (10.1) Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 3.7 18.2 3.4 12.4 (35.8) 811.1 India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 9.6 569.7 15.1 457.9 36.0 59.8 Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 6.6 111.0 6.5 85.4 (12.0) 5.6 Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 18.0 3.1 16.9 4.4 (53.4) (26.6) Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 20.9 32.2 15.6 27.8 (38.4) (14.2) N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.9 0.0 0.3 0.0 1.9 521.7 4,655.1 S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 15.2 41.0 8.8 44.1 (44.3) (0.6) Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 1.4 116.0 1.0 0.3 34.2 (99.8) Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 0.2 0.2 0.1 0.5 (91.3) 463.4 Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 1.9 125.5 2.3 105.7 750.1 190.6 Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 5.4 8.2 3.1 13.1 (43.3) 122.0 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 53.3 60.2 45.9 72.2 (17.4) (40.7) Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 6.2 104.2 15.2 2.4 (7.6) (97.9) Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 9.5 1.3 6.9 0.7 2.9 9.2 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 0.4 25.1 0.0 71.9 (96.4) 139.1 UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 32.0 115.1 48.3 348.8 1.6 80.1 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 24.5 25.9 24.1 24.1 (27.6) (52.2) Total 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 227.1 2,292.8 231.7 2,175.8 (21.4) 6.0 %Share Of Continent 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 27.21 65.88 32.08 65.50 (17.56) 15.71 Oceania: Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 6.2 5.5 1.5 1.2 (37.4) (43.2) Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 1.2 0.9 2.3 0.9 236.6 (42.7) Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 7.5 6.3 3.8 2.0 22.0 (43.0) % Share Of Continent 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 0.89 0.18 0.53 0.06 27.92 (37.76) Unspecified Unspecified - - - - - - - - - - - - - - - - - - - - Grand Total Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.7 834.7 3,480.3 722.3 3,321.7 (4.7) (8.4) Source: Ethiopian 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 Ethiopian Revenues and Customs Authority, while export data includes electricity export

| 135 Table 24: Volume of Exports, by Major Commodity Groups ( In metric tone) Period 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 2018/19 January 11,181.3 26,518.6 321.3 47,164.1 1,627.9 13,776.4 2,503.3 0.0 - 845.6 3,929.1 - 16.0 8.0 70.9 1,617.8 February 16,218.2 27,807.6 410.7 54,974.1 1,382.1 13,509.9 5,001.7 0.0 - 2,336.5 4,249.3 - 36.0 11.5 - 1,621.3 March 20,740.3 32,934.5 434.0 48,207.6 1,407.6 14,134.7 2,501.2 0.0 - 3,884.2 4,351.2 - 17.5 15.6 - 1,919.0 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 April 21,830.5 30,188.3 374.8 50,499.5 1,540.6 16,332.3 7,500.3 0.0 - 2,754.2 4,422.8 - 40.4 10.0 - 1,882.4 May 28,465.5 22,715.4 354.2 43,996.0 1,659.8 17,211.1 2,500.0 0.0 - 1,785.6 3,936.6 - 19.0 4.5 - 1,622.7 June 29,321.4 16,758.4 430.0 39,311.0 1,063.6 16,626.7 7,500.0 0.1 - 3,240.3 4,187.6 - 34.5 3.0 - 1,831.8 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 July 26,513.4 12,313.3 332.2 30,173.9 1,329.1 17,681.2 - 0.1 - 7,395.9 4,985.2 - 12.0 2.1 - 2,333.2 August 30,304.2 13,750.8 429.6 32,588.5 1,420.4 18,119.0 5,000.0 0.1 - 1,712.3 6,583.5 - 36.0 7.7 - 2,562.1 September 23,713.3 8,962.0 360.9 24,841.6 904.5 13,005.7 2,500.2 0.0 - 3,390.6 4,713.5 - 18.0 6.9 - 2,038.7 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 October 19,978.8 6,860.2 486.2 32,704.2 925.0 12,325.4 1.6 0.0 - 1,673.1 4,707.5 - 44.0 8.5 - 1,783.5 November 18,336.8 12,559.1 333.8 26,081.7 1,017.7 15,358.6 3.3 0.0 - 1,741.0 4,730.9 - - 6.7 - 2,122.9 December 14,212.5 16,150.1 311.4 22,987.2 1,129.1 15,771.1 2,502.3 0.1 - 1,359.7 4,732.7 - - 2.0 - 1,883.5 Qtr II 52,528.2 35,569.5 1,131.4 81,773.1 3,071.7 43,455.2 2,507.1 0.2 - 4,773.8 14,171.1 - 44.0 17.2 - 5,789.9 January 16,602.3 28,869.8 276.1 22,254.3 1,131.0 11,624.2 2,502.9 0.1 - 1,815.4 4,777.9 - 23.0 2.3 - 1,983.9 February 17,470.5 24,446.4 227.2 34,313.8 1,170.3 16,401.1 2,502.3 0.0 - 2,035.0 5,105.7 - - 8.0 - 2,046.2 March 27,045.7 35,198.2 282.0 31,067.1 910.7 19,220.8 2.1 0.2 - 930.7 4,591.1 - 17.5 6.1 - 1,888.6 Qtr III 61,118.6 88,514.3 785.3 87,635.3 3,211.9 47,246.0 5,007.3 0.3 - 4,781.0 14,474.7 - 40.5 16.4 - 5,918.7 April 25,143.3 35,313.1 123.3 34,542.4 969.1 20,948.1 0.4 1.0 - 2,178.1 3,195.1 - 18.0 10.1 40.0 1,293.8 May 25,982.6 27,132.5 172.9 38,098.8 1,042.9 21,648.9 2,500.0 0.8 - 2,540.8 4,537.2 - 72.0 2.0 40.0 1,405.0 June 25,808.0 14,949.0 215.7 24,356.9 870.3 9,079.0 - 0.8 - 2,623.1 4,475.9 - 17.5 13.7 - 1,457.0 Qtr IV 76,933.9 77,394.6 511.9 96,998.1 2,882.3 51,676.1 2,500.4 2.6 - 7,342.0 12,208.2 - 107.5 25.8 80.0 4,155.8 2020/21 July 19,045.3 10,723.8 233.5 19,346.9 1,222.3 14,729.8 2,500.0 1.0 - 2,878.0 4,216.8 - 31.5 5.3 - 2,265.5 August 20,022.6 17,142.7 164.9 24,890.7 968.6 11,641.0 - 0.9 - 2,023.0 6,353.7 - 18.0 3.6 - 2,199.9 September 39,067.8 27,866.4 398.4 44,237.6 2,190.9 26,370.7 2,500.0 0.8 - 4,901.0 10,570.5 - 49.5 9.0 - 4,465.4 Qtr I 78,135.6 55,732.8 796.8 88,475.2 4,381.9 52,741.5 5,000.0 2.7 - 9,802.0 21,141.0 - 99.0 17.9 - 8,930.8 October 13,839.0 15,815.6 172.1 16,118.0 1,036.4 14,561.5 1.7 0.9 - 2,222.8 6,338.5 - 16.0 10.0 - 1,846.6 November 14,346.1 19,635.6 180.8 15,025.8 1,107.9 19,095.2 1.1 0.5 - 1,101.6 4,934.5 - 36.0 1.0 - 1,999.0 December 10,266.9 32,961.9 169.1 19,315.0 1,030.3 12,647.5 2.4 0.5 - 1,744.5 5,529.9 - - 4.3 - 1,559.6 Qtr II 38,452.0 68,413.0 522.0 50,458.8 3,174.7 46,304.1 5.3 1.9 - 5,068.9 16,802.9 - 52.0 15.3 - 5,405.2 Table 24 continued: Period 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* 2018/19 January 286.4 211.0 - - - 0.2 - 4,346.8 381.6 502.7 22,162.1 137,471.3 85,227.5 193,111.2 February 811.2 18.2 - - - 25.9 - 4,694.2 298.4 526.4 17,762.3 151,695.5 93,748.3 219,674.4 March 595.3 164.8 - - - 46.3 - 4,744.0 355.7 987.4 22,330.1 159,771.0 101,787.5 230,400.2 Qtr III 1,692.9 393.9 - - - 72.5 - 13,785.0 1,035.8 2,016.5 62,254.4 448,937.7 280,763.3 - 643,185.9 April 328.3 113.2 - - - 0.1 - 4,674.5 413.2 931.6 12,813.8 156,650.9 85,227.5 220,711.3 May 443.8 129.3 - - - 0.6 - 4,295.1 468.8 1,205.9 18,832.3 149,646.2 93,748.3 216,391.6 June 297.0 169.5 - - - - - 10,973.6 464.9 1,673.0 13,721.4 147,607.8 101,787.5 220,261.1 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 July 103.1 16.0 - - - 2.1 - 8,075.6 259.7 1,407.2 9,443.3 54,590.0 21,642.3 122,378.5 August 344.8 174.9 - - - 10.1 - 9,962.4 274.4 1,256.9 9,925.4 54,535.3 24,518.6 134,462.9 September 222.0 518.7 - - - 0.3 - 8,103.6 278.1 1,697.8 11,099.1 57,917.8 23,965.0 106,375.3 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 October 57.6 140.6 - - - 25.5 - 8,011.1 350.6 1,261.9 11,911.6 59,546.3 23,550.9 103,257.0 November 72.3 112.0 - - - 6.0 - 7,706.4 253.8 1,216.3 12,771.6 99,714.5 24,267.9 104,430.9 December 34.7 59.0 - - - 7.2 - 4,616.9 333.8 1,127.3 14,874.3 103,186.8 22,938.6 102,094.9 Qtr II 164.6 311.6 - - - 38.7 - 20,334.4 938.2 3,605.5 39,557.4 262,447.5 70,757.5 - 309,782.8 January 194.8 150.0 - - - 7.7 - 9,881.9 238.4 500.3 17,005.0 95,060.2 29,964.2 119,841.2 February 547.9 16.6 - - - 64.5 - 8,952.0 294.0 669.2 12,574.5 100,600.7 25,173.0 128,845.2 March 310.4 30.0 - - - 22.7 - 5,659.8 281.9 657.6 17,177.1 112,081.9 26,034.2 145,300.3 Qtr III 1,053.1 196.6 - - - 94.9 - 24,493.7 814.3 1,827.1 46,756.6 307,742.7 81,171.5 - 393,986.7 April 700.3 64.7 - - - - - 6,829.6 1,204.9 663.5 6,720.1 112,913.8 17,527.0 139,959.0 May 1,049.1 86.1 - - - - - 8,211.8 314.9 532.7 7,245.4 123,674.9 18,887.0 142,616.4 June 1,033.2 16.1 - - - 6.1 - 8,378.9 345.7 1,508.9 4,298.3 171,431.7 17,057.8 99,454.0 Qtr IV 2,782.6 166.8 - - - 6.1 - 23,420.3 1,865.6 2,705.1 18,263.8 408,020.5 53,471.9 - 382,029.4 2020/21 July 1,088.0 43.5 - - - 0.6 - 7,523.7 271.0 823.9 3,862.7 18,351.5 15,884.2 90,812.9 August 970.2 81.0 - - - 0.2 - 7,421.2 324.7 1,108.7 7,359.0 16,605.3 19,468.4 102,694.4 September 2,058.1 124.5 - - - 0.9 - 14,944.9 595.6 1,932.5 11,221.7 8,054.6 35,352.7 193,506.3 Qtr I 4,116.3 249.0 - - - 1.7 - 29,889.8 1,191.2 3,865.1 22,443.4 43,011.4 70,705.3 387,013.7 October 1,630.5 77.8 - - - 1.2 - 7,904.2 331.3 920.2 11,612.5 111,669.7 1,856.6 71,979.2 November 2,480.0 95.4 - - - - - 7,677.3 235.4 940.6 9,022.8 126,045.1 2,000.0 77,465.1 December 505.1 44.1 - - - 1.1 - 8,432.8 2,050.5 962.1 11,415.5 104,564.2 1,563.9 85,231.8 Qtr II 4,615.6 217.3 - - - 2.3 - 24,014.4 2,617.1 2,822.9 32,050.7 342,279.0 5,420.5 234,676.1

National Bank of Ethiopia Quarterly Bulletin 136 | Second Quarter 2020/21 Table 25: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vege- tables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2019/20 July 2,335,735.5 556,373.9 231,268.1 454,974.7 193,022.0 187,902.6 - 76,269.0 444,240.5 823,678.8 - 2,807.9 2,926.3 - 474,513.6 August 2,537,404.9 606,226.6 251,681.2 529,494.9 212,785.3 169,236.9 11,749.7 79,223.3 89,063.3 1,066,955.7 - 8,580.5 15,472.7 - 631,180.0 September 1,877,299.0 405,470.7 203,359.7 432,024.0 132,265.3 119,042.3 5,865.2 23,106.2 168,755.1 800,509.5 - 4,420.3 5,309.5 - 402,291.8 Qtr I 6,750,439.4 1,568,071.1 686,309.1 1,416,493.6 538,072.5 476,181.9 17,614.9 178,598.5 - 702,058.9 2,691,144.0 - 15,808.7 23,708.4 - 1,507,985.5 October 1,536,881.0 308,421.5 308,898.0 540,447.6 137,064.6 133,643.7 18.7 20,352.1 82,584.1 799,630.7 - 11,751.1 18,920.6 - 439,185.5 Noveber 1,400,917.9 530,130.2 224,787.2 449,756.1 157,964.5 155,129.6 37.6 47,057.7 96,476.7 792,187.3 - - 10,781.5 - 464,877.8 December 1,068,276.9 785,180.7 217,454.5 516,776.3 193,409.9 168,821.5 6,286.9 160,776.9 76,638.0 862,699.7 - - 1,135.6 - 468,999.1 Qtr II 4,006,075.8 1,623,732.5 751,139.6 1,506,980.0 488,439.0 457,594.8 6,343.2 228,186.8 - 255,698.8 2,454,517.7 - 11,751.1 30,837.7 - 1,373,062.4 January 1,373,638.4 1,357,089.8 174,965.1 561,881.1 198,412.1 137,677.5 6,914.0 103,554.6 99,351.2 885,016.0 - 5,792.1 4,411.0 - 479,260.2 February 1,846,511.5 1,135,973.5 142,044.5 789,643.7 211,893.2 158,732.6 6,945.9 27,587.6 121,131.8 937,855.4 - - 18,005.4 - 458,032.3 March 3,156,164.0 1,653,160.3 157,325.1 778,644.3 155,102.0 166,604.1 26.8 307,354.9 53,521.8 824,781.2 - 3,988.2 16,792.7 - 417,705.0 Qtr III 6,376,313.9 4,146,223.6 474,334.7 2,130,169.1 565,407.2 463,014.2 13,886.7 438,497.1 - 274,004.9 2,647,652.6 - 9,780.3 39,209.0 - 1,354,997.5 April 3,454,803.1 1,713,003.3 65,317.2 848,381.1 180,612.4 160,079.2 6.0 2,099,738.1 120,772.2 603,998.8 - 5,071.7 25,977.0 4,073.7 294,165.3 May 3,312,947.4 1,296,788.7 104,917.8 928,481.5 199,556.3 179,499.9 7,238.7 1,852,305.0 148,926.5 868,150.6 - 19,050.1 2,184.4 4,145.1 353,987.0 June 3,143,730.9 665,163.7 126,372.8 592,390.3 134,946.5 98,425.4 - 1,775,313.9 169,615.4 850,707.2 - 4,193.7 33,574.1 - 351,138.4 Qtr IV 9,911,481.4 3,674,955.8 296,607.9 2,369,253.0 515,115.2 438,004.5 7,244.7 5,727,357.0 - 439,314.1 2,322,856.6 - 28,315.5 61,735.4 8,218.7 999,290.6 2020/21 July 2,253,111.2 501,603.4 120,006.3 469,340.2 207,566.3 148,956.2 7,523.7 2,512,614.9 189,967.1 860,893.1 - 8,073.1 16,381.1 - 539,007.9 August 2,599,653.0 759,998.3 110,043.4 635,376.1 182,834.0 157,595.2 - 2,550,584.7 125,757.0 1,280,546.4 - 5,270.0 3,046.7 - 561,836.8 September 1,765,567.8 819,729.3 101,448.2 567,801.2 180,492.7 167,145.6 23.0 2,201,827.9 126,741.1 1,252,666.5 - - 18,440.6 - 378,430.7 Qtr I 6,618,332.1 2,081,331.0 331,497.9 1,672,517.6 570,893.0 473,697.0 7,546.7 7,265,027.5 - 442,465.2 3,394,106.0 - 13,343.0 37,868.3 - 1,479,275.5 October 1,706,348.8 733,048.4 104,287.7 432,939.3 198,124.9 176,126.6 25.1 2,301,388.5 139,858.7 1,292,886.6 - 3,856.4 19,159.2 - 427,966.8 Noveber 1,663,102.0 1,053,769.7 103,475.9 450,235.5 217,778.1 199,359.0 16.8 1,541,811.5 74,947.9 1,053,395.4 - 9,898.4 556.4 - 464,750.0 December 1,171,927.9 1,851,895.2 116,437.7 569,548.7 204,902.6 183,011.7 164.1 1,147,517.8 111,853.4 1,172,524.7 - - 10,992.7 - 391,896.4 Qtr II 4,541,378.8 3,638,713.3 324,201.3 1,452,723.6 620,805.6 558,497.3 206.0 4,990,717.8 - 326,660.1 3,518,806.6 - 13,754.8 30,708.3 - 1,284,613.2 Source: Ethiopian 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 2019/20 July 3,070.9 2,536.5 - - - 150.4 - 1,040,559.7 7,738.0 45,868.2 327,599.5 96,778.7 2,001,741.7 7,308,014.8 August 8,431.1 25,456.6 - - - 808.6 - 1,276,629.9 9,388.0 39,421.6 130,777.6 97,122.5 2,234,688.6 7,797,090.8 September 7,873.3 37,298.2 - - - 52.1 - 1,040,802.3 3,156.2 40,966.6 111,947.3 103,629.0 1,753,326.5 5,925,443.8 Qtr I 19,375.3 65,291.3 - - - 1,011.1 - 3,357,992.0 20,282.2 126,256.4 570,324.4 297,530.2 5,989,756.8 21,030,549.4 October 2,922.7 15,959.5 - - - 2,748.8 - 1,058,003.6 11,833.9 33,452.2 103,956.4 104,082.7 1,791,065.8 5,670,758.9 Noveber 3,427.1 12,459.4 - - - 511.9 - 1,011,305.7 7,097.6 35,068.4 116,024.9 170,847.2 1,832,401.3 5,686,846.2 December 2,626.5 9,051.9 - - - 496.4 - 682,464.3 10,853.5 39,668.5 212,955.5 186,940.8 1,615,192.2 5,671,513.4 Qtr II 8,976.3 37,470.7 - - - 3,757.1 - 2,751,773.7 29,785.0 108,189.0 432,936.8 461,870.7 5,238,659.3 17,029,118.6 January 5,208.4 17,942.7 - - - 580.9 - 1,503,717.8 5,444.7 24,520.9 536,368.6 175,270.2 2,752,725.4 7,657,017.2 February 16,423.6 3,479.8 - - - 7,717.4 - 1,330,636.5 10,314.4 26,985.2 199,008.0 182,057.2 2,252,659.7 7,630,979.4 March 7,756.2 4,825.3 - - - 2,807.6 - 806,762.4 12,089.9 39,193.5 357,947.2 208,286.1 1,874,165.8 9,130,838.5 Qtr III 29,388.3 26,247.9 - - - 11,105.9 - 3,641,116.6 27,848.9 90,699.6 1,093,323.7 565,613.4 6,879,550.9 24,418,835.1 April 11,796.4 15,541.9 - - - - - 965,333.8 8,500.9 26,648.4 223,045.3 216,680.3 1,791,762.9 11,043,546.1 May 24,347.0 10,896.7 - - - - - 1,207,175.9 12,315.8 23,706.3 164,653.2 247,619.8 2,051,031.2 10,968,893.8 June 23,558.3 2,390.2 - - - 565.2 - 1,285,087.4 12,665.7 57,208.2 215,409.7 331,738.3 2,313,335.4 9,874,195.2 Qtr IV 59,701.8 28,828.8 - - - 565.2 - 3,457,597.0 33,482.3 107,563.0 603,108.1 796,038.4 6,156,129.5 31,886,635.1 2020/21 July 25,453.9 5,442.6 - - - 284.3 - 1,173,301.1 11,707.5 37,510.4 230,621.6 343,493.4 2,383,203.7 9,662,859.1 August 29,513.6 15,560.7 - - - 13.3 - 1,201,339.5 30,788.5 43,301.2 264,971.2 317,539.7 2,467,911.2 10,875,569.3 September 30,898.2 7,326.3 - - - 216.6 - 1,292,527.3 10,917.4 35,117.1 183,406.1 167,796.9 2,125,077.1 9,308,520.6 Qtr I 85,865.7 28,329.5 - - - 514.2 - 3,667,167.9 53,413.4 115,928.7 678,998.9 828,830.0 6,976,192.0 29,846,949.0 October 50,788.7 17,423.7 - - - 169.1 - 1,330,928.7 11,360.5 42,073.6 294,500.7 226,347.9 2,420,718.8 9,509,609.9 Noveber 62,380.9 18,897.7 - - - - - 1,327,112.8 9,354.3 38,596.1 222,305.6 265,542.6 2,409,496.4 8,777,286.6 December 29,647.0 5,578.3 - - - 255.6 - 1,545,105.6 37,594.3 49,840.4 217,095.9 230,389.9 2,518,396.1 9,048,179.8 Qtr II 142,816.5 41,899.7 - - - 424.7 - 4,203,147.1 58,309.1 130,510.0 733,902.2 722,280.4 7,348,611.2 27,335,076.3 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

| 137 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. 2019/20 July 597,447.96 86,879.22 13,833.57 - 6,017,918.91 465,806.84 926,244.79 172,887.39 436,159.09 711,181.12 339,264.90 August 3,584,464.51 54,792.82 8,191.86 - 5,939,930.79 593,011.17 1,139,272.06 47,921.62 380,916.38 749,958.71 290,997.79 September 4,904,828.59 62,589.42 7,017.06 - 4,742,083.72 420,246.83 1,516,637.04 46,962.64 457,279.45 577,348.96 412,587.85 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 October 2,843,810.90 73,460.34 12,409.34 193.70 5,850,587.30 667,933.26 1,533,505.12 527,158.80 341,838.96 748,039.48 465,740.94 November 2,663,218.36 72,958.16 5,424.48 63.53 5,123,894.95 456,005.45 828,753.76 174,181.09 360,461.08 725,607.30 308,070.39 December 1,565,174.47 112,907.25 14,286.81 - 7,641,872.02 667,282.42 1,404,011.45 272,126.09 581,664.74 711,746.37 505,002.15 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 January 2,495,827.56 97,156.75 9,277.41 - 6,487,817.69 597,585.70 876,139.59 659,365.67 521,293.15 1,207,454.74 404,570.19 February 2,151,699.31 51,331.09 17,902.24 1,706.73 6,337,408.03 408,095.30 690,157.41 397,216.12 357,411.36 999,294.49 375,661.68 March 3,881,288.55 84,152.51 9,505.19 - 3,926,397.84 397,763.41 1,946,567.36 319,672.93 372,854.99 656,003.99 327,587.01 QIII 8,528,815 232,640 36,685 1,707 16,751,624 1,403,444 3,512,864 1,376,255 1,251,560 2,862,753 1,107,819 April 1,246,212.81 39,302.92 4,300.72 - 3,472,574.48 253,222.71 4,684,132.29 226,720.78 301,503.92 556,234.22 315,286.43 May 3,340,209.98 36,915.09 6,590.67 - 2,048,652.55 427,827.92 422,897.65 57,810.88 230,068.17 579,107.40 221,083.55 June 1,261,172.83 149,476.82 5,077.65 - 4,467,752.81 460,398.82 855,034.63 190,251.89 197,845.11 1,213,782.63 297,388.27 QIV 5,847,596 225,695 15,969 - 9,988,980 1,141,449 5,962,065 474,784 729,417 2,349,124 833,758 2020/21 July 3,802,288.04 84,732.80 17,565.38 - 4,005,416.36 615,364.65 1,159,645.62 401,377.31 409,559.56 1,104,217.48 242,986.67 August 3,496,842.68 87,967.27 11,681.66 - 5,314,851.02 609,000.61 907,318.48 431,280.83 466,233.37 915,914.38 227,110.57 September 1,701,755.83 83,051.38 10,190.22 - 3,479,758.58 517,095.97 645,456.60 184,966.63 476,132.30 1,000,469.93 268,285.98 Qtr I 9,000,887 255,751 39,437 - 12,800,026 1,741,461 2,712,421 1,017,625 1,351,925 3,020,602 738,383 October 4,038,354 89,829 22,764 - 4,905,083 429,002 1,898,098 452,818 304,869 854,162 290,230 November 3,862,857 56,611 7,827 77 3,972,926 621,143 1,117,956 116,597 406,864 721,981 214,967 December 6,049,917 123,541 34,123 - 5,857,930 409,417 3,608,492 238,817 476,862 867,410 307,763 QII 13,951,128 269,982 64,714 77 14,735,939 1,459,562 6,624,546 808,232 1,188,595 2,443,553 812,960 Table 26 continued: Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Ma- terials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 749,146.32 545,933.94 404,214.30 4,049,320.53 4,590,863.51 2,546,554.97 2,587,634.20 359,518.64 57,047.88 9,197,075.84 34,495,415.29 August 811,243.09 469,454.73 261,035.61 3,687,181.33 8,658,198.96 1,021,729.13 1,871,647.97 129,401.89 160,373.93 10,945,794.43 40,676,116.89 September 725,471.32 447,364.19 215,215.58 3,013,102.90 3,033,913.36 912,460.77 1,443,092.47 302,751.37 30,775.35 10,852,595.23 33,821,572.73 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 October 793,202.83 569,209.84 289,656.20 5,076,459.12 6,811,160.21 921,954.23 2,350,818.51 204,736.97 28,334.97 8,636,876.91 38,542,350.95 November 743,172.80 425,350.33 312,140.72 3,955,796.60 8,362,020.20 1,076,547.00 3,402,493.96 561,846.24 45,001.30 7,055,971.32 36,097,132.78 December 987,551.13 809,339.97 325,069.27 5,392,178.97 8,080,630.53 648,674.18 2,631,484.76 333,374.66 96,169.56 8,336,641.11 40,783,813.26 QII 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 January 1,052,973.72 682,963.35 374,670.76 4,198,127.88 5,901,786.02 629,139.05 2,278,111.39 238,443.17 43,030.51 13,349,264.45 41,866,555.59 February 829,649.68 348,050.02 227,838.04 6,033,833.69 5,776,514.04 750,667.17 2,153,392.64 663,210.32 73,444.34 10,645,128.17 38,626,401.55 March 787,121.46 202,319.34 273,751.58 4,872,349.53 6,259,672.58 429,865.54 1,902,437.16 403,285.60 22,999.01 9,598,834.16 36,271,144.14 QIII 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 April 449,416.26 364,131.30 154,464.66 4,309,492.94 4,815,092.76 135,928.90 1,215,949.45 524,506.91 18,496.08 9,143,391.26 31,705,854.89 May 607,431.40 526,863.46 212,646.49 3,056,103.37 3,519,036.75 179,510.46 1,552,510.39 767,562.31 14,752.16 9,418,824.28 26,458,842.63 June 852,672.99 519,212.08 225,669.52 3,664,129.47 4,123,241.52 244,792.15 1,612,555.57 185,861.97 20,167.63 12,483,528.96 32,844,151.35 QIV 1,909,521 1,410,207 592,781 11,029,726 12,457,371 560,232 4,381,015 1,477,931 53,416 31,045,744 91,008,849 2020/21 July 902,516 755,276 279,186 4,108,277 3,526,870 371,658 3,041,143 1,454,745 39,726 14,947,713 39,815,519 August 928,966 642,861 246,472 5,338,083 4,859,479 950,531 2,048,972 1,818,542 76,406 19,178,571 46,738,542 September 1,111,745 762,188 332,190 4,890,623 7,828,973 741,157 2,239,114 250,257 16,005 11,584,901 37,874,060 Qtr I 2,943,227 2,160,325 857,848 14,336,983 16,215,322 2,063,347 7,329,228 3,523,544 132,138 45,711,184 124,428,121 October 1,321,964 589,154 173,326 4,554,625 6,449,041 398,497 3,367,306 106,663 83,874 10,744,643 40,967,641 November 1,494,627 834,005 253,584 4,454,309 4,654,116 289,903 2,391,431 663,282 19,768 13,554,921 39,046,470 December 1,254,236 1,012,017 245,716 4,501,654 5,678,288 421,950 3,661,502 2,672,640 170,981 10,914,804 45,835,420 QII 4,070,828 2,435,175 672,627 13,510,588 16,781,444 1,110,350 9,420,239 3,442,585 274,624 35,214,368 125,849,531 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

National Bank of Ethiopia Quarterly Bulletin 138 | Second Quarter 2020/21 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. 2019/20 July 68,497.0 2,399.8 204.4 - 330,084.4 17,270.5 2,304.3 101.7 9,759.5 8,773.2 August 389,998.9 1,278.0 44.6 - 416,968.0 25,692.6 2,015.7 128.9 7,395.8 9,562.0 September 469,170.9 1,187.1 45.0 - 263,239.4 17,795.9 1,934.8 16.0 12,141.7 7,826.4 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 October 244,695.2 1,360.9 100.0 16.0 325,943.9 23,847.3 2,461.5 30,093.9 5,274.7 14,132.1 November 281,455.5 1,367.6 67.0 0.2 286,716.0 16,188.4 2,777.8 359.6 9,092.3 9,239.2 December 134,217.0 2,200.0 133.9 - 401,031.4 531,088.3 1,356.0 75.6 9,700.6 8,295.5 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 January 189,833.4 1,647.7 61.3 - 324,441.9 19,311.0 2,061.2 129.5 7,958.6 11,605.3 February 182,671.1 986.8 145.5 37.7 346,615.1 12,449.5 2,043.3 531.5 6,294.7 10,524.9 March 285,691.5 1,228.9 74.2 - 284,172.4 14,288.7 1,522.6 125.2 6,882.3 7,622.8 QIII 658,195.9 3,863.4 281.0 37.7 955,229.4 46,049.3 5,627.1 786.2 21,135.6 29,753.0 April 194,586.6 744.6 28.2 - 334,935.9 11,251.3 2,986.2 108.9 3,814.3 5,671.3 May 187,968.5 753.1 60.9 - 227,020.2 15,491.7 974.1 32.6 3,727.1 8,097.0 June 144,767.8 1,671.5 45.0 - 326,027.5 14,257.1 1,634.3 63.0 3,643.2 10,219.8 QIV 527,322.9 3,169.1 134.1 - 887,983.6 41,000.1 5,594.6 204.5 11,184.6 23,988.1 2020/21 July 608,995.1 1,409.9 109.1 - 272,666.7 20,117.3 1,184.6 77.4 6,735.6 14,090.3 August 324,306.1 1,170.3 80.1 - 357,700.9 17,370.6 1,609.2 108.1 9,710.4 8,678.1 September 250,296.1 1,304.2 70.4 - 248,319.6 16,695.3 1,370.5 56.4 9,305.8 10,397.5 Qtr I 1,183,597.3 3,884.4 259.6 - 878,687.3 54,183.2 4,164.3 242.0 25,751.8 33,166.0 October 288,296.6 1,244.4 241.8 - 344,425.7 13,681.1 1,409.9 110.6 5,177.9 8,428.9 November 311,444.4 1,413.9 31.1 0.1 265,051.8 16,107.7 2,792.1 41.6 6,721.3 6,594.1 December 551,310.0 2,162.2 175.3 - 328,418.3 9,866.6 2,278.0 67.2 7,870.3 7,648.6 QII 1,151,051.0 4,820.5 448.2 0.1 937,895.8 39,655.5 6,480.0 219.4 19,769.5 22,671.6 Table 27: continued: (In Metric Tons) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 11,062.23 3,199.14 26,698.17 151,321.52 21,025.03 27,363.34 16,572.30 50,710.19 34.75 269,904.88 978,039.66 August 13,207.50 2,269.87 15,207.75 213,442.16 16,060.46 16,439.95 9,355.91 60,409.58 22.39 318,861.63 1,468,524.51 September 10,225.00 1,940.01 10,541.99 112,342.54 16,130.61 5,792.14 7,541.56 33,083.26 36.96 302,420.53 1,255,717.99 Qtr I 34,495 7,409 52,448 477,106 53,216 49,595 33,470 144,203 94 891,187 3,702,282 October 11,241.89 2,720.15 15,573.94 220,258.25 17,851.20 5,932.43 12,469.36 47,599.10 27.20 776,008.61 1,725,051.03 November 10,400.91 2,728.90 16,106.41 142,440.35 33,539.99 7,885.84 21,811.73 71,596.03 74.00 249,668.52 1,103,546.12 December 12,727.19 3,109.78 15,719.48 170,321.28 22,448.07 4,635.72 9,538.88 54,787.50 41.09 230,033.13 1,572,740.31 Qtr II 34,370 8,559 47,400 533,020 73,839 18,454 43,820 173,983 142 1,255,710 4,401,337 January 11,668.71 2,780.06 16,338.11 121,088.00 17,520.49 3,890.49 11,300.35 30,576.85 56.62 602,680.29 1,355,863.85 February 11,008.83 2,179.79 12,699.29 139,101.97 23,621.36 5,190.46 10,672.37 65,190.98 99.74 523,073.93 1,300,169.73 March 8,814.04 1,211.40 12,252.41 145,953.00 18,020.56 2,859.76 7,537.74 43,240.33 10.19 433,045.06 1,241,672.29 QIII 31,492 6,171 41,290 406,143 59,162 11,941 29,510 139,008 167 1,558,799 3,897,706 April 5,716.39 1,676.09 5,573.92 153,176.87 8,996.85 632.38 3,992.70 149,414.29 7.96 490,376.46 1,234,504.06 May 7,080.06 1,798.89 8,064.90 82,767.45 12,193.91 1,334.31 6,148.46 71,727.01 12.64 326,640.73 897,557.09 June 7,102.28 1,681.21 6,917.14 90,911.28 16,518.37 1,205.80 5,747.71 59,701.80 7.03 1,283,200.87 1,923,979.95 Qtr IV 19,899 5,156 20,556 326,856 37,709 3,172 15,889 280,843 28 2,100,218 4,056,041 2020/21 July 10,826.37 2,621.75 9,160.80 118,533.01 14,243.50 2,260.49 10,533.13 495,349.89 24.76 997,404.38 2,168,673.02 August 10,057.25 2,371.77 10,823.69 142,660.37 15,888.10 7,458.31 7,812.30 181,365.39 21.46 919,417.60 1,844,270.47 September 10,998.02 2,778.36 10,690.63 142,615.18 20,431.99 4,336.00 7,067.45 153,822.78 2.95 396,748.58 1,141,252.15 Qtr I 31,882 7,772 30,675 403,809 50,564 14,055 25,413 830,538 49 2,313,571 5,154,196 October 11,179 2,523 6,905 130,588 18,379 2,711 8,145 72,868 26 451,049 2,384,534 November 11,731.59 2,836.50 8,004.55 99,658.88 15,724.06 1,443.43 6,384.39 149,472.42 15.45 307,593.50 1,017,746.79 December 11,651 2,869 8,674 99,294 17,138 2,601 14,054 310,815 17 391,283 999,097 Qtr II 34,561.98 8,228.81 23,582.71 329,540.25 51,241.08 6,755.68 28,583.42 533,155.39 58.60 1,149,924.92 4,401,378.47 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

| 139 Table 28: Value of Imports, bY End-Use** (In Millions of Birr) Categories 2018/19 2019/20 2020/21 Qtr IV Annual Qtr I Qtr II QIII Qtr IV Annual QI Qtr II Raw Materials 863.31 4,233.32 1,246.52 1,328.60 1,258.09 1,237.67 5,070.88 1,247.87 1,503.14 Semi-finished Goods 21,454.84 78,116.49 20,576.67 21,285.22 30,481.29 25,452.87 97,796.04 20,476.47 19,419.26 Chemicals 2,572.77 10,858.90 5,879.40 3,564.76 3,304.81 3,994.34 16,743.30 4,749.23 4,010.89 Fertilizers 6,377.18 14,219.85 657.48 269.57 10,787.89 7,802.05 19,517.00 342.90 957.89 Textile Materials 584.87 2,276.95 816.41 755.30 1,090.54 823.25 3,485.51 1,060.09 1,420.73 Others 11,920.01 50,760.78 13,223.37 16,695.59 15,298.05 12,833.23 58,050.24 14,324.26 13,029.75 Fuel 18,125.75 72,941.90 17,268.47 19,365.31 17,590.10 10,461.60 64,685.48 13,503.83 15,332.03 Crude petroleum 0.01 0.88 - 0.26 1.71 - 1.96 - 0.08 Petroleum Products 17,511.12 69,942.60 16,699.93 18,616.35 16,751.62 9,988.98 62,056.89 12,800.03 14,735.94 Others 614.63 2,998.41 568.54 748.69 836.77 472.62 2,626.62 703.80 596.01 Capital Goods 25,492.20 140,570.41 29,668.84 39,592.26 33,220.65 25,748.05 128,229.80 34,627.81 36,505.93 Transport 4,847.52 39,817.70 4,017.79 3,279.03 3,169.64 1,782.96 12,249.42 3,818.00 2,556.70 Tyres for Heavy Vehicles 799.85 3,172.73 833.18 939.29 1,218.87 1,200.00 4,191.33 1,486.78 1,093.71 Heavy Road Motor Veh. 3,692.17 11,441.56 2,632.86 1,334.55 1,278.05 406.69 5,652.14 998.70 871.05 Aircraft 293.68 24,229.19 460.65 884.88 537.36 150.83 2,033.72 528.70 465.70 Others 61.82 974.22 91.10 120.30 135.37 25.45 372.22 803.82 126.25 Agricultural 361.50 1,616.02 484.19 933.41 645.06 682.99 2,745.65 748.34 1,671.41 Industrial 20,283.18 99,136.69 25,166.87 35,379.83 29,405.95 23,282.09 113,234.74 30,061.47 32,277.81 Consumer Goods 30,336.96 119,758.04 33,456.83 31,708.67 32,693.08 26,856.10 124,714.69 53,233.28 51,409.44 Durables 8,863.90 33,670.41 8,185.50 7,433.48 7,944.02 4,962.80 28,525.81 7,429.57 7,687.61 Radio & T.V. 1,187.16 3,417.15 682.68 768.96 309.54 186.31 1,947.48 336.84 575.63 Tyres for cars & Other Veh. 373.39 1,511.83 343.29 438.93 508.47 306.07 1,596.76 381.78 395.90 Cars & Other Veh. 2,581.68 9,999.35 1,931.12 1,151.77 313.54 59.14 3,455.56 169.43 224.02 Others 4,721.66 18,742.09 5,228.42 5,073.83 6,812.48 4,411.28 21,526.01 6,541.53 6,492.06 Non-durables 21,473.06 86,087.63 25,271.33 24,275.19 24,749.06 21,893.30 96,188.88 45,803.71 43,721.83 Cereals 2,873.85 16,734.20 8,375.00 6,079.64 7,056.97 4,543.41 26,055.01 6,965.06 12,425.55 Other Food 3,146.73 15,642.11 4,341.13 4,872.30 4,136.69 3,388.37 16,738.49 13,375.35 8,159.74 Medical & Pharmaceuticals 8,224.78 21,133.74 4,363.84 4,985.29 5,315.43 6,692.12 21,356.68 3,933.58 7,757.37 Textile Fabrics 3,163.35 11,089.57 3,173.08 3,406.18 2,925.20 2,795.98 12,300.45 4,546.57 6,022.63 Others 4,064.35 21,488.01 5,018.28 4,931.77 5,314.78 4,473.42 19,738.25 16,983.15 9,356.55 Miscellaneous 1,971.74 7,773.99 6,775.77 2,143.24 1,520.90 1,252.56 11,692.47 1,338.86 1,679.74 Total Imports 98,244.79 423,394.15 108,993.10 115,423.30 116,764.10 91,008.85 432,189.35 124,428.12 125,849.53 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

National Bank of Ethiopia Quarterly Bulletin 140 | Second Quarter 2020/21 Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (Capital in Millions of Birr) Sector/Sub-sector 2012(2019/20) 2013(2020/21) QI QII QIII QIV QI QII “No of projects” Investment Capital “No of projects” Investment Capital “No of projects” “Invest- ment Capital” “No of projects” “Invest- ment Capital” “No of projects” “Invest- ment Capital” “No of projects” “Invest- ment Capital” Manufacturing 5.0 40.3 2 19.9 11 173.9 1 4.5 1 133 Agriculture, hunting and forestry 1 10.5 Real estate, renting and business activities 2 16 2 23.9 2 33.9 1 1.6 3 20 3 14.904 Hotels and restaurants Education 1 2.5 Health and social work 2 302 3 18 Construction 2 4.4 5 49.9 1 3.6 5 13.4 9 41.17 Wholesale, retail trade and repair service Transport, storage and communication 1 6.0 1 11.9 2 20.76 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing “Other community, social and personal service activities” Others 1 9.6 1 1759.74 1 13.615 Grand Total 9.0 60.7 10 99.7 7 361.0 22 219.9 16 1846.17 5.00 161.52 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

| 141 Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Sector/Sub-sector 2012(2019/20) 2013(2020/21) QI QII QIII QIV QI QII “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” Manufacturing 39 41 359 500 25 21 52 Agriculture, hunting and forestry 3 5 Real estate, renting and business activities 12 20 12 200 470 Hotels and restaurants Education 2 2 Health and social work 6 6 Construction 12 160 2 1 8 2 Wholesale, retail trade and repair service Transport, storage and communication 4 117 33 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing “Other community, social and personal service activities” Others 27 5 3 2 3 Grand Total 51 61 387 660 146 6 44 36 36 2 255 470 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 60 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10 58

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 60 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10

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