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National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22

The document presents macroeconomic and social indicators, energy production data, price developments, monetary trends, external sector performance, and government finance statistics for Ethiopia during the second quarter of the 2021/22 fiscal year. It details specific metrics including real GDP growth, inflation rates, money supply figures, balance of payments components, and federal government revenue and expenditure data. The bulletin also covers developments in the banking system, financial markets, and international economic conditions affecting the Ethiopian economy.

Ethiopia

National Bank of Ethiopia

Second Quarter 2021/22 Volume 38 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)

National Bank of Ethiopia Quarterly Bulletin

Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators .....................................................................i I. Overview ....................................................................................................................................1 1.1: International Economic Developments .............................................................................. 2 1.2: Macroeconomic Developments in Ethiopia ...................................................................... 3 II. Energy Production and Processing .........................................................................................6 2.1: Import of Petroleum Products .............................................................................................. 6 2.2: Electric Power Generation ................................................................................................... 11 III. Quarterly Price Developments ...............................................................................................13 3.1: Developments in National CPI ............................................................................................ 13 3.2:Developments in Regional Inflation ..................................................................................... 16 IV. Monetary Developments .......................................................................................................19 4.1: Money Supply and Credit..................................................................................................... 19 4.2: Developments in Reserve Money and Monetary Ratio .................................................... 22 4.3: Interest Rate Developments ................................................................................................ 24 4.4: Developments in the Financial Sector ................................................................................ 27 4.5: Activities of the Banking System........................................................................................... 30 4.5.1: Resource Mobilization ......................................................................................................... 30 4.5.1.1: Deposit Mobilization ......................................................................................................... 31 4.5.1.2: Collection of Loans .......................................................................................................... 33 4.5.1.3: Borrowing .......................................................................................................................... 33 4.5.2: Disbursement of Fresh Loans............................................................................................... 33 4.5.3: Outstanding Credit.............................................................................................................. 35 4.6: Financial Activities of NBE .................................................................................................... 37 4.7: Developments in Financial Markets .................................................................................... 38 4.7.1:Treasury Bills Market .............................................................................................................. 38 4.7.2: Inter-bank Money Market .................................................................................................. 41 4.7.3: Corporate Bond Market...................................................................................................... 41 V. External Sector Developments ...............................................................................................43 5.1: Balance of Payments ............................................................................................................ 43 5.2: Balance of Trade ................................................................................................................... 46 5.2.1: Exports of Goods ................................................................................................................. 47 5.2.2: Imports of Goods ................................................................................................................. 52 National Bank of Ethiopia Quarterly Bulletin

5.2.3: Direction of Trade ................................................................................................................ 54 5.2.3.1: Exports of goods ............................................................................................................... 54 5.2.3.2: Imports of goods .............................................................................................................. 56 5.3: Services and Transfers ........................................................................................................... 57 5.3.1: Net Services ......................................................................................................................... 57 5.3.2:Transfers ................................................................................................................................ 59 5.4: Current Account Balance ................................................................................................... 60 5.5: Capital Account .................................................................................................................... 60 5.6: Changes in Reserve Position................................................................................................. 60 5.7: Developments in Foreign Exchange Market ...................................................................... 61 5.7.1: Exchange Rate Movements .............................................................................................. 61 5.7.2: Movements in the Real Effective Exchange Rate .......................................................... 67 5.7.3: Volume of Transactions ...................................................................................................... 68 VI. Federal Government Finance ................................................................................................70 6.1: Revenue and Grants.............................................................................................................. 72 6.2: Expenditure............................................................................................................................. 74 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: Impactof Global Economic Dev't on Ethiopian Economy .............................................. 83 Statistical Tables ...........................................................................................................................84

Ethiopia: Macroeconomic and Social Indicators Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)

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 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA 15.20 15.2 10 12 Irrigated Land ( % of total area ) 3.0 NA 2,900.00 3,100.00 5.0 7 Population Density ( person per sq.km )* 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators Population total, in millions (Mid-Year population) 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 101.9 (o/w Urban Poulation, in %) 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 22.8 22.8 Working Age Population ( In Millions ) Urban 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 NA NA Rural 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 NA NA Total 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 NA NA Age Dependency Ratio 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69.0 Life Expectancy at Birth ( Male - Female ) 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 Crude Birth Rate 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 Crude Death Rate 12.6:1000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6.0 Natural Rate of Population Increase ( In % ) 2.7 2.60 2.40 2.40 2.31 2.07 2.1 Total Fertility Rate 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W 3.5chil:W 4.6chil:W People : Hospital Beds 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 2750 People : Physician1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 - 9977 8448:1 People : Nurse 1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 1705 1473.0 Infant Mortality Rate 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 43.3:1000 47:1001 Access to Safe Water ( In %) Country Level 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 79 58.5 Urban Population N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 66.5 63.0 Rural Population 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 82.7 57.3 Student-Teacher Ratio Primary ( 1-8 ) 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - - 39 39 34.8 Secondary ( 9-12 ) 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - - 22.5 24 27.4 Technical & Vocational 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 - - 13.3 13.3 1:11 Student-School Ratio Primary ( 1-8 ) 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9፡1 573፡1 - - 628 528 512.7 Secondary ( 9-12 ) 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2፡1 - - 568 940 1017 Technical & Vocational 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523፡1 - - 246.8 NA NA Second Quarter 2021/22 | I

Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) 3. Macroeconomic Indicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.5 3374349.0 4341387.1 Nominal GDP Growth Rate (In %) 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 25.5 28.6 Average Marginal Exchange Rate (Birr per USD) 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 31.34 39.0 GDP at Current Market Price (IN Mn. USD) 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 107660.0 111271.2 Nominal GDP per Capita (In USD) 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 1080.0 1091.8 Real GDP per Capita ( In Birr ) 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.2 21144.1 21862.5 Real GDP per Capita Growth Rate (In %) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.0 3.8 3.4 GDP Deflator (% change) 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.1 18.2 21.8 Real GDP at constant basic price (In Mn. Birr) 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.3 1989519005.0 2114163.2 Real GDP at constant market price (In Mn. Birr) 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 2228081.0 Real GDP Growth Rate (In %) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 Agriculture & Allied Activties(In Billion Birr) 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 650 686.4 Industrial Sector (In Billion Birr) 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 576.9 618.8 Service Sector(In Billion Birr) 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 786.8 836.2 Agriculture & Allied Activties (% of GDP) 51.6 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 32.5 Industrial Sector ( % of GDP ) 10.9 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 29.3 Service Sector ( % of GDP ) 37.5 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 39.6 Private Consumption Expenditure 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070.0 2360896.0 3134993.8 Government Consumption Expenditure 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362.0 307769.0 383565.3 Investment 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866.0 1037685.0 1216584.9 Exports 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437.0 239229.0 329634.5 Imports 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512.0 571230.0 723391.3 Resource Balance -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075.0 -332001.0 -393756.8 Gross Private Consumption (% of GDP) 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.8 70.0 72.2 Gross Government Cosumption (% of GDP) 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.4 9.1 8.8 Gross Domestic Fixed Investment (% of GDP) 29.0 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 28.0 Resource Balance (% of GDP) -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) (17.5) (9.8) (9.1) II | Second Quarter 2021/22

Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 437,392.0 Broad Money Supply (M2) ( In Mn. Birr ) 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 1,348,266.1 Net Foreign Assets ( In Mn. Birr ) 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) (812.3) Reserve Requirement ( CBs ) 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6 67,732.4 Interest Rate ( In % ) Minimum Deposit Rate 3 4.0 4.0 5.00 7.00 7.0 Lending Rate 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 14.3 14.3 Total Net Domestic Credit (in mn. Birr) 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 1,481,844.4 Government 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 214,269.2 Other Sectors 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 1,267,575.3 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 19.9 20.2 -Food inflation 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 23.3 23.2 -Non-food inflation (core inflation) 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 16.4 Addis Ababa -General inflation 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 19.5 -Food inflation 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.0 25.9 26.2 -Non-Food inflation (core inflation) 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.0 13.9 14.4 3.4: External Trade(In Mn.USD) Export of goods & services 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 8,519.3 Import of goods & services 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,828.3 19,160.4 Net trade in goods & services -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,112.6 -10,641.1 Current account balance including official transfers -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,401.9 -3,153.9 Capital account balance 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,326.5 3,833.4 Overall balance of payments 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -833.4 298.7 3.5: Government Finance (In Mn .Birr4) Total Revenue (including grants) 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 478,888.1 Total Revenue (excluding grants) 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 444,582.6 o/w Tax-Revenue 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 388,763.5 Tax-Revenue as % of GDP 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.7 13.1 12.8 11.7 11.0 Total Expenditures 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 599,006.7 Current Expenditures 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 363,596.9 Capital Expenditures 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 235,409.7 Equity Contribution ( Sinking Fund ) Special Programs 272 224.0 50.0 44.0 0.0 - - - - - - - - - - - Total Expenditures as % of GDP 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 18.0 16.1 15.4 14.2 13.8 Current Surplus/Deficit 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 115,291.2 Overall Budget Deficit ( including grants ) -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36) (120118.5) Deficit as % of GDP -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.3) (3.0) (2.5) (2.5) (2.8) Overall Budget Deficit ( excluding grants ) -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) (154,424.0) Deficit as % of GDP -7.7 -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) (3.56) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163
End period 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822 43.691 National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | iii

Excluding manpower out side the Ministry of Health.
The GDP data series is revised on basis of 2010/11=100 base year
Inflation data is calculated using the new base year (December 2016=100)
Figures for government finance are preliminary estimates from 1999/00 onwards.
Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED iv | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

I. OVERVIEW 1.1. International Economic Developments According to the European Central Bank’s monthly bulletin of 1/2022, the global economic growth remained robust in the second quarter of 2021/22. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area remained stable and above its long-term average, reflecting steady demand. Nevertheless, the outbreak of the Omicron variant and its higher transmissibility began to weigh in December on the service sector in key economies, including the United Kingdom. In the United States, economic activity remained resilient, with increased near-term risks to the outlook from an intensification of the pandemic. Annualized GDP growth increased to 6.9 percent in the second quarter of 2021/22. In the United Kingdom, economic activity recovered but is expected to remain subdued in the second quarter. Real activity surpassed its pre-pandemic level for the first time in November, supported by increasing momentum across all industry sectors. In Japan, economic recovery is resumed in the second quarter of 2021/22. After the contraction observed in the summer of last year, economic activity remained steady in the second quarter, supported primarily by pent-up demand. In China, the growth momentum remains fragile. Monthly indicators point to a slowdown in economic activity. Retail sales remained subdued towards the end of last year, underscoring the difficulty of consumption returning to pre-pandemic levels amidst China’s strict COVID-19 containment strategy. The turmoil in China’s residential property industry continued at the end of 2021, with residential real estate sales growth remaining negative in December and house prices weakening further. Global price pressures remain increased in November. Annual consumer price index (CPI) inflation in the countries of the Organization for Economic Cooperation and Development (OECD) increased in to 5.8 percent in November. While energy price inflation reached the highest level observed over the past four decades, inflation excluding energy and food also rose to 3.8 percent in November, up from 3.2 percent in the previous month. Over all, during the second quarter of 2021/22, the global economic growth remained robust, while global inflation increased and oil prices mounted to well above prepandemic level. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 1

1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation Headline inflation has declined to 3.9 percent during the second quarter of 2021/22 from 13.1 percent in previous quarter despite 2.8 percentage point higher than last year same quarter. The fall in headline inflation in quarterly basis was attributed to the slowdown in food & non-alcoholic beverages inflation by 14.5 percent and non-food inflation by 1.8 percent. However, headline inflation showed 2.8 percentage point annual increase on account of a 2.3 percentage point increase in food & non- alcoholic beverages inflation and 3.5 percentage points rise in non-food inflation. Food & non-alcoholic beverages and non-food inflations contributed 1.7 and 2.3 percent to the headline inflation registered in the review quarter, respectively. 1.2.2. Monetary Developments At the end of second quarter of 2021/22, broad money supply (M2) reached Birr 1.46 trillion, exhibiting a 23.9 percent annual growth owing to 27.6 percent expansion in domestic credit and 23.7 percent in other items (net). Similarly, the reserve money reached Birr 332.4 billion showing 28.5 percent annual expansion while excess reserve of commercial banks depicted 103.3 percent annual contraction. 1.2.3. Interest rate Meanwhile, the average savings deposit rate remained at 8.0 percent while weighted average time deposit rate slightly declined by 0.1 percentage point. The average lending interest rate stood at 14.25 year-on-year basis and weighted average yield on T-bills increased from 6.7 percent in December 2020 to 8.8 percent in December 2021. Thus, considering 35.1 percent headline inflation, real interest rates on deposit, lending and T-bills yield remained negative. National Bank of Ethiopia Quarterly Bulletin 2 | Second Quarter 2021/22

1.2.4. Financial Sector Developments a) Banks The number of banks operating in Ethiopia reached 21, including 19 private and 2 states owned banks. These banks have opened 401 new branches during the second quarter of 2021/2022 thereby raising the total number of bank branches to 8,043. As a result, population to bank branch ratio reached 12,805.91 . Of the total bank branches, 35.3 percent are located in Addis Ababa. The share of state owned bank branches was 26 percent and that of private bank branches 74 percent. Total capital of the banking system amounted to Birr 167.1 billion with state owned banks accounting for 48.8 percent and private banks 51.2 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, was 31.4 percent. During the review quarter, banks disbursed Birr 81.6 billion fresh loans, indicating 18.8 percent annual decline. Of the total new loans, the share of state owned banks was 54.8 percent and that of private banks 45.2 percent. 1 Total population is 102,988,000 asCSA es timation for 2021/22 Sector wise, international trade obtained 25.8 percent of the total new loans while transport and communications sector received 17.8 percent, ‘mines, power & water resources 15 percent, industry 14.6 percent and domestic trade 10.3 percent. The remaining balance was disbursed to other sectors. Meanwhile, the banking system collected loans amounting to Birr 44.0 billion, of which 68.3 percent was by private banks and 31.7 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.4 trillion, showing a 16.8 percent annual increase. Claims of private banks on private sector and cooperatives were 99.6 percent. b) Insurance Sector The number of insurance companies remained at 18, consisting of 17 private and 1 state owned companies. Their branches increased to 667 from 622 a year ago. 54.3 percent of the total branches are located in Addis Ababa. The total capital of insurance companies reached Birr 11.9 billion, with private insurance companies share being 73.2 percent. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 3

c) Microfinance Institutions The number of micro-finance institutions (MFIs) reached 39 which mobilized Birr 47.5 billion in saving deposit, showing a 1.8 percent marginal annual decline. Their total outstanding credit also declined by 9.4 percent to Birr 58.8 billion while their total asset depicted 4.5 percent contraction and stood at Birr 92.8 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Ethiopia earned USD 916.6 million from merchandise export during the second quarter of 2021/22 which showed a 26.9 percent annual growth due to higher revenue from coffee (109 percent), gold (11.2 percent), flower (11.7 percent), pulses (38.9 percent), meat & meat products (62.2 percent), fruit & vegetables (34.3 percent), textile & textile products (40.7 percent), electricity (23.2 percent), leather & leather products (5.9 percent) and other export items (29.0 percent). In contrast, receipts from export of oilseeds have declined (7.8 percent), chat (10.8 percent) and liveanimals (55.0 percent). In the same period, total merchandise import bill amounted to USD 4.4 billion, depicting 31.0 percent annual growth due to a significant surge in import of consumer goods (60.3 percent), fuel (77.6 percent) and semi-finished goods (35.2 percent). Current account receipts stood at USD 4.6 billion and showed a 10.3 percent annual increase due to higher merchandise export (26.9 percent), service proceeds (27.4 percent) and private transfers (14.6 percent) despite sharp decline in public transfers. (53.1 percent). Similarly, total current payments increased 27.5 percent to USD 6.0 billion on account of strong growth in merchandise import (31.0 percent), services payment (17.5 percent) and public transfers (139.1 percent), in contrast with a 20.6 percent slowdown in private transfers. As a result, current account deficit (including official transfers) widened to USD 1.4 billion from USD 544 million deficit a year earlier. On the other hand, capital account registered USD 1.1 billionin surplus, which was 11.5 percent higher than that of last year same quarter. Consequently, the overall balance of payments recorded USD 589.6 million deficit compared to USD 152.6 million deficit a year ago. National Bank of Ethiopia Quarterly Bulletin 4 | Second Quarter 2021/22

b) Exchange Rate Development During the second quarter of 2021/22, weighted average official exchange rate of the Birr showed 25.7 percent annual depreciation and reached Birr 47.6026/USD. While real effective exchange rate index (REERI) exhibited 7.7 percent appreciation. Likewise, the nominal effective exchange rate (NEERI) appreciated by 94.9 percent compared to last year same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants of the Federal government was increased by 14.1 percent t to Birr 106.2 billion. Similarly, total expenditure amounted to Birr 185.8 billion depicting 47.3 percent annual growth. As a result, the overall fiscal deficit (including grants) widened significantly to Birr 79.6 billion compared to Birr 32.9 billion last year same quarter. 1.2.7. Investment During the 2021/22 second quarter, 11 investment projects with investment capital of Birr 182 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital increased by 120 and 12.7 percent, respectively. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 5

II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the second quarter of 2021/22 the volume of petroleum products imported was 944 million metric tons, which was slightly lower than last year same period. This was due to the rise in import of jet fuel (16.7 percent) and fuel oil (2.5 percent). However, the amount of petroleum products imported showed 5.4 percent reduction visa-a- vis the preceding quarter. Of the total petroleum imports, gas oil accounted for 66.2 percent, followed by regular gasoline (18.0 percent), jet fuel (13.4 percent), and fuel oil (2.4 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2020/21 2021/22 Qtr. II Qtr. I Qtr. II Percentage Change A Share )% (In B Share )% (In C Share In( )% C/A C/B Regular Gasoline )(MGR 176,894.5 18.9 169,292.8 17.0 169,625.8 18.0 -4.1 0.2 Jet Fuel 107,969.3 11.5 127,007.6 12.7 126,027.1 13.4 16.7 -0.8 Fuel Oil 22,414.5 2.4 24,247.1 2.4 22,980.0 2.4 2.5 -5.2 )Gas Oil (ADO 630,617.5 67.2 677,243.3 67.9 625,325.9 66.2 -0.8 -7.7 Total 937,895.8 100.0 997,790.7 100.0 943,958.8 100.0 0.6 -5.4 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin 6 | Second Quarter 2021/22

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

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 In Metric T on Quarter MGR Jet Fuel FuelOil Gas Oil Source: Ethiopian Petroleum Enterprise The total value of petroleum products imported amounted to Birr 33.4 billion, showing 126.4 percent surge relative to same period last year on account ofan increase inthe values of jet fuel (164.0 percent) gas oil (123.8 percent), regular gasoline (118.5 percent) and fuel oil (84.5 percent) (Table 2.2). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 7

Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2020/21 2021/22 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In )% B Share )% (In C Share )% (In C/A C/B Regular Gasoline )(MGR 3,191,180.6 21.7 5,916,253.5 20.1 6,973,182.9 20.9 118.5 17.9 Jet Fuel 1,687,041.3 11.4 3,624,424.7 12.3 4,453,062.5 13.3 164.0 22.9 Fuel Oil 329,665.4 2.2 579,775.1 2.0 608,170.6 1.8 84.5 4.9 Gas Oil )(ADO 9,528,043.2 64.7 19,272,504.4 65.6 21,326,238.5 63.9 123.8 10.7 Total 14,735,930.5 100.0 29,392,957.7 100.0 33,360,654.5 100.0 126.4 13.5 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5000000 10000000 15000000 20000000 25000000 I II III IV I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 In '000 Birr Quarter MGR Jet Fuel FuelOil Gas Oil Source: Ethiopian Petroleum Enterprise Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin 8 | Second Quarter 2021/22

Likewise, the average FOB prices of petroleum products increased by 86.1 percent compared to same period last year and 12 percent on quarterly bases due to higher FOB price of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2020/21 2021/22 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B )Regular Gasoline (MGR 395.0 700.8 761.4 92.8 8.6 Jet Fuel 359.0 586.9 693.3 93.1 18.1 Fuel Oil 271.3 421.7 440.7 62.4 4.5 )Gas Oil (ADO 351.8 578.2 667.1 89.6 15.4 Average 344.3 571.9 640.6 86.1 12.0 )Brent Crude Oil (USD/Barrel 44.3 73.5 79.6 79.7 8.3 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 100 200 300 400 500 600 700 800 900 1000 I II III IV I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 USDper Metric Ton Quarter MGR Jet Fuel FuelOil Gas Oil Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 9

The average price of Brent crude oil, which is used as a point of reference for international oil price, rose sharply by 79.7 percent to USD 79.6 per barrel from USD 44.3 per barrel a year ago. Over the same period, the average price of Brent crude oil increased by 8.3 percent vis-àvis the preceding quarter (Table 2.3). In line with the movements in international oil prices and domestic macroeconomic conditions, domestic fuel retail prices were adjusted upward against last year same quarter. Accordingly, the average retail price of fuel in Addis Ababa increased 57 percent to Birr 37.0 per liter from Birr 23.6 per liter a year ago as a result of the increase in price of all components of petroleum products. Similarly, average retail price of fuel in Addis Ababa rose 15.6 percent on quarterly bases (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2020/21 2021/22 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B )Regular Gasoline (MGR 21.87 25.86 29.78 36.2 15.2 Fuel Oil 33.27 40.05 44.70 34.3 11.6 )Gas Oil (ADO 18.98 23.18 27.02 42.4 16.6 Kerosene 18.98 23.18 27.02 42.4 16.6 Jet fuel 24.74 47.76 56.43 128.1 18.2 Average 23.6 32.0 37.0 57.0 15.6 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 10 20 30 40 50 60 I II III IV I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 MGR FuelOil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade National Bank of Ethiopia Quarterly Bulletin 10 | Second Quarter 2021/22

2.2. Electric Power Generation Total electric power generated during the quarter under review quarter was 3.8 billion KWH which showed 3.2 and 0.1 percent decline over the preceding quarter and last year same period, respectively. The year- on-year reduction in electric power generation was attributed to 18.0 percent and 33.7 percent decline in electric power generated from wind and biomass sources, respectively (table 2.5). Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2020/21 2021/22 Qtr. II Qtr. I Qtr. II Percentage Change A Share )% (In B Share )% (In C Share )% (In C/A C/B Hydropower 3,554,618.5 94.2 3,778,262.3 96.9 3,594,629.0 95.3 1.1 -4.9 Thermal Power - - - - - - - - Geothermal - - - - - - - - wind 197,852.0 5.2 108,391.8 2.8 162,200.2 4.3 -18.0 49.6 Biomass 21,217.50 0.6 10,587.00 0.3 14,070.25 0.4 -33.7 32.9 Total 3,773,688.0 100.0 3,897,241.2 100.0 3,770,899.4 100.0 -0.1 -3.2 Source: Ethiopian Electric Power Of the total electric power production, 95.3 percent was generated from hydropower, 4.3 percent from wind and 0.4 percent from biomass sources (Table 2.5). By system of generation, all the power was generated through the interconnected systems (ICS) 2 (Table 2.6). 2 The electric power generated from different power stations are stored in substations before distribution National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 11

Table 2.6 generation of electricity power in the interconnected system (ICS) and self-contained system (SCS) System of Power supply 2020/21 2021/22 Percentage Qtr II Qtr I Qtr II Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,554,618.5 94.2 3,778,262.3 96.9 3,594,629.0 95.3 1.1 -4.9 Thermal Power - - - - - 0 Geothermal - - - - - 0 Wind 197,852.0 5.2 108,391.8 2.8 162,200.2 4.3 -18.0 49.6 Biomass 21,217.50 0.6 10,587.00 0.3 14,070.25 0.4 -33.7 0 Sub-Total 3,773,688.0 100.0 3,897,241.2 100.0 3,770,899.4 100.0 -0.1 -3.2 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,773,688.0 100.0 3,897,241.2 100.0 3,770,899.4 100.0 -0.1 -3.2 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type

1,000,000.0 2,000,000.0 3,000,000.0 4,000,000.0 5,000,000.0 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 12 | Second Quarter 2021/22

III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation slowed to 3.9 percent during the second quarter of 2021/22 from 13.1 percent in the preceding quarter. However, it was 2.8 percentage point higher than last year same quarter. The decline in quarterly headline inflation was attributed largely to the fall in inflation rates of food & non-alcoholic beverages (14.5 percentage point) and non-food items (1.8 percentage point). On the other hand, headline inflation dropped by 2.8 percentage points annually owing to a 2.3 percentage point increase in food & non-alcoholic beverages and 3.5 percentage points rise in non-food inflation. Food & nonalcoholic beverages and non-food inflations contributed 1.7 and 2.3 percent, respectively, to the headline inflation (Table 3.1 and Fig 3.1). In the same period, food & non-alcoholic beverages inflation plummeted to 3.2 percent from 17.6 percent in the previous quarter, owing to lower inflation for oils & fats (31.3 percentage point), bread & cereals (18.6 percentage point), fish and sea food (13.8 percentage point), nonalcoholic beverages (12.7 percentage point), meat (12.4 percentage point), vegetables (7.8 percentage point) and milk, cheese & egg (1.3 percentage point). food products n.e.c (17.8 percentage point), and On the other hand, inflation for sugar jam, honey & chocolate scaled up by 8.0 percentage point and 8.1 percentage point for fruit (Table 3.2). Similarly, non-food inflation subsided to 5.0 percent from 6.8 percent in the previous quarter. Thiswas attributed mainly to lower inflation for furnishings, household equipment and routine maintenance of houses (6.0 percentage point), miscellaneous goods (2.9 percentage point), clothing and footwear (2.5 percentage point), housing, water, electricity, gas & fuel (2.1 percentage point), alcoholic beverages & tobacco (2.1 percentage point), health (1.3 percentage point) and miscellaneous goods (2.9 percentage point) (Table 3.3). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 13

-5.0 0.0 5.0 10.0 15.0 20.0 25.0 QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2018/19 2019/20 2020/21 2021/22 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig. 3.1: Quarterly Movement in National Ination Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Weights in % 2020/21 2021/22 Change in %age Points Contributions in (%) to QII QI QII A B C C-A C-B Headline Inflation Change over QII2020/21 Headline Inflation Change Over QI2021/22 QII-2021/22 Headline Inflation Absolute Relative Headline 100 1.1 13.1 3.9 2.8 -9.2 2.8 -9.2 4.0 100 Food & Nonalcoholic beverage 54 0.8 17.6 3.2 2.3 -14.5 1.3 -7.8 1.7 42.6 Non-food 46 1.5 6.8 5.0 3.5 -1.8 1.6 -0.8 2.3 57.4 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 14 | Second Quarter 2021/22

Food & Nonalcoholic beverage; 42.6% Non-food; 57.4% Fig. 3.2: Contribution of Food andNon-food Ination to the Headline Ination in Second Quarter 2021/22 Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2020/21 2021/22 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation Change over QII2020/21(%) Headline Inflation Change over QI-2021/22 (%) Food & Non-alcoholic beverages Inflation 0.54 0.8 17.6 3.2 2.3 -14.5 1.3 -7.8 Bread & Cereals 0.17 3.1 20.7 2.1 -1.1 -18.6 -0.2 -3.2 Meat 0.04 1.9 11.7 -0.8 -2.6 -12.4 -0.1 -0.5 Fish and sea food 0.00 -1.3 16.5 2.7 3.9 -13.8 0.0 0.0 Milk, cheese & egg 0.03 5.6 3.0 1.7 -3.9 -1.3 -0.1 0.0 Oils & Fats 0.04 9.8 34.9 3.6 -6.1 -31.3 -0.3 -1.4 Fruit 0.00 3.8 7.4 15.5 11.6 8.1 0.0 0.0 Vegetables 0.12 -7.3 11.1 3.3 10.6 -7.8 1.3 -1.0 Sugar jam, honey, chocolate 0.01 7.5 3.5 11.6 4.1 8.0 0.1 0.1 Food products n.e.c 0.06 0.3 21.2 3.4 3.1 -17.8 0.2 -1.0 Non-alcoholic beverages 0.05 5.5 23.0 10.3 4.8 -12.7 0.2 -0.6 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 15

Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Items Weights 2020/21 2021/22 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation Change over QII2020/21 Headline Inflation Change over QI- )%(2021/22 Non-Food Inflation 0.46 1.5 6.8 5.0 3.5 -1.8 1.6 -0.8 Alcoholic Beverages and tobacco 0.05 6.5 10.1 8.0 1.5 -2.1 0.1 -0.1 Clothing and Footwear 0.06 4.1 7.1 4.6 0.5 -2.5 0.0 -0.1 Housing, Water, Electricity, Gas and other Fuel 0.17 1.5 6.8 4.7 3.2 -2.1 0.5 -0.4 Furnishings,Household Equipment and Routine maintenance of houses 0.05 0.7 10.7 4.8 4.1 -6.0 0.2 -0.3 Health 0.01 5.8 8.8 7.4 1.6 -1.3 0.0 0.0 Transport 0.02 -21.6 -0.3 0.2 21.8 0.4 0.5 0.0 Communication 0.02 -1.7 -4.8 0.9 2.6 5.7 0.1 0.1 Recreation and culture 0.00 9.8 7.8 16.7 6.9 8.9 0.0 0.0 Education 0.00 11.7 7.9 12.0 0.4 4.1 0.0 0.0 Restaurant & hotel 0.05 7.0 6.5 6.5 -0.5 0.0 Miscellaneous Goods 0.03 3.8 5.6 2.7 -1.1 -2.9 0.0 -0.1 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI During the second quarter of 2021/2022, the regional average headline inflation decreased to 5.3 percent from 12.1 percent in the preceding quarter. However, it was higher than the 0.1 percent average headline inflation registered last year same quarter. Headline inflation in Harari, Benshangul, Dire Dawa and Somali was higher than the regional average. The highest headline inflation (13.9 percent) was registered in Harari, and the lowest (2.7 percent) in SNNP. Hence, the margin between the highest and lowest headline inflation was 11.2 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, scaled down annually to 3.8 percent from 4.7 percent in the preceding quarter (Table 3.4). Likewise, the regional average food & non-alcoholic beverage inflation declined to 4.6 percent from 16.4 National Bank of Ethiopia Quarterly Bulletin 16 | Second Quarter 2021/22

percent in the preceding quarter despite 4.6 percentage point increase over last year same quarter. Food & nonalcoholic beverages inflations in Harari, Benshangul, somali and Dire Dawa were higher than the regional average. Harari registered the highest food & non-alcoholic beverages inflation (11.0 percent) while Gamballa recorded the lowest (0.6 percent), signifying 10.4 percentage point margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, was 3.8 percent compared to 6.1 percent in the preceding quarter and 2.5 percent last year same quarter (Table 3.4). The regional average non-food inflation scaled down slightly to 6.3 percent from 6.9 percent. Harari, Gambella, Benshangul, Dire Dawa and Amhara regional states recorded higher nonfood inflation than the regional average. Non-food inflation was the highest in Harari (16.6 percent) and the lowest in Afar (0.8 percent), revealing 15.8 percentage point margin. The variation in non-food inflation, measured by the standard deviation, increased to 4.9 percent in the review quarter from 3.8 percent in the previous quarter and 3.1 percent last year same quarter (Table 3.4). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 17

Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2020/21 2021/22 Annual Change Quarterly Change QII QI QII A B C C-A C-B General Food & Non-alcoholic beverages Nonfood Gener- al Food & Non-alcoholic beverages Non- food General Food & Non-alcoholic beverages Non- food Gen- eral Food & Non-alcoholic beverages Non- food Gen- eral Food & Non-alcoholic beverages Non- food SNNP 2.0 3.1 0.5 12.1 18.0 3.2 2.7 1.8 4.2 0.7 -1.3 3.8 -9.4 -16.2 -2.4 Harari 0.7 1.4 0.2 10.9 16.2 6.5 13.9 11.0 16.6 13.2 9.6 16.4 3.0 -5.2 3.3 Oromia 0.8 0.9 0.6 15.9 19.5 10.1 3.8 2.8 5.6 3.1 1.9 5.1 -12.1 -16.7 6.1 Tigray - - - - - - - - - - - - - - - Gambella 0.0 -0.8 1.1 13.9 19.7 5.0 4.3 0.6 10.7 4.3 1.4 9.6 -9.6 -19.2 3.7 Addis Ababa -0.3 -1.7 0.8 10.7 15.6 6.4 3.0 1.8 4.2 3.4 -7.7 -13.9 0.3 Dire Dawa -5.1 -5.8 -4.4 15.2 19.7 10.2 7.0 5.7 8.5 12.1 11.5 12.9 -8.3 -14.0 7.3 Benshangul. Gumuz 1.1 -0.9 3.6 18.0 23.6 12.1 9.9 9.8 10.0 8.8 10.7 6.5 -8.2 -13.8 5.0 Somali 2.7 0.7 5.1 9.4 14.0 3.4 6.3 9.1 2.3 3.6 8.4 -2.8 -3.1 -4.9 -6.6 Afar -1.0 3.6 -6.0 13.0 14.2 11.3 3.0 4.5 0.8 4.0 0.9 6.8 -10.0 -9.7 7.4 Amhara 0.1 -1.0 1.6 14.1 19.5 7.4 4.8 3.5 6.7 4.8 4.6 5.1 -9.2 -15.9 2.3 Regions Average 0.1 0.0 0.3 12.1 16.4 6.9 5.3 4.6 6.3 Standard deviation 2.0 2.5 3.1 4.7 6.1 3.8 4.9 Coefficient of variation 24.1 -61.5 11.9 0.4 0.4 0.6 0.7 0.8 0.8 Source: CSA and NBE Staff Computatio National Bank of Ethiopia Quarterly Bulletin 18 | Second Quarter 2021/22

IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit At end of second quarter of 2021/22 broad money supply (M2 ) stood at Birr 1.46 trillion, exhibiting 23.9 percent growth over last year same period (Table 4.1). The expansion in broad money was attributed to 27.6 percent and 23.7 percent growth of domestic credit and other items (net) respectively, offsetting 213.0 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 Contribution of Each Component to M2 growth (Dec. 20) (Sept. 21) (Dec. 21) C/A C/B Annual A B C 1.External Assets (net) -24,797.40 -44,457.80 -77,621.80 -213 -74.6 -18.7 2.Domestic Credit 1,288,104.10 1,562,108.40 1,643,086.50 27.6 5.2 125.9 . Claims on Central Gov’t (net) 125,944.80 287,174.70 307,462.40 144.1 7.1 64.4 . Claims on Non-Central Gov’t 1,162,159.30 1,274,933.70 1,335,624.00 14.9 4.8 61.5 . Financial Institutions 56,642.70 55,492.70 52,322.70 -7.6 -5.7 -1.5 . Others 1,105,516.60 1,219,441.00 1,283,301.30 16.1 5.2 63.1 3.Other Items (net) 85,592.10 124,492.20 105,856.60 23.7 -15 7.2 4.Broad Money (M2) 1,177,714.60 1,393,158.30 1,459,608.10 23.9 4.8 100 Source: Staff Computation, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 19

Fig IV.1: Major Determinants of Monetary Expansion (Annually Change in Percent) -6,000.0 -5,000.0 -4,000.0 -3,000.0 -2,000.0 -1,000.0 0.0 1,000.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarte r III Broad Money Domestic Credit Other Items Net Net Foreign Assets Source: Staff Computation, NBE Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Sta computation, NBE -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Percent Credit to Central Government Credit to Non-Central Government Domestic Credit Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin 20 | Second Quarter 2021/22

Component wise, quasi-money grew 23.6 percent on annual and 3.1 percent on quarterly terms. Similarly, narrow money exhibited 24.5 percent annual and 8.4 percent quarterly expansion. Year-on-year basis, narrow money contributed 34.0 percent to the growth of broad money, while that of quasi money was 66.0 percent (Table 4.2). The surge in quasi-money was the result of banks’ effort in expanding their branch network through improving service outreach. Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money growth (Dec. 20) (Sept. 21 (Dec. 21) C/A C/B Annual A B C 1.Narrow Money Supply 390,480.7 448,775.0 486,276.6 24.5 8.4 34.0 . Currency outside banks 108,326.1 135,810.7 158,929.3 46.7 17.0 18.0 . Demand Deposits (net) 282,154.6 312,964.3 327,347.3 16.0 4.6 16.0 2.Quasi-Money 787,233.9 944,383.3 973,331.5 23.6 3.1 66.0 . Savings Deposits 698,079.0 845,637.4 873,508.8 25.1 3.3 62.2 . Time Deposits 89,154.9 98,745.9 99,822.7 12.0 1.1 3.8 3.Broad Money Supply 1,177,714.6 1,393,158.3 1,459,608.1 23.9 4.8 100.0 Source: Staff Computation, NBE Fig. IV. 3: Composition of Monetary Stock (In Billions of Birr) 0.0 200.0 400.0 600.0 800.0 1,000.0 Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 21

4.2. Developments in Reserve Money and Monetary Ratio At the end of December 2021, reserve money reached Birr 332.4 billion showing 28.5 percent growth on annual and 15.8 percent quarterly bases. On the other hand, excess reserve of commercial banks dropped significantly (103.3 percent) annually and 106.0 percent quarterly (Table 4.3). The money multiplier, measured by the ratio of broad money to reserve money, declined to 4.4 from 4.6 same period of last year. The money multiplier measured by the ratio of narrow money to reserve money remained stable. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage Change (Dec. 20) (Sept. 21) (Dec. 21) A B C C/A C/B 1.Reserve Requirement (CB’s) 60,394.1 90,487.1 147,408.1 144.1 62.9 2.Actual Reserve (CB’s) 116,138.0 121,089.8 145,557.2 25.3 20.2 3.Excess Reserve (CB’s) 55,743.9 30,602.7 -1,850.9 -103.3 -106.0 4.Reserve Money 258,706.6 287,057.2 332,391.5 28.5 15.8 . Currency in Circulation 138,864.5 167,253.2 187,463.1 35.0 12.1 . Banks deposits at NBE 119,842.1 119,804.0 144,928.4 20.9 21.0 5.Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.5 -3.1 -6.4 . Broad Money to Reserve Money 4.6 4.9 4.4 -3.5 -9.5 6.Other Monetary Ratios (%): . Currency to Narrow Money 35.6 37.3 38.6 8.4 3.4 . Currency to Broad Money 11.8 12.0 12.8 8.9 7.0 . Narrow Money to Broad Money 33.2 32.2 33.3 0.5 3.4 . Quasi Money to Broad Money 66.8 67.8 66.7 -0.2 -1.6 Source: Staff Computation, NBE National Bank of Ethiopia Quarterly Bulletin 22 | Second Quarter 2021/22

Fig. IV.4: Quarterly Growth of Reserve Money and Its Components (Quarterly Change in Percent) -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2017/18 2018/19 2019/20 2020/21 2021/22 Percentage Changes Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE Fig. IV.5: Monetary Aggregates (In Billions of Birr) -20 0 20 40 60 80 100 120 140 160 In Billions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 23

4.3. Interest Rate Developments Average savings deposit and lending interest rate remained at 8.0 percent and 14.25 percent, respectively while weighted average time deposit rate decreased slightly (0.1 percent); the yield on T-bills has shown significant improvement following the introduction of market based T-bills auction. Accordingly, the weighted average yield on T-bills increased from 6.7 percent in December 2020 to 8.8 percent in December 2021. Considering 35.1 percent headline inflation in December 2021 thereal interest rates on deposit, lending and the T-bills yield remained negative (Table 4.4). National Bank of Ethiopia Quarterly Bulletin 24 | Second Quarter 2021/22

Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2020/21 2021/22 Percentage point Changes QII QI QII Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 7.73 7.76 7.69 (0.03) (0.06) 1-2 years 7.78 7.80 7.74 (0.05) (0.06) Over 2 years 7.83 7.84 7.77 (0.06) (0.07) Average Time Dep. Rate (Weighted) 7.78 7.80 7.74 (0.0 5) (0.06)
Demand Deposit (Weighted) 0.039 0.036 0.034 (0.01) (0.00)
Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.25 - -
T-bills Rate (Weighted) 6.71 9.18 8.83 2.11 (0.36)
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
Headline Inflation (Year-on-year) 18.2 34.8 35.1 16.90 0.26
Food Inflation(Year-on-year) 21.3 42.0 41.6 20.35 (0.36)
Core/non-food Inflation (Year-on-year) 14.3 25.2 26.6 12.27 1.41 1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates, hence the minimum & maximum rates presented here are mareket determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 25

Fig. IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield Source: NBE and Commercial Banks Fig. IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 ination rate (core) Value in Percent Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Ination rate (core) *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are depicted on the left axis. Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin 26 | Second Quarter 2021/22

4.4. Developments in the Financial Sector At the end of second quarter of 2021/22, the total number of banks in Ethiopia reached 21 of which 19 private and 2 state owned. With the opening of 401 new bank branches during the period, the total number of bank branches increased to 8,043. Hence, population to bank branch ratio stood at 12,805.93 . 35.5 percent of the total new bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 26 percent while that of private banks 74 percent (Table 4.5). Total capital of the banking system increased by Birr 46.2 billion and reached to Birr 167.1 billion of which state owned banks accounted for 48.8 percent and private banks 51.2 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 31.4 percent (Table 4.5). The number of insurance companies remained at 18, of which 17 are private and 1 state owned. Their branch network increased to 667 from 622 a year ago. Of the total insurance branches, 54.3 percent were situated in Addis Ababa. 3 Total population is 102,998,000 asCSA Estimation for 2021/22 Total capital of the insurance companies reached Birr 11.9 billion from Birr 10.2 billion a year ago. Private insurance companies accounted for 73.2 percent of the total capital of the insurance sector (Table 4.6). During the review quarter, the number of micro-finance institution (MFIs) stood at 39 whose saving account declined slightly (1.8 percent) to Birr 47.5 billion. Similarly, their outstanding credit dropped 9.4 percent to Birr 58.8 Billion. Their asset also dropped 4.5 percent to Birr 92.8 billion while their capital increased to Birr 22.1 billion showing 8.6 percent annual growth (Table 4.7). Oromia Credit and Saving Institution, which was one of the biggest MFIs, has been transformed to a Bank thereby leading to reduction in savings, outstanding credit and total asset of MFIs. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 27

Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Banks Branch Network Capital 2020/21 2021/22 2020/21 2021/22 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter Reg A.A Total % II Share Reg. A.A Total % Share Reg. A.A Total % Share

Public Banks Commercial Bank of Ethiopia 1,449 410 1,859 27.0 1516 441 1,957 25.6 1,498 508 2,006 24.9 50,323.4 52,753.07 52,387.82 Development Bank of Ethiopia 77 5 82 1.2 77 5 82 1.1 77 5 82 1.0 7,748.1 29,163.96 29,163.96 Total Public Banks 1,526 415 1,941 28.1 1,593 446 2,039 26.7 1,575 513 2,088 26.0 58,071.5 81,917.0 81,551.8
Private Banks - Awash International Bank 311 213 524 7.6 394 243 637 8.3 440 252 692 8.6 10,945.6 11,172.36 13,873.1 Dashen Bank 290 165 455 6.6 339 174 513 6.7 354 203 557 6.9 5,848.7 7,888.89 8,292.8 Abyssinia Bank 389 239 628 9.1 468 265 733 9.6 471 293 764 9.5 4,658.2 6,878.84 7,650.4 Wegagen Bank 268 148 416 6.0 271 149 420 5.5 270 150 420 5.2 4,388.4 4,750.97 5,173.6 United Bank 194 169 363 5.3 212 189 401 5.2 221 198 419 5.2 4,604.9 5,107.79 5,743.6 Nib International Bank 186 207 393 5.7 198 218 416 5.4 201 223 424 5.3 5,166.6 5,864.13 6,111.4 Cooperative Bank of Oromiya 356 92 448 6.5 391 114 505 6.6 419 142 561 7.0 4,317.7 6,465.98 7,292.2 Lion International Bank 202 86 288 4.2 203 86 289 3.8 201 88 289 3.6 2,974.9 3,255.07 3,283.6 Oromia International Bank 214 108 322 4.7 222 111 333 4.4 228 125 353 4.4 3,865.2 4,356.79 4,720.7 Zemen Bank 22 36 58 0.8 25 42 67 0.9 23 45 68 0.8 2,793.6 3,633.11 4,557.5 Buna International Bank 146 124 270 3.9 186 147 333 4.4 191 148 339 4.2 2,738.1 3,295.17 3,731.2 Berhan International Bank 143 127 270 3.9 165 140 305 4.0 181 137 318 4.0 3,081.4 3,771.83 3,755.6 Abay Bank 180 94 274 4.0 216 108 324 4.2 251 119 370 4.6 3,088.4 3,371.68 3,885.3 Addis Interational Bank 33 55 88 1.3 38 61 99 1.3 42 65 107 1.3 1,196.3 1,328.46 1,425.7 Debub Global Bank 42 58 100 1.4 52 67 119 1.6 60 72 132 1.6 1,373.2 1,618.42 1,716.1 Enat Bank S.C 27 32 59 0.9 42 46 88 1.2 45 48 93 1.2 1,697.5 1,859.91 1,974.6 Hijra Bank S.C 7 5 12 0.2 19 8 27 0.3 543.1 Zamzam Bank S.S 1 8 9 0.1 9 11 20 0.2 1,181.6 Goh Betoch Bank S.C 1 1 2 0.0 593.4 Total Private Banks 3,003 1,953 4,956 71.9 3,430 2,173 5,603 73.3 3,627 2,328 5,955 74.0 62,739 74,619 85,506 3.Grand Total Banks 4,529 2,368 6,897 100 5,023 2,619 7,642 100 5,202 2,841 8,043 100 120,810 156,536 167,057 Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa Fig.IV.8: Share of Branch Network and Capital of Banking System Source: Staff Compilation, NBE National Bank of Ethiopia Quarterly Bulletin 28 | Second Quarter 2021/22

Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Insurance Companies Branch Capital 2020/21 2021/22 2020/21 2021/22 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter A.A Reg II Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 65 90 25 65 90 25 66 91 2,933 3,135 3,181 2 Awash Insurance Company 28 22 50 29 26 55 30 26 56 1,467 1,582 1,728 3 Africa Insurance Company 18 14 32 18 14 32 18 14 32 326 373 367 4 National Insurance Corporation of Ethiopia 22 17 39 22 17 39 22 17 39 152 242 257 5 United Insurance Company 28 12 40 29 12 41 30 13 43 673 793 732 6 Global Insurance Company 12 8 20 12 8 20 12 8 20 189 234 250 7 Nile Insurance Company 28 22 50 31 24 55 31 24 55 562 719 742 8 Nyala Insurance Company 17 18 35 17 18 35 17 18 35 1,009 1,123 1,222 9 Nib Insurance Company 28 14 42 28 15 43 29 15 44 546 710 610 10 Lion Insurance Company 16 20 36 16 22 38 19 22 41 352 295 310 11 E-Life & General Insurance 18 6 24 18 6 24 18 6 24 166 187 188 12 Oromia Insurance Company 22 21 43 22 21 43 25 25 50 567 749 734 13 Abay Insurance Company 15 13 28 15 14 29 15 14 29 396 398 463 14 Berhan insurance 13 8 21 13 8 21 14 8 22 170 231 258 15 Tsehay Insurance 18 9 27 20 9 29 20 9 29 291 337 353 16 Lucy Insurance 12 6 18 16 6 22 16 6 22 132 120 134 17 Bunna Insurance 16 10 26 16 12 28 17 12 29 197 220 212 18 Zemen Insurance 1 - 1 3 1 4 4 2 6 116 138 144 TOTAL 337 285 622 350 298 648 362 305 667 10,244 11,586 11,885 Source: Insurance Supervision Directorate, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 29

Table 4.7: Microfinance Institutions Performance as of December 31, 2021 (In Thousands of Birr) Particulars 2020/21 2021/22 % Change QII QI QII A B C D=C/A E=C/B Total Capital 20,318,381.2 29,501,482.7 22,057,133.8 8.6 -25.2 Saving 48,345,831.9 52,303,450.7 47,478,061.8 -1.8 -9.2 Credit 64,895,444.5 70,687,170.0 58,789,836.1 -9.4 -16.8 Total Assets 97,131,162.1 105,149,582.5 92,776,165.3 -4.5 -11.8 Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization In the second quarter of 2021/22, total resources mobilized (the sum of net change in deposit, loans collected and net change in borrowings) through the banking system increased by 17.9 percent over last year same quarter mainly due to higher net deposit (29.7 percent) and loan collection (10.8 percent), (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2020/21 Qtr.II 2021/22 Qtr.I 2020/21 Qtr.II 2021/22 Qtr.II 2020/21 Qtr.I 2021/22 Qtr.II 2021/22 A B C D=C/A E=C/B 1.Deposits (net change) 34,632.3 53,762.8 3,157.4 28,599.3 63,509.7 37,789.8 82,362.2 29.7 117.9 -Demand 13,282.9 38,027.3 -8,807.9 14,852.4 25,395.0 4,474.9 52,879.8 108.2 1,081.7 -Saving 18,029.9 15,392.4 10,380.7 12,975.6 39,399.3 28,410.7 28,368.0 -28.0 -0.2 -Time 3,319.5 343.1 1,584.6 771.4 -1,284.7 4,904.1 1,114.5 -186.8 -77.3 2. Borrowing (net change) 1,280.1 -3,076.3 0.0 0.0 1,370.8 1,280.1 -3,076.3 -324.4 -340.3 -Local -530.8 -3,103.8 0.0 0.0 -992.1 -530.8 -3,103.8 212.9 484.7 -Foreign 1,811.0 27.6 0.0 0.0 2,362.9 1,811.0 27.6 -98.8 -98.5 3. Collection of Loans 50,758.3 13,921.1 30,946.9 30,038.9 39,662.9 81,705.3 43,960.0 10.8 -46.2 4. Total Resources Mobilized (1+2+3) 86,670.8 64,607.6 34,104.4 58,638.3 104,543.3 120,775.2 123,245.9 17.9 2.0 5. Disbursement 36,624.2 44,732.6 28,666.6 36,826.0 100,380.4 65,290.8 81,558.6 -18.8 24.9 6. Change in Liquidity (4-5) 50,046.6 19,875.1 5,437.8 21,812.3 4,162.9 55,484.3 41,687.3 901.4 -24.9 Memorandum Item: Outstanding Credit* 756,720.5 793,249.3 539,971.5 578,904.1 1,175,120.3 1,296,692.1 1,372,153.3 16.8 5.8 Source: Commercial Banks Notes: *Includes corporate bonds of Commercial Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin 30 | Second Quarter 2021/22

Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 I II III IV I II III IV I II III IV I II 2018/2019 2019/2020 2020/2021 2021/2022 In Milli ons of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 1.5 trillion at the end of second quarter of 2021/22, indicating 22.1 percent annual growth. Demand deposits, which accounted for 33.7 percent of total deposits, amounted to Birr 497.2 billion showing 20.2 percent yearly increase. Similarly, saving deposit rose by 25.2 percent to Birr 874.4 billion and constituted 59.2 percent of the total deposits. Time deposits, with 7.1 percent share grew 7.7 percent to Birr 105.4 billion. The share of state owned banks in total deposit was 55.9 percent while private banks took 44.1 percent share (Table 4.9). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 31

Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Deposit by types Quarter II % Share Quarter I % Share Quarter II % Share 2020/21 2021/22 2021/22 C/A C/B A B C Demand Deposit 413,669.7 34.2 444,306.1 31.9 497,185.8 33.7 20.2 11.9 Saving Deposit 698,435.8 57.7 846,030.4 60.7 874,398.4 59.2 25.2 3.4 Time Deposit 97,833.1 8.1 104,275.6 7.5 105,390.0 7.1 7.7 1.1 Total 1,209,938.6 100.0 1,394,612.1 100.0 1,476,974.2 100.0 22.1 5.9 Share of Public Banks 56.3 55.4 55.9 Share of Private Banks 43.7 44.6 44.1 Source: Commercial Banks and DBE 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 2018/19 2019/2020 2020/2021 2021/2022 In percent State owned Banks Private Banks All Banks Source:CBEs & NBE National Bank of Ethiopia Quarterly Bulletin 32 | Second Quarter 2021/22

4.5.1.2. Collection of Loans During the review period, banks collected Birr 44 billion in loans (including corporate bonds) which was 10.8 percent higher than last year same period (Table 4.8). Private banks collected 68.3 percent of the total loan while that of public banks was 31.7 percent. Of the total loans 96.3 percent was collected from cooperatives and private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 82.4 billion at the end of second quarter 2021/22, showing a 1.0 percent annual growth. Of the total borrowing, Birr 64.8 billion (78.7 percent) was obtained from domestic and Birr 17.6 billion (21.3 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) Banks 2020/21 2021/22 Percentage change Quarter II Quarter I Quarter II A B C D=C/B E=C/A Domestic Borrowing 67,464.7 67,935.5 64,831.7 )4.6( )3.9( Foreign Borrowing 14,134.4 17,526.9 17,554.5 0.2 24.2 Total 81,599.2 85,462.4 82,386.2 )3.6( 1.0 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 81.6 billion fresh loan (including CBE’s bond purchase), was disbursed, indicating 18.8 percent annual decline. Of the total new loan disbursement, the share of state owned banks was 54.8 percent and that of private banks 45.2 percent (Table 4.12). The major beneficiaries of fresh loan disbursements were international trade (Birr 21 billion or 25.8 percent), transport and communication (Birr 14.5 billion or 17.8 percent), mines, power & water resources (Birr 12.3 billion or 15 percent), industry (Birr 11.9 billion or 14.6 percent) and domestic trade (Birr 8.4 billion or 10.3 percent). The remaining balance was disbursed to other economic sectors (Table 4.11). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 33

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 2018/19 2019/20 2020/21 2021/22 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) (In Millions of Birr) Borrowing Sector Public Banks Private Banks Total )1( )2( )3( *D *C *O/S *D *C * O/S *D C O/S Corporate Bonds 27,714 947 477,128 - - - 27,714 947 477,128 Agriculture 533 4,210 11,686 552 325 7,261 1,084 4,534 18,946 Industry 9,082 2,482 177,928 2,848 3,311 92,492 11,930 5,793 270,420 Domestic Trade 2,471 948 8,173 5,922 8,000 111,139 8,393 8,948 119,312 International Trade 1,735 2,484 43,183 19,266 10,013 206,152 21,001 12,497 249,334 Export 320 414 9,439 15,787 7,245 148,766 16,107 7,659 158,206 Imports 1,415 2,070 33,743 3,479 2,768 57,385 4,894 4,838 91,128 Hotels and Tourism 118 304 4,265 449 791 22,680 567 1,095 26,945 Transport & Communication 13,025 71 85,493 1,519 1,196 17,140 14,544 1,266 102,633 Housing & Construction 2,796 1,174 74,404 2,432 2,929 75,686 5,227 4,103 150,090 Mines, Power & Water .Res 12,250 54 342,125 - 11 444 12,250 65 342,569 Others 1,194 519 10,810 1,187 828 4,913 2,381 1,347 15,723 Personal 1,530 1,676 35,182 2,651 2,636 40,999 4,181 4,312 76,181 Total 44,733 13,921 793,249 36,826 30,039 578,904 81,559 43,960 1,372,153 D= Disbursement, C= Collection, O/S= Outstanding Credit Source: Commercial Banks and staff computation National Bank of Ethiopia Quarterly Bulletin 34 | Second Quarter 2021/22

4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) showed 16.8 percent increase and stood at Birr 1.4 trillion at the end of December 2021. Claims on cooperatives and private enterprises accounted for 99.6 percent of the total outstanding credit of private banks (Table 4.12). Sector wise, the major holder of outstanding credit was mines, power & water resource sector (Birr 342.6 billion or 25 percent) followed by industry (Birr 270.4 billion or 19.7 percent), international trade 18.2 percent), housing & construction (Birr 150.1 billion or 10.9 percent), domestic trade (Birr 119.3 billion or 8.7 percent), and transport & communication (7.5 percent) (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement Share % Loan Collection Share % Outstanding Loan Share % Public Banks 44,732.6 54.8 13,921.1 31.7 793,249.3 57.8 *Corporate Bonds 27,714.0 0.0 947.2 0.0 477,128.1 60.1 State Enterprises 8,611.9 19.3 642.8 4.6 158,338.0 20.0 Cooperatives 3,006.8 6.7 5,620.1 40.4 24,125.7 3.0 Private Enterprises 5,399.9 12.1 6,711.0 48.2 133,657.5 16.8 Private Banks 36,826.0 45.2 30,038.9 68.3 578,904.1 42.2 State Enterprises 7.5 0.0 43.3 0.1 2,191.5 0.4 Cooperatives 2,071.6 5.6 591.9 2.0 6,492.9 1.1 Private Enterprises 34,746.9 94.4 29,403.7 97.9 570,219.7 98.5 Grand Total 81,558.5 100.0 43,960.0 100.0 1,372,153.3 100.0 Source: Commercial Banks &DBE Notes: *Corporate Bonds of Commercial Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 35

Fig. IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE 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 2018/19 2019/20 2020/21 2021/22 In P erce nt Years/Quarters Public Bank Credit Outstanding Private Bank Credit Outstanding Source: NBE National Bank of Ethiopia Quarterly Bulletin 36 | Second Quarter 2021/22

4.6. Financial Activities of NBE NBE’s gross claims on the central government as of December 2021 reached Birr 311.4 billion which was 32.9 percent higher than a year earlier. Of this sum, government bonds accounted for 63.6 percent and direct advance 36.4 percent. NBE’s deposit liabilities also surged by 25.3 percent annually due to the monetary policy action that raised the reserve requirement ratio from 5 percent to 10 percent (Table 4.13). Table 4 .13: Financial Activities of NBE (In Millions of Birr) Particulars 2020/21 2021/22 %Change Qtr.II Qtr.I Qtr.II A B C D=C/A E=C/B 1.Loans and Advances 291,005.36 367,355.36 363,749.81 25.0 -1.0 1.1. To Central Government 234,362.65 311,862.65 311,427.10 32.9 -0.1 1.2. To Development Bank of Ethiopia 56,642.71 55,492.71 52,322.71 -7.6 -5.7 2.Deposit Liabilities 151,740.25 151,081.03 190,061.84 25.3 25.8 2.1. Government 31,702.07 31,109.83 44,866.05 41.5 44.2 2.2. Financial Institutions 120,038.18 119,971.21 145,195.80 21.0 21.0 O/W: -Banks 120,034.59 119,950.89 145,171.97 20.9 21.0 -Insurance companies 3.6 20.3 23.8 565.1 17.3 3.Net Claims of NBE(1-2) 139,265.1 216,274.3 173,688.0 24.7 -19.7 Source: National Bank of Ethiopia (NBE) National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 37

4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of 2021/22, the amount of T-bills supplied to the biweekly auction was Birr 192.6 billion, showing 185.3 percent annual growth. Similarly, demand for T-bills rose sharply and reached Birr 187.1 billion.The total amount of T-bills sold was Birr 182.3 billion, about 299.4 percent higher than last year same quarter. Non-bank institutions bought T-bills worth Birr 44.7 billion while the remaining 137.6 billion was taken up by commercial bank (Table 14.4). As a result, Birr 92.0 billion (net of redemption) was mobilized from the sale of T- bills for government financing. Thus, total outstanding T-bills reached Birr 253.5 billion, depicting a 404.2 percent increase over the same period last year. The average weighted T-bills yield stood at 8.826 percent which was 31.45 percentage points higher than last year same quarter mainly due to policy change in the issuance of T-bills (Table 4.14). National Bank of Ethiopia Quarterly Bulletin 38 | Second Quarter 2021/22

Table 4.14: - Results of Treasury Bills Auction Particulars 2020/21 2021/22 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 82.00 98.00 295.00 259.76 201.02 Public 25.00 50.00 60.00 140.00 20.00 Private 57.00 48.00 235.00 0.00 389.58 Number of Bids received 82.00 98.00 295.00 259.76 201.02 Public 25.00 50.00 60.00 140.00 20.00 Private 57.00 48.00 235.00 312.28 389.58 Amount Demanded (Mn. Birr) 55,196.60 136,614.40 187,047.18 238.87 36.92 28-day bill 3,010.00 26,539.80 13,375.00 344.35 -49.60 91-day bill 25,516.00 58,386.89 56,631.89 121.95 -3.01 182-day bill 23,289.60 41,771.57 24,712.00 6.11 (40.84) 364-day bill 3,381.00 9,916.14 92,328.29 - - Amount Supplied (Mn. Birr) 67,500.00 226,000.00 192,560.00 185.27 -14.80 28-day bill 1,810.00 28,000.00 6,600.00 264.64 -76.43 91-day bill 19,400.00 87,000.00 54,760.00 182.27 -37.06 182-day bill 36,340.00 88,000.00 43,200.00 18.88 (50.91) 364-day bill 9,950.00 23,000.00 88,000.00 - - Amount Sold (Mn. Birr) 45,642.60 130,604.40 182,297.18 299.40 39.58 Banks 9,592.00 93,500.00 137,632.29 1,334.87 47.20 Non-Banks 36,050.60 37,104.40 44,664.89 23.89 20.38 Redemption (Mn. Birr) 28,309.00 89,853.35 90,259.89 218.84 0.45 Average Weighted Price for Successful bids (%) 96.72 95.98 96.24 (0.50) 0.26 28-day bill 99.62 99.37 99.38 -0.25 0.00 91-day bill 98.37 97.65 97.70 -0.68 0.05 182-day bill 96.77 95.52 95.55 -1.26 0.02 364-day bill 92.13 91.39 92.32 0.21 1.02 Average Weighted Yield for Successful bids (%) 6.714 9.183 8.826 31.45 -3.90 28-day bill 4.924 8.232 8.173 66.00 -0.72 91-day bill 6.659 9.650 9.434 41.69 -2.23 182-day bill 6.704 9.401 9.349 39.45 -0.56 364-day bill 8.569 9.450 8.346 -2.61 -11.69 Outstanding bills at the endof Period (Mn.Br.) 50,281.60 161,461.00 253,498.29 404.16 57.00 Banks 10,829.00 85,250.00 162,582.29 1,401.36 90.71 Non-Banks 39,452.60 76,211.00 90,916.00 130.44 19.30 Source: National Bank of Ethiopia (NBE) National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 39

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

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 IV I II III IV I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 Supply Demand

Source NBE Fig.IV.14: Developments in Average weighted Yields of T-bills 0 2.5 5 7.5 10 12.5 IV I II III IV I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 (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 National Bank of Ethiopia Quarterly Bulletin 40 | Second Quarter 2021/22

4.7.2. Inter- Bank Money Market There has been no inter-bank money market transaction during the quarter under review. 4.7.3. Corporate Bond Market Corporate bond market is at its infantile stage in Ethiopia where the big players are few public institutions and regional governments. Commercial Bank of Ethiopia (CBE) is the sole purchaser of corporate bonds. During the second quarter of 2021/22, CBE purchased corporate bonds worth Birr 27.7 billion. These include Birr 13.0 billion corporate bond purchases from Ethiopian Railway Corporation, Birr 12.2 billion from EEP&EEU and Birr 2.5 billion from Addis Ababa City Administration. In the meantime, the amount of corporate bonds redeemed was Birr 947.2 million, which included Birr 947.1 million redeemed by Addis Ababa City Administration and Birr 0.1 million by Oromia Regional State. At the end of December 2021, the stock of corporate bonds held by CBE stood at Birr 477.13 billion, of which 89.2 percent was claim on public enterprises, and the remaining balance on regional governments. Corporate bonds outstanding held by EEP&EEU accounted for 71.5 percent of the total outstanding corporate bond balance. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 41

Table.4.15: Corporate Bond Purchase, Redemption and Outstanding (In millions of Birr) Issuer of the Bond 2020/21 2021/22 QII QII NP Red O/S NP Red O/S 1.Puplic Enterprises 14,417.40 71.4 383,476.50 25,213.96 - 425,342.09 EEP&EEU 9,850.16 71.43 314,843.25 12,200.00 - 340,941.90 Railways Corporation 4,567.23 0 68,633.22 13,013.96 - 84,400.19 DBE 0 - 2. Regional Governments 13,587.37 3,194.71 55,524.33 2,500.00 947.21 51,786.02 Oromia 16.29 376.06 - 0.12 372.34 Amhara - - - - Tigray 91.54 - - 91.54 SNNPRS - - - - Dire Dawa - - - - Harari - - - - City Government of Addis Ababa 13,587.37 3,178.42 55,056.74 2,500.00 947.09 51,322.14 3.Grand Total (1+2) 28,004.76 3,266.14 439,000.81 27,713.96 947.21 477,128.11 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding. National Bank of Ethiopia Quarterly Bulletin 42 | Second Quarter 2021/22

V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments During the second quarter of 2021/22 the overall balance of payments registered USD 589.6 million deficit compared to USD 152.6 million deficit a year ago. This was mainly attributed to 158.4 percent surge in current deficit, which more than offset the net surplus in capital account. Current deficit account widened significantly due to an increase in merchandise trade deficit (32.1 percent) coupled with 59.0 percent decline in net official transfers. Private net transfers, however, recorded a 74.7 percent growth while the deficit in service trade was reversed to a surplus in the review quarter. The surplus in capital account was mainly driven by higher foreign direct investment inflow and a shift in short term capital from USD 168.2 million deficit to USD 162.2 million surplus (Table 5.1). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 43

Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2020/21 2021/22 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Exports, f.o.b. 722.3 972.4 916.6 26.9 -5.7 Coffee 120.2 329.0 251.3 109.0 -23.6 Other 602.0 643.4 665.3 10.5 3.4 2 Imports 3,321.7 4,136.6 4,350.2 31.0 5.2 Fuel 404.4 678.6 718.1 77.6 5.8 Cereals 327.3 610.1 602.2 84.0 -1.3 Aircraft 12.3 55.0 46.8 279.1 -14.9 Imports excl. fuel, cereals, aircraft 2,577.8 2,792.9 2,983.2 15.7 6.8 3 Trade Balance (1-2) -2,599.4 -3,164.2 -3,433.6 32.1 8.5 4 Services, net -47.9 61.8 70.7 -247.8 14.4 Non-factor services, net 163.2 245.0 198.1 21.4 -19.1 Exports of non-factor services 1,289.3 1,411.9 1,639.4 27.2 16.1 Imports of non-factor services 1,126.1 1,166.9 1,441.3 28.0 23.5 Factor services (Investment income), net -211.1 -183.2 -127.4 -39.6 -30.5 Interest, net -211.1 -183.2 -127.0 -39.8 -30.7 Dividend, net -0.4 5 Private transfers, net 1,486.2 1,611.5 1,704.6 14.7 5.8 o/w: NGO’s,(Net) 328.2 498.7 388.8 18.5 -22.0 Private Individuals 1,158.0 1,112.8 1,315.8 13.6 18.2 6 Current account balanceexcluding official transfers (3+4+5) -1,161.1 -1,490.8 -1,658.3 42.8 11.2 7 Official transfers, net 617.1 156.7 252.9 -59.0 61.4 8 Current account balance including official transfers(6+7) -544.0 -1,334.1 -1,405.4 158.4 5.3 9 Capital account 943.4 595.3 1,051.8 11.5 76.7 Official Long-term Capital, net 356.4 40.4 131.2 -63.2 224.7 Disbursements 396.0 138.2 177.3 -55.2 28.3 Amortization 39.7 97.8 46.2 16.4 -52.8 Other public long-term capital 24.4 -372.0 -55.4 -327.6 -85.1 Private sector, long term 24.4 13.8 2.7 -89.0 -80.6 Foreign Direct Investment, net 706.5 816.5 811.1 14.8 -0.7 Short-term Capital -168.2 96.6 162.2 -196.5 68.0 10 Errors and Omissions [11-(9+8)] -552.0 -233.5 -236.0 11 Overall balance (-13) -152.6 -972.3 -589.6 12 Financing (13+16) 152.6 972.3 589.6 13 Reserves [ Increase(-), Decrease (+)] (14+15) 152.6 972.3 589.6 14 Central Bank (NFA) 337.9 1,062.5 416.3 Asset 118.5 756.0 483.6 Liabilities 219.4 306.5 -67.3 15 Commercial banks (NFA) -185.3 -90.2 173.3 16 Debt Relief Principal Interest Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 44 | Second Quarter 2021/22

Total current receipts amounted to USD 4.6 billion during the second quarter of 2021/22 which was 10.3 percent higher than last year same period. This growth in current receipts was attributed to the increase in merchandise export earnings (26.9 percent), service proceeds (27.4 percent) and private transfers (14.6 percent) despite the fall in public transfers (53.1 percent). Similarly, total current payments increased by 27.5 percent to USD 6.0 billion due to higher merchandise import bills (31.0 percent), services payments (17.5 percent) and public transfers (139.1 percent) although private transfer slowed down by 20.6 percent. As result, the current account deficit (including official transfer) deficit widened to USD 1.4 billion from USD 544 million a year ago (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2020/21 2021/22 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Current Receipts 4,138.8 4,197.3 4,566.5 10.3 8.8 Export Proceeds 722.3 972.4 916.6 26.9 -5.7 Service Proceeds 1,290.6 1,414.0 1,643.9 27.4 16.3 Private Transfers 1,489.7 1,614.1 1,707.4 14.6 5.8 Public Transfers 636.3 196.8 298.7 -53.1 51.7 2 Current Payments 4,682.8 5,531.5 5,971.9 27.5 8.0 Import Payments 3,321.7 4,136.6 4,350.2 31.0 5.2 Service Payments 1,338.5 1,352.2 1,573.2 17.5 16.3 Private Transfers 3.4 2.6 2.7 -20.6 4.7 Public Transfer 19.2 40.1 45.8 139.1 14.1 3 )Net, (1-2 -544.0 -1,334.1 -1,405.4 158.4 5.3 Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 45

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 In Milli ons of US D Fig. V.1: Trends in Current Receipts and Payments Current Receipts Current Payments Source: NBE Staff Compiltion 5.2. Balance of Trade During the second quarter of FY2021/22, merchandise trade deficit widened to USD 3.4 billion from USD 2.6 billion a year ago as the growth in merchandise imports outweighed the growth of merchandise exports. 0 1000 2000 3000 4000 5000 6000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import Source: Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin 46 | Second Quarter 2021/22

0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (Millions of USD ) Fig.V.3: Evolution of Trade Decit Source: NBE Staff Compiltion 5.2.1. Export of Goods Total receipts from export of goods surged by 26.9 percent over last year same quarter owing to higher earnings from export of coffee (109 percent), gold (11.2 percent), flower (11.7 percent), pulses (38.9 percent), meat & meat products (62.2 percent), fruit & vegetables (34.3 percent), textile & textile products (40.7 percent), electricity (23.2 percent), leather & leather products (5.9 percent) and other export items (29.0 percent). On the other hand, receipts from export of oilseeds chat and live animals, showed 7.8, 10.0 and 55 percent, respective, decline. Export proceeds from coffee increased sharply (109 percent) vis-à-vis the same quarter last year owing to strong improvement both in international price (28.3 percent) and export volume (62.9 percent). As a result, the share of coffee in total merchandise export earnings rose to 27.4 percent from 16.7 percent a year earlier. Likewise, earnings from export of gold increased by 11.2 percent wholly due to higher export volume (26.4 percent) despite 12 percent fall in its international price (12.0 percent). However, its share in total merchandise export contracted to 16.1 percent from 18.3 percent. Similarly, export receipts from flower showed 11.7 percent growth solely on account of increased export volume (12.1 percent) albeit fall in international price (0.4 percent). Thus, the share National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 47

of flower in total merchandise export declined to 13.5 percent from 15.4 percent. Earning from export of pulses exhibited 38.9 percent increment as a result of higher international price (58.9 percent) despite lower export volume (12.6 percent). Hence, the share of pulses in total merchandise exports slightly rose to 5.8 percent from 5.3 percent. Export receipts from meat & meat products stood at USD 26.6 million, depicting 62.2 percent annual growth as export volume and international price increased by 55.9 percent and 4.1 percent, respectively. Hence, meat & meat products accounted for 2.9 percent of the total export earnings compared to 2.3 percent a year ago. Similarly, export of fruit & vegetables generated USD 19.8 million, showing 34.3 percent increment owing to higher export volume (37.8 percent) despite 2.6 percent decline in international price. Thus, fruit & vegetables had 2.2 percent share in total merchandise exports. The export revenue derived from textile & textile products showed 40.7 percent rise wholly on account of 80.5 percent expansion in export volume despite 22.1 percent slowdown in international price. As result the textile and textile products had 5.2 percent share in total merchandise export compared to 4.7 percent last year same period. Receipts from export of leather & leather products improved marginally (5.9 percent) vis-à-vis same quarter last year owing to higher export volume (23.4 percent) and lower international price (14.2 percent). However, their share in total merchandise export slightly declined to 1.0 percent from 1.2 percent Export receipts from electricity increased by 23.2 percent relative to the last year same quarter due to higher export volume(23.5 percent) against marginal fall in international price (0.3 percent). However, its share in total export earnings remained unchanged at 2.6 percent. On the other hand, export proceeds from oilseeds decreased by 7.8 percent vis-à-vis last year same quarter owing to higher export volume (21.0 percent) which more than offset the rise in international price (16.6 percent). As a result, the share of oilseeds in total export earnings declined to 9.6 percent from 13.2 percent. Likewise, earnings from chat export decreased by 10.8 percent as the export volume dropped by 14.6 percent despite improvement in international price. Hence, the share of chat in total merchandise export earnings contracted to 9.1 percent from 12.9 percent. National Bank of Ethiopia Quarterly Bulletin 48 | Second Quarter 2021/22

Export revenue from live-animals depicted 55.0 percent decline owing to lower export volume (39.1 percent) and international price (26.1 percent). Hence, the share of live-animals in total merchandise export earnings stood at 0.4 percent down from 1.2 percent (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2020/21 2021/22 Percentage Change QII QI QII A share% B share% C share% C/A C/B Coffee 120.25 16.65 329.04 33.84 251.30 27.42 108.99 -23.63 Oilseeds 95.53 13.23 58.76 6.04 88.06 9.61 -7.83 49.86 Leather and Leather Products 8.56 1.18 8.21 0.84 9.06 0.99 5.86 10.34 Pulses 38.30 5.30 43.77 4.50 53.20 5.80 38.89 21.54 Meat & Meat Products 16.40 2.27 26.34 2.71 26.60 2.90 62.23 1.00 Fruits & Vegetables 14.75 2.04 21.19 2.18 19.81 2.16 34.29 -6.52 Textile & Textile Products 33.95 4.70 41.48 4.27 47.77 5.21 40.70 15.18 Live Animals 8.64 1.20 5.48 0.56 3.89 0.42 -55.00 -29.03 Chat 93.01 12.88 115.78 11.91 82.98 9.05 -10.78 -28.33 Gold 132.42 18.33 135.67 13.95 147.22 16.06 11.17 8.51 Flower 110.91 15.36 122.58 12.61 123.89 13.52 11.69 1.06 Electricity 19.08 2.64 22.95 2.36 23.50 2.56 23.16 2.38 Others 30.49 4.22 41.14 4.23 39.32 4.29 28.95 -4.43 Total Export 722.29 100.0 972.39 100.0 916.58 100.0 26.90 5.74 - Total Export Excluding Electricity 703.21 949.44 893.08 27.00 5.94 - Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 49

0 40 80 120 160 200 240 280 320 360 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2020/21 2021/22 Percentage Change QII QI QII A B C C/A C/B Coffee 38.5 86.4 62.6 62.9 )27.5( Oilseeds 68.4 42.2 54.1 )21.0( 28.0 Leather and Leather Products 0.5 0.5 0.6 23.4 20.7 Pulses 50.5 44.5 44.1 )12.6( )1.0( Meat & Meat Products 3.2 4.9 4.9 55.9 0.7 Fruits & Vegetables 46.3 57.4 63.8 37.8 11.2 Textile & Textile Products 5.4 7.2 9.8 80.5 36.1 Live Animals 5.1 3.5 3.1 )39.1( )12.3( Chat 16.8 20.9 14.4 )14.6( )31.3( )Gold(In mn. of grams 1.9 2.3 2.4 26.4 6.5 Flower 24.0 27.3 26.9 12.1 )1.2( )Electricity(In mn of kwh 342.3 423.4 422.7 23.5 )0.1( Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 50 | Second Quarter 2021/22

0 20 40 60 80 100 120 140 160 QI QII QIII QIV 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 2021/22 (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coee Oil Seeds Leather & Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2020/21 2021/22 Percentage Change QII QI QII A B C C/A C/B Coffee 3.1 3.8 4.0 28.3 5.4 Oilseeds 1.4 1.4 1.6 16.6 17.1 Leather and Leather Products 16.4 15.4 14.1 )14.2( )8.6( Pulses 0.8 1.0 1.2 58.9 22.8 Meat & Meat Products 5.2 5.4 5.4 4.1 0.3 Fruits & Vegetables 0.3 0.4 0.3 )2.6( )16.0( Textile & Textile Products 6.3 5.8 4.9 )22.1( )15.4( Live Animals 1.7 1.6 1.3 )26.1( )19.1( Chat 5.5 5.5 5.8 4.5 4.3 )Gold (USD/grams 69.6 60.0 61.2 )12.0( 1.9 Flower 4.6 4.5 4.6 )0.4( 2.3 )Electricity (USD/kwh 0.1 )0.3( 2.5 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 51

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (USD/Kg ) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA) Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import stood at USD 4.4 billion during the second quarter of 2021/22, depicting 31.0 percent annual surge due to significant growth in imports of consumer goods, fuel and semi-finished goods. Import value of consumer goods increased by 60.3 percent on yearly basis as import payments of non-durable goods surged 71.9 percent import of durable goods, however, recorded 5.6 percent decline. As a result, the share of consumer goods in total import bill increased to 50.0 percent from 40.8 percent. Likewise, payments for fuel import hiked by 77.6 percent and its share in total import payments increased to 16.5 percent from 12.2 percent. Import of semi-finished goods has increased by 35.2 percent due to the upsurge in import of fertilizer (194.0 percent). Hence, the share of semifinished goods in total merchandise import bill slightly increased to 15.9 percent from 15.4 percent. On the other hand, capital goods import decreased by 27.1 percent due to lower imports of agricultural goods (66.8 percent) and industrial goods (31.8 percent) against the increase in transport capital goods (58.2 percent). As a result, the share of capital import in total goods import declined to 16.2 percent from 29.0 percent. Likewise, import of raw materials showed 18.0 percent annual decline. Hence, their share in total merchandise imports slightly decreased to 0.7 percent from 1.2 percent. Meanwhile, total franco-valuta import increased by 56.3 percent to USD 1.8 billion accounting for 42.0 percent of the total import value. National Bank of Ethiopia Quarterly Bulletin 52 | Second Quarter 2021/22

Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2020/21 2021/22 Percentage Changes Qtr II )%( Share Qtr I )%( Share Qtr II )%( Share A B C C/A C/B Raw Materials 39.7 1.2 25.0 0.6 32.6 0.7 -18.0 30.1 Semi-finished Goods 512.8 15.4 605.0 14.6 693.4 15.9 35.2 14.6 Fertilizers 24.9 0.7 42.5 1.0 73.2 1.7 194.0 72.3 Fuel 404.4 12.2 678.6 16.4 718.1 16.5 77.6 5.8 Petroleum Products 388.7 11.7 655.1 15.8 716.1 16.5 84.2 9.3 Others 15.6 0.5 23.5 0.6 2.0 0.0 -87.3 -91.5 Capital Goods 963.9 29.0 699.9 16.9 702.6 16.2 -27.1 0.4 Transport 67.5 2.0 91.3 2.2 106.9 2.5 58.2 17.0 Agricultural 44.5 1.3 17.0 0.4 14.7 0.3 -66.8 -13.3 Industrial 851.8 25.6 591.6 14.3 581.0 13.4 -31.8 -1.8 Consumer Goods 1,356.7 40.8 2,096.5 50.7 2,175.3 50.0 60.3 3.8 Durables 202.9 6.1 195.7 4.7 191.6 4.4 -5.6 -2.1 Non-durables 1,153.8 34.7 1,900.8 46.0 1,983.7 45.6 71.9 4.4 Miscellaneous 44.3 1.3 31.5 0.8 28.2 0.6 -36.3 -10.4 Total Imports 3,321.7 100 4,136.6 100 4,350.2 100 31.0 5.2 Source: Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 53

Table 5.7: The Value of Franco Valuta Import (In Millions of USD Commodity Group 2020/21 2021/22 Percentage Change Qtr II Qtr I Qtr II A B C C/A C/B Beverages 1.7 8.7 1.6 -4.3 -81.4 Chemicals 2.1 7.9 4.5 112.8 -42.6 Clothing 7.3 4.8 5.3 -27.7 8.4 Food and live animals 292.5 556.8 503.5 72.2 -9.6 Textiles 42.2 21.0 15.5 -63.2 -26.3 Tobacco 0.0 0.1 0.0 131.5 -31.9 Soap & polish 0.9 1.1 1.2 36.3 8.0 Fertilizer 106.7 14.3 105.2 -1.4 634.9 Paper & paper manufacturing 2.2 2.6 5.5 156.5 116.3 Metal & metal manufacturing 64.9 75.7 36.2 -44.2 -52.2 Medical and pharmaceuticals products 17.2 42.8 162.6 843.3 280.3 Rubber products 9.0 10.7 8.2 -9.3 -23.6 Petroleum Crude 0.0 - 0.1 3567.3 - Petroleum product 6.1 8.9 1.4 -76.4 -83.9 Glass & glass ware 1.6 2.7 3.4 109.3 27.7 Electrical material 77.2 65.7 61.4 -20.5 -6.6 Machine 203.6 134.9 144.1 -29.2 6.9 Road & motor vehicles 8.0 2.7 4.9 -39.0 80.1 Tele apparatus 5.3 4.2 1.8 -65.9 -57.4 Cement 0.08 0.0 0.0 Others 319.4 877.2 759.2 137.7 -13.5 Total 1,167.7 1,842.8 1,825.5 56.3 -0.9 Source: Ethiopian Customs Commission 5.2.3. Direction of Trade 5.2.3.1. Export of Goods The major destinations for Ethiopian merchandise exports have been Europe, Asia and Africa. During the second quarter of 2021/2022 Ethiopian export to Europe constituted 43.3 percent of the country’s total export of goods where Switzerland accounted for 37.2 percent followed by the Netherlands (22.0 percent), Germany (16.8 percent), Belgium (5.7 percent), Turkey (4.1 percent), Italy (3.1 percent), United Kingdom (2.3 percent), France (1.9 percent) and Spain (1.4 percent). These countries together had 94.5 National Bank of Ethiopia Quarterly Bulletin 54 | Second Quarter 2021/22

percent share in Ethiopia’s total exports to Europe. Ethiopian exports to Asia accounted for 33.4 percent of the country’stotal exports where Saudi Arabia as the main destination for Ethiopia’s export, had 18.3 percent share followed by United Arab Emirates (15.2 percent), Japan (11.6 percent), Israel (9.9 percent), India (5.6 percent), South Korea (5.6 percent), China (5.0 percent), Singapore (3.7 percent), Indonesia (2.7 percent), Taiwan (2.6 percent), Malaysia (2.3 percent), Yemen (1.6 percent) and Hong Kong (1.3 percent). All these countries accounted for 85.6 percent of Ethiopia’s total export to Asia. African constituted 15.6 percent of Ethiopia’s exports mainly Somalia (48.8 percent), Djibouti (23.7 percent), Sudan (13.1 percent), Kenya (2.5 percent), Egypt (1.9 percent) and South Africa (1.4 percent).These countries altogether accounted for 91.4 percent of Ethiopia’s total exports to Africa. America had 7.1 percent share in Ethiopia’s total exports, of which 92.9 percent was exports to the United States and 6.2 percent to Canada. These two countries accounted for 99.1 percent of Ethiopia’s total exports to America. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 55

15.6% 43.3% 7.1% 33.4% 0.5% Fig. V.7: Export By Destination Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the second quarter of 2021/22, Asia accounted for 64.3 percent of Ethiopia’s total imports with the major imports originating from China (29.8 percent), India (24.9 percent), Kuwait (11.2 percent), UAE (11.1 percent), Malaysia (6.5 percent), Saudi Arabia (5.1 percent), South Korea (2.8 percent), Indonesia (2.5 percent) and Thailand (2.0 percent) whose combined share was 95.8 percent. Imports from Europe constituted 21.2 percent of Ethiopia’s total imports with the major countries being Turkey (29.4 percent), Ukraine (23.5 percent), Russia (10.3 percent), the Netherlands (7.5 percent), Belgium (5.7 percent), Germany (4.2 percent), Italy (4.0 percent), France (3.6 percent), United Kingdom (2.3 percent), Bulgaria (1.9 percent), Spain (1.8 percent) and Denmark (1.3 percent). These countries jointly accounted for 95.6 percent of Ethiopia’s total imports from Europe. Import bill from America stood at 8.9 percent in total import bills, of which the share of United States was 76.7 percent followed by Brazil (1.8 percent) and Canada (1.3 percent). Africa accounted for about 5.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (56.0 percent), Djibouti (32.0 percent), Kenya (4.8 percent) and South Africa (4.2 percent) which altogether represented 97.0 percent of the total imports from the continent. National Bank of Ethiopia Quarterly Bulletin 56 | Second Quarter 2021/22

5.3% 21.2% 8.9% 64.3% 0.3% Fig.V.8: Import By Origin Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net surplus in services trade reached USD 70.7 million compared to USD 47.9 million deficit a year ago. This was ascribed to an increase in net transport (28.3 percent), coupled with decline innet payment in other services (26.2 percent) and net investment income (39.6 percent) despite decline in net travel services (68.0 percent) (Table 5.8). -500.0 -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Million USD) Fig V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income Net Other Services Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 57

Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2020/21 2021/22 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income(2+5) -211.1 -183.2 -127.4 -39.6 -30.5 2 Interest, net (3-4) -211.1 -183.2 -127.0 -39.8 -30.7 3 Credit 1.3 2.1 4.5 242.2 114.9 4 Debit 212.4 185.3 131.5 -38.1 -29.1 5 Dividend, net -0.4 6 NON-FACTOR SERVICES, net (7-8) 163.2 245.0 198.1 21.4 -19.1 7 Exports of non-factor services 1,289.3 1,411.9 1,639.4 27.2 16.1 8 Travel 293.6 221.9 214.8 -26.9 -3.2 9 Transport 1 863.8 1049.2 1271.4 47.2 21.2 10 Gov’t 2 55.7 48.2 52.6 -5.4 9.1 11 Other 3 76.3 92.6 100.6 31.9 8.7 12 Imports of non-factor services 1,126.1 1,166.9 1,441.3 28.0 23.5 13 Travel 112.2 211.9 156.7 39.6 -26.0 14 Transport 1 600.5 823.3 933.7 55.5 13.4 15 Gov’t 2 0.2 0.5 1.6 631.0 238.9 16 Other 3 413.1 131.2 349.2 -15.5 166.2 17 Net Services (18+19+20+21+22) -47.9 61.8 70.7 -247.8 14.4 18 Travel (8-13) 181.4 10.0 58.0 -68.0 477.6 19 Transport (9-14) 263.2 225.8 337.7 28.3 49.5 20 Gov’t (10-15) 55.4 47.8 51.0 -8.0 6.9 21 Other (11-16) -336.8 -38.6 -248.6 -26.2 544.0 22 Investment Income (2+5) -211.1 -183.2 -127.4 -39.6 -30.5 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business National Bank of Ethiopia Quarterly Bulletin 58 | Second Quarter 2021/22

5.3.2. Transfers During the review period, total transfer receipts decreased by 5.6 percent and reached USD 2.0 billion due to 53.1 percent reduction in official transfers offsetting the 14.6 percent increase in private transfers. On the other hand, total transfer payments increased significantly from USD 22.6 million to USD 48.5 million as a result of 139.1 percent surge in official transfer payments despite decrease in private transfer outflow from USD 3.4 million to USD 2.7 million. However, net transfers decreased by 6.9 percent and reached USD 2.0 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2020/21 2021/22 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) 1,486.2 70.7 1,611.5 91.1 1,704.6 87.1 14.7 5.8 2 Credit (3+4) 1,489.7 70.1 1,614.1 89.1 1,707.4 85.1 14.6 5.8 3 NGO’s 331.6 15.6 501.3 27.7 391.5 19.5 18.1 -21.9 4 Private individuals 1,158.0 54.5 1,112.8 61.5 1,315.8 65.6 13.6 18.2 5 Debit 3.4 15.2 2.6 6.1 2.7 5.6 -20.6 4.7 6 Official transfers, net (7-8) 617.1 29.3 156.7 8.9 252.9 12.9 -59.0 61.4 7 Credit 636.3 29.9 196.8 10.9 298.7 14.9 -53.1 51.7 8 Debit 19.2 84.8 40.1 93.9 45.8 94.4 139.1 14.1 9 Total Receipts 2,125.9 100.0 1,810.9 100.0 2,006.0 100.0 -5.6 10.8 10 Total Payments 22.6 100.0 42.7 100.0 48.5 100.0 114.8 13.5 11 Net Transfers 2,103.3 100.0 1,768.2 100.0 1,957.5 100.0 -6.9 10.7 Source: NBE Staff Computation 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of USD) Fig V.10: Trends in Private and Ocial Transfers, (Receipts) Private Transfers Ocial Transfers National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 59

5.4. Current Account Balance The current account balance (including official transfers) has widened from USD 544.0 million, last year same period, to a deficit of USD 1.4 billion, during the second quarter of 2021/22. This was resulted from widening of merchandise trade deficit by 32.1 percent together with decline in net official transfers by 59.0 percent. Of the components of current account balance, net private transfer increased by 14.7 percent while service trade shifted from a deficit of USD 47.9 million toa net surplus of USD 70.3 million (Table 5.1). 5.5. Capital Account Capital account recorded USD 1.1 billion surplus which was 11.5 percent higher than that of last year the same period. The rise in surplus was mainly attributed to upsurge in FDI from USD 706.5 million to USD 811.1 million and short term capital has also shifted from outflow of USD 168.2 million to inflow of USD 162.2 million. On the other hand, official long term capital net receipt decreased by 63.2 percent compared to a year earlier. Likewise, net other public sector long term capital shifted from inflow of USD 24.4 million to outflow of USD 55.4 million and private long term capital decreased by 89.0 percent. 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the second quarter of 2021/22 reached USD 589.6 million compared to USD 152.6 million deficit a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia and Commercial Banks showed drawdown of USD 416.3 million and USD 173.3 million, respectively (Table 5.1). National Bank of Ethiopia Quarterly Bulletin 60 | Second Quarter 2021/22

5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, the weighted average official exchange rate of Birr reached Birr 47.6026/USD in the second quarter of FY2021/22, depicting 25.7 percent annual depreciation. The end period exchange rate of the Birr was 49.1936/USD, indicating the Birr has weakened against USD by 25.6 percent vis-à-vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2020/21 43.6910 39.0163 12.4 0.00 Qtr. II C 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 2021/22 Qtr. I B 46.1007 44.9109 3.20 0.00 July 44.3046 44.0097 1.05 0.00 August 45.4827 44.9143 1.10 0.00 September 46.1007 45.8086 1.05 0.00 Qtr. II A 49.1936 47.6026 3.25 0.00 October 47.2184 46.6841 1.00 0.00 November 47.8791 47.5647 1.10 0.00 December 49.1936 48.5589 1.15 0.00 Percentage Changes A/B 6.71 5.99 1.56 A/C 25.56 25.71 0.00 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 47.5664/USD, showing 25.6 percent depreciation, while the selling rate was Birr 48.4797/USD, depicting 25.5 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates marginally declined to 1.9 percent from 2.0 percent was a year ago (Table 5.11). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 61

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 2020/21 2021/22 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 36,920.7 6,073.7 27,911.1 4,909.2 35,597.8 4,536.7 27.5 )7.6( )3.6( )25.3( 2 Bank of Abyssinia 724.3 2,341.6 776.8 5,974.9 1,430.8 4,512.7 84.2 )24.5( 97.6 92.7 3 Dashen Bank 5,840.7 4,163.7 2,654.9 3,984.6 2,833.7 3,211.5 6.7 )19.4( )51.5( )22.9( 4 Awash International Bank 1,334.3 4,584.1 657.3 6,255.2 848.4 2,819.5 29.1 )54.9( )36.4( )38.5( 5 Construction & Business Bank - - - - - - - - - - 6 Wegagen Bank 1,199.4 710.4 1,043.7 1,101.3 1,778.1 1,016.4 70.4 )7.7( 48.3 43.1 7 United Bank 5,637.0 1,389.9 1,529.8 2,966.8 961.1 2,322.1 )37.2( )21.7( )82.9( 67.1 8 Development Bank - 2.2 2.3 49.7 2.6 17.0 14.2 )65.7( - 680.7 9 Nib International Bank 647.0 1,324.8 1,897.4 1,061.1 3,547.2 788.2 87.0 )25.7( 448.2 )40.5( 10 Lion International Bank 716.5 99.4 152.8 55.8 38.7 29.1 )74.7( )47.9( )94.6( )70.8( 11 Oromia International Bank 4,091.2 387.8 972.4 1,294.2 2,094.4 1,016.7 115.4 )21.4( )48.8( 162.2 12 Zemen Bank 65.7 2,689.0 83.6 1,208.2 77.2 987.5 )7.7( )18.3( 17.5 )63.3( 13 Cooperative Bank of Oromia 84.5 945.3 219.5 1,709.6 219.0 1,014.2 )0.2( )40.7( 159.1 7.3 14 Buna International Bank 33.5 97.7 647.3 403.0 155.4 230.4 )76.0( )42.8( 364.2 135.8 15 Birhan International Bank 213.7 694.4 1,671.9 982.3 354.8 677.9 )78.8( )31.0( 66.0 )2.4( 16 Abay Bank 54.3 161.6 500.5 506.9 386.8 318.0 )22.7( )37.3( 611.9 96.7 17 Addis International Bank 556.0 127.0 716.4 438.5 1,665.6 390.5 132.5 )10.9( 199.6 207.6 18 Debub Global Bank 1,951.1 243.1 203.5 302.3 351.1 105.3 72.5 )65.2( )82.0( )56.7( 19 Enat Bank 111.6 206.2 154.5 385.3 237.4 216.9 53.6 )43.7( 112.8 5.2 20 Zamzam Bank - - - - 17.2 44.4 - - - - Total 60,181.6 26,241.9 41,795.8 33,589.1 52,597.4 24,254.8 25.8 )27.8( )12.6( )7.6( Average Exchange Rate 37.8726 38.6340 44.8760 45.7711 47.5664 48.4797 6.0 5.9 25.6 25.5 Spread 2.0 2.0 1.9 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter National Bank of Ethiopia Quarterly Bulletin . 62 | Second Quarter 2021/22

Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.8 1.9 1.9 2.0 2.0 2.1 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread (%) Source: NBE Staff Compilation In the official forex market, US dollar appreciated against major currencies on quarterly as well as annual basis. On annual basis, USD strengthened against Japanese Yen (19.9 percent), Pound Sterling (11.4 percent), Euro (3.4 percent), SDR (1.3 percent) and Swiss Franc (1.0 percent). Likewise, on quarterly terms, USD appreciated against Japanese Yen (5.2 percent), Pound Sterling (5.1 percent), Euro (3.7 percent), Swiss Franc (2.9 percent) and SDR (2.6 percent) (Table 5.12). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 63

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 2020/21 QII C 1.1748 1.1769 1.1758 0.0094 1.4038 1.3008 1.3005 1.3007 1.0687 October 1.1776 0.0095 1.4136 1.2971 1.0958 November 1.1823 1.1884 1.1853 0.0096 1.4204 1.3190 1.0338 December 1.1645 1.1646 1.1645 0.0092 1.3773 1.3774 1.3773 1.2864 1.2854 1.2859 1.0766 2021/22 QI B 1.1793 1.1792 1.1792 0.0080 1.4227 1.2211 1.2086 1.2149 1.0892 July 1.1822 0.0084 1.4235 1.3233 1.2855 1.3044 1.0882 1.0881 1.0882 August 1.1773 1.1773 1.1772 0.0077 1.4222 1.1728 1.0943 September 1.1782 1.1780 1.1781 0.0077 1.4222 1.1672 1.1675 1.1673 1.0852 QII A 1.1360 1.1357 1.1359 0.0075 1.3857 1.3853 1.3856 1.1530 1.0580 1.0575 1.0577 October 1.1596 1.1591 1.1593 0.0076 1.4123 1.4116 1.4119 1.1795 1.0817 1.0812 1.0814 November 1.1431 1.1428 1.1430 0.0077 1.4049 1.4045 1.4048 1.1793 1.0857 1.0849 1.0853 December 1.1053 0.0073 1.3400 1.1001 1.0065 Percentage Changes A/B -3.67 -3.68 -3.67 -5.21 -5.23 -5.24 -2.60 -2.62 -2.61 -5.58 -4.60 -5.09 -2.87 -2.91 -2.89 A/C -3.30 -3.50 -3.40 -19.94 -19.89 -19.92 -1.29 -1.31 -1.30 -11.37 -11.34 -11.36 -1.01 -1.05 -1.03 Source: National Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin 64 | Second Quarter 2021/22

On the other hand, the Birr has depreciated against all major currencies on annual as well as quarterly basis. On yearly basis, it depreciated by 28.4 percent against Pound Sterling, 25.7 percent against USD, 24.0 percent against SDR, 23.3 percent against Swiss Franc, 21.4 percent against Euro and 15.8 percent against Japanese Yen. On quarterly basis, the Birr weakened against USD (6.0 percent), Swiss Franc (5.5 percent), SDR (4.7 percent), Pound Sterling (3.7 percent), Euro (3.5 percent) and Japanese Yen (2.7 percent) (Table5.13). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 65

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 MidRate Buying Selling Mid- Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid- Rate 2020/21 QII C 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 41.8661 42.2847 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 2021/22 QI B 44.9109 45.3600 45.1338 52.9604 53.4857 53.2193 0.4080 0.4123 0.4102 63.8935 64.5325 64.2106 61.9269 62.5462 62.2320 48.9137 49.4010 49.1576 July 44.0097 44.4498 44.2297 52.0320 52.5524 52.2922 0.3987 0.4034 0.4010 62.6535 63.2801 62.9651 60.7721 61.3798 61.0738 47.8859 48.3590 48.1225 August 44.9143 45.3635 45.1342 52.8771 53.4059 53.1300 0.4090 0.4131 0.4111 63.8765 64.5153 64.1904 62.0138 62.6339 62.3123 49.1464 49.6379 49.3929 September 45.8086 46.2666 46.0376 53.9721 54.4990 54.2355 0.4163 0.4205 0.4184 65.1505 65.8021 65.4763 62.9950 63.6249 63.3099 49.7088 50.2061 49.9575 QII A 47.6026 48.0834 47.8425 54.8378 55.3779 55.1050 0.4190 0.4234 0.4212 66.8853 67.5432 67.2150 64.1913 64.8227 64.5014 51.6220 52.1224 51.8639 October 46.6841 47.1510 46.9176 54.1365 54.6512 54.3938 0.4132 0.4171 0.4152 65.9314 66.5579 66.2447 63.8546 64.4617 64.1581 50.4985 50.9794 50.7390 November 47.5647 48.0549 47.8083 54.3851 54.9308 54.6495 0.4174 0.4222 0.4197 66.8280 67.4963 67.1642 64.1103 64.7514 64.4141 51.6508 52.1440 51.8723 December 48.5589 49.0444 48.8016 55.9918 56.5517 56.2718 0.4264 0.4307 0.4286 67.8965 68.5755 68.2360 64.6089 65.2550 64.9319 52.7167 53.2439 52.9803 Percentage Change A/B 5.99 6.00 6.00 3.54 2.71 2.68 2.68 4.68 4.67 4.68 3.66 3.64 3.65 5.54 5.51 5.51 A/C 25.71 25.73 25.72 21.50 21.27 21.38 15.77 15.83 15.79 24.05 24.03 24.04 28.44 28.46 28.44 23.30 23.27 23.26 Source: National Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin 66 | Second Quarter 2021/22

Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency December 31, 2020 September 30, 2021 December 31, 2021 Percentage Change A B C C/B C/A USD 39.3768 46.3312 49.4396 6.7 25.6 Pound 53.5958 62.5055 66.6792 6.7 24.4 Swedish Kroner 4.8064 5.2951 5.4521 3.0 13.4 Djibouti Frank 0.2210 0.2600 0.2774 6.7 25.5 Swiss Frank 44.4835 49.8829 53.9498 8.2 21.3 Saudi Riyal 10.4946 12.3511 13.1663 6.6 25.5 UAE Dirhams 10.7192 12.6123 13.4585 6.7 25.6 Canadian Dollar 30.8185 36.5244 38.6609 5.8 25.4 Japanese Yen 0.3818 0.4161 0.4295 3.2 12.5 Euro 48.3114 53.9991 55.9508 3.6 15.8 SDR 56.7145 65.5726 69.1957 5.5 22.0 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2021/22, the Birr appreciated by 7.7 percent in real terms largely as the gains from the surge in trading partners’ price counteracted by the strengthening of Birr vis-à-vis trading partners and rising domestic inflation. In particular, Sudan’s continually rising inflation has eroded the price advantage of trading partners. Likewise, the NEERI appreciated by 94.9 percent compared with last year same quarter due to significant depreciation of Sudanese Pound vis-à-vis USD following the decision of the Central Bank of Sudan to float the currency. However, excluding Sudan from the trading partners list, the Birr depreciated by 10.0 percent in nominal terms (Table 5.15). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 67

Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2020/21 2021/22 Percentage Change QII QI QII A B C C/B C/A REERI 127.8 158.8 137.7 -13.3 7.7 NEERI 34.62 70.02 67.47 -3.6 94.9 Source: NBE Staff Compilation NB: REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV 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 2021/22 REERI NEERI Source: NBE Staff Compilation 5.7.3. Volume of Transactions In the second quarter of 2021/22, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million which stayed the same over a year period. The foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). National Bank of Ethiopia Quarterly Bulletin 68 | Second Quarter 2021/22

Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Q I Q II QIII QIV Q I Q II QIII QIV Q I Q II QIII QIV Q I Q II QIII QIV Q I Q II QIII QIV Q I Q II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Million USD Total Amount Traded Amount Traded Among CBs Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 52.6 million and sold USD 24.3 million. Hence, the amount of forex purchased and sold fell by 12.6 percent and 7.6 percent (Table 5.11). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 69

VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government during the second quarter of 2021/22 was Birr 106.2 billion depicting 45.6 percent quarterly and 14.1 percent annual growth. The quarterly revenue performance was 26.1 percent of the annual budget plan (Table 6.1). Similarly, Federal government expenditure showed a 66.9 and 47.3 percent quarterly and annual increase and its performance was 36.7 percent of the annual budget. As a result, the overall fiscal balance of the Federal government (including grants) widened to Birr 79.5 billion deficit from Birr 33 billion. National Bank of Ethiopia Quarterly Bulletin 70 | Second Quarter 2021/22

Table 6.1 Summary of Quarterly Federal Government Finance [in millions of Birr] No Finer points 2020/21 2021/22 Percentage changes performance rate QII QI Budget QII D/A D/B D/C A B C D 1 Revenue and Grants 93,178.4 72,998.6 407,863.5 106,282.9 14.1 45.6 26.1 1.1 Total Revenue 86,949.2 72,998.6 369,111.0 106,282.9 22.2 45.6 28.8 Tax Revenue 84,002.4 68,570.2 334,011.5 98,209.2 16.9 43.2 29.4 Direct tax 40587.2 19,724.7 96,214.4 47,147.2 16.2 139.0 49.0 Indirect tax 43415.16826 48,845.5 237,797.1 51,062.0 17.6 4.5 21.5 Non-Tax Revenue 2,946.8 4,428.4 35,099.5 8,073.7 174.0 82.3 23.0 1.2 Grant & Relief 6,229.2 38,752 - - - 2 Current Expenditure 46,979.1 38,865.8 142,522.2 105,981.7 125.6 172.7 74.4 3 Current Surplus/Deficit - - - - - - (Including Grants) 46,199.3 34,132.8 265,341.3 301.2 (99.3) (99.1) 0.1 (Excluding Grants) 39,970.1 34,132.8 226,588.8 301.2 (99.2) (99.1) 0.1 4 Capital Expenditure 35,124.2 24,756.7 156,932.8 29,123.8 (17.1) 17.6 18.6 5 Regional Transfers 44,068.6 47,723.0 207,276.7 50,731.3 15.1 6.3 24.5 6 Total Expenditure 126,172.0 111,345.5 506,731.7 185,836.9 47.3 66.9 36.7 7 Overall Surplus/Deficit - - - - - - (Including Grants) (32,993.6) (38,346.9) (98,868.3) (79,553.9) 141.1 107.5 80.5 (Excluding Grants) (39,222.8) (38,346.9) (137,620.8) (79,553.9) 102.8 107.5 57.8 8 Total Financing 32,993.6 38,346.9 98,868.3 79,553.9 141.1 107.5 80.5 8.1 Net External Borrowings 8,468.3 1,203.3 30,706.7 2,456.6 (71.0) 104.2 8.0 External Borrowing 12,770.5 4,446.4 24,136.5 5,636.3 (55.9) 26.8 23.4 Amortization 1,530.9 3,243.2 18,956.3 3,179.6 107.7 (2.0) 16.8 8.2 Net Domestic Borrowings 33,375.1 54,928.7 68,161.5 98,832.5 196.1 79.9 145.0 Banking System 9,731.5 10,721.9 - 118,043.3 1,113.0 1,001.0 Non-Bank Sources 23,643.6 44,206.8 - (19,210.8) (181.3) (143.5) 8.3 Privatization receipts - - - - - 8.4 Others and Residuals (8,849.9) (17,785) - (21,735.2) 145.6 22.2 Source: Ministry of Finance National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 71

6.1 Revenue and Grants Total revenue and grants during the review quarter was Birr 106.2 billion which was exclusively collected from domestic sources. Of the total domestic revenue, Birr 98.2 billion (92.4 percent) was obtained from taxes and Birr 8.1 billion (7.6 percent) from non-tax sources. There were no grants & relief during the review quarter. The performance of total revenue and grants was 26.1 percent against the annual budget plan (Table 6.2). Table 6.2 Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2020/21 2021/22 Percentage Change Performance Rate QII QI Budget QII D/A D/B D/C A B C D Total Revenue and Grants 93,178.4 72,998.6 407,863.5 106,282.9 14.1 45.6 26.1 Total Domestic Revenue 86,949.2 72,998.6 369,111.0 106,282.9 22.2 45.6 28.8 1 Tax Revenue 84,002.4 68,570.2 334,011.5 98,209.2 16.9 43.2 29.4 1.1 Direct Tax Revenue 40,587.2 19,724.7 96,214.4 47,147.2 16.2 139.0 49.0 1.1.1 Income Taxes 37,868.5 16,889.5 76,638.7 43,656.4 15.3 158.5 57.0

Personal 5,320.9 5351.7 21,820.2 6,479.0 21.8 21.1 29.7
Business 32,547.6 11537.8 54,818.5 37,177.4 14.2 222.2 67.8 1.1.2 Others1 2,718.7 2835.2 19,575.7 3,471.5 27.7 22.4 17.7 1.2 Indirect Taxes 43,415.2 48,845.5 237,797.1 51,062.0 17.6 4.5 21.5 1.2.1 Domestic Taxes 16,859.9 18,876.2 90,832.0 19,268.1 14.3 2.1 21.2 1.2.2 Foreign Trade Taxes 26,555.2 29,969.4 146,965.0 31,794.0 19.7 6.1 21.6
Import 26,553.3 29,969.4 146,965.0 31,794.0 19.7 6.1 21.6 2 Non-Tax Revenue 2,946.8 4428.4 35,099.5 8,073.7 174.0 82.3 23.0 3 Privatization - - - - - - - 4 Grants and Relief 6,229.2 0.0 38,752.5 0.0 (100.0) 0.0 Source: Ministry of Finance 1/ includes withholding tax on import, tax on dividend, royalty and interest income National Bank of Ethiopia Quarterly Bulletin 72 | Second Quarter 2021/22

Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government 0 20000 40000 60000 80000 100000 120000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017/18 2018/19 201920 2020/21 2021/22 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue During the review period, indirect tax accounted for 52 percent of total tax revenue and declined by 17.6 and 4.5 percent on annual and quarterly bases respectively. Direct tax revenue, however, increased by 16.2 and 139 percent during the same period. Component wise, 62.3 percent of the indirect tax was collected from foreign trade taxes. Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2021/22 Direct Tax Revenue 44.4% Indirect Taxes 48.0% Non-Tax Revenue 7.6% National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 73

6.2 Expenditure Total Federal government expenditure (including regional transfer) during the review quarter stood at Birr 185.8 billion, showing 47.3 percent annual and 66.9 percent quarterly growth (Table 6.3). The performance was 36.7 percent of Federal annual budget plan. Looking at the components of the expenditures, current expenditure, at Birr 105.9 billion accounted for 57 percent of the total expenditure, while capital expenditure (Birr 29.1 billion) constituted 15.7 percent and regional transfers (Birr 50.7 billion), 27.3 percent (Table 6.3). Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2020/21 2021/22 Percentage Change Performance Rate QII QI Budget QII D/A D/B D/C A B C D Total Expenditure 126,172.0 111,345.5 506,731.7 185,836.9 47.3 66.9 36.7 1 Current Expenditure 46,979.1 38,865.8 142,522.2 105,981.7 125.6 172.7 74.4

General Services 22,066.8 12,372.8 46,069.3 67,164.0 204.4 442.8 145.8
Economic Services 2,498.6 2,655.0 7,259.3 1,947.5 (22.1) (26.6) 26.8
Social Services 13,088.3 19,013.1 51,863.7 24,262.3 85.4 27.6 46.8
Others expenditure 235.0 308.0 11,864.6 231.1 (1.7) (25.0) 1.9
Debt Service 9,090.5 4,516.9 25,465.3 12,376.9 36.2 174.0 48.6 2 Capital Expenditure 35,124.2 24,756.7 156,932.8 29,123.8 (17.1) 17.6 18.6
Economic Development 25,235.0 18,068.8 111,267.5 20,147.0 (20.2) 11.5 18.1
Social Development 8,809.3 6,010.8 34,468.0 8,165.1 (7.3) 35.8 23.7
General Development 1,080.0 677.1 11,197.4 811.7 (24.8) 19.9 7.2 4 Regional Transfers 44,068.6 47,723.0 207,276.7 50,731.3 15.1 6.3 24.5 Source: Ministry of Finance National Bank of Ethiopia Quarterly Bulletin 74 | Second Quarter 2021/22

Fig.VI.3: Major Components of Federal Governments Expenditure Current Expenditure 57.0% Capital Expenditure 15.7 % Regional Transfer 27.3% Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 75

6.3 Deficit Financing During the review period, the Federal government budget operations resulted in an overall deficit (including grant) of Birr 79.5 billion, compared with Birr 32.9 billion deficit a year ago. The deficit was financed from net external and net domestic borrowing while there was repayment to nonbanking sources (Table 6.1). Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2021/22 0 50000 100000 150000 200000 250000 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of Birr) Quarters/Years Expenditure Decit Revenue Including Grants National Bank of Ethiopia Quarterly Bulletin 76 | Second Quarter 2021/22

VII. DEVELOPMENTS IN INVESTMENT During the 2021/22 second quarter, 11 investment projects with investment capital of Birr 182 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital increased by 120 and 12.7 percent, respectively. All investment projects were reported as private of which about 63.6 percent were domestic and 36.4 percent foreign. The domestic projects had Birr 163.6 million (89.9 percent) in investment capital while foreign projects had Birr 18.4 million (10.1 percent) investment capital. These investment projects have generated employment opportunities for 265 people which was 63.4 percent lower than a year earlier. Of the total employment created during the period, 61.1 percent was permanent and 38.9 percent casual (Table 7.1). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 77

Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2020/21 2021/22 Percentage Changes QII QI QII A B C Share C/A C/B

Total Investment Number of projects 5 13 11 100 120.0 -15.4 Capital 161.5 99.8 182.0 100 12.7 82.4 Permanent Employment 255 6,086 162 100 -36.5 -97.3 Temporary Employment 470 2,117 103 100 -78.1 -95.1 2.Private Investment Number of projects 5 13 11 100 120.0 -15.4 Capital 161.5 99.8 182.0 100 12.7 82.4 Permanent Employment 255 6,086 162 100 -36.5 -97.3 Temporary Employment 470 2,117 103 100 -78.1 -95.1 2.1 Domestic Investment Number of projects - 3 7 63.6 - 133.3 Capital - 19.1 163.6 89.9 - 756.4 Permanent Employment - 35 60 37.0 - 71.4 Temporary Employment - 7 80 77.7 - 1,042.9 2.2.Foreign Investment Number of projects 5 10 4 36.4 -20.0 -60.0 Capital 161.5 80.7 18.4 10.1 -88.6 -77.2 Permanent Employment 255 6,051 102 63.0 -60.0 -98.3 Temporary Employment 470 2,110 23 22.3 -95.1 -98.9 3.Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission As for sectoral distribution, manufacturing constituted the lion’s share by accounting 54.5 percent of total investment projects followed by real estate, renting and business activities (36.4 percent), and hotels & restaurants (9.1 percent). Out of the total Birr 182 million capital invested, hotels and restaurants took 57.9 percent share, manufacturing 32 percent and real estate, renting and business activities 10.1 percent. About 63 percent of the permanent employment was created by real estate, renting and business activities and the remaining 37 percent by hotels and restaurants. On the other hand, hotels and restaurants was the leading sector by accounting 77.7 percent of temporary employment while the remaining 22.3 percent was created by real estate, renting and business activities (Table 7.2). National Bank of Ethiopia Quarterly Bulletin 78 | Second Quarter 2021/22

Table 7.2: Investment Distribution by Sector during the Second Quarter of 2021/22 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 1 9.1 105.4 57.9 60 37.0 80.0 77.7 Manufacturing 6 54.5 58.2 32.0 - - - - Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 4 36.4 18.4 10.1 102 63.0 23.0 22.3 Tour operation, transport,and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others* - - - - - - - - Grand Total 11 100 182.0 100 162 100 103 100 Source: Ethiopian Investment Commission *Export of flowers, spices, cotton and cotton product, wooden handicrafts, souvenirs and flower baskets, data center services. Regional distribution of the projects indicated that about 54.5 percent of the total projects with 32 percent of total investment capital went to Addis Ababa, and 9.1 percent of the projects having 57.9 percent of total capital to SNNPR, while 36.4 percent of the total projects with 10.1 percent total investment capital to multiregional projects. In terms of job creation, multiregional projects accounted for 63 and 22.3 percent of the total permanent and temporary employment, respectively SNNPR constituted 37 and 77.7 percent of total permanent and temporary employment, respectively (Table 7.3). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 79

Table 7.3: Performance of Operational Investment Region 2020/21 2021/22 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 - - - - 3 19.1 35 7 6 58.2 - - 54.5 32.0 - - - - - - 1,718.2 67.5 - - Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - 1 105.4 60 80 9.1 57.9 37.0 77.7 - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi-regional 5 161.5 255 470 - - - - 4 18.4 102 23 36.4 10.1 63.0 22.3 -20 -88.6 -60.0 -95.1 - - - - Grand Total 5 161.5 255 470 3 19.1 35 7 11 182.0 162 103 100 120 12.7 -36.5 -78.1 266.7 852.7 362.9 1,371.4 National Bank of Ethiopia Quarterly Bulletin 80 | Second Quarter 2021/22

VIII. INTERNATIONAL ECONOMIC DEVELOPMENT 8.1. OVERVIEW OF THE WORLD ECONOMY 4 Global economic growth remained robust in the second quarter of 2021/22. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area remained stable and above its long-term average in the second quarter of 2021/22, reflecting steady demand. Nevertheless, the outbreak of the Omicron variant and its higher transmissibility began to weigh in December on the service sector in key economies, including the United Kingdom. In Japan, the economic recovery was resumed in the second quarter of 2021/22. After the contraction observed in the summer of last year, economic activity remained steady in the second quarter, supported primarily by pent-up demand. Manufacturing rebounded significantly towards the end of 2021, in part reflecting increased production in the auto sector. In China, the growth momentum remains fragile. Monthly indicators point to a slowdown in economic activity. Retail sales remained subdued towards the end of last year, underscoring the difficulty of consumption returning to pre-pandemic levels amidst China’s strict COVID-19 containment strategy. The turmoil in China’s residential property industry continued at the end of 2021, with residential real estate sales growth remaining negative in December and house prices weakening further. The emergence of the Omicron variant is posing risks to growth in the near term. Should an intensification of the pandemic lead to rising infection rates, China’s zero-COVID strategy may imply significantly stricter containment measures, which would weigh further on economic activity.

4 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 1/2022. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 81

8.2. Inflation Developments Global price pressures remained elevated in November. Annual consumer price inflation in the member countries of the Organisation for Economic Cooperation and Development (OECD) increased to 5.8 percent in November. While energy price inflation reached the highest level observed over the past four decades, inflation excluding energy and food also rose to 3.8 percent in November, up from 3.2 percent in the previous month. Looking ahead global inflationary pressures are expected to ease in December, as it is anticipated that energy prices will moderate from current high levels. 8.3. Commodity Price Oil prices increased amid demand and supply factors. Oil prices have rebounded by 28 percent since the Governing Council meeting in December, as oil markets appear to reflect the prevailing optimism that the Omicron variant will not impact global oil demand as much as previously feared. On the supply side, OPEC+ failed to meet production targets in December. Non-energy commodity prices have also increased since the Governing Council meeting in December owing to rises in both metal prices by 13 percent and food prices by 6 percent. 8.4. Exchange Rate Developments In foreign exchange markets, the euro continued to depreciate in tradeweighted terms, reflecting a broadbased weakening against several major currencies. Over the review period, the nominal effective exchange rate of the euro, as measured against the currencies of 42 of the euro area’s most important trading partners, weakened by 1.1 percent. In terms of major currencies, the euro weakened only very mildly against the US dollar (by 0.1 percent) and the Chinese renminbi (by 0.2 percent), while it depreciated somewhat more strongly against the pound sterling (by 1.7 percent) and the Swiss franc (by 0.6 percent). At the same time, the euro depreciated substantially against the currencies of some large emerging economies, notably the Brazilian real (by 7.3 percent) and the Turkish lira (by 13.0 percent), as they recovered some of their previous losses, as well as against the currencies of most non-euro area EU Member States. National Bank of Ethiopia Quarterly Bulletin 82 | Second Quarter 2021/22

8.5. Impact of Global Economic Development on Ethiopian Economy During the second quarter of 2021/22, the global economic growth remain robust while global inflation rose during the reporting period and Oil prices have increased to well above pre-pandemic. During the review quarter, the rise of commodity price had both positive as well as negative impact. The positive impact was observed in the merchandise export receipts which helped the country to generate additional foreign exchange from export sector. Meanwhile, a surge in crude oil prices aggravated the country’s extra payment of foreign exchange so that further suppressing impact on Ethiopia’s current account balance compared to last year the same period. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2021/22 | 83

STATISTICAL TABLES National Bank of Ethiopia Quarterly Bulletin 84 | Second Quarter 2021/22

Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr) Endof Period Foreign Assets Claims on Government Advance toDBE 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 Qtr.III 104,230.92 12,559.91 639.43 84,429.98 6,601.61 251,862.65 198,362.65 53,500.00 - 56,642.71 - 146,247.20 Qtr.IV 125,859.69 628.17 680.17 117,629.89 6,921.46 281,862.65 198,362.65 83,500.00 - 56,642.71 - 161,714.97 2021/22 Qtr.I 99,173.34 1,886.67 711.01 89,322.29 7,253.37 311,862.65 198,362.65 113,500.00 - 55,492.71 - 156,713.55 Qtr.II 80,857.72 835.20 750.29 71,698.94 7,573.28 311,427.10 197,927.10 113,500.00 - 52,322.71 - 169,959.42 Second Quarter 2021/22 | 85 National Bank of Ethiopia Quarterly Bulletin

Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) Endof 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 Qtr.III 558,983.48 159,484.75 137,597.63 30,602.71 106,994.93 153,966.87 11,502.32 142,464.55 1,013.45 106,920.77 Qtr.IV 626,080.02 163,709.05 137,436.24 36,843.46 100,592.78 169,766.69 12,004.53 157,762.16 3,109.44 152,058.60 2021/22 Qtr.I 623,242.24 167,253.25 150,913.82 31,109.83 119,804.00 193,261.43 12,384.55 180,876.89 3,109.44 108,704.31 Qtr.II 614,566.94 187,463.10 189,794.42 44,866.05 144,928.37 202,916.45 12,868.72 190,047.73 3,121.10 31,271.88 86 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

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” “Investment 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 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.52 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 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 Qtr.III 136,453.39 31,966.43 104,486.95 55,078.76 40,993.81 1,254,219.06 704,083.35 530,694.80 19,440.90 286,075.07 Qtr.IV 131,471.76 30,087.76 101,384.00 76,945.12 76,773.86 1,312,731.74 758,869.37 532,913.44 20,948.94 285,977.43 2021/22 Qtr.I 152,532.33 31,442.53 121,089.81 85,042.49 107,177.57 1,310,049.31 761,862.44 532,471.29 15,715.57 325,653.91 Qtr.II 174,091.0 28,533.84 145,557.19 83,677.72 176,975.24 1,305,527.11 798,315.28 488,326.33 18,885.50 360,875.77 Second Quarter 2021/22 | 87 National Bank of Ethiopia Quarterly Bulletin

Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) 1 Non-Central Gov’tDeposits 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 Qtr.III 1,772,820.09 1,132,091.96 291,829.38 91,673.01 748,589.57 98,776.82 32,715.75 145,544.84 90,327.76 27,272.10 27,944.97 363,690.72 Qtr.IV 1,883,899.91 1,214,644.86 303,770.68 94,493.84 816,380.34 107,523.89 33,851.44 163,931.60 94,830.26 27,285.92 41,815.42 363,948.11 2021/22 Qtr.I 1,980,455.61 1,257,347.63 312,964.32 98,745.88 845,637.43 100,755.67 35,412.24 163,229.87 97,226.11 30,509.63 35,494.13 423,710.21 Qtr.II 2,101,146.9 1,300,678.83 327,347.34 99,822.67 873,508.82 136,073.86 39,240.75 167,659.15 104,707.18 31,639.75 31,312.23 457,494.3 88 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 3(a): Consolidated Statement of Condition of Development Bank of Ethiopia: Assets (InMillionsofBirr) Endof Period Cash &Banks Foreign Assets Claims on Central Gov’t Claimson Non-Central Gov’t Other Assets Total Assets Total Public Enterprise Cooperatives 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 Qtr.III 7733.372 4649.867 54303.833 54214.048 5247.078 4955.843 44011.127 16860.804 138029.484 Qtr.IV 8,319.83 4,661.02 53,927.17 55,431.44 5,487.58 5,012.91 44,930.95 17,624.66 139,723.58 2021/22 Qtr.I 9,839.69 5,137.66 54,307.97 50,960.72 5,123.55 4,361.36 41,475.80 19,734.85 139,431.54 Qtr.II 6,893.13 3,517.65 53,910.61 54,446.11 5,224.69 4,624.98 44,596.44 17,195.31 136,926.47 Second Quarter 2021/22 | 89 National Bank of Ethiopia Quarterly Bulletin

Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (InMillionsofBirr) Endof Period Total Assets =Liab. Demand Deposits Time& Savings Deposits Capital Accounts Credit from Banks Credit from Gov’t Foreign Advance &Loan Other Liability Total N.B.E Others Items 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.06 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 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 Qrt.III 138,029.48 614.02 140.51 28,909.31 68,296.31 68,248.08 48.23 - 14,534.33 25,535.01 QIV 139,723.58 664.00 138.11 31,698.97 68,466.32 68,418.07 48.25 - 15,715.97 23,040.21 2021/22 Qtr.I 139,431.54 715.53 143.85 28,576.29 67,935.48 67,886.36 49.12 - 17,526.92 24,533.46 Qtr.II 136,926.47 795.30 94.02 32,039.40 64,831.65 64,783.46 48.20 - 17,554.50 21,611.60 90 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 QuasiMoney 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 QrtII 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 Qtr.III 127,518.32 291,829.37 419,347.69 840,262.58 1,259,610.27 1,454,897.79 163,476.93 221,259.94 (57,783.01) 1,291,420.86 (10,275.23) (32,638.24) 22,363.01 185,012.29 Qtr.IV 133,621.30 303,770.68 437,391.98 910,874.18 1,348,266.16 1,562,694.68 214,269.16 245,019.19 (30,750.03) 1,348,425.52 10,455.44 (32,638.24) 43,093.68 224,883.96 2021/22 Qtr.I 135810.716 312964.31 448775.026 944383.308 1393158.334 1637001.164 287174.719 280752.82 6421.899 1349826.445 16992.012 -32638.241 49630.253 260834.842 Qtr.II 158,929.26 327,347.34 486,276.60 973,331.49 1,459,608.09 1,646,426.74 307,462.42 266,561.05 40,901.38 1,338,964.32 11,798.73 (32,638.24) 44,436.97 198,617.38 Second Quarter 2021/22 | 91 National Bank of Ethiopia Quarterly Bulletin

Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply 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) Qtr.III 101,338.81 287,743.76 389,082.57 823,457.33 1,212,539.89 1,456,352.69 903,994.60 (10,285.50) QIV 155,441.65 311,103.71 466,545.36 910,874.18 1,377,419.54 1,584,634.91 1,871,614.62 10,602.23 2021/22 Qtr.I 143280.305 304514.274 447794.579 974603.574 1422398.153 1576432.121 1452413.255 16363.307 Qtr.II 126,301.08 322,764.48 449,065.56 953,864.86 1,402,930.42 1,648,073.17 937,275.02 11,810.52 1/ Obtained by multiplying each original observation by appropriate index for the month 92 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve 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 2018/19 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 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 Qtr.III 159309.7 104230.9 12559.9 84430.0 6601.6 639.4 55078.8 186682.6 32715.7 153966.9 -27372.9 -49735.9 22363.0 Qtr.IV 202804.8 125859.7 628.2 117629.9 6921.5 680.2 76945.1 203618.1 33851.4 169766.7 -813.3 -43907.0 43093.7 2021/22 Qtr.I 202804.8 125859.7 628.2 117629.9 6921.5 680.2 76945.1 203618.1 33851.4 169766.7 -813.3 -43907.0 43093.7 Qtr.II 184215.8 99173.3 1886.7 89322.3 7253.4 711.0 85042.5 228673.7 35412.2 193261.4 -44457.8 -94088.1 49630.3 Second Quarter 2021/22 | 93 National Bank of Ethiopia Quarterly Bulletin

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 Investments 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 Qtr.III 1,584,277.32 292,856.46 251,862.65 40,993.81 1,291,420.86 760,726.06 530,694.80 Qtr.IV 1,707,062.02 358,636.51 281,862.65 76,773.86 1,348,425.52 815,512.08 532,913.44 2021/22 Qtr.I 1,768,866.66 419,040.21 311,862.65 107,177.57 1,349,826.45 817,355.15 532,471.29 Qtr.II 1,827,366.65 488,402.33 311,427.10 176,975.24 1,338,964.32 850,637.99 488,326.33 94 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

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 Qtr.III 1,261,780.28 1,132,400.75 291,829.37 748,898.37 91,673.01 129,379.53 30,602.71 98,776.82 Qtr.IV 1,360,219.55 1,215,852.20 303,770.67 817,587.69 94,493.84 144,367.35 36,843.46 107,523.89 2021/22 Qtr.I 1389560.117 1257694.622 312964.31 845984.435 98745.877 131865.495 31109.825 100755.67 Qtr.II 1,482,471.94 1,301,532.03 327,347.33 874,362.03 99,822.67 180,939.91 44,866.05 136,073.86 Second Quarter 2021/22 | 95 National Bank of Ethiopia Quarterly Bulletin

Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requirments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 Foreign Liabilities Actual Reserve+ Net For. Assets 7=2+4-5 Liquidity Ratio 8 Ratio: Loans Adv.to Dep. 9 Debit Balance 10 TurnOver 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) Qtr.III 59,747.70 136,453.39 76,705.69 55,078.76 32,715.75 32,715.75 - 158,816.40 14.54 62.09 (5,192.09) (0.01) Qtr.IV 64,445.41 131,471.76 67,026.34 76,945.12 33,851.44 33,851.44 - 174,565.43 14.85 61.15 (17,860.57) (0.04) 2021/22 Qtr.I 67,910.66 152,532.33 84,621.68 85,042.49 35,412.24 35,412.24 - 202,162.59 16.18 59.68 (19,114.44) (0.04) Qtr.II 70,512.82 174,091.03 103,578.22 83,677.72 39,240.75 39,240.75 - 218,528.00 17.26 58.35 (29,222.70) (0.06)

Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. 96 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 10: Circulating Notes and Coins by Denomination (In Millions of Birr) End of Period Value of Notes & Coins Denomination of Notes: Birr 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 QtrII 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 QtrII 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 QIII 159,636.9 158,424.2 372.7 1,605.5 6,789.7 14,970.3 59,977.3 74,708.8 1,212.6 0.8 41.4 99.4 73.0 123.8 874.1 QIV 163,861.0 162,638.3 372.8 1,574.6 6,180.0 14,058.6 60,268.5 80,183.9 1,222.7 0.8 41.4 99.4 73.0 124.3 883.7 2021/22 Qtr.I 167,348.0 166,108.6 373.4 1,555.7 6,033.7 13,977.5 60,653.6 83,514.6 1,239.4 0.8 41.4 99.4 73.1 124.9 899.7 Qtr.II 187,557.9 186,303.5 373.3 1,620.5 6,351.7 15,477.5 65,181.8 97,298.6 1,254.4 0.8 41.4 99.4 73.1 125.4 914.3 Second Quarter 2021/22 | 97 National Bank of Ethiopia Quarterly Bulletin

Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov’t 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: 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 September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov’nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 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-Oct2017 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 determined Central Government loan 12 6 6 5 3 98 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 12: Government Internal Debt by Holder (In Millions of Birr) End of Period Total Gov’t Indebt-edness 1=2+6+9 National Bank of Ethiopia Commercial Banks Others NBE Total 2=3 to 5 Direct Advance 3 Gov’t Bonds Non-interest 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 Qtr.III 511,100.82 251,862.65 53,500.00 6,097.70 192,264.95 40,993.81 23,356.82 17,637.00 218,244.36 18.10 218,226.26 Qtr.IV 624,547.12 281,862.65 83,500.00 6,097.70 192,264.95 76,773.86 23,818.91 52,954.95 265,910.61 18.10 265,892.51 2021/22 Qtr.I 603,459.61 311,862.65 113,500.00 6,097.70 192,264.95 107,177.57 23,818.85 83,358.72 184,419.40 18.10 184,401.30 Qtr.II 741,918.71 311,427.10 113,500.00 5,662.15 192,264.95 176,975.24 23,818.85 153,156.39 253,516.38 18.10 253,498.29 Second Quarter 2021/22 | 99 National Bank of Ethiopia Quarterly Bulletin

Table 13. General Government Revenue Quarterly and Annual (In million Birr) Ethiopian fiscal year 2012 2013 2014 Fiscal year ending July 7 2019/20 2020/21 2021/22 Actual Actual Pre-Actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12Month (QIV) Budget 3mon (QI) 6Month (QII) 9Month (QIII) 12Month (QIV) Budget 3mon (QI) 6Month (QII) Tax revenue 311,067.9 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 311,476.5 70,181.9 380,653.3 83,871.6 204,179.8 120,308.2 290,567.3 86,387.5 388,763.5 98,196.1 469,567.5 99,798.8 238,963.7 209,003.6 Direct taxes 127,778.3 27,968.8 74,812.5 46,843.7 102,822.5 28,010.0 132,214.5 29,392.1 144,457.3 34,999.0 100,532.9 65,534.0 133,594.9 33,062.0 173,965.5 40,370.6 190,152.4 40,656.5 120,175.9 149,358.1 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 28,835.5 140,363.6 33,946.4 98,397.0 64,450.5 130,815.9 32,418.9 153,044.7 34,453.1 157,194.9 36,121.4 105,960.1 69,838.7 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 56,706.7 13,722.9 33,292.6 19,569.8 49,009.4 15,716.8 66,032.0 17,022.6 76,504.8 17,816.3 39,041.4 21,225.0 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 3,304.8 1,231.4 2,718.6 1,487.2 3,006.8 288.2 3,315.5 308.7 4,296.3 1,487.1 3,371.8 1,884.7 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 59,532.0 16,355.6 56,437.2 40,081.5 69,582.2 13,145.0 87,012.6 17,430.5 80,690.1 18,305.1 66,918.8 48,613.7 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 1,233.0 2,446.4 1,213.4 3,799.0 1,352.6 5,144.9 1,345.9 8,405.3 1,503.7 3,022.6 1,518.9 Agriculture income 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 674.9 11.0 144.3 133.3 334.4 190.1 420.0 85.5 722.3 9.7 112.0 102.3 Other income 5,388.2 984.2 2,152.0 1,167.8 2,947.5 795.5 4,347.0 1,399.4 11,085.8 711.7 1,803.1 1,091.4 2,780.5 977.4 4,502.5 1,722.0 9,394.6 649.8 4,281.8 3,632.0 Interest income tax 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 2,132.2 468.6 2,588.1 635.0 1,453.5 818.5 2,125.5 672.0 2,778.6 653.2 3,675.6 835.0 1,898.9 1,063.9 Capital gains tax 860.6 98.3 159.0 60.7 523.6 364.6 596.3 72.7 525.8 45.8 101.3 55.5 178.2 76.9 582.1 403.9 536.5 22.1 50.2 28.1 Rural land use fee 560.7 15.3 65.5 50.2 238.5 173.1 358.0 119.5 452.1 21.0 135.6 114.6 295.1 159.5 391.9 96.8 586.1 13.6 139.5 125.9 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 1,031.5 2,000.4 968.8 2,483.9 483.6 3,785.3 1,301.3 5,340.9 14.0 1,339.0 1,324.9 Domestic indirect taxes 91,956.4 20,490.4 41,054.6 20,564.1 59,807.0 18,752.4 78,886.5 19,079.5 114,816.5 22,563.6 50,784.5 28,220.9 77,255.3 26,470.8 108,160.1 30,904.8 132,450.0 29,166.9 57,024.5 27,857.6 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 62,852.4 11,652.6 26,214.3 14,561.7 40,696.8 14,482.5 55,560.2 14,863.4 64,962.7 15,757.4 29,168.1 13,410.6 Petroleum products 688.3 140.9 323.1 182.2 358.2 35.1 398.2 40.0 863.2 33.8 131.1 97.3 257.4 126.3 313.5 56.0 972.4 232.7 1,198.4 965.7 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 2,594.9 7,058.3 4,463.4 11,898.4 4,840.1 15,477.3 3,578.9 12,699.1 3,872.7 2,057.2 -1,815.4 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 49,933.3 9,023.9 19,024.9 10,001.0 28,541.0 9,516.1 39,769.4 11,228.4 51,291.1 11,652.1 25,912.4 14,260.3 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 47,857.9 10,129.9 22,831.3 12,701.4 33,713.0 10,881.7 48,626.1 14,913.1 62,032.0 12,609.7 26,326.6 13,716.9 Stamp duties 2,275.4 611.7 1,637.9 1,026.2 2,415.5 777.6 3,167.1 751.5 4,106.2 781.1 1,739.0 957.9 2,845.5 1,106.5 3,973.9 1,128.4 5,455.3 799.7 1,529.8 730.1 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 52,862.3 26,553.3 79,717.1 26,854.8 106,637.8 26,920.7 146,965.0 29,975.5 61,763.3 31,787.9 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 18,400.8 9,322.5 28,136.8 9,736.0 37,718.6 9,581.9 50,506.0 15,047.6 23,701.5 8,653.9 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 24,195.3 12,111.4 36,302.7 12,107.4 48,759.3 12,456.5 68,070.6 9,846.5 29,131.7 19,285.2 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 1,121.7 624.5 1,473.5 351.7 1,788.8 315.3 3,786.7 303.9 1,406.9 1,103.0 Alcohol and tobacco 445.9 124.1 217.8 93.6 309.7 91.9 356.0 46.4 825.0 128.2 218.5 90.3 356.5 138.0 539.1 182.6 706.7 84.8 236.3 151.5 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 22,855.1 11,396.5 34,472.8 11,617.8 46,431.4 11,958.6 63,577.2 9,095.1 27,488.5 18,393.4 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 10,266.2 5,119.5 15,277.6 5,011.4 20,160.0 4,882.3 28,388.5 5,081.4 8,930.1 3,848.7 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 67,650.1 16,089.3 24,214.8 8,125.5 37,405.3 13,190.5 55,819.2 18,413.9 76,707.3 9,686.9 22,611.9 3,236.7 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 3,983.7 553.0 1,719.9 1,166.9 3,007.0 1,287.1 5,394.6 2,387.6 5,167.9 2,109.4 3,682.8 1,573.5 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 6,358.5 914.1 2,465.9 1,551.9 4,415.8 1,949.9 7,399.0 2,983.2 8,166.9 1,899.6 3,562.9 1,663.2 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 23,083.0 11,486.7 11,927.9 441.1 14,042.8 2,114.9 20,926.3 6,883.5 25,383.6 646.1 4,304.8 Reimbursement & property sales 543.4 25.7 159.1 133.4 178.8 19.7 203.38 24.6 663.5 144.8 198.0 53.2 2,036.7 1,838.8 680.3 -1,356.5 447.0 25.1 567.8 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 12,865.2 1,723.3 4,983.6 3,260.3 8,581.7 3,598.1 13,285.4 4,703.8 8,744.7 2,204.2 6,100.7 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 20,696.2 1,267.5 2,919.6 1,652.1 5,321.3 2,401.8 8,133.6 2,812.3 28,797.2 2,802.5 4,392.8 Total revenue 365,204.1 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 354,312.8 86,337.1 448,303.4 99,960.9 228,394.6 128,433.7 327,972.7 99,578.0 444,582.6 116,610.0 546,274.8 109,485.7 261,575.6 212,240.3 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 45,458.7 11,241.5 22,926.3 11,684.8 29,621.8 6,695.5 34,305.5 4,683.7 66,818.8 5,900.6 12,082.1 6,181.6 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 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 23,558.4 6,199.6 28,066.3 5,900.6 12,082.1 6,181.6 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 12,263.0 6,229.2 12,263.0 0.0 10,747.1 -1,515.9 38,752.5 0.0 Total revenue and grants 401,997.7 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 394,965.8 112,547.8 493,762.1 111,202.4 251,320.9 140,118.5 357,594.5 106,273.6 478,888.1 121,293.6 613,093.6 115,386.3 273,657.8 218,421.9 Source: Ministry of Finance 100 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 14. General Government Quarterly Expenditure Ethiopian fiscal year 2013 2014 Fiscal year ending July 7 2020/21 2021/22 Actual Pre-Actual Budget 3 Mon(QI) 6Month (QII) 9Month (QIII) 12Month QIV Budget 3mon (QI) 6Month (QII) A. Capital Expenditure Economic development 171,547.6 23,667.4 62,570.7 38,903.3 98,122.5 35,551.8 146,692.3 48,569.8 191,202.0 31,894.0 60,328.0 28,434.0 Agriculture 22,954.9 6,432.3 16,170.9 9,738.6 21,120.5 4,949.7 28,416.0 7,295.5 30,886.0 5,697.0 13,126.8 7,429.7 Natural Resource 35,670.3 1,929.8 7,073.7 5,143.8 12,207.9 5,134.2 24,006.5 11,798.7 32,929.4 4,223.4 7,683.8 3,460.3 o/w: Water 31,915.2 1,853.4 5,387.9 3,534.5 9,593.0 4,205.0 19,851.8 10,258.9 32,005.5 4,219.2 7,653.4 3,434.2 Mines & Energy 75.4 402.3 763.9 361.7 842.1 78.1 1,024.5 182.4 244.0 400.1 747.0 346.9 Trade, Industry & Tourism 8,064.1 602.5 1,205.0 602.5 2,826.8 1,621.8 5,160.7 2,333.9 6,607.8 325.1 1,535.7 1,210.6 Urban dev’t & housing 29,475.5 2,901.3 8,950.7 6,049.4 15,153.9 6,203.2 21,833.9 6,680.0 31,531.7 4,903.8 9,107.9 4,204.1 Road construction 70,137.9 11,164.4 27,277.7 16,113.3 43,658.4 16,380.8 61,301.1 17,642.7 81,840.5 16,154.0 27,540.4 11,386.4 Transport & communication 5,169.5 234.9 1,128.9 894.0 2,313.0 1,184.1 4,949.6 2,636.6 7,162.7 190.6 586.6 396.0 Social Development 61,925.8 8,400.1 23,277.2 14,877.1 34,322.2 11,045.0 59,535.2 25,213.0 69,340.9 9,757.6 27,552.1 17,794.6 Education 33,710.1 4,375.2 12,060.8 7,685.6 16,991.0 4,930.2 33,694.6 16,703.6 38,935.6 6,334.9 14,220.5 7,885.6 Health 21,912.2 3,530.7 9,552.1 6,021.4 15,082.6 5,530.5 22,299.2 7,216.7 23,886.3 3,088.9 12,122.6 9,033.7 Socail welfare 1,953.7 177.1 428.7 251.6 690.3 261.6 1,267.4 577.1 2,296.8 113.1 534.0 421.0 Culture & sport 4,349.8 317.1 1,235.7 918.5 1,558.3 322.7 2,274.0 715.7 4,222.1 220.7 675.0 454.3 General Development 29,905.2 1,530.0 7,593.6 6,063.6 13,004.3 5,410.7 29,182.2 16,178.0 49,374.9 4,021.6 10,358.1 6,336.5 Compensation payments 0.0 External assistance 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 23,558.4 6,199.6 28,098.0 5,900.6 12,082.1 6,181.6 Sub Total Capital Expenditure 263,378.5 33,597.5 93,441.5 59,844.0 145,449.0 52,007.5 235,409.7 89,960.8 309,917.8 45,673.3 98,238.3 52,565.0 B. Current Expenditure General Services 93,221.9 19,350.1 59,624.2 40,274.2 84,790.4 25,166.1 129,678.9 44,888.5 107,931.2 24,469.2 61,556.6 37,087.5 Organ of the State 15,604.3 2,857.5 9,226.6 6,369.1 14,817.3 5,590.7 21,913.8 7,096.5 15,467.5 4,068.6 9,291.6 5,222.9 Justice 12,029.8 1,985.5 5,375.2 3,389.7 8,133.1 2,757.9 11,297.8 3,164.7 13,264.5 2,902.7 6,228.6 3,325.9 Defence 16,500.0 1,937.8 18,389.1 16,451.3 23,053.2 4,664.1 37,092.4 14,039.1 22,000.0 5,402.7 15,451.3 10,048.6 Public order & security 25,247.2 7,466.5 11,907.6 4,441.1 18,528.1 6,620.5 30,335.9 11,807.8 29,808.7 5,640.7 14,589.0 8,948.3 Other General services 23,840.6 5,102.7 14,725.7 9,623.0 20,258.6 5,532.9 29,039.0 8,780.4 27,390.5 6,454.4 15,996.2 9,541.8 Economic Services 44,369.6 8,198.6 20,945.2 12,746.6 30,430.0 9,484.8 42,497.7 12,067.7 52,299.8 10,642.4 22,268.2 11,625.9 Agriculture&natural resource 29,086.4 5,270.9 13,050.5 7,779.6 19,201.3 6,150.8 26,901.5 7,700.1 34,691.9 6,447.0 13,667.2 7,220.2 Agriculture 24,068.5 4,709.3 10,942.7 6,233.4 16,362.2 5,419.4 21,850.3 5,488.1 28,341.5 5,371.0 11,532.9 6,161.9 Natural resource 5,017.9 561.6 2,107.8 1,546.2 2,839.2 731.4 5,051.2 2,212.0 6,350.3 1,076.0 2,134.2 1,058.2 o/w: Water 4,733.6 480.0 1,996.6 1,516.6 2,618.5 621.9 4,993.8 2,375.3 5,963.6 1,044.9 1,895.4 850.5 Trade, Industry & Tourism 6,825.0 1,495.4 3,868.7 2,373.3 5,119.2 1,250.5 7,136.0 2,016.8 6,986.3 1,962.8 4,376.8 2,414.0 Mines & Energy 243.6 75.3 169.4 94.1 238.4 69.0 366.7 128.3 255.9 48.0 201.7 153.7 Tourism 211.4 158.2 358.7 200.5 685.5 326.8 826.2 140.7 1,245.5 170.0 618.4 448.4 Transport & communication 2,449.1 193.2 1,051.8 858.6 1,559.9 508.1 2,283.8 723.9 2,748.9 561.5 442.7 -118.7 Urban devt. & construction 4,815.1 840.2 2,099.5 1,259.3 3,098.2 998.8 4,399.8 1,301.5 5,037.4 1,068.6 2,267.5 1,198.8 o/w: Road Construction 2,008.7 459.0 916.6 457.5 1,371.0 454.4 1,899.0 528.1 2,264.7 381.2 678.0 296.8 Economic development studies 738.9 165.5 346.6 181.1 527.4 180.8 583.7 56.3 1,333.8 384.5 693.9 309.4 Social Services 152,838.3 31,077.8 77,222.3 46,144.5 114,999.5 37,777.2 160,366.1 45,366.7 181,313.6 43,163.5 98,296.5 55,132.9 Education & training 107,915.7 21,700.1 52,255.6 30,555.5 78,202.6 25,947.0 107,513.0 29,310.4 123,266.5 26,364.5 58,932.3 32,567.7 Culture & sports 3,315.9 630.0 1,358.0 728.0 2,315.9 957.9 3,621.1 1,305.1 2,474.8 680.3 1,589.1 908.8 Public health 39,262.5 6,742.4 17,998.6 11,256.3 27,153.1 9,154.5 40,665.4 13,512.3 44,423.5 7,441.2 18,242.2 10,801.0 Labour & social welfare 1,480.5 379.7 644.6 264.8 1,504.8 860.2 2,074.1 569.4 2,278.7 455.1 627.4 172.3 Rehabilitation 863.8 1,625.6 4,965.4 3,339.8 5,823.0 857.5 6,492.5 669.5 8,870.0 8,222.4 18,905.5 10,683.1 Interest & Charges 19,765.1 1,819.1 10,909.6 9,090.5 12,071.0 1,161.4 24,001.0 11,930.1 25,465.3 4,516.9 16,893.8 12,376.9 Internal debt 10,012.5 988.5 7,574.6 6,586.0 7,811.3 236.7 16,562.9 8,751.6 12,607.4 2,668.2 11,377.6 8,709.4 External debt 9,752.6 830.6 3,335.1 2,504.5 4,259.7 924.7 7,438.2 3,178.5 12,857.9 1,848.6 5,516.2 3,667.5 O/w: defence commercial Miscellaneous 25,984.1 1,174.1 3,550.6 2,376.5 6,359.2 2,808.6 7,053.2 694.0 28,102.8 2,206.7 5,073.1 2,866.3 External assistance * 0.0 Sub Total Current Expenditure 336,179.0 61,619.6 172,251.9 110,632.3 248,649.9 76,398.0 363,596.9 114,947.0 395,112.6 84,998.7 204,088.2 119,089.5 Grand Total Expenditure 599,557.5 95,217.1 265,693.4 170,476.3 394,098.9 128,405.5 599,006.7 204,907.7 705,030.5 130,671.9 302,326.5 171,654.5 Second Quarter 2021/22 | 101 National Bank of Ethiopia Quarterly Bulletin

Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tone) Period MGR Jet fuel Gasoil LFO HFO Total fuel oil 2005/06 QI 20,296.00 65,236.00 158,951.00 9,995.00 24,278.00 278,756.00 34,273.00 QII 43,066.00 91,677.00 175,909.00 10,645.00 31,742.00 353,039.00 42,387.00 QIII 22,388.02 81,186.16 191,676.11 12,051.34 35,038.84 342,340.48 47,090.19 QIV 36,752.28 2006/07 QI 20,296.00 65,236.00 158,951.00 9,995.00 24,278.00 278,756.00 34,273.00 QII 43,066.00 91,677.00 175,909.00 10,645.00 31,742.00 353,039.00 42,387.00 QIII 22,388.02 81,186.16 191,676.11 12,051.34 35,038.84 342,340.48 47,090.19 QIV 36,752.28 117,550.72 231,107.89 8,694.07 25,782.68 419,887.64 34,476.75 2007/08 QI 31,507.00 107,358.70 202,143.70 12,316.00 27,546.70 380,872.10 39,862.70 QII 129,019.00 417,905.10 798,204.10 46,022.00 110,475.10 1,501,625.30 156,497.10 QIII 37,402.50 125,718.61 291,373.90 10,516.15 27,155.86 492,167.02 37,672.01 QIV 37,595.44 126,462.60 298,268.85 12,123.44 41,191.02 515,641.35 53,314.46 2008/09 QI 29,907.10 129,951.00 281,623.30 9,786.40 28,339.80 479,607.60 38,126.20 QII 41,831.11 120,234.61 259,305.95 9,348.45 26,108.82 456,828.94 35,457.27 QIII 37,546.19 125,919.08 308,752.14 7,695.24 31,347.56 511,260.22 39,042.81 QIV 40,698.58 129,595.69 320,849.46 9,543.20 30,534.52 531,221.45 40,077.72 2009/10 QI 29,177.50 103,453.61 304,391.24 - 8,710.99 445,733.34 8,710.99 QII 50,128.14 146,894.35 323,861.38 - 38,232.42 559,116.28 38,232.42 QIII 130,972.58 452,448.74 1,232,348.42 - 70,918.82 1,886,688.56 70,918.82 QIV 42,142.93 114,956.84 316,624.69 10,700.13 12,480.73 496,905.32 23,180.86 2010/11 QI 34,775.06 173,261.41 184,166.32 10,009.91 21,192.23 423,404.92 31,202.14 QII 48,048.29 153,993.68 297,309.21 5,972.17 17,762.14 523,085.49 23,734.31 QIII 32,966.76 101,025.13 271,238.79 8,652.59 50,147.46 464,030.73 58,800.06 QIV 28,088.65 131,242.32 295,148.16 9,645.72 27,585.68 491,710.53 37,231.40 2011/12 QI 33,381.17 126,523.78 260,608.14 6,850.35 27,834.12 455,197.56 34,684.47 QII 41,496.28 129,614.72 334,320.73 12,393.32 34,511.75 552,336.81 46,905.07 QIII 40,160.94 144,199.01 338,249.54 4,915.87 11,444.37 538,969.74 16,360.25 QIV 35,580.67 144,182.12 369,272.74 12,336.82 34,214.70 595,587.05 46,551.52 2012/13 QI 48,367.80 148,668.08 285,788.92 10,156.70 41,075.11 534,056.62 51,231.82 QII 45,607.59 149,611.12 296,204.43 8,122.04 29,320.00 528,865.18 37,442.04 QIII 52,070.39 156,140.93 360,766.11 8,657.71 28,675.05 606,310.18 37,332.76 QIV 40,471.73 148,006.84 323,803.46 9,486.22 23,804.56 545,572.82 33,290.79 2013/14 QI 52,821.02 185,032.12 388,200.80 11,512.09 31,974.27 669,540.29 43,486.36 QII 49,883.39 162,038.72 306,082.59 7,551.20 29,090.00 554,645.90 36,641.20 QIII 55,536.11 192,607.72 400,794.60 9,823.04 34,105.49 692,866.95 43,928.53 QIV 53,356.68 161,740.31 463,263.07 7,190.94 20,846.66 706,397.66 28,037.60 2014/15 QI 52,223.00 169,004.79 359,514.00 10,278.63 32,896.29 623,916.71 43,174.92 QII 57,561.00 171,011.22 435,565.00 9,958.50 32,870.81 706,966.53 42,829.31 QIII 64,895.00 207,909.14 369,681.00 10,398.09 32,223.62 685,106.85 42,621.71 QIV 63,065.00 164,822.86 538,500.77 10,001.11 29,678.58 806,068.32 39,679.69 2015/16 QI 72,312.74 213,015.55 398,136.40 7,953.19 22,697.05 714,114.92 30,650.23 QII 71,317.00 161,194.00 497,966.00 10,441.00 21,413.00 762,331.00 31,854.00 QIII 77,271.77 197,134.40 509,229.51 10,177.96 14,817.00 808,630.64 24,994.96 QIV 77,965.95 164,577.79 496,459.62 7,382.20 12,097.00 758,482.56 19,479.20 2016/17 QI 82,152.17 206,560.18 468,051.30 11,312.26 7,675.00 775,750.90 18,987.26 QII 97,258.59 208,282.60 550,034.05 7,804.86 7,775.00 871,155.10 15,579.86 QIII 96,423.57 215,632.55 580,188.02 11,008.68 12,397.12 915,649.94 23,405.80 QIV 88,010.77 170,307.94 601,081.24 9,502.81 7,807.86 876,710.62 17,310.67 2017/18 QI 106,706.30 165,269.22 591,077.34 10,763.35 10,241.32 884,057.53 21,004.67 QII 99,641.17 234,532.08 608,690.11 8,174.17 10,396.32 961,433.85 18,570.49 QIII 114,839.25 149,872.69 629,025.21 9,240.29 12,457.77 915,435.20 21,698.06 QIV 120,355.57 188,431.77 678,879.80 7,607.48 14,387.83 1,009,662.45 21,995.31 2018/19 QI 120,069.69 205,741.76 570,182.14 6,646.30 4,500.00 979,262.11 83,268.52 QII 122,357.95 221,894.30 600,552.26 9,751.84 9,596.77 1,028,073.02 83,268.52 QIII 135,787.58 208,436.33 690,546.55 5,987.23 9,894.90 1,118,038.98 83,268.52 QIV 128,523.96 183,926.16 635,440.86 8,695.82 11,075.96 1,031,159.50 83,268.52 2019/20 QI 159,613.12 210,503.47 616,810.64 8,886.66 14,477.84 1,070,195.75 83,268.52 QII 133,745.93 212,529.51 648,408.02 10,582.62 8,425.26 1,077,951.97 83,268.52 QIII 141,900.06 133,970.65 659,674.52 9,393.61 10,290.56 1,018,813.75 83,268.52 QIV 142,182.87 84,127.50 643,282.89 8,690.86 9,700.00 952,861.77 83,268.52 2020/21 QI 145,183.01 99,180.54 613,828.06 8,195.65 12,300.00 941,460.13 83,268.52 QII 176,894.50 107,969.29 630,617.51 6,914.50 15,500.00 998,749.82 83,268.52 QIII 154,240.29 129,945.36 654,442.00 7,750.00 13,602.43 1,021,896.16 83,268.52 QIV 176,255.18 106,927.12 636,567.62 7,300.00 16,010.77 1,003,018.44 83,268.52 201/22 QI 169,292.79 127,007.57 677,243.25 13,809.64 10,437.46 1,056,812.13 83,268.52 QII 169,625.81 126,027.07 625,325.90 9,985.00 12,995.00 1,004,247.30 83,268.52 102 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) Sectors/Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,733.9 Crop 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 Animal Farming and Hunting 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 Forestry 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 59,243.3 Fishing 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 Mining and Quarrying 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 Manufacturing 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 Large and Medium Scale Manufacturing 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 Small Scale and Cottage Industries 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 Electricity and Water 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 16,476.2 Construction 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 Whole Sale and Retail Trade 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,217.7 Hotels and Restaurants 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 Transport and Communications 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 Financial Intermediation 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 Real Estate, Renting and Business Activities 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 Public Administration and Defense 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 Education 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 Health and Social Work 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 Other Community , Social & Personal Services 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 Private Households with Employed Persons 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 Total 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,377.8 Less : FISIM 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 Gross Value Added at Constant Basic Prices 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,163.2 Taxes on Products 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,917.7 GDP at Constant Market Prices 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,081.0 Source:MoFED Table 17 : Growth Rate of GDP By Economic Activity at Constant Prices ( In percent) Industry/Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 5.6 Crop 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 5.7 Animal Farming and Hunting 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 5.8 Forestry 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 3.9 Fishing 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2.8 1.7 Mining and Quarrying 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 115.4 Manufacturing 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 5.1 Large and Medium Scale Manufacturing 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 6.2 Small Scale and Cottage Industries 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 2.5 Electricity and Water 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 8.9 Construction 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 6.6 Whole Sale and Retail Trade 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 6.3 Hotels and Restaurants 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 2.6 Transport and Communications 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.2 7.0 Financial Intermediation 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 9.0 Real Estate, Renting and Business Activities 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 8.9 Public Administration and Defense 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 4.9 Education 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 2.0 Health and Social Work 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 13.4 Other Community , Social & Personal Services 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 2.0 Private Households with Employed Persons 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 2.2 Total 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 6.3 Less : FISIM 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.2 11.0 Gross Value Added at Constant Basic Prices 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 Taxes on Products 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 -4.7 GDP at Constant Market Prices 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 5.6 Source:MoFED Second Quarter 2021/22 | 103 National Bank of Ethiopia Quarterly Bulletin

Table 18: GDP by Economic Activity at Current Prices (In million Birr) Industry/Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,191.2 Crop 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 Animal Farming and Hunting 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 Forestry 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,035.8 96,164.4 117,765.3 Fishing 217 455 685 796 1,225 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 Mining and Quarrying 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 Manufacturing 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 Large and Medium Scale Manufacturing 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 Small Scale and Cottage Industries 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 Electricity and Water 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726.4 23,826.9 30,614.7 Construction 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 Whole Sale and Retail Trade 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656.3 444,506.1 554,733.8 Hotels and Restaurants 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 Transport and Communications 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 Financial Intermediation 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 Real Estate, Renting and Business Activities 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 Public Administration and Defense 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 Education 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 Health and Social Work 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 Other Community , Social & Personal Services 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 Private Households with Employed Persons 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 Total 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,166,221.7 Less : FISIM 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 Annex4 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,419.9 Taxes on Products 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 GDP at Current Market Prices 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,387.1 Source: MoFED Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Sectors/Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 31.4 35.9 Crop -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 40.9 Animal Farming and Hunting 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 22.5 27.3 Forestry 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 22.5 Fishing 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 24.1 34.3 Mining and Quarrying 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 220.5 Manufacturing 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 11.7 Large and Medium Scale Manufacturing 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 12.8 Small Scale and Cottage Industries 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 16.2 9.0 Electricity and Water 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 28.5 Construction -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 14.5 21.2 Whole Sale and Retail Trade 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 24.8 Hotels and Restaurants 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 19.1 20.8 Transport and Communications 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.5 30.8 Financial Intermediation 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 21.1 19.3 Real Estate, Renting and Business Activities 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 47.7 Public Administration and Defense 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 32.4 Education 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 9.9 23.6 Health and Social Work 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 14.8 Other Community , Social & Personal Services 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 18.3 Private Households with Employed Persons 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 19.6 Total 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.1 29.3 Less : FISIM 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 22.6 19.7 Gross Value Added at Current Basic Prices 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 Taxes on Products 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 16.0 GDP at Current Market Prices 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 28.6 Source: MoFED 104 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

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 2013 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 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 3,183,395.8 4,119,419.9 Taxes on Products, net 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.3 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 3,374,746.9 4,341,387.1 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) (19,203.0) (21,735.9) 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 3,164,192.9 4,097,683.9 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 3,355,544.0 4,319,651.2 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 300,237.5 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 3,565,876.0 4,619,888.7 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.3 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 2,363,783.1 3,134,993.8 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 1,031,962.8 1,216,584.9 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 329,634.5 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 723,391.3 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) (329,095.7) (393,756.8) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,828.0 Gross National Savings 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,101,329.6 Mid-year Population (In Million) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 101.9 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 33,849.0 42,598.7 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 21,155.3 21,862.5 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 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 67,294.2 57,106.5 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 96,107.0 107,672.6 111,271.2 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 1,091.8 Per Capita Real GDP (In USD) 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 560.3 GDP Deflator 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 1.95 Source: Planning commission Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) Description / Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 GDP at Current Basic Prices 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 Taxes on Products, net 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 16.0 GDP at Current Market Prices 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.2 28.6 Incomes from ROW, net (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) 46.5 13.2 Gross National Income at Current Basic Price 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.0 29.5 Gross National Income at Current Market Price 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.1 28.7 Current Transfers from ROW, net 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (12.5) 42.7 Gross National Disposable Income 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 22.0 29.6 Government Final Consumption Expenditure 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.6 24.5 Private Final Consumption Expenditure 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.9 32.6 Gross Capital Formation (Investment) 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 8.8 17.9 Exports of Goods and Services 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.7 37.0 Imports of Goods and Services 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.4 27.0 Resource Balance (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) (5.5) 19.6 Gross Domestic Savings 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.0 17.1 Gross National Savings 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 8.0 23.2 Mid-year Population (in Million) 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 25.8 Per Capita GDP (Birr) (Real) 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 3.3 Average Exchange Rate (Birr/USD) 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 24.5 Real GDP (USD) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) (15.1) GDP at Current Market Prices(USD) (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.0 3.3 Per Capita GDP (USD) (Nominal) (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 1.1 Per Capita GDP (USD) (Real) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) (17.0) Percentage Change in GDP Deflator 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 21.8 Source:Planning commission Second Quarter 2021/22 | 105 National Bank of Ethiopia Quarterly Bulletin

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 & Footwear 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 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 Source: Central Statistical Agency(CSA) and NBE Staff Compilation 106 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 Second Quarter 2021/22 | 107 National Bank of Ethiopia Quarterly Bulletin

Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100 Period General Index Food & Non-alcoholic 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 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 108 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

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, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 Second Quarter 2021/22 | 109 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household 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 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 110 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E2): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.172 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 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 Second Quarter 2021/22 | 111 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E3): Regional States’ Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household 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 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 Source: Central Statistical Agency 112 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear 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 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.8 279.8 171.4 190.4 185.3 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 232.9 295.8 186.0 212.8 209.9 172.9 206.7 251.9 182.1 60.2 203.8 208.8 194.7 163.7 Source: Central Statistical Agency Second Quarter 2021/22 | 113 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear 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 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 Source: Central Statistical Agency 114 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household 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 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 Source: Central Statistical Agency Second Quarter 2021/22 | 115 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear Housing,Water,Electricity,- Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods OROMIA 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2019/20 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 Source: Central Statistical Agency 116 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E8): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2019/20 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.8 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 Source: Central Statistical Agency Second Quarter 2021/22 | 117 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SOMALI 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2019/20 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 QI 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 QII 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Source: Central Statistical Agency 118 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency Second Quarter 2021/22 | 119 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F1): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 Source: Central Statistical Agency 120 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F2): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.6 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 Source: Central Statistical Agency Second Quarter 2021/22 | 121 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F3): Regional States’ Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 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 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 Source: Central Statistical Agency 122 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F4): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 Source: Central Statistical Agency Second Quarter 2021/22 | 123 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F5): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/12 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 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 Source: Central Statistical Agency 124 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F6): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 Source: Central Statistical Agency Second Quarter 2021/22 | 125 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F7): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 Source: Central Statistical Agency 126 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F8): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 Source: Central Statistical Agency Second Quarter 2021/22 | 127 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F9): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 Source: Central Statistical Agency 128 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F10): Regional States’ Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency Second Quarter 2021/22 | 129 National Bank of Ethiopia Quarterly Bulletin

Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Continents Country of Destination 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 130 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 23 A2: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr ) Continents Country 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 0.7 - - - Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 354.6 929.2 4,365.6 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 - - - Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 Asia China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 Others 21,375,395.7 30,072,336.9 24,120,693.6 49,942,427.1 21,445,674.0 23,351,348.7 26,277,780.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 Total 79,398,080.7 106,087,500.1 143,379,813.3 163,763,449.8 210,275,992.7 230,044,697.0 219,651,575.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 Oceania Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 Others 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 Total 366,161.3 359,498.3 359,815.2 346,123.5 360,899.1 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 Grand total 118,686,544.73 157,721,776.48 208,102,088.03 224,968,124.45 301,047,170.69 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 Source: Ethiopian Customs Authority Second Quarter 2021/22 | 131 National Bank of Ethiopia Quarterly Bulletin

Table 23 B: Direction of Trade** (in millions of USD) Country of Origin 2020/21 2021/22 Percentage QI QII QIII QIV QI QII Change Export Import Export Import Export Import Export Import Export Import Export Import Export Import O P Q R S T U V W X Y Z A=Y/Q B=Z/R Africa: Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 73.7 63.4 361.6 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 129.1 72.7 108.7 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 0.2 15.7 - Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 11.2 60.2 (3.3) Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 0.7 - - - - - - Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 0.2 (51.9) (43.5) Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 354.6 929.2 4,365.6 0.1 29.5 189.3 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 1.6 (95.2) - Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 0.0 - 60.7 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 - 109.1 - Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 9.7 126.5 (65.5) Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 0.0 (2.8) (99.9) Tanzania 0.9 0.4 0.0 0.4 0.0 0.2 0.0 0.1 0.1 0.0 0.1 0.1 76,499.6 (85.5) Uganda 0.3 0.7 0.2 1.1 0.1 0.4 0.2 0.8 0.3 0.5 0.2 0.5 24.5 (51.7) Zambia 2.2 0.2 0.4 - 0.0 0.1 (94.1) - Zembabwe 0.0 - 0.4 0.1 0.0 0.0 0.9 0.0 0.0 - 0.0 1.0 (95.5) 612.6 Others 61.8 3.1 66.6 1.2 15.9 1.6 53.6 1.2 21.2 1.1 10.7 3.1 (83.9) 161.0 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 230.6 (3.1) 80.9 Europe: Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 1.9 (86.5) (33.7) Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 52.8 53.3 56.4 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 17.2 164.8 2,452.1 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 1.8 - 69.5 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 1.6 (62.7) 14.8 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 1.1 (100.0) 715.4 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 12.3 (87.5) 217.7 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 3.7 (12.9) 354.4 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 33.5 77.5 (7.7) France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 39.0 191.8 (32.9) Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 1.3 78.1 20.5 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 3.5 - (35.1) Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 4.8 (87.1) (27.9) Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 37.1 49.1 (60.5) Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 68.7 9.4 188.3 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 0.5 9.9 46.4 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 3.9 165.9 (82.4) Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 0.6 (50.1) (21.3) Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 0.3 23.4 (4.0) Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 16.9 67.6 22.0 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 4.0 80.9 (64.8) Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 5.6 11.3 (81.0) Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 270.9 130.4 84.0 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 216.4 209.3 47.3 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 21.6 50.0 (72.9) Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 95.1 62.5 220.6 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 - - - - - - Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 5.9 147.2 (44.2) Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 922.0 35.2 21.0 America: Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 6.9 - (10.1) Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 5.0 3.5 (82.4) Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 0.0 - 277.4 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 3.1 610.6 (4.5) United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 297.0 49.7 40.4 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 75.1 (36.6) 2,192.7 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 387.2 44.5 52.5 Asia: China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 832.3 (3.4) (6.5) China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 17.5 202.4 44.6 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 2.3 17.6 (81.6) India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 696.6 14.4 52.1 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 69.0 28.9 (19.2) Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 3.6 80.1 (18.5) N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 20.8 129.2 (25.1) S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 0.0 1,385.8 (99.8) Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 78.7 92.8 78.6 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 312.3 35.6 124,370.5 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 0.5 267.2 13.4 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 182.0 194.9 72.2 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 27.7 (22.6) 110.6 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 142.0 22.5 96.7 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 2.3 (25.8) (4.2) Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 1.0 (28.0) 55.9 Others 21,375,395.7 30,072,336.9 24,120,693.6 49,942,427.1 21,445,674.0 23,351,348.7 26,277,780.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 57.0 251.8 (20.8) Total 79,398,080.7 106,087,500.1 143,379,813.3 163,763,449.8 210,275,992.7 230,044,697.0 219,651,575.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 309.2 (3.5) (11.4) Others 24.5 25.9 24.1 24.1 40.3 38.6 131.6 56.0 25.7 94.8 39.9 41.4 65.6 72.0 Total 227.1 2,292.8 231.7 2,175.8 320.7 2,100.1 345.9 2,193.0 278.9 2,772.0 306.1 2,796.4 32.1 28.5 Oceania: Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 13.0 188.6 998.2 Others 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 1.1 (84.3) 25.7 Total 366,161.3 359,498.3 359,815.2 346,123.5 360,899.1 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 14.1 25.5 587.8 Grand total 118,686,544.73 157,721,776.48 208,102,088.03 224,968,124.45 301,047,170.69 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 0.32 - - Source: Ethiopian Customs Authority 132 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 24: Volume of Exports, by Major Commodity Groups ( In metric tone) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 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 38452.0 68413.0 522.0 50458.8 3174.7 46304.1 5.3 1.9 - 5068.9 16802.9 - 52.0 15.3 0.0 5405.2 January 12005.3 21177.3 195.3 21663.7 1197.4 16945.1 3.0 0.4 - 1776.9 6483.3 - 0.0 1.4 0.0 1647.3 February 15727.4 24488.7 213.4 36164.4 1320.9 24063.4 1.0 0.5 - 1754.1 5644.1 - 54.0 5.6 0.0 1831.7 March 27267.1 30565.2 217.7 34448.4 1436.9 23661.5 0.6 0.7 - 3062.1 5046.1 - 0.0 12.0 0.0 2264.4 Qtr III 54999.9 76231.3 626.4 92276.5 3955.2 64669.9 4.6 1.6 - 6593.1 17173.5 - 54.0 19.0 0.0 5743.3 April 28837.8 22714.7 199.2 25812.6 1676.9 25523.6 0.4 0.8 - 2842.2 3952.9 - 19.5 9.6 0.0 2251.9 May 32683.2 16175.5 152.4 24972.4 1430.3 21436.1 0.0 1.7 - 1063.2 7052.5 - 18.0 0.4 0.0 2219.8 June 40148.8 15749.3 238.9 23314.9 1190.3 24897.8 0.0 0.4 - 3781.6 9562.6 - 36.0 7.5 0.0 2332.8 Qtr IV 101669.8 54639.5 590.5 74099.9 4297.4 71857.5 0.4 2.9 - 7687.1 20568.0 - 73.5 17.5 0.0 6804.4 2021/22 July 31194.9 15095.0 175.6 16917.6 1807.3 19603.7 0.0 0.6 - 1168.6 9206.0 - 0.0 2.9 0.0 2389.7 August 32091.0 14779.6 201.4 15648.6 1633.3 24021.5 0.0 1.0 - 1383.3 6463.7 - 10.0 5.0 0.0 3027.2 September 23162.7 12370.7 156.8 11978.7 1472.4 13746.6 0.0 0.7 - 968.1 5208.5 - 0.0 17.8 0.0 1750.6 Qtr I 86448.6 42245.3 533.8 44544.9 4913.0 57371.9 0.0 2.3 - 3520.0 20878.2 - 10.0 25.7 0.0 7167.6 October 22338.7 13369.7 290.3 11833.6 1647.3 23977.1 1.0 0.9 - 1272.4 5853.0 - 0.0 42.9 0.0 2780.2 November 24520.8 20638.6 195.3 12608.7 1737.7 25497.6 3.1 0.7 - 1207.0 4736.3 - 0.0 3673.1 December 15783.9 20056.6 158.6 19653.8 1563.2 14349.8 3.6 0.8 - 608.2 3762.4 - 0.0 11.6 0.0 3304.0 QII 62643.4 54064.9 644.2 44096.1 4948.2 63824.5 7.8 2.4 - 3087.7 14351.7 - 0.0 54.5 0.0 9757.2 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* 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 4615.6 217.3 - - - 2.3 0.0 24014.4 2617.1 2822.9 32050.7 342279.0 71760.9 301016.6 January 1299.4 0.0 - - - 0.0 0.0 8507.8 154.0 500.8 9637.9 103446.3 21748.6 103196.2 February 536.9 49.3 - - - 1.1 0.0 9520.0 543.3 629.6 5633.2 108704.1 18750.7 128182.7 March 3226.3 80.6 - - - 1.1 0.0 9330.3 134.6 1601.2 10083.7 147448.5 26734.2 152440.6 Qtr III 5062.7 129.9 - - - 2.2 0.0 27358.1 831.9 2731.5 25354.9 359598.9 67233.6 383819.5 April 3027.7 67.1 - - - 1.9 0.0 8944.5 394.2 1737.5 5930.1 163019.9 22364.5 133945.1 May 6047.7 16.0 - - - 0.6 0.0 9960.3 302.8 1269.2 7824.6 173400.8 27641.4 132626.7 June 3107.1 122.2 - - - 3.7 0.0 8560.6 324.8 1396.0 6300.9 168806.3 22155.7 141076.4 Qtr IV 12182.6 205.3 - - - 6.2 0.0 27465.3 1021.9 4402.8 20055.6 505227.1 72161.6 407648.2 2021/22 July 3745.2 41.6 - - - 1.3 0.0 9820.6 501.3 720.5 5588.1 149051.3 22811.2 117980.5 August 3835.7 29.2 - - - 21.4 0.0 8882.3 166.3 1010.7 6386.0 164159.6 23363.8 119597.3 September 1929.7 47.0 - - - 1.4 0.0 8557.3 182.1 558.2 4691.5 110152.2 17735.5 86800.7 Qtr I 9510.6 117.8 - - - 24.1 0.0 27260.2 849.7 2289.5 16665.5 423363.0 63910.5 324378.5 October 2306.9 81.2 - - - 0.1 0.0 8962.2 463.5 1277.5 5946.8 134296.4 21861.3 102445.4 November 1910.0 16.0 - - - 0.7 0.0 9218.9 1200.3 1259.8 6293.8 152698.5 23572.6 114718.5 December 1060.5 83.4 - - - 1.3 0.0 8743.1 1200.3 686.9 6798.8 135745.2 21889.8 97830.6 QII 5277.5 180.6 - - - 2.0 0.0 26924.2 2864.0 3224.2 19039.3 422740.0 67323.6 314994.5 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Second Quarter 2021/22 | 133 National Bank of Ethiopia Quarterly Bulletin

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 & Veg- etables Sugar Gold Oil Cakes Live Ani- mals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 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 January 1,639,975.3 1,178,739.7 102,138.6 721,014.4 228,408.5 202,367.4 46.9 1,317,258.5 117,616.9 1,427,215.9 - - 2,096.4 - 406,836.6 February 2,371,167.3 1,325,553.7 127,548.5 1,320,938.8 272,889.4 381,804.9 16.4 1,407,646.1 120,853.3 1,278,871.1 - 16,856.2 15,834.3 - 453,394.7 March 4,350,209.9 1,738,947.5 133,301.1 1,194,955.3 305,713.3 301,331.7 9.5 1,869,897.6 194,430.2 1,210,445.9 - - 33,140.1 - 512,987.2 Qtr III 8,361,352.4 4,243,240.8 362,988.2 3,236,908.5 807,011.2 885,504.0 72.9 4,594,802.2 - 432,900.4 3,916,533.0 - 16,856.2 51,070.8 - 1,373,218.5 April 4,737,425.8 1,280,766.6 131,371.4 1,010,599.0 367,912.7 253,201.2 7.3 2,284,717.8 206,064.2 973,576.6 - 6,790.2 35,148.9 - 534,583.9 May 5,559,486.6 965,848.4 112,912.8 949,324.2 331,119.2 250,048.0 - 4,809,477.8 87,853.1 1,729,945.5 - 6,328.5 721.5 - 480,337.4 June 6,549,852.4 970,332.8 162,364.6 921,206.3 266,688.4 310,034.6 - 1,433,676.0 262,896.4 2,275,913.8 - 12,154.0 24,283.8 - 573,072.1 Qtr IV 16,846,764.8 3,216,947.8 406,648.8 2,881,129.5 965,720.3 813,283.8 7.3 8,527,871.5 - 556,813.7 4,979,436.0 - 25,272.7 60,154.2 - 1,587,993.4 2021/22 July 5,097,631.7 921,108.1 108,933.7 710,332.4 432,369.9 291,034.3 - 1,659,165.7 81,652.2 2,182,539.7 - - 2,715.3 - 559,023.2 August 5,548,542.0 907,079.0 132,159.0 694,966.8 381,632.3 432,050.0 - 2,603,615.6 98,315.4 1,627,111.6 - 3,073.8 21,496.0 - 761,588.7 September 4107651.659 807800.873 127906.855 556969.174 367099.724 227124.345 0 1832553.439 65705.159 1372620.405 0 0 45119.687 0 541481.509 Qtr I 14753825.390 2635988.002 368999.492 1962268.377 1181101.870 950208.608 0 6095334.745 0 245672.815 5182271.716 0 3073.798 69330.963 0 1862093.383 October 4168280.675 965766.483 161315.670 614138.845 422803.882 311459.106 18.979 2656325.29 65746.595 1543222.483 0 0 36122.882 0 698822.083 November 4672001.017 1621963.278 128549.953 742181.061 436559.170 394890.526 210.831 2331755.355 75600.329 1315313.141 0 878891.824 December 3097449.544 1615531.014 140866.493 1186763.310 406143.227 234763.697 69.327 2005154.862 43244.387 1081537.267 0 0 47447.509 0 695695.735 Qtr II 11,937,731.24 4,203,260.77 430,732.12 2,543,083.21 1,265,506.28 941,113.33 299.14 6,993,235.51 - 184,591.31 3,940,072.89 - - 83,570.39 - 2,273,409.64 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 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 January 39498.0 220.0 - - - 8.7 0.0 1716383.4 10823.3 29698.5 207761.3 229538.4 2642864.7 9577647.0 February 25714.5 9517.5 - - - 246.9 0.0 1796703.2 11452.9 42160.8 191131.2 240591.8 2786747.7 11410893.4 March 89994.7 13081.1 - - - 385.7 0.0 1728587.1 6110.3 68381.6 231589.7 332420.2 3016677.8 14315919.7 Qtr III 155207.3 22818.6 - - - 641.3 0.0 5241673.7 28386.6 140240.8 630482.2 802550.4 8446290.2 35304460.0 April 75007.9 13925.4 - - - 243.2 0.0 1683226.0 19217.9 70576.4 322979.0 373794.6 3128703.3 - 14381136.2 May 178849.6 3389.6 - - - 78.6 0.0 1989358.8 15401.6 79897.0 322617.2 410509.1 3481160.5 - 18283504.5 June 120465.7 26883.7 - - - 1134.6 0.0 1677057.9 17196.0 83476.6 450017.9 411576.0 3385164.2 - 16550283.6 Qtr IV 374323.2 44198.7 - - - 1456.4 0.0 5349642.7 51815.5 233950.0 1095614.1 1195879.7 9995028.0 - 49214924.3 2021/22 July 136283.5 8802.4 - - - 308.8 0.0 1857696.7 30731.0 46830.4 316107.2 352912.8 3311411.1 14796178.8 August 158991.3 7067.9 - - - 3572.9 0.0 1832693.9 8509.2 107749.1 430693.8 395488.4 3727851.2 16156396.7 September 55624.8 10174.5 - - - 462.3 0.0 1812480.9 10661.4 70308.2 372370.0 280687.5 3199370.8 12664802.5 Qtr I 350899.6 26044.7 - - - 4344.1 0.0 5502871.5 49901.6 224887.7 1119171.0 1029088.7 10238633.2 0.0 43617378.0 October 88,548.60 18,754.33 - - - 10.38 - 1,887,901.46 8,622.34 99,467.12 373,998.24 344,545.16 3,556,792.60 14,465,870.61 November 65,219.52 4,257.78 - - - 117.33 - 2,009,744.26 45,045.08 104,495.62 408,886.99 403,695.77 3,920,354.18 15,639,378.85 December 61,941.53 14,808.85 - - - 741.57 - 2,000,255.21 45,986.62 51,471.42 394,628.76 370,486.41 3,683,463.61 13,494,986.74 Qtr II 215,709.64 37,820.97 - - - 869.28 - 5,897,900.93 99,654.04 255,434.17 1,177,513.99 1,118,727.35 11,160,610.40 - 43,600,236.19 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 134 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 26: Value of Imports, by Major Commodity Groups** (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2019/20 July 597,448 86,879 13,834 - 6,017,919 465,807 926,245 172,887 436,159 711,181 339,265 August 3,584,465 54,793 8,192 - 5,939,931 593,011 1,139,272 47,922 380,916 749,959 290,998 September 4,904,829 62,589 7,017 - 4,742,084 420,247 1,516,637 46,963 457,279 577,349 412,588 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 2,843,811 73,460 12,409 194 5,850,587 667,933 1,533,505 527,159 341,839 748,039 465,741 November 2,663,218 72,958 5,424 64 5,123,895 456,005 828,754 174,181 360,461 725,607 308,070 December 1,565,174 112,907 14,287 - 7,641,872 667,282 1,404,011 272,126 581,665 711,746 505,002 Qtr II 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 2,495,828 97,157 9,277 - 6,487,818 597,586 876,140 659,366 521,293 1,207,455 404,570 February 2,151,699 51,331 17,902 1,707 6,337,408 408,095 690,157 397,216 357,411 999,294 375,662 March 3,881,289 84,153 9,505 - 3,926,398 397,763 1,946,567 319,673 372,855 656,004 327,587 Qtr III 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 1,246,213 39,303 4,301 - 3,472,574 253,223 4,684,132 226,721 301,504 556,234 315,286 May 3,340,210 36,915 6,591 - 2,048,653 427,828 422,898 57,811 230,068 579,107 221,084 June 1,261,173 149,477 5,078 - 4,467,753 460,399 855,035 190,252 197,845 1,213,783 297,388 Qtr IV 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 84,733 17,565 - 4,005,416 615,365 1,159,646 401,377 409,560 1,104,217 242,987 August 3,496,843 87,967 11,682 - 5,314,851 609,001 907,318 431,281 466,233 915,914 227,111 September 1,701,756 83,051 10,190 - 3,479,759 517,096 645,457 184,967 476,132 1,000,470 268,286 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 Qtr II 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 January 4,050,719 46,217 7,036 - 6,368,999 402,606 2,326,734 65,260 294,420 670,208 215,392 February 4,942,293 80,940 20,371 - 6,766,180 467,774 1,465,432 567,329 602,770 802,370 292,954 March 4,034,248 53,950 4,587 - 7,668,012 542,080 2,460,747 659,485 633,446 901,235 295,305 Qtr III 13,027,260 181,107 31,994 - 20,803,192 1,412,460 6,252,913 1,292,075 1,530,636 2,373,813 803,651 April 5,104,360 47,486 18,490 9,982 9,128,514 496,155 2,518,328 346,723 630,791 549,809 312,829 May 9,530,171 53,770 11,355 - 7,533,498 519,819 1,373,151 586,319 433,831 845,792 415,048 June 9,263,589 136,144 36,063 - 7,596,294 475,760 1,519,469 356,485 289,885 726,193 276,901 Qtr IV 23,898,119 237,400 65,907 9,982 24,258,306 1,491,734 5,410,948 1,289,527 1,354,508 2,121,795 1,004,779 2021/22 July 7,762,198 249,613 9,044 - 10,304,388 666,155 1,163,138 433,971 519,200 1,520,414 446,187 August 13,612,510 348,666 37,640 - 9,853,899 453,096 990,220 688,971 512,807 784,665 291,328 September 8,387,269 145,552 20,913 - 9,234,665 674,602 1,490,289 1,088,286 505,812 812,875 343,222 Qtr I 29,761,977 743,831 67,597 - 29,392,952 1,793,853 3,643,646 2,211,228 1,537,820 3,117,954 1,080,737 October 9,344,557 92,291 28,335 3,170 10,429,467 811,904 1,399,431 2,537,953 425,720 917,215 399,724 November 13,297,722 199,269 3,569 - 12,806,553 807,650 4,194,425 942,086 472,200 715,548 570,630 December 8,709,208 198,740 29,122 - 10,848,287 795,736 4,394,119 4,881,574 778,897 2,000,681 751,311 Qtr II 31,351,488 490,300 61,026 3,170 34,084,307 2,415,290 9,987,975 8,361,613 1,676,817 3,633,444 1,721,665 Second Quarter 2021/22 | 135 National Bank of Ethiopia Quarterly Bulletin

Table 26: (continued) 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 749,146 545,934 404,214 4,049,321 4,590,864 2,546,555 2,587,634 359,519 57,048 9,197,076 34,495,415 August 811,243 469,455 261,036 3,687,181 8,658,199 1,021,729 1,871,648 129,402 160,374 10,945,794 40,676,117 September 725,471 447,364 215,216 3,013,103 3,033,913 912,461 1,443,092 302,751 30,775 10,852,595 33,821,573 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 793,203 569,210 289,656 5,076,459 6,811,160 921,954 2,350,819 204,737 28,335 8,636,877 38,542,351 November 743,173 425,350 312,141 3,955,797 8,362,020 1,076,547 3,402,494 561,846 45,001 7,055,971 36,097,133 December 987,551 809,340 325,069 5,392,179 8,080,631 648,674 2,631,485 333,375 96,170 8,336,641 40,783,813 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 January 1,052,974 682,963 374,671 4,198,128 5,901,786 629,139 2,278,111 238,443 43,031 13,349,264 41,866,556 February 829,650 348,050 227,838 6,033,834 5,776,514 750,667 2,153,393 663,210 73,444 10,645,128 38,626,402 March 787,121 202,319 273,752 4,872,350 6,259,673 429,866 1,902,437 403,286 22,999 9,598,834 36,271,144 Qtr III 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 449,416 364,131 154,465 4,309,493 4,815,093 135,929 1,215,949 524,507 18,496 9,143,391 31,705,855 May 607,431 526,863 212,646 3,056,103 3,519,037 179,510 1,552,510 767,562 14,752 9,418,824 26,458,843 June 852,673 519,212 225,670 3,664,129 4,123,242 244,792 1,612,556 185,862 20,168 12,483,529 32,844,151 Qtr IV 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 Qtr II 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 January 1,073,433 659,886 187,840 3,892,077 7,590,566 209,966 3,873,570 1,509,118 54,332 15,918,060 47,907,320 February 1,184,950 737,839 250,964 4,494,625 5,930,035 396,980 2,819,977 1,551,124 36,135 12,158,482 44,018,399 March 1,047,928 394,082 268,615 3,726,382 6,312,345 279,002 2,571,059 1,333,102 78,492 18,762,750 50,693,753 Qtr III 3,306,311 1,791,807 707,419 12,113,084 19,832,946 885,948 9,264,607 4,393,345 168,959 46,839,292 142,619,472 April 974,123 660,205 285,263 5,313,517 4,971,691 271,420 1,948,110 1,603,807 89,222 16,233,246 49,910,263 May 1,016,055 519,280 304,324 3,051,645 10,685,237 263,903 2,961,780 2,656,403 60,677 20,762,783 60,928,439 June 793,876 310,690 199,033 4,791,455 9,519,079 264,311 2,029,206 4,340,895 83,966 16,936,918 55,605,319 Qtr IV 2,784,054 1,490,176 788,620 13,156,617 25,176,007 799,634 6,939,096 8,601,105 233,865 53,932,947 166,444,021 2021/22 July 1,231,099 382,905 252,931 3,217,537 4,971,128 142,380 2,449,194 3,316,322 64,683 17,535,674 53,321,839 August 1,284,072 783,854 216,073 3,817,349 4,828,171 234,068 3,036,199 5,231,319 195,894 18,645,240 60,614,721 September 1,164,053 567,536 324,710 5,351,215 4,630,136 380,397 1,951,557 4,999,172 8,767 35,085,208 72,167,065 Qtr I 3,679,224 1,734,295 793,714 12,386,102 14,429,435 756,844 7,436,949 13,546,813 269,345 71,266,122 186,103,625 October 1,092,603 731,968 516,660 4,283,130 5,528,125 308,022 2,503,457 1,921,781 59,085 25,139,937 66,552,753 November 831,850 351,845 279,059 4,442,990 4,593,653 641,555 1,865,085 3,111,179 72,204 20,494,811 67,582,703 December 1,367,266 595,567 462,272 5,108,895 5,452,637 692,811 3,051,349 3,247,748 187,580 22,714,271 73,020,325 Qtr II 3,291,720 1,679,379 1,257,991 13,835,015 15,574,415 1,642,388 7,419,891 8,280,709 318,869 68,349,019 207,155,781 Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 136 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 11,463.6 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 10,572.5 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 15,389.5 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 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 15,042.5 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 11,625.9 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 16,067.5 Qtr II 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 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 11,491.0 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 10,221.8 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 10,359.6 Qtr III 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 32,072.4 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 10,227.1 May 187,968.5 753.1 60.9 - 227,020.2 15,491.7 974.1 32.6 3,727.1 8,097.0 7,390.5 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 8,359.1 Qtr IV 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 25,976.7 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 77,678.8 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 7,025.8 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 7,767.0 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 92,471.6 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 9,944.8 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 6,365.2 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 6,984.3 Qtr II 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 23,294.3 January 232,013.7 1,089.9 66.6 - 326,932.1 14,445.7 1,600.4 22.9 4,494.9 5,602.3 5,486.7 February 218,295.7 1,063.2 139.9 - 307,546.3 11,111.0 3,302.0 129.1 9,078.3 6,856.9 6,475.6 March 216,707.2 772.7 26.9 - 325,501.0 16,328.1 2,112.6 66.2 5,557.3 7,610.9 6,601.7 Qtr III 667,016.6 2,925.7 233.4 - 959,979.4 41,884.8 7,015.0 218.2 19,130.5 20,070.1 18,564.0 April 246,049.1 1,041.0 156.0 146.8 385,205.2 15,141.0 1,681.6 19.7 7,914.9 4,813.5 6,511.6 May 428,336.8 1,409.8 58.2 - 289,380.5 13,137.2 1,631.9 61.7 6,085.5 7,661.5 7,508.5 June 477,286.8 2,227.5 147.5 - 268,475.0 12,364.4 1,379.4 47.8 4,758.7 4,526.4 5,163.1 Qtr IV 1,151,672.7 4,678.3 361.8 146.8 943,060.7 40,642.6 4,692.9 129.2 18,759.1 17,001.4 19,183.1 2021/22 July 391,839.6 2,327.0 31.4 - 350,055.7 16,932.6 2,957.7 80.5 5,548.3 16,436.6 7,310.6 August 571,765.5 2,882.9 192.8 - 344,259.9 11,403.9 1,797.5 33.4 5,006.0 7,109.9 5,381.1 September 318,378.7 1,485.3 109.7 - 303,475.1 15,691.0 2,329.1 93.2 7,198.5 5,895.8 7,001.8 Qtr I 1,281,983.8 6,695.3 333.9 - 997,790.7 44,027.6 7,084.3 207.1 17,752.8 29,442.3 19,693.5 October 338,637.1 2,296.1 100.4 40.3 301,784.7 14,137.3 2,534.1 151.7 5,276.9 6,345.0 6,683.1 November 505,869.8 1,671.1 22.5 - 350,090.0 14,937.0 2,244.8 42.8 3,259.4 4,347.8 9,752.4 December 323,162.4 1,782.7 127.8 - 301,784.7 11,428.9 3,870.7 128.9 9,893.5 15,489.6 9,839.5 Qtr II 1,167,669.4 5,749.8 250.7 40.3 953,659.5 40,503.1 8,649.7 323.4 18,429.7 26,182.5 26,275.0 Second Quarter 2021/22 | 137 National Bank of Ethiopia Quarterly Bulletin

Table 27: (continued) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 11,062.2 3,199.1 26,698.2 151,321.5 21,025.0 27,363.3 16,572.3 50,710.2 34.8 269,904.9 978,039.7 August 13,207.5 2,269.9 15,207.7 213,442.2 16,060.5 16,440.0 9,355.9 60,409.6 22.4 318,861.6 1,468,524.5 September 10,225.0 1,940.0 10,542.0 112,342.5 16,130.6 5,792.1 7,541.6 33,083.3 37.0 302,420.5 1,255,718.0 Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 October 11,241.9 2,720.1 15,573.9 220,258.2 17,851.2 5,932.4 12,469.4 47,599.1 27.2 776,008.6 1,725,051.0 November 10,400.9 2,728.9 16,106.4 142,440.3 33,540.0 7,885.8 21,811.7 71,596.0 74.0 249,668.5 1,103,546.1 December 12,727.2 3,109.8 15,719.5 170,321.3 22,448.1 4,635.7 9,538.9 54,787.5 41.1 230,033.1 1,572,740.3 Qtr II 34,370.0 8,558.8 47,399.8 533,019.9 73,839.3 18,454.0 43,820.0 173,982.6 142.3 1,255,710.3 4,401,337.5 January 11,668.7 2,780.1 16,338.1 121,088.0 17,520.5 3,890.5 11,300.3 30,576.8 56.6 602,680.3 1,355,863.9 February 11,008.8 2,179.8 12,699.3 139,102.0 23,621.4 5,190.5 10,672.4 65,191.0 99.7 523,073.9 1,300,169.7 March 8,814.0 1,211.4 12,252.4 145,953.0 18,020.6 2,859.8 7,537.7 43,240.3 10.2 433,045.1 1,241,672.3 Qtr III 31,491.6 6,171.2 41,289.8 406,143.0 59,162.4 11,940.7 29,510.5 139,008.2 166.6 1,558,799.3 3,897,705.9 April 5,716.4 1,676.1 5,573.9 153,176.9 8,996.9 632.4 3,992.7 149,414.3 8.0 490,376.5 1,234,504.1 May 7,080.1 1,798.9 8,064.9 82,767.5 12,193.9 1,334.3 6,148.5 71,727.0 12.6 326,640.7 897,557.1 June 7,102.3 1,681.2 6,917.1 90,911.3 16,518.4 1,205.8 5,747.7 59,701.8 7.0 1,283,200.9 1,923,979.9 Qtr IV 19,898.7 5,156.2 20,556.0 326,855.6 37,709.1 3,172.5 15,888.9 280,843.1 27.6 2,100,218.1 4,056,041.1 2020/21 July 10,826.4 2,621.8 9,160.8 118,533.0 14,243.5 2,260.5 10,533.1 495,349.9 24.8 997,404.4 2,168,673.0 August 10,057.2 2,371.8 10,823.7 142,660.4 15,888.1 7,458.3 7,812.3 181,365.4 21.5 919,417.6 1,844,270.5 September 10,998.0 2,778.4 10,690.6 142,615.2 20,432.0 4,336.0 7,067.4 153,822.8 3.0 396,748.6 1,141,252.2 Qtr I 31,881.6 7,771.9 30,675.1 403,808.6 50,563.6 14,054.8 25,412.9 830,538.1 49.2 2,313,570.6 5,154,195.6 October 11,179.1 2,522.9 6,904.5 130,587.7 18,378.7 2,711.2 8,144.6 72,868.2 26.1 451,048.6 1,304,465.2 November 11,731.6 2,836.5 8,004.6 99,658.9 15,724.1 1,443.4 6,384.4 149,472.4 15.4 307,593.5 1,069,955.7 December 11,651.3 2,869.4 8,673.6 99,293.7 17,138.3 2,601.0 14,054.4 310,814.8 17.0 391,282.9 1,464,362.4 Qtr II 34,562.0 8,228.8 23,582.7 329,540.2 51,241.1 6,755.7 28,583.4 533,155.4 58.6 1,149,924.9 3,838,783.3 January 12,790.2 1,949.4 6,193.1 268,430.5 16,094.5 1,163.2 6,618.2 79,320.3 24.6 673,243.4 1,578,262.1 February 11,616.1 2,346.8 8,365.6 80,401.3 11,548.2 2,139.3 8,408.4 73,810.5 8.6 285,835.5 974,667.5 March 10,105.7 1,561.9 8,375.4 84,986.4 15,406.5 1,223.3 6,982.5 95,557.4 24.5 736,359.8 1,446,310.7 Qtr III 34,512.0 5,858.2 22,934.1 433,818.1 43,049.2 4,525.7 22,009.0 248,688.3 57.7 1,695,438.7 3,999,240.4 April 9,366.6 1,757.8 8,288.2 105,000.5 13,077.3 1,470.9 5,388.8 104,039.1 16.5 427,118.7 1,240,165.9 May 9,866.7 1,913.9 7,752.1 52,253.4 11,837.2 1,149.6 8,456.5 122,010.4 22.1 696,862.1 1,545,385.0 June 7,289.8 1,345.2 5,855.6 77,724.4 14,200.9 905.4 4,369.3 173,847.1 28.3 431,169.5 1,319,265.0 Qtr IV 26,523.13 5,016.86 21,895.87 234,978.31 39,115.40 3,525.83 18,214.63 399,896.62 66.88 1,555,150.26 4,104,815.89 2021/22 July 14,113.8 1,995.4 7,505.9 57,697.3 14,477.0 701.1 4,494.2 138,362.3 9.8 416,926.6 1,311,441.2 August 11,143.0 2,529.5 5,646.8 64,471.7 14,653.6 745.1 5,545.0 199,101.7 32.2 387,413.7 1,442,013.7 September 10,520.3 1,891.9 8,333.6 190,405.5 12,721.0 1,510.1 5,839.9 192,694.9 7.6 892,501.6 1,785,389.6 Qtr I 35,777.07 6,416.83 21,486.35 312,574.51 41,851.66 2,956.22 15,879.09 530,158.90 49.60 1,696,841.97 4,538,844.57 October 9,724.0 1,752.8 11,185.9 64,765.8 15,270.3 1,300.3 5,818.2 72,063.0 27.8 475,982.9 1,263,814.7 November 7,507.3 1,226.6 6,393.9 74,243.1 11,597.1 1,536.3 3,719.0 143,480.0 8.2 354,163.9 1,352,633.2 December 10,313.0 1,752.6 10,186.0 75,717.4 15,940.0 1,775.9 6,606.4 137,050.0 44.2 357,186.0 1,157,030.2 Qtr II 27,544.23 4,732.06 27,765.76 214,726.37 42,807.46 4,612.50 16,143.57 352,592.97 80.26 1,187,332.82 3,773,478.17 Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 138 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

TABLE 28: Value of Imports, bY End-Use** (In Millions of Birr) Categories 2019/20 2020/21 2021/22 Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Raw Materials 1,246.52 1,328.60 1,258.09 1,237.67 5,070.88 1,247.87 1,503.14 1,242.84 1,407.07 5,400.91 1,125.35 1,551.90 Semi-finished Goods 20,576.67 21,285.22 30,481.29 25,452.87 97,796.04 20,476.47 19,419.26 34,582.42 30,928.54 105,406.69 27,165.18 32,974.16 Chemicals 5,879.40 3,564.76 3,304.81 3,994.34 16,743.30 4,749.23 4,010.89 4,894.25 5,236.39 18,890.76 7,591.90 6,111.27 Fertilizers 657.48 269.57 10,787.89 7,802.05 19,517.00 342.90 957.89 15,531.95 11,198.44 28,031.17 1,872.82 3,422.91 Textile Materials 816.41 755.30 1,090.54 823.25 3,485.51 1,060.09 1,420.73 1,438.48 1,440.43 5,359.73 2,028.34 2,134.72 Others 13,223.37 16,695.59 15,298.05 12,833.23 58,050.24 14,324.26 13,029.75 12,717.74 13,053.29 53,125.03 15,672.13 21,305.26 Fuel 17,268.47 19,365.31 17,590.10 10,461.60 64,685.48 13,503.83 15,332.03 22,303.40 25,486.53 76,625.78 30,449.24 34,181.98 Crude petroleum - 0.26 1.71 - 1.96 - 0.08 - 10.25 10.32 - 3.25 Petroleum Products* 16,699.93 18,616.35 16,751.62 9,988.98 62,056.89 12,800.03 14,735.94 20,803.19 24,258.31 72,597.46 29,392.95 34,084.31 Others 568.54 748.69 836.77 472.62 2,626.62 703.80 596.01 1,500.20 1,217.97 4,017.99 1,056.29 94.42 Capital Goods 29,668.84 39,592.26 33,220.65 25,748.05 128,229.80 34,627.81 36,505.93 37,844.53 42,691.36 151,669.63 31,369.38 33,448.76 Transport 4,017.79 3,279.03 3,169.64 1,782.96 12,249.42 3,818.00 2,556.70 2,756.19 4,559.26 13,690.16 4,065.43 5,093.74 Tyres for Heavy Vehicles 833.18 939.29 1,218.87 1,200.00 4,191.33 1,486.78 1,093.71 904.29 815.06 4,299.83 878.46 1,247.06 Heavy Road Motor Veh. 2,632.86 1,334.55 1,278.05 406.69 5,652.14 998.70 871.05 548.82 535.57 2,954.13 575.50 1,502.63 Aircraft 460.65 884.88 537.36 150.83 2,033.72 528.70 465.70 1,237.73 3,096.18 5,328.32 2,431.08 2,224.22 Others 91.10 120.30 135.37 25.45 372.22 803.82 126.25 65.35 112.45 1,107.88 180.39 119.83 Agricultural 484.19 933.41 645.06 682.99 2,745.65 748.34 1,671.41 476.75 525.96 3,422.46 761.61 699.90 Industrial 25,166.87 35,379.83 29,405.95 23,282.09 113,234.74 30,061.47 32,277.81 34,611.59 37,606.14 134,557.01 26,542.35 27,655.11 Consumer Goods 33,456.83 31,708.67 32,693.08 26,856.10 124,714.69 53,233.28 51,409.44 44,688.26 64,049.91 213,380.89 94,579.46 103,655.38 Durables 8,185.50 7,433.48 7,944.02 4,962.80 28,525.81 7,429.57 7,687.61 7,419.94 8,776.69 31,313.80 8,797.59 9,141.30 Radio & T.V. 682.68 768.96 309.54 186.31 1,947.48 336.84 575.63 632.63 516.37 2,061.47 442.56 510.48 Tyres for cars & Other Veh. 343.29 438.93 508.47 306.07 1,596.76 381.78 395.90 341.91 357.84 1,477.42 475.65 528.41 Cars & Other Veh. 1,931.12 1,151.77 313.54 59.14 3,455.56 169.43 224.02 278.41 140.46 812.32 207.39 117.57 Others 5,228.42 5,073.83 6,812.48 4,411.28 21,526.01 6,541.53 6,492.06 6,166.99 7,762.01 26,962.59 7,671.99 7,984.85 Non-durables 25,271.33 24,275.19 24,749.06 21,893.30 96,188.88 45,803.71 43,721.83 37,268.32 55,273.23 182,067.09 85,781.88 94,514.07 Cereals 8,375.00 6,079.64 7,056.97 4,543.41 26,055.01 6,965.06 12,425.55 12,210.79 21,652.09 53,253.48 27,408.43 28,623.83 Other Food 4,341.13 4,872.30 4,136.69 3,388.37 16,738.49 13,375.35 8,159.74 4,373.45 6,103.75 32,012.30 20,933.38 18,914.56 Medical & Pharmaceuticals 4,363.84 4,985.29 5,315.43 6,692.12 21,356.68 3,933.58 7,757.37 7,770.91 7,180.66 26,642.51 6,475.19 19,174.23 Textile Fabrics 3,173.08 3,406.18 2,925.20 2,795.98 12,300.45 4,546.57 6,022.63 4,466.89 3,563.19 18,599.28 4,323.42 4,043.58 Others 5,018.28 4,931.77 5,314.78 4,473.42 19,738.25 16,983.15 9,356.55 8,446.28 16,773.54 51,559.52 26,641.46 23,757.87 Miscellaneous 6,775.77 2,143.24 1,520.90 1,252.56 11,692.47 1,338.86 1,679.74 1,958.03 1,880.60 6,857.24 1,415.00 1,343.61 Total Imports 108,993.10 115,423.30 116,764.10 91,008.85 432,189.35 124,428.12 125,849.53 142,619.47 166,444.02 559,341.15 186,103.62 207,155.78 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission Second Quarter 2021/22 | 139 National Bank of Ethiopia Quarterly Bulletin

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Sector/Sub-sector 2013(2020/21) 2014(2021/22) 2014(2021/22) QI QII QIII QIV QI QII No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital Manufacturing 1 4.5 1 133 4 18 4 188.5 7 71 6 58 Agriculture, hunting and forestry Real estate, renting and business activities 3 20 3 14.9 2 3.5 8 35.4 4 18 4 18 Hotels and restaurants 1 500 1 105 Education Health and social work Construction 9 41.17 9 26.5 7 16.4 Wholesale, retail trade and repair service 1 7 Transport, storage and communication 2 20.76 4 16.1 1 4 1 2 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 1759.74 1 13.615 1 17.2 1 8.3 Grand Total 16 1846.17 5 161.5 20 81.3 22.0 752.7 13 98.6 11 182.0 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. 140 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Sector/Sub-sector 2013(2020/21) 2013(2020/21) 2013(2020/21) 2013(2020/21) 2014(2021/22) 2014(2021/22) 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 52 - 22 85 37 4062 1084 Agriculture, hunting and forestry - - Real estate, renting and business activities 200 470 - 3 132 290 55 62 102 23 Hotels and restaurants - - - - 150.0 150 60 80 Education - - - - Health and social work - - - Construction - - 184 72 2 8 Wholesale, retail trade and repair service - - - - 1,964 969 Transport, storage and communication 33 - - 55 2 3 2 Mining and Quarrying - - - - Electricity, gas, steam and water supply - - - - Construction machinery leasing - - - - Fishing - - - - Other community, social and personal service activities - - - - Others 3 2 3 5 - 17 Grand Total 36 2 255 470 244 99 386.0 485.0 6,084.0 2,117.0 162 103 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Second Quarter 2021/22 | 141 National Bank of Ethiopia Quarterly Bulletin

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 61 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 10 142 | Second Quarter 2021/22 National Bank of Ethiopia Quarterly Bulletin

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