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2022-12-02

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National Bank of Ethiopia Quarterly Bulletin Second Quarter 2022/23

The National Bank of Ethiopia reports that headline inflation decreased to 5 percent in the second quarter of 2022/23, driven by an 8.0 percentage point drop in food and non-alcoholic beverages. Broad money supply (M2) reached Birr 1.95 trillion, reflecting 33.4 percent annual growth primarily due to a 31.5 percent expansion in domestic credit. Reserve money increased to Birr 420.4 billion, supported by a downward revision of the reserve requirement from 10 percent to 7 percent, which led to a 533.9 percent annual growth in commercial banks' excess reserves. Average savings deposit and lending rates remained unchanged at 8.0 percent and 14.3 percent respectively, while the weighted average yield on T-bills rose to 9.60 percent.

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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)

  1. Country Profile Land Area (total, In Sq.Km) 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 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
  2. 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
  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) Indicators Ethiopia: Macroeconomic and Social Indicators

Continued…. 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 2020/20 (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 Indicators

Continued…. 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 2020/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 T-Bills Sold 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 Average Weighted Yield (in %) 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 7.97 T-Bills Outstanding by holder 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 Banks 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 52,040.00 Non-Banks 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 64,519.95 3.8: Inter Bank Money Market Rate5 7.5 _ _ 7.5 8.5 _ - - - 3.9: Financial Institutions Number of Commercial Banks 9 9 10 11 11 12.00 14.00 17.00 18 ( o/w Private banks ) 7 7 8 9 9 10.00 12.00 14.00 16.00 17 Number of Bank Branches 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 7,344 Population : Bank Branch 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 13,921 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 18.00 18 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 17.00 17 Number of Insurance Branches 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 635 Population : Insurance Branch 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,630 Number of Development Banks 1.00 1.00 1 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 93.00 82 Number of Micro-financial Institutions 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 39 39 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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

National Bank of Ethiopia Quarterly Bulletin 1 | SecondQuarter 2022/23 I. OVERVIEW 1.1 International Economic Developments Global economic growth has weakened during the second quarter of FY2022/23. The December global composite output Purchasing Managers’ Index (PMI) confirmed the downshift in momentum of the global economy during the review quarter, with the index remaining below the neutral threshold (48.7). The weakening global economic growth momentum in the second quarter followed strong growth in the first quarter of FY2022/23, in which global GDP increased by 1.7 percent quarter on quarter, driven by the rebound in the United States and China. In the United States, economic activity has been more resilient than expected. Real GDP grew at an annualised rate of 2.9 percent in the second quarter of FY2022/23. The slight deceleration in economic activity compared with the first quarter of FY/2022/23 reflected weaker domestic demand and a marked decline in net trade, driven by a larger fall in real exports compared with the previous quarter. In the United Kingdom, growth momentum is set to weaken further. While monthly GDP surprised on the upside in November with a modest increase on account of strong services activity most short-term indicators point to prolonged weakness in growth momentum as households continue to face falling real wages, tight financial conditions and a housing market correction. In Japan, economic activity continues to recover amid rising inflation. Real GDP is expected to have returned to positive growth in the second quarter, but significant headwinds remain. The rebound in real private consumption has thus far been modest, with real private spending in goods still below pre-COVID levels. At the same time, manufacturing activity weakened in the second quarter of FY2022/23, weighed down by moderating global demand and a slowdown in the recovery of supply constraints. In China, the abrupt end of the zero-COVID policy is disrupting economic activity in the near term. The sudden lifting of COVID￾related restrictions on 7 December came as a surprise and followed protests in China against containment measures. GDP slowed to 2.9 percent year on year in the second quarter of FY2022/23.

National Bank of Ethiopia Quarterly Bulletin 2 | SecondQuarter 2022/23 Global inflationary pressures remain high. In November annual headline Consumer Price Index (CPI) inflation across the OECD area decreased to 10.3 percent (7.0 percent excluding Turkey), as energy inflation continued to fall while food inflation remained unchanged. Core inflation declined marginally to 7.5 percent. Headline inflation momentum in annualised three￾month-on-three-month terms slowed for the sixth consecutive month, extending the trend of softening price pressures. Momentum in services and core inflation also started to slow in several advanced economies, suggesting that global inflationary pressures remain high but may have already peaked. 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation During the second quarter of 2022/23, headline inflation decreased to 5 percent from 10 percent a quarter earlier, but increased from 3.9 percent recorded last year same quarter. The decline in quarterly headline inflation was attributed to 8.0 percentage point decrease in food & non￾alcoholic beverages and 0.4 percentage point in non-food inflation. On the other hand, headline inflation rose by 1.1 percentage points on annual terms on account of a 3.5 percentage point increase in non-food inflation. Food & non￾alcoholic beverages and non-food inflation contributed 1.5 and 3.9 percent, respectively, to the headline inflation registered in the review quarter. 1.2.2. Monetary Developments Broad money supply (M2) stood at Birr 1.95 trillion at the end of the second quarter of 2022/23 reflecting a 33.4 percent annual growth mainly due to a 31.5 percent expansion in domestic credit, offsetting 80.4 percent contraction in external asset (net) and 30.2 percent in other items net.

National Bank of Ethiopia Quarterly Bulletin 3 | SecondQuarter 2022/23 Reserve money reached Birr 420.4 billion at the end of second quarter 2022/23; indicating a 26.5 percent annual and 12.3 percent quarterly growth. This significant annual increase in reserve money was reflected by 27.3 percent rise in banks’ deposits at NBE and 25.8 percent growth in currency in circulation. Due to a downward revision of reserve requirement from 10 percent to 7 percent and the boost in saving deposit in the banking system, excess reserve of commercial banks showed a dramatic annual growth of 533.9 percent. 1.2.3. Interest rate During the review period, average savings deposit rate remained unchanged at 8.0 percent and lending rate at 14.3 percent while weighted average time deposit rate decreased slightly by 0.02 percent on annual basis. In contrast, the yield on T￾bills showed a significant improvement following the introduction of market based T-bills auction. Accordingly, weighted average yield on T-bills increased from 8.83 percent in December 2021 to 9.60 percent in December 2022. Considering the 33.8 percent headline inflation in December 2022, however, real interest rates on deposit, lending and the T-bills yield remained negative. 1.2.4. Financial Sector Developments a) Banks By the end of the second quarter of 2022/23, the number of banks in Ethiopia reached 30, of which 28 were private and 2 state owned. These banks have opened 714 new bank branches during the review quarter, thereby increasing the total number of bank branches to 10,221. As a result, the ratio of population to bank branch stood at 10,289.21 . Of the total bank branches, 31.9 percent were located in Addis Ababa. About 93.7 percent of the new bank branches were opened by private banks. State owned banks accounted for 21.6 percent of the total bank branches while private banks took 78.4 percent share.

1 Total population is 105,166,000 as CSA Estimation for 2022/23

National Bank of Ethiopia Quarterly Bulletin 4 | SecondQuarter 2022/23 Meanwhile, total capital of the banking system reached Birr 221.1 billion of which private banks accounted for 61.9 percent and state owned banks (Commercial Bank of Ethiopia and Development Bank of Ethiopia) 38.1 percent. The banking sector disbursed Birr 181.8 billion in new loans during the review quarter, signifying 122.9 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 24.1 percent and that of private banks 75.9 percent. Sector wise, domestic trade was the largest beneficiary of the total fresh loans accounting for 24.0 percent followed by international trade (23.4 percent), consumer and staff loans (13.0 percent), manufacturing (12.4 percent), Building and construction (6.4 percent), Mines Power & water Resources (6.1 percent), Agriculture (5.6 percent) and transport & communication (3.9 percent). In the meantime, the banking system collected Birr 80.7 billion in loans, showing a 83.6 percent annual growth. Of the total loan collection, 74.8 percent was collected by private banks and 25.2 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) increased to Birr 1.8 trillion depicting 30.1 percent year-on-year growth. About 99.6 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises. b) Insurance Sector The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 717 from 667 a year ago. Of the total branches, about 56.3 percent were located in Addis Ababa. Likewise, total capital of insurance companies increased to Birr 14.4 billion from 11.9 billion last year, of which private insurance companies accounted for 75.3 percent.

National Bank of Ethiopia Quarterly Bulletin 5 | SecondQuarter 2022/23 c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) reached 43 which mobilized about Birr 23.6 billion in saving deposit, showing 17.9 percent annual growth. Total outstanding credit of these institutions increased by 29.3 percent and reached Birr 35.4 billion, highlighting the growing role of MFIs in providing access to financial services, poverty reduction and wealth creation among low income groups of the society as well as micro and small￾scale enterprises both in rural and urban areas. Their total asset also grew by 29.8 percent and stood at Birr 51.5 billion. 1.2.5. External Sector and Foreign Exchange Developments External Sector Development Total receipts from export of goods declined by 14.9 percent over last year same quarter and reached USD 778.0 million owing to the fall in export revenue from coffee (6.7 percent), oilseeds (55.8 percent), gold (64.5 percent), chat (35.1 percent), meat & meat products (5.4 percent), leather & leather products (17.9 percent), live-animals (14.7 percent) and electricity (9.9 percent). On the other hand, there have been higher receipts from pulses (17.4 percent), flower (8.6 percent), fruit & vegetables (125.2 percent), textile & textile products (9.1 percent) and other exports (27.9 percent). Total merchandise import bills amounted to USD 4.5 billion during the second quarter of FY2022/23, depicting 3.6 percent growth in yearly basis as a result of substantial increase in import values of capital goods, fuel, semi-finished goods and raw materials. Total transfer receipts rose 10 percent and reached to USD 2.1 billion due to 13.0 percent improvement in private transfers which offset the decline in official transfers (2.4 percent). Likewise, total transfer payments increased significantly from USD 49.2 million to USD 53.1 million as a result of higher official transfer payments and private transfer outflows. The current account balance deficit (including official transfers) has narrowed from USD 1.5 billion, last year same

National Bank of Ethiopia Quarterly Bulletin 6 | SecondQuarter 2022/23 period, to a deficit of USD 1.4 billion, during the second quarter of 2022/23. Capital account, however, recorded USD 1.15 billion in surplus which was about 8.7 percent higher than that of a year earlier owing to increase in foreign direct investment (33.6 percent) and private long￾term capital from USD 2.7 million to USD 14.9 million coupled with decline in net deficit of other public sector capital by 22.9 percent. As a result, the overall balance of payments recorded USD 328.1 million in deficit compared to USD 589.6 million deficit a year ago. b) Exchange Rate Development During the second quarter of 2022/23, the weighted average official exchange rate depreciated by 11.3 percent over the corresponding quarter of last year and stood at Birr 52.9654/USD. Likewise, real effective exchange rate index (REERI) depreciated by 7.8 percent, owing to price advantage related to the rise in trading partners’ inflation vis-à-vis domestic inflation. On the other hand, NEERI appreciated by 16.9 percent compared with last year same quarter due to weakening of trading partner’s currencies against US dollar. 1.2.6. Federal Government Fiscal Operations During the second quarter of 2022/23, the total revenue and grants collected by the Federal government reached Birr 110.5 billion, showing a 3.9 percent annual growth. Meanwhile, quarterly Federal government expenditure stood at Birr 166 billion with a 10.7 percent annual decline. Hence, the overall fiscal balance (including grants) depicted a Birr 55.6 billion deficit in the review period. 1.2.7. Investment

During the second quarter of 2022/23, 16 investment projects with investment capital of Birr 2.9 billion became operational. Year on year basis, both the number of investment projects and investment capital showed improvement. However, compared to the preceding quarter the number of investment project declined by 36 percent, despite the 3.9 percent increase in investment capital.

National Bank of Ethiopia Quarterly Bulletin 7 | SecondQuarter 2022/23 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the second quarter of 2022/23 the volume of petroleum products imported was about 924.4 million metric tons, showing, a 2.1 percent annual decline due to lower volume of fuel oil (15.1 percent), gas oil (3.0 percent) and regular gasloline (0.5 percent). Similarly, the amount of petroleum products imported relative to preceding quarter went down by 4.6 percent. Of the total quarterly imports, gas oil constituted 65.6 percent followed by regular gasoline (18.3 percent), jet fuel (14.0 percent) and fuel oil (2.1 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2021/22 2022/23 Qtr. II Qtr. I Qtr. II Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 169,625.8 18.0 166,296.6 17.2 168,801.9 18.3 -0.5 1.5 Jet Fuel 126,027.1 13.4 147,176.4 15.2 129,360.2 14.0 2.6 -12.1 Fuel Oil 22,980.0 2.4 6,500.0 0.7 19,500.0 2.1 -15.1 200.0 Gas Oil (ADO) 625,325.9 66.2 649,322.3 67.0 606,724.7 65.6 -3.0 -6.6 Total 943,958.8 100.0 969,295.3 100.0 924,386.8 100.0 -2.1 -4.6 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 8 | SecondQuarter 2022/23 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 2018/19 2019/20 2020/21 2021/22 2022/23 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The total value of petroleum products imported during the review quarter reached Birr 47.9 billion showing a 43.4 percent increase over the same period last year; while it declined by 16.9 percent compared to the preceding quarter. The annual increase in the value of petroleum imports was due to higher import value of all petroleum products except fuel oil which had merly 1.1 percent share (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petrole um Produc ts 2021/22 2022/23 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasolin e (MGR) 6,973,182.9 20.9 9,680,016.7 16.8 8,622,866.9 18.0 23.7 -10.9 Jet Fuel 4,453,062.5 13.3 8,704,887.6 15.1 6,427,551.4 13.4 44.3 -26.2 Fuel Oil 608,170.6 1.8 197,694.0 0.3 510,478.0 1.1 -16.1 158.2 Gas Oil (ADO) 21,326,238.5 63.9 38,999,140.6 67.7 32,294,755.2 67.5 51.4 -17.2 Total 33,360,654.5 100.0 57,581,738.9 100.0 47,855,651.6 100.0 43.4 -16.9 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 9 | SecondQuarter 2022/23 Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5000000 10000000 15000000 20000000 25000000 30000000 35000000 40000000 45000000 I II III IV I II III IV I II III IV I II III I II 2018/19 2019/20 2020/21 2021/22 2022/23 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products surged 50.8 percent over the same period of last year due to the higher FOB price of all types of petroleum products except fuel oil. Compared to the previous quarter, however, average FOB price of petroleum products declined by 11.9 percent as a result of 18.9 percent decrease in fuel oil followed by jet fuel (12.9 percent), regular gasoline (11.6 percent) and gas oil (9.9 percent) (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2021/22 2022/23 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 761.4 927.9 819.9 7.7 -11.6 Jet Fuel 693.3 1017.0 885.6 27.7 -12.9 Fuel Oil 440.7 444.5 360.6 -18.2 -18.9 Gas Oil (ADO) 667.1 1996.4 1798.4 169.6 -9.9 Average 640.6 1,096.4 966.1 50.8 -11.9 Brent Crude Oil (USD/Barrel) 79.6 100.7 88.6 11.3 -12.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products

National Bank of Ethiopia Quarterly Bulletin 10 | SecondQuarter 2022/23 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II 2018/19 2019/20 2020/21 2021/22 2022/23 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 11.3 percent and reached USD 88.6 per barrel compared with USD 79.6 a year ago. The average retail price of fuel in Addis Ababa during the review quarter rose to Birr 72.74 per liter from Birr 36.99 per liter a year earlier; depicting a 96.6 percent annual increase as a result of higher retail prices of all petroleum products (Table 2.4). Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2021/22 2022/23 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 29.78 50.90 59.88 101.1 17.6 Fuel Oil 44.70 105.47 100.74 125.4 -4.5 Gas Oil (ADO) 27.02 52.65 64.83 139.9 23.1 Kerosene 27.02 52.65 64.83 139.9 23.1 Jet fuel 56.43 94.03 73.41 30.1 -21.9 Average 36.99 71.14 72.74 96.6 2.25 Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin 11 | SecondQuarter 2022/23 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 20 40 60 80 100 120 I II III IV I II III IV I II III IV I II III IV QI QII 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation About 4 billion KWH electric power was generated during the second quarter of 2022/23 which was 6.3 percent higher than last year same quarter. This was attributed to 6.7 percent increase in electric production from hydropower and 8 percent from wind sources (table 2.5). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2021/22 2022/23 Percentage Qtr. I Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,594,629.0 95.3 3,988,889.7 97.4 3,834,777.3 95.6 6.7 -3.9 Thermal Power

Geothermal

Wind 162,200.2 4.3 108,538.9 2.6 175,112.3 4.4 8.0 61.3 Biomass 14,070.25 0.4 0 0 - - - - Total 3,770,899.4 100.0 4,097,428.6 100.0 4,009,889.6 100.0 6.3 -2.1 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 12 | SecondQuarter 2022/23 Of the total energy generated, 95.6 percent was from hydropower and the remaining 4.4 percent from wind source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

2 The generated power from different power stations stored in substations before distribution

National Bank of Ethiopia Quarterly Bulletin 13 | SecondQuarter 2022/23 Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self￾contained system (SCS) Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power System of Power supply 2021/22 2022/23 Percentage Qtr. II Qtr. I Qtr. II Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,594,629.0 95.3 3,988,889.7 97.4 3,834,777.3 95.6 6.7 -3.9 Thermal Power

            • 0 0 Gethermal - - - - - - 0 0 Wind 162,200.2 4.3 108,538.9 2.6 175,112.3 4.4 8.0 61.3 Biomass 14,070.25 0.4 - - - - - - Sub-Total 3,770,899.4 100.0 4,097,428.6 100.0 4,009,889.6 100.0 6.3 -2.1 SCS Hydro power - - - - - - - Thermal Power

Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,770,899.4 100.0 4,097,428.6 100.0 4,009,889.6 100.0 6.3 -2.1

National Bank of Ethiopia Quarterly Bulletin 14 | SecondQuarter 2022/23 III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation decreased to 5 percent during the second quarter of 2022/23 from 10 percent a quarter earlier while it was higher than the 3.9 percent inflation recorded a year ago. The decline in quarterly headline inflation was attributed to 8.0 percentage point decrease in the prices offood & non￾alcoholic beverages and 0.4 percentage point in non-food items. On annual terms, headline inflation rose by 1.1 percentage points owing to a 3.5 percentage point increase in non￾food inflation. Food & non-alcoholic beverages and non-food inflation contributed 1.5 and 3.9 percent, respectively, to the headline inflation registered in the review quarter (Table 3.1 and Fig. 3.1). In the review quarter, food & non-alcoholic beverages inflation dropped to 2.7 percent from 10.7 percent a quarter earlier as a result of lower inflation in the prices of fish and seafood (45.7 percentage point), oils and fats (22.8 percentage point), bread and cereals (8.9 percentage point), meat (8.4 percentage point), non-alcoholic beverages (3.6 percentage point), milk, cheese and egg (7.2 percentage point), fruit (6.0 percentage point), sugar jam, honey, chocolate (5.6 percentage point), vegetables (3.8 pecentage point) and food products n.e.c (2.1 percentage point) (Table 3.2). Likewise, non-food inflation saw a 8.5 percent slowdown in the review quarter from 8.9 percent a quarter earlier while it increased from 5.0 percent last year same quarter. The decline in quarterly non-food inflation was attributed mainly to lower inflation for recreation and culture (13.4 per centage point), miscellaneous goods (13.5 p ercentage point), alcoholic beverages and t obacco (10.3 percentage point), furnishing s, household equipment & routine maintenan ce of houses (10.2 percentage point), hou sing, water, electricity, gas and other fuel (8. 7 percentage point) (Table 3.3).

National Bank of Ethiopia Quarterly Bulletin 15 | SecondQuarter 2022/23 Source: ESS Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Weig hts in % 2021/2 2 2022/23 Change in %age Points Contributions in (%) to QII QI QII A B C C-A C-B Headline Inflation Change over QII￾2021/22 Headline Inflation Change Over QI￾2022/23 QII-2022/23 Headline Inflation Absolute Relative Headline 100 3.9 10.0 5.0 1.1 -5.0 1.1 -5.0 5.4 100 Food & Non￾alcoholic be verage 54 3.2 10.7 2.7 -0.5 -8.0 -0.3 -4.3 1.5 27.2 Non-food 46 5.0 8.9 8.5 3.5 -0.4 1.6 -0.2 3.9 72.8 Source: ESS and NBE Staff Computation

-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 QIII QIV QI QII 2018/19 2019/20 2020/21 2021/22 2022/23 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig.3.1: Quarterly Movement in National Inflation

National Bank of Ethiopia Quarterly Bulletin 16 | SecondQuarter 2022/23 Source: NBE Staff Computation Table 3.2: Quarterly National Food & Non-alcoholic Beverages CPI Inflation (Dec2016=100) Items Weights 2021/22 2022/23 Change in %age points Contribution to QII QI QII A B C C-A C-B Food Inflation Change over QII-2021/22(%) Food Inflation Change over QI-2022/23(%) Food and Non-alcoholic Beverages 0.54 3.2 10.7 2.7 -0.5 -8.1 -0.3 -4.3 Bread and Cereals 0.17 2.1 12.3 3.3 1.2 -8.9 0.2 -1.5 Meat 0.04 -0.8 13.0 4.3 5.0 -8.7 0.2 -0.4 Fish and Sea food 0.00 2.7 54.7 9.0 6.3 -45.7 0.0 0.0 Milk, cheese and egg 0.03 1.7 10.1 2.9 1.2 -7.2 0.0 -0.2 Oils &Fats 0.04 3.6 23.6 0.8 -2.8 -22.8 -0.1 -1.0 Fruit 0.00 15.5 18.2 12.2 -3.3 -6.0 0.0 0.0 Vegetables 0.12 3.3 4.7 0.9 -2.4 -3.8 -0.3 -0.5 Sugar jam, honey, chocolate 0.01 11.5 10.1 4.5 -7.0 -5.6 -0.1 -0.1 Food products n.e.c 0.06 3.4 4.7 2.6 -0.8 -2.1 0.0 -0.1 Non-alcoholic beverages 0.05 10.3 12.0 3.6 -6.8 -8.4 -0.3 -0.4 Source: ESS and NBE Staff Computation Food & Non￾alcoholic beverage; 27.2% Non-food; 72.8% Fig.3.2: Contribution of Food and Non-food Inflation to the Headline Inflation in 2nd Quarter 2022/23

National Bank of Ethiopia Quarterly Bulletin 17 | SecondQuarter 2022/23 Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Source: ESS and NBE Staff Computation Item Weights 2021/22 2022/23 Change in %age points Contribution to QII QI QII A B C C-A C-B Non￾food Inflation Change over QII 2021/22 (%) Non-Food Inflation Change over QI￾2022/23(%) Non-Food Inflation 0.46 5.0 8.9 8.5 3.5 -0.4 1.6 -0.2 Alcoholic Beverages and tobacco 0.05 8.0 4.4 10.3 2.4 6.0 0.1 0.3 Clothing and Footwear 0.06 4.6 14.7 7.2 2.6 -7.5 0.1 -0.4 Housing, Water, Electricity, Gas and other Fuel 0.17 4.7 5.2 8.7 4.1 3.5 0.7 0.6 Furnishings, Household Equipment and Routine maintenance of houses 0.05 4.8 12.0 10.2 5.4 -1.8 0.3 -0.1 Health 0.01 7.4 3.9 4.6 -2.9 0.7 0.0 0.0 Transport 0.02 0.2 18.6 5.2 5.0 -13.4 0.1 -0.3 Communication 0.02 0.9 2.9 -4.6 -5.5 -7.5 -0.1 -0.1 Recreation and culture 0.00 16.7 11.6 22.4 5.8 10.8 0.0 0.0 Education 0.00 12.1 5.4 7.3 -4.7 2.0 0.0 0.0 Restaurant & hotel 0.05 6.5 11.0 7.2 0.8 -3.8 0.0 -0.2 Miscellaneous Goods 0.03 2.7 13.4 13.5 10.8 0.1 0.3 0.0

National Bank of Ethiopia Quarterly Bulletin 18 | SecondQuarter 2022/23 3.2 Developments in Regional CPI The regional average headline inflation in the second quarter of 2022/23 decreased to 6 percent from 10.9 percent recorded in the preceding quarter while it rose from 5.9 percent registered last year same quarter. Somali, Dire Dawa, and SNNP registered higher headline inflation than the regional average head line inflation during the review quarter. The highest headline inflation (11.9 p ercent) was registered in Somali and the lowest (3.1 percent) in Harari. Hence, the margin between the highest and the lowest headline inflation was 8.8 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, increased to 3.0 percent from 1.4 percent in the preceding quarter while it decreased from 3.6 percent recorded a year ago (Table 3.4). The regional average food & non-alcoholic beverage inflation decreased to 4.1 percent in the second quarter of 2022/23 compared to 12.9 percent in the preceding quarter and 5.1 percent last year same quarter. Food & non-alcoholic beverages inflation in Dire Dawa, Somali, Afar, and Benshangul Gumuz was higher than the regional average food & non-alcoholic beverage inflation. The highest food & non-alcoholic beverages inflation was recorded in Dire Dawa (7.4 percent) and the lowest in Amhara (1.6 percent), signifying a 5.8 percentage point margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, slightly fell to 1.8 percent from 1.9 percent preceding quarter and 3.7 percent a year earlier (Table 3.4). Similarly, the regional average non-food inflation grew to 8.9 percent from 8.6 percent in the previous quarter and 7.0 percent from last year same quarter. Somali, Dire Dawa, and SNNP recorded higher non-food inflation than the regional average non-food inflation. Non-food inflation was the highest in Somali (21.1 percent) and the lowest in Harari (2.5 percent), revealing a 18.6 percentage point margin. The variation in non-food inflation, measured by the standard deviation, increased to 5.4 percent from 2.2 percent in the previous quarter and 4.6 percent last year same quarter.

National Bank of Ethiopia Quarterly Bulletin 19 | SecondQuarter 2022/23 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2021/22 2022/23 Annual Change Quarterly Change QII QI QII A B C C-A C-B General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food SNNP 2.7 1.8 4.2 10.4 10.3 10.7 5.9 3.8 9.6 3.2 2.0 5.4 -4.5 -6.5 -1.0 Harari 13.9 11.0 16.6 8.1 13.2 3.9 3.1 3.9 2.5 - 10.8 -7.1 - 14.1 -4.9 -9.4 -1.4 Oromia 3.8 2.8 5.6 11.0 11.1 10.8 4.5 2.4 8.1 0.7 -0.4 2.5 -6.5 -8.7 -2.8 Tigray 0.0 Gambella 4.3 0.6 10.7 10.8 11.7 9.4 3.5 2.8 4.8 -0.7 2.2 -5.9 -7.3 -9.0 -4.6 Addis Ababa 3.0 1.8 4.2 10.5 11.1 9.9 4.7 3.4 5.9 1.7 1.6 1.7 -5.8 -7.8 -4.0 Dire Dawa 7.0 5.7 8.5 13.4 15.8 10.8 11.1 7.4 15.1 4.1 1.7 6.6 -2.3 -8.4 4.3 Benshangul. Gumuz 9.9 9.8 10.0 10.5 12.6 7.8 5.8 4.2 8.0 -4.1 -5.6 -2.1 -4.6 -8.5 0.2 Somali 6.3 9.1 2.3 12.4 16.0 7.4 11.9 5.8 21.1 5.5 -3.3 18.8 -0.6 -10.1 13.6 Afar 3.0 4.5 0.8 11.7 13.6 9.0 5.7 5.7 5.8 2.8 1.2 4.9 -6.0 -8.0 -3.2 Amhara 4.8 3.5 6.7 10.6 13.8 6.5 4.1 1.6 7.7 -0.7 -1.9 1.0 -6.5 -12.2 1.2 Regions Average 5.9 5.1 7.0 10.9 12.9 8.6 6.0 4.1 8.9 0.2 Standard deviation 3.6 3.7 4.6 1.4 1.9 2.2 3.0 1.8 5.4 4.7 Coefficient of variation 0.6 0.7 0.7 0.4 0.5 0.4 0.6 29.5 Source: ESS and NBE Staff Computation

20 | SecondQuarter 2022/23 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 1.95 trillion at the end of the second quarter of 2022/23 reflecting a 33.4 percent annual growth mainly due to a 31.5 percent expansion in domestic credit, offsetting 80.4 percent and 30.2 percent contraction in external asset (net) and other items net. Meanwhile, net claims on government grew by 54.2 percent and credit to non￾government sector by 26.3 percent (Table 4.1). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money growth (Dec. 21) (Sep. 22) (Dec. 22) A B C C/A C/B Annual

  1. External Assets (net)

(77,621.8)

(120,771.8) (140,023.4) -80.4 -15.9 -12.8 2. Domestic Credit

1,643,086.5

2,014,526.3 2,160,670.5 31.5 7.3 106.2 . Claims on Central Gov't (net)

307,462.4

451,522.0 474,079.7 54.2 5.0 34.2 . Claims on Non-Central Gov't

1,335,624.0

1,563,004.4 1,686,590.8 26.3 7.9 72.0 . Financial Institutions 52,322.7 44,822.7 44,822.7 -14.3 0.0 -1.5 . Others 1,283,301.3 1,518,181.7 1,641,768.1 27.9 8.1 73.6 3. Other Items (net) 105,856.6 94,176.3 73,893.3 -30.2 -21.5 -6.6 4. Broad Money (M2) 1,459,608.1 1,799,578.2 1,946,753.8 33.4 8.2 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 21 | SecondQuarter 2022/23 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE -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 Broad Money Domestic Credit Other Items Net Net Foreign Assets -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 22 | SecondQuarter 2022/23 Component wise, quasi-money supply showed a 33.7 percent annual and 8.2 percent quarterly expansion. Similarly, narrow money supply exhibited 32.7 percent yearly and 8.2 percent quarterly increment. The contribution of narrow money to broad money growth was 32.7 percent and that of quasi money 67.3 percent primarily reflecting the boost in savings deposits in the banking system over the review period (Table 4.2).

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. 21) (Sep. 22) (Dec. 22) A B C C/A C/B Annual

  1. Narrow Money Supply 486,276.6 596,713.5 645,355.8 32.7 8.2 32.7 Currency outside banks 158,929.3 169,587.4 201,142.9 26.6 18.6 8.7 Demand Deposits (net) 327,347.3 427,126.1 444,212.9 35.7 4.0 24.0
  2. Quasi-Money 973,331.5 1,202,864.7 1,301,398.0 33.7 8.2 67.3 Savings Deposits 873,508.8 1,084,674.4 1,175,651.2 34.6 8.4 62.0 Time Deposits 99,822.7 118,190.3 125,746.8 26.0 6.4 5.3
  3. Broad Money Supply 1,459,608.1 1,799,578.2 1,946,753.8 33.4 8.2 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 23 | SecondQuarter 2022/23 Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 In Millions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 24 | SecondQuarter 2022/23 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 420.4 billion at the end of second quarter 2022/23; indicating a 26.5 percent annual and 12.3 percent quarterly growth. This significant annual increase in reserve money was reflected by 27.3 percent rise in banks’ deposits at NBE and 25.8 percent growth in currency in circulation. Due to a downward revision of reserve requirement from 10 percent to 7 percent and the boost in saving deposit in the banking system, excess reserve of commercial banks showed dramatic 533.9 percent annual growth (Table 4.3). On the other hand, the money multiplier, measured by the ratio of broad money to reserve money, increased to 4.6 from 4.4 a year ago.

National Bank of Ethiopia Quarterly Bulletin 25 | SecondQuarter 2022/23 Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II (Dec. 21) (Sep. 22) (Dec. 22) Percentage Change A B C C/A C/B

  1. Reserve Requirement (CB's) 135,408.1 108,871.2 121,694.2 -10.1 11.8
  2. Actual Reserve (CB's) 145,557.2 169,741.7 186,027.9 27.8 9.6
  3. Excess Reserve (CB's) 10,149.1 60,870.5 64,333.7 533.9 5.7
  4. Reserve Money 332,391.5 374,445.4 420,369.6 26.5 12.3 . Currency in Circulation 187,463.1 207,614.8 235,833.6 25.8 13.6 . Banks deposits at NBE 144,928.4 166,830.6 184,536.0 27.3 10.6
  5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.5 4.9 -3.7 . Broad Money to Reserve Money 4.4 4.8 4.6 5.5 -3.6
  6. Other Monetary Ratios (%): . Currency to Narrow Money 38.6 34.8 36.5 -5.2 5.0 . Currency to Broad Money 12.8 11.5 12.1 -5.7 5.0 . Narrow Money to Broad Money 33.3 33.2 33.2 -0.5 0.0 . Quasi Money to Broad Money 66.7 66.8 66.8 0.2 0.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 26 | SecondQuarter 2022/23 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components

Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr)

Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Percentage Changes Reserve Money Currency in Circulation Bank Deposits (50,000.00)

50,000.00 100,000.00 150,000.00 200,000.00 In Millions of Birr Required reserve Actual reserve Excess reserve

National Bank of Ethiopia Quarterly Bulletin 27 | SecondQuarter 2022/23 4.3. Interest Rate Developments Average savings deposit rate remained constant at 8.0 percent and lending rate at 14.3 percent while weighted average time deposit rate decreased slightly. In contrast, the yield on T-bills showed a significant improvement following the introduction of market based T-bills auction. Accordingly, weighted average yield on T-bills increased from 8.83 percent in December 2021 to 9.60 percent in December 2022. Yet, considering the 33.8 percent headline inflation as of December 2022, interest rates on deposit and lending and yield on T-bills remained negative in real terms (Table 4.4).

National Bank of Ethiopia Quarterly Bulletin 28 | SecondQuarter 2022/23 Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) 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 market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. 2021/22 Qtr. II Qtr. I Qtr. II Annual Quarterly

  1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
  2. Time Deposits Up to 1yr 7.70 7.66 7.71 0.02 0.05 1-2 years 7.74 7.71 7.76 0.02 0.05 Over 2 yrs 7.77 7.75 7.80 0.03 0.05 Average Time Dep. Rate (Weighted) 7.74 7.71 7.76 0.02 0.05
  3. Demand Deposit (Weighted) 0.034 0.045 0.046 0.01 0.00
  4. Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.30 - -
  5. T-bills Rate (Weighted) 8.83 9.64 9.60 0.77 (0.04)
  6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
  7. Headline Inflation (Year-on-year) 35.1 30.7 33.8 (1.25) 3.14
  8. Food Inflation (Year-on-year) 41.6 31.0 32.9 (8.72) 1.88
  9. Core/non-food Inflation (Year-on-year) 26.6 30.1 35.2 8.59 5.10 Particulars 2022/23 Percentage point

National Bank of Ethiopia Quarterly Bulletin 29 | SecondQuarter 2022/23 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) Source: Staff computation, NBE *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are shown on the left axis. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Inflation Rate (Core) Value in Percent Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation Rate (Core)

National Bank of Ethiopia Quarterly Bulletin 30 | SecondQuarter 2022/23 4.4. Developments in the Financial Sector By the end of the second quarter, the number of banks in Ethiopia reached 30, of which 28 were private and 2 state owned. These banks opened 714 new bank branches during the review quarter thereby increasing the total number of bank branches to 10,221. As a result, population to bank branch ratio reached at 10,289.23 . State owned banks accounted for 21.6 percent of the total bank branches while private banks took the 78.4 percent share. Of the total bank branches, 31.9 percent were located in Addis Ababa. About 93.7 percent of the new bank branches were opened by private banks. Of the total 669 new branches opened by private banks, 76.4 percent (511) were opened in the regions. Out of the 45 new branches opened by state owned banks, 91.1percent (41 branches) were opened outside of Addis Ababa which is indicative of growing inclusiveness (Table 4.5). At the same time, the banking sector’s capital continued to increase and reached Birr 221.1 billion by the end of the review quarter. State owned banks accounted for 38.1 percent and private banks 61.9 percent of the total capital. The share of Commercial Bank of Ethiopia

3 Total population is 105,166,000 as CSA Estimation for 2022/23 (CBE) in total capital of the banking system was 24.6 percent (Table 4.5). The number of insurance companies stood at 18, of which 17 were private and 1 state owned. While the number of insurance campanies remained unchanged, their branch network increased to 717 from 667 a year ago. About 56.3 percent were in Addis Ababa. Similarly, total capital of insurance companies grew to Birr 14.4 billion from Birr 11.9 billion last year. Private insurance companies accounted for 75.3 percent of the total capital of the insurance companies (Table 4.6). At the end of the review quarter, the number of Micro Finance Institutions (MFIs) reached 43. Their savings mobilization increased by 17.9 percent, outstanding credit by 29.3 percent and total asset by 29.8 on annual basis. Similarly, their capital showed a 64.9 percent annual increase to Birr 13.2 billion All these indicators signify the relative importance of micro-finance institutions in providing access to financial services to low income social groups and micro and small-scale enterprises both in rural and urban areas (Table 4.7).

National Bank of Ethiopia Quarterly Bulletin 31 | SecondQuarter 2022/23 Table 4.5: Branch Network and Capital of the Banking System Capital 2021/22

  1. State own Banks Commercial Bank of Ethiopia 1,498 508 2,006 24.9 1,609 466 2,075 21.8 1,650 470 2,120 20.7 52,387.8 54,170 54,170 Development Bank of Ethiopia 77 5 82 1.0 77 6 83 0.9 77 6 83 0.8 29,164.0 34,982 30,116 Total State own Banks 1,575 513 2,088 26.0 1,686 472 2,158 22.7 1,727 476 2,203 21.6 81,551.8 89,152.8 84,286.4
  2. Private Banks - Awash Bank 440 252 692 8.6 514 271 785 8.3 563 278 841 8.2 13,873.1 14,101.6 17,075.5 Dashen Bank 354 203 557 6.9 528 210 738 7.8 574 240 814 8.0 8,292.8 11,059.6 11,479.9 Bank of Abyssinia 471 293 764 9.5 566 280 846 8.9 585 290 875 8.6 7,650.4 10,669.9 12,373.8 Wegagen Bank 270 150 420 5.2 274 149 423 4.4 275 149 424 4.1 5,173.6 4,910.4 5,653.4 Hibret Bank 221 198 419 5.2 234 218 452 4.8 243 223 466 4.6 5,743.6 5,776.2 6,379.9 Nib International Bank 201 223 424 5.3 220 223 443 4.7 226 223 449 4.4 6,111.4 6,649.5 7,015.9 Cooperative Bank of Oromia 419 142 561 7.0 485 144 629 6.6 503 152 655 6.4 7,292.2 9,200.2 11,003.9 Lion International Bank 201 88 289 3.6 209 88 297 3.1 211 87 298 2.9 3,283.6 3,300.8 3,396.4 Oromia Bank 228 125 353 4.4 278 143 421 4.4 286 144 430 4.2 4,720.7 5,469.9 6,386.3 Zemen Bank 23 45 68 0.8 29 56 85 0.9 31 58 89 0.9 4,557.3 4,578.8 5,962.9 Buna Bank 191 148 339 4.2 252 164 416 4.4 295 169 464 4.5 3,731.2 4,687.2 5,015.8 Berhan Bank 181 137 318 4.0 200 160 360 3.8 203 164 367 3.6 3,755.6 3,778.5 4,237.1 Abay Bank 251 119 370 4.6 304 135 439 4.6 326 142 468 4.6 3,885.3 4,658.7 5,151.9 Addis Interational Bank 42 65 107 1.3 54 70 124 1.3 54 69 123 1.2 1,425.7 1,741.5 1,844.5 Debub Global Bank 60 72 132 1.6 64 73 137 1.4 64 74 138 1.4 1,716.1 1,888.6 2,055.8 Enat Bank 45 48 93 1.2 62 53 115 1.2 75 53 128 1.3 1,974.6 2,450.2 2,743.5 Hijra Bank 19 8 27 0.3 35 12 47 0.5 39 15 54 0.5 543.1 1,267.0 1,125.6 Zamzam Bank 9 11 20 0.2 27 27 54 0.6 36 33 69 0.7 1,181.6 1,053.6 1,461.7 Goh Betoch Bank 1 1 2 0.0 2 3 5 0.1 4 3 7 0.1 593.4 1,014.5 1,060.4 Siinqee Bank - - - - 252 19 271 2.9 263 29 292 2.9 - 7,565.4 7,643.2 Tseday Bank - - - - 18 18 0.2 155 26 181 1.8 - 7,749.1 7,949.6 Shebele Bank - - - - - - - - - - - - - 515.9 570.0 Amahara Bank - - - - 117 71 188 2.0 149 98 247 2.4 - 5,587.0 5,647.4 Ahadu Bank - - - - 2 14 16 0.2 13 23 36 0.4 - 504.0 596.3 Tsehay Bank - - - - 15 25 40 0.4 40 31 71 0.7 - 734.0 888.2 Sidama Bank S.C - - - - - - - - - - - - - - 680.9 Omo Bank S.C - - - - - - - - - - - - - - 712.0 Gadaa Bank - - - - - - - - 21 11 32 - - - 674.5 Total Private Banks 3,627.0 2,328.0 5,955.0 74.0 4,723.0 2,626.0 7,349.0 77.3 5,234.0 2,784.0 8,018.0 78.1 85,505.3 120,912.1 136,786.1
  3. Grand Total Banks 5,202 2,841 8,043 100 6,409 3,098 9,507 100 6,961 3,260 10,221 100 167,057 210,065 221,072 Banks Branch Network Quarter II Quarter I 2022/23 Quarter II Quarter I Quarter II Reg A.A Total % Share Reg. A.A 2021/22 2022/23 Total % Share Reg. A.A Total % Share Quarter II Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

National Bank of Ethiopia Quarterly Bulletin 32 | SecondQuarter 2022/23

Fig.IV.8: Share of Branch Network and Capital of Banking System 26.0 22.7 21.6 48.8 42.4 38.2 74.0 77.3 78.4 51.2 57.6 61.8 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total

  1. State own Banks 2. Private Banks Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2021/22 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,181 3,671 3,554 2 Awash Insurance Company S.C. 30 26 56 32 26 58 32 26 58 1,728 1,929 2,161 3 Africa Insurance Company S.C. 18 14 32 18 14 32 19 14 33 367 399 406 4 National Insurance Company of Ethiopia S.C. 22 17 39 22 17 39 24 17 41 257 303 318 5 United Insurance Company S.C. 30 13 43 34 13 47 34 13 47 732 902 1,079 6 Global Insurance Company S.C. 12 8 20 12 8 20 13 8 21 250 299 299 7 Nile Insurance Company S.C. 31 24 55 33 24 57 34 24 58 742 938 855 8 Nyala Insurance S.C. 17 18 35 18 18 36 18 18 36 1,222 1,300 1,411 9 Nib Insurance Company S.C. 29 15 44 30 15 45 30 15 45 610 855 845 10 Lion Insurance Company S.C. 19 22 41 19 22 41 19 22 41 310 335 320 11 E-Life & General Insurance S.C. 18 6 24 21 6 27 21 8 29 188 246 239 12 Oromia Insurance Company S.C. 25 25 50 25 28 53 26 28 54 734 1,060 1,039 13 Abay Insurance S.C. 15 14 29 17 15 32 17 15 32 463 527 589 14 Berhan Insurance S.C. 14 8 22 16 8 24 19 8 27 258 267 304 15 Tsehay Insurance S.C. 20 9 29 22 10 32 23 10 33 353 402 405 16 Lucy Insurance S.C. 16 6 22 18 6 24 18 6 24 134 163 175 17 Bunna Insurance S.C. 17 12 29 17 12 29 18 12 30 212 248 249 18 Zemen Insurance S.C. 4 2 6 13 3 16 14 3 17 144 152 159 TOTAL 362 305 667 392 311 703 404 313 717 11,885 13,996 14,407 Quarter I Branch Capital Quarter II Insurance Companies Quarter II Quarter I Quarter II Quarter II 2021/22 2022/23 2022/23

Source: NBE

National Bank of Ethiopia Quarterly Bulletin 33 | SecondQuarter 2022/23 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) 2021/22 QII QI QII A B C D=C/A E=C/B Total Capital 8,029,716.0 12,131,836.8 13,242,802.0 64.9 9.2 Saving 19,995,975.8 21,824,264.1 23,569,676.7 17.9 8.0 Credit 27,366,754.5 31,140,208.1 35,375,453.6 29.3 13.6 Total Assets 39,683,987.2 47,310,258.3 51,508,619.6 29.8 8.9 % Change Particulars 2022/23

Source: NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization At the end of second quarter 2022/23, the total resources mobilized by the banking system (sum of net change in deposit, loans collected and net change in borrowings), showed 126.7 percent annual growth due to higher net deposit growth (127.9 percent) and loan collection (83.6 percent) (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System Qtr.II 2021/22 Qtr.I 2022/23 Qtr.II 2022/23 A B C D=C/A E=C/B 1.Deposits (net change) 16,935.7 72,092.0 60,183.0 115,577.8 82,362.2 77,118.7 187,669.8 127.9 143.4 -Demand -13,714.7 24,146.0 15,645.6 31,832.7 52,879.8 1,930.9 55,978.7 5.9 2,799.1 -Saving 28,968.6 43,049.0 39,378.2 76,457.6 28,368.0 68,346.8 119,506.5 321.3 74.9 -Time 1,681.8 4,897.0 5,159.2 7,287.6 1,114.5 6,841.0 12,184.6 993.3 78.1 2. Borrowing (net change) 1,684.9 10,988.3 0.0 0.0 -3,076.3 1,684.9 10,988.3 -457.2 552.2 -Local 739.0 7,592.6 0.0 0.0 -3,103.8 739.0 7,592.6 -344.6 927.5 -Foreign 945.9 3,395.7 0.0 0.0 27.6 945.9 3,395.7 12,213.7 259.0 3. Collection of Loans 38,074.8 20,360.1 53,771.2 60,343.1 43,960.0 91,846.1 80,703.1 83.6 -12.1 4. Total Resources Mobilized (1+2+3) 56,695.5 103,440.3 113,954.2 175,920.9 123,245.9 170,649.7 279,361.2 126.7 63.7 5. Disbursement 21,916.5 43,820.6 107,425.0 137,952.8 81,558.5 129,341.5 181,773.3 122.9 40.5 6. Change in Liquidity (4-5) 34,778.9 59,619.8 6,529.2 37,968.2 41,687.4 41,308.1 97,587.9 134.1 136.2 Memorandum Item: Outstanding Credit* 837,559.1 859,763.5 810,097.0 924,867.8 1,372,153.3 1,647,656.0 1,784,631.3 30.1 8.3 Particulars State own Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2022/23 Qtr.II 2022/23 Qtr.I 2022/23 Qtr.II 2022/23 Source: Commercial Banks Notes: *Includes corporate bonds of Commercial Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 34 | SecondQuarter 2022/23 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 III III IV III III IV III III IV III III IV III 2018/2019 2019/20 2020/21 2021/22 2022/23 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization The total deposit liabilities of the banking system reached Birr 2.0 trillion, depicting 33.4 percent annual expansion. Demand deposits, which accounted for 31.8 percent of the total deposits, stood at Birr 626.3 billion showing 26.0 percent annual growth. Saving deposit went up by 37.8 percent to Birr 1.2 trillion and accounted for 61.2 percent of the total deposits. Time deposits constituted 7.0 percent of the total deposit liabilities and increased by 31.7 percent to Birr 138.8 billion. In brief, the share of state owned banks in total deposit was 49.8 percent and that of private banks 50.2 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter II Quarter I Quarter II 2021/22 2022/23 2022/23 A B C Demand Deposit 497,185.8 33.7 570,291.1 32.0 626,269.7 31.8 26.0 9.8 Saving Deposit 874,398.4 59.2 1,085,259.4 60.9 1,204,765.9 61.2 37.8 11.0 Time Deposit 105,390.0 7.1 126,597.8 7.1 138,782.4 7.0 31.7 9.6 Total 1,476,974.2 100.0 1,782,148.2 100.0 1,969,818.1 100.0 33.4 10.5 Share of state owned Banks 55.9 51.0 49.8 Share of Private Banks 44.1 49.0 50.2 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE

National Bank of Ethiopia Quarterly Bulletin 35 | SecondQuarter 2022/23 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 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II 2018/19 2019/2020 2020/2021 2021/2022 2022/2023 In percent State owned Banks Private Banks All Banks Source: CBEs & NBE 4.5.1.2. Collection of Loans During the review quarter, banks collected loans (including corporate bonds redemption) amounting to Birr 80.7 billion which showed 83.6 percent annual growth (Table 4.8). Of the total loan collection, private banks had 74.8 percent share while that of state owned banks was 25.2 percent. 4.5.1.3. Borrowing Total outstanding borrowing of the banking system was Birr 98.7 billion showing 19.9 percent annual growth. Of the total borrowing, Birr 74.8 billion (75.7 percent) was financed by domestic credit and Birr 24.0 billion (24.3 percent) by external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) 2021/22 Quarter II Quarter I Quarter II A B C D=C/B E=C/A Domestic Borrowing 64,832.7 67,195.2 74,787.8 11.3 15.4 Foreign Borrowing 17,554.5 20,562.7 23,958.5 16.5 36.5 Total 82,387.2 87,758.0 98,746.3 12.5 19.9 Banks Percentage change 2022/23 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 36 | SecondQuarter 2022/23 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 181.8 billion was disbursed in fresh loans (including CBE’s bond purchase) indicating 122.9 percent increase over last year same period. Of the total new loans disbursed, the share of state owned banks was 24.1 percent and that of private banks 75.9 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans disbursed were domestic trade (Birr 43.6 billion or 24.0 percent), international trade (birr 42.5 billion or 23.4 percent), consumer and staff loans (Birr 23.6 or 13.0 percent), manufacturing (Birr 22.5 billion or 12.4 percent), building and construction (Birr 11.7 or 6.4 percent), mines, power & water resources (Birr 11.1 billion or 6.1 percent), agriculture (Birr 10.2 billion or 5.6 percent) and transport & communication (Birr 6.8 billion or 3.9 percent), (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2018/19 2019/20 2020/21 2021/22 2022/23 Value in Million Birr Years/Quarters Total State owned Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 37 | SecondQuarter 2022/23 Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QII-2022/23 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 13,428 2,393 517,515 - - - 13,428 2,393 517,515 Agriculture 1,663 3,373 34,360 8,584 2,661 50,664 10,247 6,034 85,024 Manufacturing 7,916 4,504 192,031 14,549 7,543 135,293 22,465 12,047 327,324 Domestic Trade 7,478 2,349 18,581 36,153 14,038 180,847 43,631 16,387 199,428 International Trade 1,120 1,224 10,461 41,366 19,697 282,934 42,486 20,922 293,395 Export 1,091 925 7,066 32,302 14,470 192,593 33,393 15,395 199,659 Imports 29 300 3,396 9,064 5,228 90,340 9,093 5,527 93,736 Hotels and Tourism 101 268 3,911 3,384 1,645 32,764 3,485 1,913 36,675 Building and Construction 1,031 2,165 77,601 10,642 5,834 109,965 11,673 7,998 187,566 Mines, Power & Water Res. 11,042 50 369,984 13 111 938 11,054 161 370,922 Transport and Communications 2,482 940 97,069 4,389 1,863 26,497 6,871 2,804 123,567 Consumer and staff loans 9,250 3,109 41,597 14,400 4,704 80,766 23,650 7,813 122,363 Other sectors 1,737 2,378 14,167 4,474 2,247 24,200 6,212 4,625 38,368 Total 43,821 20,360 859,764 137,953 60,343 924,868 181,773 80,703 1,784,631 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit Source: Commercial Banks & DBE 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) went up by 30.1 percent to reach Birr 1.8 trillion compared to last year same period. About 99.6 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises (Table 4.8 & 4.12). Sector wise, the major holder of outstanding credit were ‘mines, power & water resource’ (Birr 370.9 billion or 20.8 percent) followed by manufacturing (Birr 327.3 billion or 18.3 percent), international trade (Birr 293.4 billion or 16.4 percent), domestic trade (Birr 199.4 billion or 11.2 percent), building & construction (Birr 187.6 billion or 10.5 percent), and transport & communication (Birr 123.6 billion or 6.9 percent) (Table 4.11).

38 | SecondQuarter 2022/23 Table 4.12: Breakdown of Banking System Credit by Clients in QII-2022/23 In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 43,820.6 24.1 20,360.1 25.2 859,763.5 48.2 Corporate Bonds* 13,427.7 0.0 2,393.3 0.0 517,514.9 60.2 State Enterprises 17,437.1 39.8 6,290.1 30.9 690,844.6 80.4 Cooperatives 1,673.4 3.8 333.2 1.6 11,496.1 1.3 Private Enterprises 24,710.1 56.4 13,736.8 67.5 157,422.8 18.3 Private Banks 137,952.8 75.9 60,343.1 74.8 924,867.8 51.8 State Enterprises 233.5 0.2 79.2 0.1 3,978.2 0.4 Cooperatives 2,886.6 2.1 1,266.5 2.1 11,212.9 1.2 Private Enterprises 134,832.7 97.7 58,997.4 97.8 909,676.7 98.4 Grand Total 181,773.3 100.0 80,703.1 100.0 1,784,631.3 100.0 Source: Commercial Banks &DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2018/19 2019/20 2020/21 2021/22 2022/23 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding

Source: NBE

39 | SecondQuarter 2022/23 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 474 billion at the end of December 2022 about 52.2 percent higher than a year earlier. Of this sum, government bonds accounted for 91.6 percent and direct advance 8.4 percent. Direct advance decreased by 64.8 percent compared to the same quarter of 2021/22 due to its conversion into government bond. NBE’s deposit liabilities rose 18.8 percent over last year due to the monetary policy change on reserve requirement ratio (Table 4.13).

40 | SecondQuarter 2022/23 Table 4.13: Financial Activities of NBE (In Millions of Birr) 2021/22 Qtr.II Qtr.I Qtr.II A B C D=C/A E=C/B 1.Loans and Advances 363,749.81 461,814.26 518,814.26 42.6 12.3 1.1. To Central Government 311,427.10 416,991.55 473,991.55 52.2 13.7 1.1.1 Direct Advances 113,500.00 219,500.00 40,000.00 -64.8 -81.8 1.1.2 Bonds( including Noninterest bearing special bond) 197,927.10 197,491.55 433,991.55 119.3 119.8 1.2.To Development Bank of Ethiopia 52,322.71 44,822.71 44,822.71 -14.3 0.0 2.Deposit Liabilities 190,061.84 215,524.31 225,725.00 18.8 4.7 2.1. Government 44,866.05 48,571.29 40,798.80 -9.1 -16.0 2.2. Financial Institutions 145,195.80 166,953.02 184,926.20 27.4 10.8 O/W: -Banks( Reserve) 145,171.97 166,932.39 184,912.61 27.4 10.8 -Insurance companies 23.8 20.6 13.6 -43.0 -34.1 3.Net Claims of NBE(1-2) 173,688.0 246,289.9 293,089.3 68.7 19.0 Particulars % Change 2022/23 Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of 2022/23, the amount of T-bills supplied to the bi-weekly auction reached Birr 360.0 billion, showing 87.0 percent annual increase. On the other hand, the demand for T-bills decreased by 6.3 percent and stood at Birr 175.2 billion (Table 14.4). The total amount of T-bills sold was Birr 172.2 billion, about 5.5 percent lower than a year ago. Non-bank institutions bought T-bills worth Birr 62.0 billion while banks purchased T-bills to the tune of Birr 110.2 billion. T-bills valued at Birr 171.7 billion were redeemed during the quarter under review. The total outstanding T-bills at the end of the quarter reached Birr 309.2 billion, reflecting a 22.0 percent annual increase. The average weighted T-bills yield stood at 9.592 percent which was 8.7 percentage points higher than that of a year earlier (Table 4.14).

41 | SecondQuarter 2022/23 Table 4.14: Results of Treasury Bills Auction (In Millions of Birr) 2021/22 Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 295 143 316 7.12 120.98 Public 60 56 63 5.00 12.50 Private 235 87 253 0.00 190.80 Number of Bids received 295 143 316 7.12 120.98 Public 60 56 63 5.00 12.50 Private 235 87 253 7.66 190.80 Amount Demanded (Mn. Birr) 187,047.18 114,528.60 175,225.00 -6.32 53.00 28-day bill 13,375.00 16,545.00 26,350.00 97.01 59.26 91-day bill 56,631.89 28,156.89 39,273.95 -30.65 39.48 182-day bill 24,712.00 48,821.57 32,077.00 29.80 (34.30) 364-day bill 92,328.29 21,005.14 77,524.05 - 269.07 Amount Supplied (Mn. Birr) 192,560.00 189,939.60 360,037.94 86.97 89.55 28-day bill 6,600.00 8,795.00 32,710.00 395.61 271.92 91-day bill 54,760.00 37,256.89 106,656.89 94.77 186.27 182-day bill 43,200.00 87,471.57 110,017.00 154.67 25.77 364-day bill 88,000.00 56,416.14 110,654.05 - 96.14 Amount Sold (Mn. Birr) 182,297.18 105,278.60 172,225.00 -5.53 63.59 Banks 137,632.29 46,800.00 110,205.11 (19.93) 135.48 Non-Banks 44,664.89 58,478.60 62,019.89 38.86 6.06 Redemption (Mn. Birr) 90,259.89 107,983.60 171,692.18 90.22 59.00 28-day bill 99.38 99.34 99.30 -0.08 -0.04 91-day bill 97.70 97.39 97.40 -0.31 0.01 182-day bill 95.55 95.51 95.33 -0.23 -0.19 364-day bill 92.32 91.18 92.04 -0.30 0.94 28-day bill 8.173 8.659 9.164 12.12 5.83 91-day bill 9.434 10.754 10.700 13.41 -0.50 182-day bill 9.349 9.434 9.825 5.09 4.15 364-day bill 8.346 9.703 8.678 3.98 -10.57 Banks 162,582.29 172,582.29 152,468.05 (6.22) (11.65) Non-Banks 90,916.00 142,382.30 156,742.30 72.40 10.09 2022/23 % Change Average Weighted Price for Successful bids (% ) 96.24 95.85 96.02 (0.23) 0.17 -1.83 Average Weighted Yield for Successful bids (% ) 8.826 9.638 9.592 8.68 -0.47 Outstanding bills at the end of Period (Mn.Br.) 253,498.29 314,964.59 309,210.35 21.98 Source: National Bank of Ethiopia (NBE)

42 | SecondQuarter 2022/23 Fig.IV.13: Development in Treasury- bills Markets Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE 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 remained undeveloped whereby major players being a few public institutions and regional governments. The purchaser of these bonds was solely the Commercial Bank of Ethiopia (CBE). During the second quarter of 2022/23, CBE purchased corporate bonds worth Birr 13.4

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand 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 III IV I II 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In percent) 28- day 91- day 182- day 364- day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

43 | SecondQuarter 2022/23 billion of which Birr 11.0 billion was from EEP and Birr 2.4 billion from Ethiopian Railway Corporation. During the quarter under review, the amount of corporate bonds redeemed was Birr 2.4 billion, of which Birr 1.5 billion was redeemed by Addis Ababa City Administration; Birr 871.0 million by Ethiopian Railway Corporation and Birr 37.4 million by Oromia Regional State. The stock of corporate bonds held by CBE stood at Birr 517.5 billion, of which 89.9 percent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). EEP held 71.3 percent of the total outstanding corporate bond balance.

National Bank of Ethiopia Quarterly Bulletin 44 | Second Quarter 2022/23 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (In millions of Birr) NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 14,417.39 71.43 383,476.47 25,213.96 - 425,342.09 13,427.72 871.43 465,301.43 EEP 9,850.16 71.43 314,843.25 12,200.00 - 340,941.90 11,000.00 - 368,864.97 Railway Corporations 4,567.23 - 68,633.22 13,013.96 - 84,400.19 2,427.72 871.43 96,436.46 DBE - - - - - - - 2. Regional Governments 13,587.37 3,194.71 55,524.33 2,500.00 947.21 51,786.02 - 1,521.86 52,213.51 Oromia 16.29 376.06 - 0.12 372.34 - 37.43 228.13 Amhara - - - - - - Tigray 91.54 - - 91.54 - - - SNNPRS - - - - - - - Dire Dawa 0.00 - - 0.00 - - - Harari 0.00 - - 0.00 - - - Addia Ababa 13,587.37 3,178.42 55,056.74 2,500.00 947.09 51,322.14 - 1,484.43 51,985.38 3.Grand Total(1+2) 28,004.76 3,266.14 439,000.81 27,713.96 947.21 477,128.11 13,427.72 2,393.28 517,514.95 Issuer of the Bond 2020/21 2021/22 2022/23 QII Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding.

National Bank of Ethiopia Quarterly Bulletin 45 | Second Quarter 2022/23 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The deficit in the overall balance of payments was USD 328.1 million during the second quarter of 2022/23 compared to USD 589.6 million deficit a year ago. Meanwhile, the current account deficit narrowed due to a 217.5 percent surge in net service trade and 13 percent rise in private transfers despite a 4 percent decline in net official transfers and a 8.5 percent widening in merchandise trade deficit. Furthermore, net inflow of capital account 8.7 percent driven mainly by 33.6 percent growth in foreign direct investment and significant rise in private long term capital coupled with decline in net deficit in other public￾sector long term capital by 22.9 percent (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 46 | Second Quarter 2022/23 Table 5.1: Balance of Payments (In Millions of USD) S/ N Particulars 2021/22 2022/23 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Exports, f.o.b. 914.3 977.0 778.0 -14.9 -20.4 Coffee 251.5 426.9 234.8 -6.7 -45.0 Other 662.8 550.1 543.2 -18.0 -1.2 2 Imports 4,350.2 4,552.8 4,504.7 3.6 -1.1 Fuel 718.1 1,131.2 957.0 33.3 -15.4 Cereals 602.2 356.3 427.0 -29.1 19.8 Aircraft 46.8 18.2 0.5 -98.8 -97.0 Imports excl. fuel, cereals, aircraft 2,983.2 3,047.2 3,120.1 4.6 2.4 3 Trade Balance (1-2) -3,435.9 -3,575.8 -3,726.7 8.5 4.2 4 Services, net 76.3 226.6 242.2 217.5 6.9 Non-factor services, net 208.7 369.1 345.4 65.5 -6.4 Exports of non-factor services 1,651.8 1,882.2 1,834.9 11.1 -2.5 Imports of non-factor services 1,443.1 1,513.0 1,489.6 3.2 -1.5 Factor services (Investment income), net -132.5 -142.5 -103.2 -22.1 -27.6 Interest, net -132.0 -142.5 -103.2 -21.9 -27.6 Dividend, net -0.4 5 Private transfers, net 1,545.4 1,639.9 1,746.7 13.0 6.5 o/w: NGO's,(Net) 388.6 310.4 506.6 30.3 63.2 Private Individuals 1,156.7 1,329.5 1,240.2 7.2 -6.7 6 Current account balance excluding official transfers (3+4+5) -1,814.3 -1,709.3 -1,737.8 -4.2 1.7 7 Official transfers, net 324.0 154.3 311.1 -4.0 101.5 8 Current account balance including official transfers(6+7) -1,490.3 -1,554.9 -1,426.7 -4.3 -8.2 9 Capital account 1,061.6 598.5 1,154.4 8.7 92.9 Official Long-term Capital, net 146.4 82.0 60.3 -58.8 -26.5 Disbursements 192.6 230.0 175.2 -9.0 -23.8 Amortization 46.2 148.0 115.0 148.9 -22.3 Other public long-term capital -60.9 -293.7 -46.9 -22.9 -84.0 Private sector, long term 2.7 45.8 14.9 456.8 -67.5 Foreign Direct Investment, net 811.1 906.1 1,083.8 33.6 19.6 Short-term Capital 162.2 -141.6 42.3 -73.9 -129.9 10 Errors and Omissions [11-(9+8)] -160.9 842.1 -55.8 11 Overall balance (-13) -589.6 -114.3 -328.1 12 Financing (13+16) 589.6 114.3 328.1 13 Reserves [ Increase(-), Decrease (+)] (14+15) 589.6 114.3 328.1 14 Central Bank (NFA) 416.3 336.5 273.6 Asset 483.6 271.3 44.0 Liabilities -67.3 65.2 229.6 15 Commercial banks (NFA) 173.3 -222.2 54.5 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 47 | Second Quarter 2022/23 Total current receipts amounted to USD 4.7 billion which was 5.6 percent higher than a year earlier. This was on account of a surge in services proceeds (11.8 percent) and private transfers (13 percent) despite a decrease in export proceeds (14.9 percent) and public transfers (2.4 percent). Similarly, total current payments increased by 3.1 percent and reached USD 6.2 billion due to higher merchandise import bills (3.6 percent), services payments (1.8 percent), private transfers (1.1 percent) and official transfers (8.5 percent). Thus, the current account deficit (including official transfers) narrowed from USD 1.5 billion to USD 1.4 billion (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2021/22 2022/23 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 4,485.6 4,741.8 4,736.7 5.6 -0.1 Export Proceeds 914.3 977.0 778.0 -14.9 -20.4 Services Proceeds 1,652.8 1,891.7 1,847.7 11.8 -2.3 Private Transfers 1,548.3 1,650.8 1,749.6 13.0 6.0 Public Transfers 370.3 222.2 361.3 -2.4 62.6 2 Current Payments 5,975.9 6,296.7 6,163.4 3.1 -2.1 Import Payments 4,350.2 4,552.8 4,504.7 3.6 -1.1 Services Payments 1,576.5 1,665.1 1,605.6 1.8 -3.6 Private Transfers 2.9 10.9 2.9 1.1 -73.2 Public Transfers 46.3 67.9 50.2 8.5 -26.0 3 Net, (1-2) -1,490.3 -1,554.9 -1,426.7 -4.3 -8.2 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 48 | Second Quarter 2022/23 Source: NBE Staff Compilation

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 In Millions of USD Fig V.1: Trends in Current Receipts and Payments Current Receipts Current Payments

National Bank of Ethiopia Quarterly Bulletin 49 | Second Quarter 2022/23 5.2. Balance of Trade During the second quarter of 2022/23, merchandise trade deficit widened to USD 3.7 billion from USD 3.4 billion a year ago due to higher import payments coupled with the fall in merchandise export receipts. Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission 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 Q3 Q4 Q1 Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 50 | Second Quarter 2022/23 5.2.1. Export of Goods Total receipts from export of goods declined by 14.9 percent compared to last year same quarter owing to lower export revenue from coffee (6.7 percent), oilseeds (55.8 percent), gold (64.5 percent), chat (35.1 percent), meat & meat products (5.4 percent), leather & leather products (17.9 percent), live-animals (14.7 percent) and electricity (9.9 percent). On the other hand, receipts from pulses grew 17.4 percent, including, flower (8.6 percent), fruits & vegetables (125.2 percent), textile & textile products (9.1 percent) and other exports (27.9 percent). Export proceeds from coffee decreased by 6.7 percent vis-à-vis the same quarter of last year due to 27.7 percent slowdown in export volume despite the 29.1 percent rise in international price. Yet, the share of coffee in total merchandise export earnings increased to 30.2 percent from 27.5 percent a year earlier. Similarly, proceeds from oilseeds export plummeted by 55.8 percent over last year same quarter as a result of a 56.0 percent decline in export volume despite marginal (0.4 percent) rise in international price. Thus, the share of oilseeds in total export earnings dropped to 5.0 percent from 9.6 percent a year earlier. Export earnings from gold fell 64.5 percent on annual basis mainly as a result of 61.2 percent fall in export volume & 8.5 percent international price. Hence, the share of gold in total merchandise export dropped to 6.7 percent from 16.1 percent last year same quarter. Likewise, earnings from chat export declined by 35.1 percent and reached USD 53.8 million as export volume fell by 48.2 percent despite 25.1 percent rise in international price. Consequently, the share of chat in total merchandise export earnings stood at 6.9 percent relative to 9.1 percent a year ago. Export receipts from meat & meat products amounted to USD 25.2 million, depicting a 5.4 percent decrement as export volume fell by 43.8 percent despite 68.4 percent surge in

National Bank of Ethiopia Quarterly Bulletin 51 | Second Quarter 2022/23 international price. As a result, the share of meat & meat products in total export earnings increased to 3.2 percent from 2.9 percent a year earlier. Similarly, receipts from export of leather & leather products declined by 17.9 percent vis-à-vis same quarter of last year owing to 30.0 percent drop in export volume despite 17.2 percent improvement in international price. Hence, their share in total merchandise export remained unchanged at 1.0 percent. Export receipts from electricity went down by 9.9 percent vis-à-vis the same quarter of last year due to 12.1 percent fall in export volume despite 2.5 percent rice in international price. Therefore, the share of electricity in total export earnings marginally increased to 2.7 percent from 2.6 percent a year ago. Likewise, export receipts from live￾animals showed a 14.7 percent decline owing to 53.8 percent drop in export volume despite 84.4 percent improvement in international price. As a result, the share of live-animals in total merchandise export earnings remained at 0.4 percent during. On the other hand, export proceeds from pulses increased 17.4 percent over last year same quarter mainly due to 82.0 percent growth in export volume, although, international price declined by 35.5 percent. Thus, the share of pulses in total merchandise export revenue increased to 8.0 percent from 5.8 percent a year ago. Export receipts from flower also grew by 8.6 percent due to a 18.6 percent rise in international price inspite of 8.4 percent fall in export volume. Accordingly, the share of flower in total merchandise export scaled up 17.3 percent from 13.6 percent a year ago. Similarly, export revenue from textile & textile products increased by 9.1 percent on account of 41.1 percent rise in international price regardless of 22.7 percent fall in export volume. Therefore, its share in total merchandise export earnings increased to 6.7 percent from 5.2 percent a year earlier.

National Bank of Ethiopia Quarterly Bulletin 52 | Second Quarter 2022/23 Likewise, export revenue from fruit & vegetables stood at USD 44.6 million, showing a 125.2 percent increase owing to 265.2 percent surge in international price despite the 38.3 percent slowdown in export volume. Thus, the share of fruit & vegetables in total merchandise export receipt increased to 5.7 percent from 2.2 percent a year earlier (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2021/22 2022/23 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 251.51 27.51 426.94 43.70 234.76 30.18 (6.7) (45.0) Oilseeds 87.86 9.61 53.16 5.44 38.83 4.99 (55.8) (27.0) Leather and Leather Products 9.06 0.99 6.31 0.65 7.44 0.96 (17.9) 17.8 Pulses 53.20 5.82 40.23 4.12 62.46 8.03 17.4 55.2 Meat & Meat Products 26.60 2.91 21.72 2.22 25.17 3.24 (5.4) 15.9 Fruits & Vegetables 19.81 2.17 15.33 1.57 44.61 5.73 125.2 191.1 Textile & Textile Products 47.77 5.23 34.70 3.55 52.11 6.70 9.1 50.2 Live Animals 123.89 13.55 167.31 17.12 134.60 17.30 8.6 (19.5) Chat 147.17 16.10 50.57 5.18 52.31 6.72 (64.5) 3.4 Gold 3.89 0.43 4.32 0.44 3.32 0.43 (14.7) (23.2) Flower 82.98 9.08 80.91 8.28 53.82 6.92 (35.1) (33.5) Electricity 23.50 2.57 19.36 1.98 21.17 2.72 (9.9) 9.4 Others 37.04 4.05 56.18 5.75 47.39 6.09 27.9 (15.7) Total Export 914.3 100.0 977.0 100.0 778.0 100.0 (14.9) (20.4) Total Export Excluding Electricity 890.8 957.7 756.8 (15.0) (21.0) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 53 | Second Quarter 2022/23 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2021/22 2022/23 Percentage Change QII QI QII A B C C/A C/B Coffee 62.64 72.95 45.28 (27.71) (37.93) Oilseeds 54.06 32.10 23.80 (55.98) (25.87) Leather and Leather Products 0.64 0.47 0.45 (29.96) (3.42) Pulses 44.10 43.22 80.24 81.96 85.64 Meat & Meat Products 4.95 3.73 2.78 (43.79) (25.36) Fruits & Vegetables 63.82 41.29 39.36 (38.32) (4.66) Textile & Textile Products 9.76 8.11 7.54 (22.70) (6.95) Live Animals 26.92 34.39 24.66 (8.41) (28.30) Chat 2.41 0.96 0.93 (61.16) (2.74) Gold(In mn. of grams) 3.09 1.99 1.43 (53.77) (28.13) Flower 14.35 12.82 7.44 (48.16) (41.95) Electricity(In mn of kwh) 422.74 341.92 371.67 (12.08) 8.70 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold

National Bank of Ethiopia Quarterly Bulletin 54 | Second Quarter 2022/23 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2021/22 2022/23 Percentage Change QII QI QII A B C C/A C/B Coffee 4.01 5.85 5.18 29.13 (11.42) Oilseeds 1.63 1.66 1.63 0.40 (1.47) Leather and Leather Products 14.06 13.51 16.48 17.20 21.98 Pulses 1.21 0.93 0.78 (35.48) (16.38) Meat & Meat Products 5.38 5.83 9.05 68.39 55.24 Fruits & Vegetables 0.31 0.37 1.13 265.19 205.34 Textile & Textile Products 4.90 4.28 6.91 41.12 61.41 Live Animals 4.60 4.86 5.46 18.62 12.20 Chat 61.18 52.64 55.99 (8.49) 6.35 Gold (USD/grams) 1.26 2.17 2.32 84.45 6.85 Flower 5.78 6.31 7.23 25.11 14.58 Electricity (USD/kwh) 0.06 2.49 0.61 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 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 QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 55 | Second Quarter 2022/23 Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import bill amounted to USD 4.5 billion during the second quarter of 2022/23, depicting 3.6 percent annual growth as a result of substantial increase in import values of capital goods, fuel, semi-finished goods and raw materials. Capital goods import bill increased by 21.3 percent due to rise in import bills of industrial capital goods (31.9 percent) and agricultural capital goods (41.6 percent) despite 39.1 percent fall in transport capital goods. As a result, the share of capital goods import in total goods import increased to 18.9 percent from 16.2 percent a year earlier. Likewise, payments for fuel import surged by 33.3 percent whereby its share in total import payments went up to 21.2 percent from 16.5 percent a year ago. Moreover, payment for semi-finished goods increased by 2.3 percent as import bills of fertilizer grew significantly by 73.3 percent. However, the share of semi-finished goods in total merchandise import bills declined slightly to 15.7 percent from 15.9 percent a year earlier. Import bills of raw materials also increased by 10.0 percent compared to 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 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 QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA)

National Bank of Ethiopia Quarterly Bulletin 56 | Second Quarter 2022/23 same quarter last year. Hence, their share in total merchandise import bills stood at 0.8 percent during the review period.Imports of mislaneous goods also depicted a 32.8 percent annual growth. On the other hand, import value of consumer goods showed a 12.1 percent annual decrease due to 16.6 percent decline in import of non-durable goods regardless of 34.9 percent growth in import of durable goods. As a result, the share of consumer goods in total import went down to 42.5 percent from 50.0 percent a year ago. Meanwhile, total franco-valuta import increased by 1.2 percent and stood at USD 1.8 billion accounting for 41.0 percent of the total import value. Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2021/22 2022/23 Percentage Changes QII Share (%) QI Share (%) QII Share (%) A B C C/A C/B Raw Materials 32.6 0.7 28.1 0.6 35.8 0.8 10.0 27.3 Semi-finished Goods 693.4 15.9 847.8 18.6 709.2 15.7 2.3 (16.3) Fertilizers 73.2 1.7 252.6 5.5 126.7 2.8 73.3 (49.8) Fuel 718.1 16.5 1,131.2 24.8 957.0 21.2 33.3 (15.4) Petroleum Products 716.1 16.5 1,101.3 24.2 903.7 20.1 26.2 (17.9) Others 2.0 0.0 29.9 0.7 53.2 1.2 2,569.4 77.8 Capital Goods 702.6 16.2 933.3 20.5 852.5 18.9 21.3 (8.7) Transport 106.9 2.5 68.6 1.5 65.1 1.4 (39.1) (5.1) Agricultural 14.7 0.3 14.4 0.3 20.9 0.5 41.6 45.0 Industrial 581.0 13.4 850.4 18.7 766.5 17.0 31.9 (9.9) Consumer Goods 2,175.3 50.0 1,580.6 34.7 1,912.6 42.5 (12.1) 21.0 Durables 191.6 4.4 215.4 4.7 258.6 5.7 34.9 20.0 Non-durables 1,983.7 45.6 1,365.1 30.0 1,654.1 36.7 (16.6) 21.2 Miscellaneous 28.2 0.6 31.8 0.7 37.5 0.8 32.8 18.1 Total Imports 4,350.2 100 4,552.8 100 4,504.7 100 3.6 -1.1 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 57 | Second Quarter 2022/23 Table 5.7: Value of Franco Valuta Import (In Millions of USD Commodity Group 2021/22 2022/23 Percentage Change Q II Q I Q II A B C C/A C/B Beverages 1.6 0.2 0.9 -45.5 386.5 Chemicals 4.5 15.5 16.8 269.3 8.4 Clothing 5.3 9.3 7.3 38.1 -22.4 Food and live animals 503.5 374.3 435.5 -13.5 16.3 Textiles 15.5 45.4 42.6 174.7 -6.2 Tobacco 0.0 0.0 0.1 104.1 1063.6 Soap & polish 1.2 1.1 13.9 1021.9 1185.2 Fertilizer 105.2 47.8 74.4 -29.3 55.8 Paper & paper manufacturing 5.5 5.2 7.5 36.8 44.5 Metal & metal manufacturing 36.2 127.6 65.8 81.5 -48.5 Medical and pharmaceuticals products 162.6 0.1 0.2 -99.8 122.3 Rubber products 8.2 14.8 22.2 172.1 49.8 Petroleum Crude 0.1 0.1 0.0 -45.6 -54.9 Petroleum product 1.4 11.5 8.9 521.7 -23.1 Glass & glass ware 3.4 2.3 3.7 10.6 61.3 Electrical material 61.4 82.0 87.9 43.3 7.2 Machine 144.1 308.6 214.5 48.8 -30.5 Road & motor vehicles 4.9 4.6 5.8 19.8 26.0 Tele apparatus 1.8 1.2 1.1 -40.5 -9.4 Cement 0.08 0.0 0.0 Others 759.2 757.5 837.9 10.4 10.6 Total 1,825.5 1,809.2 1,846.9 1.2 2.1 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 58 | Second Quarter 2022/23 5.2.3. Direction of Trade 5.2.3.1. Export of Goods The major destinations for Ethiopian exports were Asia, Europe and Africa where Asia accounted for 36.8 percent of Ethiopia’s total export revenue, with Saudi Arabia taking a 30.0 percent share, followed by United Arab Emirates (13.0 percent), Israel (8.7 percent), Japan (8.0 percent), South Korea (7.3 percent), India (6.7 percent), China (6.1 percent), Singapore (3.9 percent), Hong Kong (1.5 percent), Indonesia (1.5 percent), Taiwan (1.3 percent), Yemen (1.2 percent), Pakistan (0.9 percent) and Malaysia (0.9 percent). All these countries accounted for 91.0 percent of Ethiopia’s total export to Asia Europe constituted 32.3 percent of total export receipts, with the Netherlands being the main destination for Ethiopia’s export having 33.9 percent share, followed by Switzerland (21.0 percent), Germany (15.4 percent), Belgium (7.2 percent), United Kingdom (7.0 percent), Italy (4.4 percent), France (2.4 percent), Turkey (2.3 percent), Russia (1.5 percent) and Norway (1.3 percent). These European countries together had 96.3 percent share of Ethiopia’s total exports to Europe. About 19.2 percent of Ethiopia’s export earnings originated from Africa, mainly Djibouti (40.9 percent), Somalia (27.4 percent), Sudan (17.2 percent), Kenya (5.8 percent) and South Africa (1.0 percent), which altogether accounted for 92.4 percent of the total exports to Africa. America had 10.8 percent share in Ethiopia’s total export earnings, of which 87.2 percent was exports to the United States followed by Canada (11.5 percent). These countries accounted for 98.8 percent of Ethiopia’s total exports to America.

National Bank of Ethiopia Quarterly Bulletin 59 | Second Quarter 2022/23 Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the second quarter of FY2022/23, Asia accounted for 64.4 percent of the total imports of Ethiopia with the major imports coming from China (32.4 percent), India (21.8 percent), Saudi Arabia (13.8 percent), UAE (12.0 percent), Malaysia (7.3 percent), Kuwait (3.5 percent), Indonesia (2.4 percent) and Thailand (1.3 percent) whose combined share was 94.5 percent. Imports from Europe constituted 16.1 percent of Ethiopia’s total imports with the major countries being Turkey (30.9 percent), Ukraine (12.2 percent), United Kingdom (8.7 percent), Italy (7.3 percent), Germany (6.4 percent), France (6.1 percent), Belgium (6.0 percent), Russia (3.9 percent), Swizerland (3.0 percent), Spain (2.0 percent), the Netherlands (1.9 percent), Poland (1.3 percent) and Ireland (1.2 percent). These countries jointly accounted for 90.9 19.2% 32.3% 10.8% 36.8% 0.9% Fig V.7: Export By Destination Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 60 | Second Quarter 2022/23 percent of Ethiopia’s total imports from Europe. Africa accounted for about 11.9 percent of Ethiopia’s total merchandise import bill. The major countries of origin were Morocco (27.7 percent), Djibouti (24.0 percent), Egypt (23.8 percent), South Africa (13.5 percent), Kenya (6.8 percent) and Rwanda (2.5 percent) which altogether represented 98.3 percent of the total imports from the continent. Import from America had a 7.6 percent share in the total import bill, of which the United States accounted for 87.3 percent followed by Brazil (2.9 percent), Canada (2.4 percent) and Mexico (1.0 percent). Source: NBE Staff Compilation 11.9% 16.1% 64.4% 7.6% 0.05% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 61 | Secon Quarter 2022/23 5.3. Services and Transfers 5.3.1. Net Services Net surplus in services trade reached USD 242.2 million during the review quarter compared to USD 76.5 million surplus a year ago; this surplus was attributed to an increase in net travel (111.6 percent) and, net transport (4 percent), coupled with a decline in net investment payment (22.1 percent) and in net other service payment (27.5 percent) despite the fall in net surplus of government services (12.9 percent) (Table 5.8). Source: NBE Staff Compilation -500.0 -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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

National Bank of Ethiopia Quarterly Bulletin 62 | Secon Quarter 2022/23 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2021/22 2022/23 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -132.5 -142.5 -103.2 -22.1 -27.6 2 Interest, net (3-4) -132.0 -142.5 -103.2 -21.9 -27.6 3 Credit 1.0 9.6 12.8 1244.9 34.1 4 Debit 133.0 152.1 116.0 -12.8 -23.7 5 Dividend, net -0.4 6 NON-FACTOR SERVICES, net (7-8) 208.7 369.1 345.4 65.5 -6.4 7 Exports of non-factor services 1,651.8 1,882.2 1,834.9 11.1 -2.5 8 Travel 214.9 283.1 302.9 40.9 7.0 9 Transport 1 1,271.4 1,466.1 1,404.6 10.5 -4.2 10 Gov't 2 52.6 43.5 44.6 -15.3 2.4 11 Other 3 112.8 89.5 82.8 -26.6 -7.4 12 Imports of non-factor services 1,443.1 1,513.0 1,489.6 3.2 -1.5 13 Travel 157.3 155.1 180.9 15.0 16.6 14 Transport 1 933.7 1,113.6 1,053.5 12.8 -5.4 15 Gov't 2 1.6 0.4 0.1 -91.4 -68.5 16 Other 3 350.5 243.8 255.0 -27.2 4.6 17 Net Services (18+19+20+21+22) 76.3 226.6 242.2 217.5 6.9 18 Travel (8-13) 57.7 127.9 122.0 111.6 -4.7 19 Transport (9-14) 337.7 352.5 351.1 4.0 -0.4 20 Gov't (10-15) 51.0 43.1 44.5 -12.9 3.2 21 Other (11-16) -237.7 -154.4 -172.2 -27.5 11.6 22 Investment Income (2+5) -132.5 -142.5 -103.2 -22.1 -27.6 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

National Bank of Ethiopia Quarterly Bulletin 63 | Secon Quarter 2022/23 5.3.2. Transfers During the review period, total transfer receipts increased by 10 percent and reached USD 2.1 billion due to 13 percent rise in private transfers which more than offset the 2.4 percent decline in official transfers. Similarly, total transfer payments grew significantly from USD 49.2 million to USD 53.1 million on account of 8.5 percent increase in official transfers and 1.1 percent in private transfer payments. Hence, net transfers went up 10.1 percent and reached USD 2.1 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2021/22 2022/23 Percentage Change QII Share (In %) QI Share (In %) QI Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,545.4 82.7 1,639.9 91.4 1,746.7 84.9 13.0 6.5 2 Credit (3+4) 1,548.3 80.7 1,650.8 88.1 1,749.6 82.9 13.0 6.0 3 NGO's 391.5 20.4 321.3 17.2 509.5 24.1 30.1 58.6 4 Private individuals 1,156.7 60.3 1,329.5 71.0 1,240.2 58.7 7.2 -6.7 5 Debit 2.9 5.9 10.9 13.8 2.9 5.5 1.1 -73.2 6 Official transfers, net (7-8) 324.0 17.3 154.3 8.6 311.1 15.1 -4.0 101.5 7 Credit 370.3 19.3 222.2 11.9 361.3 17.1 -2.4 62.6 8 Debit 46.3 94.1 67.9 86.2 50.2 94.5 8.5 -26.0 9 Total Receipts 1,918.6 100.0 1,873.0 100.0 2,111.0 100.0 10.0 12.7 10 Total Payments 49.2 100.0 78.8 100.0 53.1 100.0 8.1 -32.5 11 Net Transfers 1,869.4 100.0 1,794.2 100.0 2,057.8 100.0 10.1 14.7 Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 64 | Secon Quarter 2022/23 Source: NBE Staff Compilation 5.4. Current Account Balance The current account deficit (including official transfers) narrowed from USD 1.5 billion last year to USD 1.4 billion, this quarter owing to a 13 percent increase in net private transfers increased and 217.5 percent surge in net surplus of services trade (Table 5.1). 5.5. Capital Account Capital account recorded USD 1.15 billion surplus which was 8.7 percent higher than that of last year same quarter. The rise in surplus was mainly attributed to 33.6 percent growth in foreign direct investment and 456.8 percent hike in private long-term capital from USD 2.7 million to USD 14.9 million coupled with a 22.9 percent decline in net deficit of other public sector capital. Similarly, hand, net official long term capital and short term decreased by 58.8 percent and 73.9 percent, respectively. . 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 65 | Secon Quarter 2022/23 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the second quarter of 2022/23 reached USD 328.1 million compared to USD 589.6 million deficit a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia and of commercial banks showed a USD 273.6 million and USD 54.5 million drawdown, respectively (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, the weighted average official exchange rate of the Birr reached Birr 52.9654/USD in the second quarter of FY2022/23, depicting a 11.3 percent annual depreciation. The end period exchange rate of the Birr was 53.3387/USD, indicating that the Birr has lost ground against USD by 8.4 percent vis-à-vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2021/22 51.9938 48.5673 12.6 0.00 Qtr. II C 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 2022/23 Qtr. I B 52.5893 52.3035 3.25 0.00 July 52.1427 52.0719 1.05 0.00 August 52.4617 52.3089 1.15 0.00 September 52.5893 52.5297 1.05 0.00 Qtr. II A 53.3387 52.9654 3.25 0.00 October 52.8777 52.7413 1.05 0.00 November 53.0339 52.9601 1.10 0.00 December 53.3387 53.1947 1.10 0.00 Percentage Changes A/B 1.43 1.27 0.00 A/C 8.43 11.27 0.00 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 66 | Second Quarter 2022/23 In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 53.1749/USD, showing 11.9 percent depreciation, while the selling rate was Birr 54.2324/USD, depicting 12 percent annual depreciation. Thus, the average spread between the buying and the selling rates marginally increased to 2.0 from 1.9 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 67 | Second Quarter 2022/23 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 2021/22 2022/23 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 35,597.8 4,536.7 31,720.0 30,096.4 35,986.4 32,341.2 13.5 7.5 1.1 612.9 2 Bank of Abyssinia 1,430.8 4,512.7 313.8 3,982.4 348.9 6,508.9 11.2 63.4 (75.6) 44.2 3 Dashen Bank 2,833.7 3,211.5 3,669.3 5,166.9 3,916.5 4,437.4 6.7 (14.1) 38.2 38.2 4 Awash International Bank 848.4 2,819.5 1,097.8 5,563.3 546.5 8,124.8 (50.2) 46.0 (35.6) 188.2 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 1,778.1 1,016.4 908.3 1,432.7 180.1 1,626.8 (80.2) 13.5 (89.9) 60.1 7 United Bank 961.1 2,322.1 510.6 1,067.3 560.5 826.6 9.8 (22.6) (41.7) (64.4) 8 Development Bank 2.6 17.0 0.1 14.7 34.4 27.3 24,462.9 86.0 1,237.3 60.2 9 Nib International Bank 3,547.2 788.2 905.3 1,062.6 800.6 1,076.1 (11.6) 1.3 (77.4) 36.5 10 Lion International Bank 38.7 29.1 60.2 127.8 53.7 45.0 (10.8) (64.8) 38.8 54.9 11 Oromia International Bank 2,094.4 1,016.7 3,398.2 1,064.0 3,825.8 1,513.8 12.6 42.3 82.7 48.9 12 Zemen Bank 77.2 987.5 197.1 1,001.0 68.0 947.9 (65.5) (5.3) (11.9) (4.0) 13 Cooperative Bank of Oromia 219.0 1,014.2 126.5 1,946.5 152.1 1,067.1 20.2 (45.2) (30.6) 5.2 14 Buna International Bank 155.4 230.4 8.7 321.6 225.9 265.9 2,506.1 (17.3) 45.4 15.4 15 Birhan International Bank 354.8 677.9 100.6 1,081.1 110.4 565.6 9.7 (47.7) (68.9) (16.6) 16 Abay Bank 386.8 318.0 165.1 105.7 214.1 256.7 29.6 142.9 (44.6) (19.3) 17 Addis International Bank 1,665.6 390.5 764.1 379.2 524.8 369.0 (31.3) (2.7) (68.5) (5.5) 18 Debub Global Bank 351.1 105.3 312.8 189.9 206.6 169.4 (34.0) (10.8) (41.2) 60.8 19 Enat Bank 237.4 216.9 404.5 284.5 274.8 232.1 (32.1) (18.4) 15.7 7.0 20 Zamzam Bank 17.2 44.4 0.4 54.3 4.9 95.6 1,063.7 76.2 (71.7) 115.2 21 Gohe Betoch Bank - - 2.0 7.1 0.4 67.1 (82.9) 843.1 - - 22 Hijera Bank - - 21.8 26.9 25.6 48.5 17.2 80.3 - - 23 Amhara Bank - - 2.4 4.0 14.2 93.6 498.1 2,240.1 - - 24 Tsehay Bank - - - - 0.2 - - - - - 25 Siinqee Bank - - - - 7.2 0.5 - - - - Total 52,597.4 24,254.8 44,689.7 54,979.8 48,082.5 60,706.9 7.6 10.4 (8.6) 150.3 Average Exchange Rate 47.5138 48.4190 52.5550 53.6091 53.1749 54.2324 1.2 1.2 11.9 12.0 Spread 1.9 2.0 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin 68 | Second Quarter 2022/23 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar appreciated against most of major currencies both in quarterly and annual basis. On annual terms, USD strengthened against Japanese Yen (19.6 percent), Pound Sterling (13.0 percent), Euro (11.0 percent), SDR (7.2 percent) and Swiss Franc (4.4 percent). Likewise, on quarterly basis, USD appreciated against Japanese Yen (3.4 percent), Pound Sterling (1.7 percent) and SDR (0.4 percent), while it depreciated against Euro (1.0 percent) and Swiss Franc (0.1 percent) (Table 5.12). 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 69 | Second Quarter 2022/23 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 2021/22 QII C 1.1445 0.0086 1.4052 1.3213 1.0844 October 1.1596 0.0085 1.4123 1.3199 1.0817 November 1.1435 0.0087 1.4050 1.3341 1.0859 December 1.1303 0.0086 1.3982 1.3100 1.0856 2022/23 QI B 1.0086 0.0072 1.3096 1.1691 1.0350 July 1.0191 0.0072 1.3184 1.1764 1.0308 August 1.0138 0.0073 1.3162 1.1847 1.0463 September 0.9930 0.0071 1.2942 1.1461 1.0279 QII A 1.0188 0.0069 1.3038 1.1498 1.0364 October 0.9818 0.0069 1.2805 1.1471 1.0045 November 1.0175 0.0069 1.2985 1.1511 1.0334 December 1.0571 0.0070 1.3325 1.1513 1.0713 Percentage Changes A/B 1.01 -3.39 -0.44 -1.65 0.13 A/C -10.98 -19.57 -7.21 -12.98 -4.43 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 70 | Second Quarter 2022/23 On the other hand, the Birr depreciated by 11.3 percent against USD, 6.4 percent against Swiss Franc and 3.3 percent against SDR, while it appreciated by 10.6 percent against Japanese Yen, 3.3 percent against Pound Sterling and 0.9 percent against Euro on annual bases. Similarly, on quarterly bases, the Birr depreciated against Euro (2.3 percent), Swiss Franc (1.4 percent), USD (1.3 percent), SDR (0.8 percent) and Pound Sterling (0.6 percent), while it appreciated against Japanese Yen (1.2 percent) (Table5.13).

National Bank of Ethiopia Quarterly Bulletin 71 | Second Quarter 2022/23 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate 2021/22 QII C 47.6026 48.0786 47.8401 54.4700 55.0147 54.7395 0.4190 0.4232 0.4211 66.8853 67.5542 67.2197 64.1913 64.8332 64.5122 51.6220 52.1382 51.8801 October 46.6841 47.1510 46.9176 54.1365 54.6778 54.4072 0.4132 0.4173 0.4153 65.9314 66.5907 66.2611 63.8546 64.4931 64.1739 50.4985 51.0034 50.7510 November 47.5647 48.0403 47.8010 54.3857 54.9295 54.6492 0.4174 0.4216 0.4195 66.8280 67.4963 67.1622 64.1103 64.7514 64.4308 51.6508 52.1673 51.9090 December 48.5589 49.0444 48.8016 54.8877 55.4366 55.1622 0.4264 0.4307 0.4286 67.8965 68.5755 68.2360 64.6089 65.2550 64.9319 52.7167 53.2439 52.9803 2022/23 QI B 52.3035 52.8266 52.5650 52.7534 53.2809 53.0171 0.3788 0.3826 0.3807 68.4941 69.1790 68.8365 61.6812 62.2980 61.9896 54.1336 54.6750 54.4043 July 52.0719 52.5926 52.3322 53.0679 53.5986 53.3332 0.3805 0.3843 0.3824 68.6524 69.3389 68.9956 62.4260 63.0502 62.7381 53.6743 54.2110 53.9427 August 52.3089 52.8320 52.5705 53.0297 53.5600 53.2949 0.3878 0.3917 0.3898 68.8468 69.5353 69.1911 62.8250 63.4532 63.1391 54.7299 55.2772 55.0036 September 52.5297 53.0550 52.7924 52.1624 52.6841 52.4233 0.3682 0.3719 0.3700 67.9830 68.6628 68.3229 59.7925 60.3904 60.0915 53.9967 54.5367 54.2667 QII A 52.9654 53.4950 53.2302 53.9676 54.5072 54.2374 0.3745 0.3782 0.3763 69.0627 69.7533 69.4080 62.0535 62.6741 62.3638 54.8980 55.4470 55.1725 October 52.7413 53.2687 53.0050 51.7832 52.3010 52.0421 0.3586 0.3622 0.3604 67.5329 68.2083 67.8706 59.4007 59.9947 59.6977 52.9777 53.5075 53.2426 November 52.9601 53.4897 53.2249 53.8870 54.4259 54.1565 0.3712 0.3749 0.3731 68.7711 69.4588 69.1149 62.0265 62.6467 62.3366 54.7287 55.2760 55.0023 December 53.1947 53.7267 53.4607 56.2326 56.7945 56.5136 0.3936 0.3975 0.3955 70.8840 71.5928 71.2384 64.7335 65.3808 65.0572 56.9877 57.5576 57.2727 Percentage Change A/B 1.27 2.30 -1.15 0.83 0.60 1.41 A/C 11.27 -0.92 -10.63 -10.64 -10.63 3.26 -3.33 6.35 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 72 | Second Quarter 2022/23 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency December 31, 2021 September 30, 2022 December 31, 2022 Percentage Change A B C C/B C/A USD 49.4396 52.8523 53.6054 1.43 8.43 Pound 66.6792 57.2549 64.5034 12.66 -3.26 Swedish Kroner 5.4521 4.6680 5.1114 9.50 -6.25 Djibouti Frank 0.2774 0.2966 0.3008 1.42 8.42 Swiss Frank 53.9498 53.8430 57.9080 7.55 7.34 Saudi Riyal 13.1663 14.0651 14.2587 1.38 8.30 UAE Dirhams 13.4585 14.3886 14.5953 1.44 8.45 Canadian Dollar 38.6609 38.5614 39.4331 2.26 2.00 Japanese Yen 0.4295 0.3652 0.4006 9.69 -6.72 Euro 55.9508 51.1980 57.0094 11.35 1.89 SDR 69.1957 66.9585 72.0188 7.56 4.08 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2022/23, REER recorded a modest depreciation of 7.8 percent owing to price advantage related to the rise in trading partners’ inflation vis-à￾vis Ethiopia’s domestic inflation. Successive rise in Sudan’s inflation has been the main driver for depreciation of Ethiopia’s real exchange rate. On the other hand, the NEERI appreciated by 16.9 percent compared with last year same quarter due to weakening of trading partner’s currencies against US dollar particularly Turkish lira (67.0 percent), Egyptian Pound (47.1 percent) and Japanese Yen (24.4 percent) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 73 | Second Quarter 2022/23 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2021/22 2022/23 Percentage Change QII QI QII A B C C/B C/A REERI 137.7 116.9 126.9 8.6 -7.8 NEERI 67.5 72.3 78.9 9.1 16.9 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 Source: NBE Staff Compilation 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 74 | Second Quarter 2022/23 5.7.3. Volume of Transactions In the second quarter of 2022/23, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million which remained the same as last year same period. The foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 48.1 million and sold USD 60.7 million. Hence, the amount of forex purchased fell by 8.6 percent, while the amount sold increased by 150.3 percent (Table 5.11). 0 1 1 2 2 3 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Mn USD) Total Amount Traded Amount Traded among CBs

75 | SecondQuarter 2022/23 VI. FEDERAL GOVERNMENT FINANCE During the second quarter of 2022/23, Federal government revenue and grants reached Birr 110.4 billion and depicting a 12.8 percent quarterly and 3.9 percent annual growth. Its performance was 24.7 percent of the annual budget (Table 6.1). Similarly, Federal government expenditure rose by 30.1 percent on quarterly basis while itwent down by 10.7 percent on annual bases showing a 24.6 percent performance with respect to the annual budget. All in all, fiscal balance of the Federal government (including grants) showed Birr 55.5 billion in deficit during the review quarter.

76 | SecondQuarter 2022/23 Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr] No Finer points 2021/22 2022/23 Percentage changes performance rate QII Budget QI QII D/A D/C D/B A B C D 1 Revenue and Grants 106,282.9 446,510.6 97,886.4 110,459.4 3.9 12.8 24.7 1.1 Total Revenue 106,282.9 438,851.3 97,886.4 110,459.4 3.9 12.8 25.2 Tax Revenue 98,209.2 400,244.0 91,314.0 105,222.1 7.1 15.2 26.3 Direct tax 47,147.2 124,775.1 28,944.5 44,450.1 (5.7) 53.6 35.6 Indirect tax 51,062.0 275,468.8 62,369.5 60,772.1 19.0 (2.6) 22.1 Non-Tax Revenue 8,073.7 38,607.4 6,572.4 5,237.3 (35.1) (20.3) 13.6 1.2 Grant & Relief - 7,659.3 - - - 2 Current Expenditure 105,981.7 267,659.0 63,201.3 80,585.1 (24.0) 27.5 30.1 3 Current Surplus/Deficit - - - - - - - (Including Grants) 301.2 178,851.6 34,685.0 29,874.3 9,819.3 (13.9) 16.7 (Excluding Grants) 301.2 171,192.4 34,685.0 29,874.3 9,819.3 (13.9) 17.5 4 Capital Expenditure 29,123.8 187,944.5 20,931.0 50,239.0 72.5 140.0 26.7 5 Regional Transfers 50,731.3 219,041.0 43,467.4 35,217.1 (30.6) (19.0) 16.1 6 Total Expenditure 185,836.9 674,644.5 127,599.8 166,041.2 (10.7) 30.1 24.6 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (79,553.9) (228,133.9) (29,713.4) (55,581.8) (30.1) 87.1 24.4 (Excluding Grants) (79,553.9) (235,793.1) (29,713.4) (55,581.8) (30.1) 87.1 23.6 8 Total Financing 79,553.9 228,133.9 29,713.4 55,581.8 (30.1) 87.1 24.4 8.1 Net External Borrowings 2,456.6 3,608.0 3,678.6 2,864.3 16.6 (22.1) 79.4 External Borrowing 5,636.3 26,294.6 6,800.1 9,054.0 60.6 33.1 34.4 Amortization 3,179.6 35,909.5 7,806.8 6,189.6 94.7 (20.7) 17.2 8.2 Net Domestic Borrowings 98,832.5 224,525.9 (3,457.9) 69,425.3 (29.8) (2,107.7) 30.9 Banking System 118,043.3 - (24,115.9) 55,078.3 (53.3) (328.4) - Non-Bank Sources (19,210.8) - 20,658.0 14,347.0 (174.7) (30.5) - 8.3 Privatization receipts - - - - - - 8.4 Others and Residuals (21,735.2) - 29,492.7 (16,707.8) (23.1) (156.7) Source: Ministry of Finance

77 | SecondQuarter 2022/23 6.1 Revenue and Grants Total revenue and grants during the review quarter stood at Birr 110.4 billion while all revenue was generated from domestic sourcesasd there were not grants and relief funds. Tax revenue and non-tax revenue accounted for 95.3 and 4.7 percent of the total domestic revenue, respectively. The performance of revenue and grants was 24.7 percent of the annual budget (Table 6.2).

Table 6.2 Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2021/22 2022/23 Percentage Change Performance Rate QII Budget QI QII A B C D [D/A] [D/C] [D/B] Total Revenue and Grants 106,282.9 446,510.6 97,886.4 110,459.4 3.9 12.8 24.7 Total Domestic Revenue 106,282.9 438,851.3 97,886.4 110,459.4 3.9 12.8 25.2 1 Tax Revenue 98,209.2 400,244.0 91,314.0 105,222.1 7.1 15.2 26.3 1.1 Direct Tax Revenue 47,147.2 124,775.1 28,944.5 44,450.1 (5.7) 53.6 35.6 1.1.1 Income Taxes 43,656.4 104,909.3 24,833.2 43,373.2 (0.6) 74.7 41.3

  • Personal 6,479.0 26,328.3 5,938.8 8,181.6 26.3 37.8 31.1
  • Business 37,177.4 78,581.0 18,894.4 35,191.6 (5.3) 86.3 44.8 1.1.2 Others1 3,490.8 19,865.9 4,111.4 1,076.9 (69.2) (73.8) 5.4 1.2 Indirect Taxes 51,062.0 275,468.8 62,369.5 60,772.1 19.0 (2.6) 22.1 1.2.1 Domestic Taxes 19,268.1 103,363.9 22,455.3 17,539.4 (9.0) (21.9) 17.0 1.2.2 Foreign Trade Taxes 31,794.0 172,104.9 39,914.2 43,232.6 36.0 8.3 25.1
  • Import 31,794.0 172,104.9 39,914.2 43,232.6 36.0 8.3 25.1 2 Non-Tax Revenue 8,073.7 38,607.4 6,572.4 5,237.3 (35.1) (20.3) 13.6 3 Privatization - 3.9 12.8 4 Grants and Relief - 7,659.3 3.9 12.8 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

78 | SecondQuarter 2022/23 Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government From the total tax revenue, 57.8 percent was generated from indirect taxes, which amounted to Birr 60.7 billion and depicted a 19 percent annual growth but a 2.6 percent quarterly decline. About 71.1 percent of indirect tax revenue was collected from foreign trade. On the other hand, direct tax revenue went down by 5.7 percent compared with that of a year ago while it grew by 53.6 percent vis-a￾vis the preceding quarter. Direct tax revenue accounted for 42.2 percent of the total tax revenue. 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 Q3 Q4 Q1 Q2 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

79 | SecondQuarter 2022/23 Fig.VI.2: Domestic Revenue by Major Components during the Second Quarter of 2022/23 6.2 Expenditure Total Federal government expenditure (including regional transfer) reached Birr 166.0 billion showing a 10.7 percent annual decrease and a 30.1 percent quarterly drop (Table 6.3). Current expenditure at Birr 80.5 billion, accounted for 48.5 percent of the total expenditure while capital expenditure at Birr 50.2 billion constituted a 30.3 percent share the remaining balance of Birr 35.2 billion (21.2 percent) was regional transfers (Table 6.3). Direct Tax Revenue 40.3% Indirect Tax Revenue 55% Non Tax Revenue 4.7%

80 | SecondQuarter 2022/23 Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2021/22 2022/23 Percentage Change Performance Rate QII Budget QI QII [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 185,836.9 674,644.5 127,599.8

166,041.2

(10.7)

30.1 24.6 1 Current Expenditure 105,981.7 267,659.0

63,201.3

80,585.1

(24.0)

27.5 30.1

  • General Services 67,164.0 111,693.4 25,506.7

29,737.5

(55.7)

16.6 26.6

  • Economic Services

1,947.5 6,995.2

1,394.9

2,591.1

33.0

85.8 37.0

  • Social Services

24,262.3 53,754.7

19,257.1

13,919.4

(42.6)

(27.7) 25.9

  • Others expenditure

231.1 46,716.8

6,040.9

16,274.1

6,943.2

169.4 34.8

  • Debt Service 12,376.9 48,498.8 11,001.8 18,063.0 45.9 64.2 37.2 2 Capital Expenditure 29,123.8 187,944.5 20,931.0 50,239.0 72.5 140.0 26.7
  • Economic Development 20,147.0 119,853.0 15,423.0 32,908.7 63.3 113.4 27.5
  • Social Development 8,165.1 38,446.9 4,537.3 15,103.1 85.0 232.9 39.3
  • General Development 811.7 29,644.6 970.7 2,227.2 174.4 129.4 7.5 3 Regional Transfers 50,731.3 219,041.0 43,467.4 35,217.1

(30.6)

(19.0) 16.1 Source: Ministry of Finance

81 | SecondQuarter 2022/23 Fig.VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2022/23 Current Expenditure 48.5% Capital Expenditure 30.3% Regional Transfer 21.2% Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/182018/19 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

82 | SecondQuarter 2022/23 6.3 Deficit Financing The Federal government budget operations resulted in an overall deficit (including grant) of Birr 55.5 billion, which was lower than Birr 23.9 billion deficit a year ago. The deficit was financed by net external and domestic borrowings (Table 6.1).

National Bank of Ethiopia Quarterly Bulletin 83 | 2022/23 Second Quarter Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2022/23 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 84 | 2022/23 Second Quarter VII. DEVELOPMENTS IN INVESTMENT During the second quarter of 2022/23, 16 investment projects with investment capital of Birr 2.9 billion became operational. Year on year basis, both the number of investment projects and investment capital showed same improvement while they tended to declining vis-à-vis the preceding quarter. All the investment projects were privately owned, of which, 56.2 percent was domestic and 43.8 percent foreign. Domestic investment projects recorded an investment capital of Birr 2.2 billion or 75.7 percent of the total private investment capital whereas foreign investment constituted Birr 700.4 million making 24.3 percent of total investment. These investment projects have generated employment opportunities for 2,899 employees which was 165 percent higher than the previous quarter. Of the total employment created during the period, 15.1 percent was permanent and 84.9 percent casual (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin 85 | 2022/23 Second Quarter Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2021/22 2022/23 Percentage Changes QII QI QII A B C Share C/A C/B

  1. Total Investment Number of projects 11 25 16 100 45.5 -36.0 Capital 182.0 2771.5 2,879.6 100 1,482.2 3.9 Permanent Employment 162 884 438 100 170.4 -50.5 Temporary Employment 103 210 2,461 100 2,289.3 1,071.9
  2. Private Investment Number of projects 11 25 16 100 45.5 -36.0 Capital 182.0 2,771.5 2,879.6 100 1,482.2 3.9 Permanent Employment 162 884 438 100 170.4 -50.5 Temporary Employment 103 210 2,461 100 2,289.3 1,071.9 2.1 Domestic Investment Number of projects 7 16 9 56.2 28.6 -43.8 Capital 163.6 174.0 2,179.2 75.7 1,232.1 1,152.4 Permanent Employment 60 114 223 50.9 271.7 95.6 Temporary Employment 80 40 2,377 96.6 2,871.3 5,842.5 2.2. Foreign Investment Number of projects 4 9 7 43.8 75.0 -22.2 Capital 18.4 2,598 700.4 24.3 3,706.4 -73.0 Permanent Employment 102 770 215 49.1 110.8 -72.1 Temporary Employment 23 170 84 3.4 265.2 -50.6
  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 for 43.8 percent of total investment projects followed by real estate, renting & business activities (25 percent), others (12.5 percent) construction, education and health and social work constituted 6.3 percent each. Out of the total investment capital of Birr 2.9 billion, education sector received 52.1 percent, others 23.2 percent, real estate, renting & business activities 22.1 percent and manufacturing 2.1 percent. In terms of permanent employment generation, about 37 percent of the employment was created by manufacturing, 27.4 percent by education, 16.4 percent by real estate, renting and business activities, 9.6 percent by other sectors, 6.8 percent by construction and 2.7 percent by health & social work.

National Bank of Ethiopia Quarterly Bulletin 86 | 2022/23 Second Quarter In terms of temporary employment, real estate, renting and business activities had a 93.5 percent share followed by manufacturing (2 percent), education (1.6 percent), construction (1.2 percent) and the remaining 1.7 percent was created by health & social work and other sectors (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2022/23 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 6.3 10.6 0.4 30 6.8 30 1.2 Education 1 6.3 1,500.0 52.1 120 27.4 40 1.6 Electricity, gas, steam and water supply - - - - - - - - Health and social work 1 6.3 5.0 0.2 12 2.7 20 0.8 Hotels and restaurants - - - - - - - - Manufacturing 7 43.8 60.5 2.1 162 37.0 49 2.0 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 4 25.0 636.2 22.1 72 16.4 2,300 93.5 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others 2 12.5 667.2 23.2 42 9.6 22 0.9 Grand Total 16 100 2,879.6 100 438 100 2,461 100 Source: Ethiopian Investment Commission.

National Bank of Ethiopia Quarterly Bulletin 87 | 2022/23 Second Quarter In terms of regional distribution, 56.3 percent of the total projects with 75.7 percent of total investment capital were in Addis Ababa. Multiregional projects constituted 43.7 percent of the total projects with 24.3 percent of total investment capital. In terms of job creation Addis Ababa accounted for 50.9 percent of the total permanent and 96.6percent casual employments. Multiregional projects on their part, constituted 49.1 and 3.4 percent of permanent and temporary employment, respectively (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 88 | 2022/23 Second Quarter Table 7.3: Performance of Operational Investment Region 2021/22 2022/23 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 6 58 - - 16 174 114 40 9 2,179 223 2,377 56.3 75.7 50.9 96.6 50.0 3,644.4 - - -43.8 1,152.4 95.6 5,842.5 Afar

Amhara

B.Gumuz

Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

SNNPR 1 105 60 80 - - - - - - - - - - - - - - - - - - - - Gamb

Somali

Harari

Tigray

Multi￾regional 4 18 102 23 9 260 770 170 7 700 215 84 43.7 24.3 49.1 3.4 75.0 3,706.6 110.8 265.2 -22.2 169.6 -72.1 -50.6 Grand Total 11 182.0 162 103 25 434 884 210 16 2,880 438 2,461 100 45.5 1,482.5 170. 4 2,289.3 -36.0 563.9 -50.5 1,071.9 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 89 | 2022/23 Second Quarter VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 Global economic activity weakening during the reference period. The December global composite output Purchasing Managers’ Index (PMI) confirmed the downshift in momentum of the global economy during the second quarter of FY2022/23, with the index remaining below the neutral threshold (48.7). The weakening global economic growth momentum in the second quarter followed strong growth in the first quarter of FY2022/23, in which global GDP increased by 1.7 percent quarter on quarter, driven by the rebound in the United States and China. In the United States, economic activity has been more resilient than expected. Real GDP grew at an annualised rate of 2.9 percent in the second quarter of FY2022/23. The slight deceleration in economic activity compared with the first quarter of FY/2022/23 reflected weaker domestic demand and a marked decline in net trade, driven by a larger fall in real exports compared with the previous quarter.

4 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 1/2023. In the United Kingdom, growth momentum is set to weaken further. While monthly GDP surprised on the upside in November with a modest increase on account of strong services activity most short-term indicators point to prolonged weakness in growth momentum as households continue to face falling real wages, tight financial conditions and a housing market correction. In Japan, economic activity continues to recover amid rising inflation. Real GDP is expected to have returned to positive growth in the second quarter, but significant headwinds remain. The rebound in real private consumption has thus far been modest, with real private spending in goods still below pre-COVID levels. At the same time, manufacturing activity weakened in the second quarter of FY2022/23, weighed down by moderating global demand and a slowdown in the recovery of supply constraints. In China, the abrupt end of the zero-COVID policy is disrupting economic activity in the near term. The sudden lifting of COVID￾related restrictions on 7 December came as a surprise and followed protests in China against containment measures. GDP slowed

National Bank of Ethiopia Quarterly Bulletin 90 | 2022/23 Second Quarter to 2.9 percent year on year in the second quarter of FY2022/23. 8.2 Inflation Developments Global inflationary pressures remain high. In November annual headline Consumer Price Index (CPI) inflation across the OECD area decreased to 10.3 percent (7.0 percent excluding Turkey), as energy inflation continued to fall while food inflation remained unchanged. Core inflation declined marginally to 7.5 percent. Headline inflation momentum in annualised three￾month-on-three-month terms slowed for the sixth consecutive month, extending the trend of softening price pressures. Momentum in services and core inflation also started to slow in several advanced economies, suggesting that global inflationary pressures remain high but may have already peaked. In the United State, annual headline CPI inflation fell to 6.5 percent in December, while annual inflation excluding food and energy dropped to 5.7 percent, reflecting a slowdown in core goods prices that was partly offset by persistently high core services prices. In the China, inflationary pressures were subdued, consistent with weak economic activity. Producer price index inflation remained negative for the third consecutive month in December, while annual CPI inflation has been below 2 percent since October. In the Japan, headline inflation increased further to 4 percent in December, largely supported by higher energy prices and, to a lesser extent, food prices. Core inflation increased marginally from 1.5 percent in November to 1.6 percent in December. In the United Kingdom, Annual CPI inflation fell to 10.5 percent in December. This drop was once again primarily driven by the negative contribution of vehicle fuel prices, which was only partially offset by higher food, restaurant and hotel prices. Core inflation held steady at 6.3 percent in December, driven largely by rising services prices.

National Bank of Ethiopia Quarterly Bulletin 91 | 2022/23 Second Quarter 8.3. Commodity Price Energy commodity prices have overall surprised sharply on the upside in all quarters over the last two years except for the second quarter of FY2022/23. Natural gas prices have declined significantly since the December Governing Council meeting as a result of the slowdown in global demand, together with the comparatively warm winter and effective gas saving measures. Oil prices have seen a small decline of 2 percent since the December Governing Council meeting, as the expected rise in demand following China’s reopening was outweighed by the global economic slowdown, which continues to affect oil prices. The effect of China’s reopening on oil prices has been relatively contained so far, indicating that the impact of surging cases of COVID-19 caused economic activity to fall. Global oil prices have been little affected by the EU embargo and price cap on Russian crude oil, while sanctions have pushed down the selling price of Russian oil. European gas spot and futures prices fell by around 50 percent on the back of very low demand for gas in Europe caused by the unusually warm winter and the effectiveness of gas savings measures. The increase in metal prices since the December Governing Council meeting (+9 percent) has been driven by optimism about future demand following China’s reopening.

National Bank of Ethiopia Quarterly Bulletin 92 | 2022/23 Second Quarter 8.4. Exchange Rate Developments In foreign exchange markets, the euro strengthened in trade-weighted terms. During the review period the nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partners appreciated by 1.0 percent. In terms of bilateral exchange rate developments against major currencies, the euro appreciated against the US dollar (by 2.6 percent), the pound sterling (by 2.6 percent) and the Swiss franc (by 1.2 percent) while it depreciated against the Japanese yen (by 2.6 percent). The euro also weakened against the Chinese renminbi (by 0.7 percent) and the currencies of some other major emerging economies, as well as against the currencies of most non-euro area EU countries. 8.5. Impact of Global Economic Development on Ethiopian Economy During the second quarter of 2022/23, the global economy weakening while global inflationary pressures remain very high and decline in energy commodity price. During the review quarter, the decline of commodity price had both positive as well as negative impact. The negative impact was observed in the merchandise export receipts which will decline the country to generate foreign exchange from export sector. Meanwhile, lower global commodity price saved 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 has been observed.

National Bank of Ethiopia Quarterly Bulletin 93 | 2022/23 Second Quarter STATISTICAL ANNEXES

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 Qtr.III 83,381.94 1,391.35 765.64 73,440.70 7,784.25 347,427.10 197,927.10 149,500.00 - 50,022.71 - 170,045.60 Qtr.IV 79,819.64 2,065.31 757.13 69,139.98 7,857.21 357,427.10 197,927.10 159,500.00 - 44,822.71 - 169,030.42 2022/23 Qtr.I 64,408.57 32.68 726.03 55,744.72 7,905.14 416,991.55 197,491.55 219,500.00 - 44,822.71 - 163,805.30 Qtr.II 62,948.06 2.17 780.90 56,164.19 6,000.80 473,991.55 433,991.55 40,000.00 - 44,822.71 - 161,398.30 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others

Liabilities 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 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 Qtr.III 650,877.40 205,019.80 194,818.60 46,541.60 148,277.00 206,900.10 13,057.90 193,842.20 3,108.30 41,030.50 Qtr.IV 651,099.86 208,211.28 185,498.19 31,210.79 154,287.41 214,038.32 12,953.06 201,085.25 4,389.91 38,962.17 2022/23 Qtr.I 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 Qtr.II 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others Table 1(b): Statement of Condition of National Bank of Ethipia: (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes

  • Coins) Deposits Foreign Liabilities

Assets Loans & Adv. Invest￾ment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 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 174,091.03 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 Qtr.III 183,936.10 33,766.30 150,169.80 71,443.80 198,742.90 1,380,835.40 859,891.40 502,891.10 18,052.80 421,286.30 Qtr.IV 180,866.64 34,989.37 145,877.27 63,931.70 217,189.45 1,493,884.20 949,473.41 514,194.01 30,216.79 445,020.97 2022/23 Qtr.I 207,769.08 38,027.42 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 Qtr.II 220,718.59 34,690.71 186,027.88 73,187.54 185,538.93 1,681,476.50 1,108,587.30 537,466.48 35,422.72 481,804.36 Other Total Assets Reserves Cash in Hand Deposits with NBE Foreign Assets Claims On Gov't Total Table 2(a): Statement of Condition of Commercial Banks: (In Millions of Birr) End of Period Claims on Non-Central Gov't

Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 2009/10 Qtr.I 143,172.1 69,799.5 26,482.9 3,502.1 39,814.5 10,193.0 3,856.6 11,615.7 7,351.5 1,865.0 2,399.3 47,707.3 Qtr.II 153,698.3 70,853.0 25,540.1 3,498.8 41,814.1 12,446.7 3,690.8 12,382.9 7,779.3 1,999.4 2,604.2 54,325.0 Qtr.III 165,187.4 76,069.0 28,137.8 3,568.7 44,362.5 14,542.9 3,960.9 13,733.7 7,988.5 1,999.4 3,745.8 56,880.9 Qtr.IV 157,925.8 81,081.4 29,083.6 3,956.2 48,041.6 13,742.5 3,254.3 12,410.9 8,104.2 2,627.1 1,679.6 47,436.8 2010/11 Qtr.I 166,997.0 85,850.7 30,488.1 3,901.3 51,461.4 13,830.7 4,246.1 16,074.7 8,251.8 2,800.1 5,022.8 46,994.8 Qtr.II 181,873.2 90,753.8 33,017.7 3,860.1 53,876.0 17,847.5 4,942.6 15,372.0 8,814.8 2,875.6 3,681.6 52,957.3 Qtr.III 210,324.6 101,160.6 36,557.4 4,462.7 60,140.4 22,023.3 5,595.2 17,203.7 8,993.7 2,875.6 5,334.4 64,341.7 Qtr.IV 225,905.3 114,155.4 44,949.5 4,666.4 64,539.6 20,240.7 5,715.5 15,598.3 9,352.3 3,720.0 2,526.0 70,195.3 2011/12 Qtr.I 231,095.7 119,908.9 47,241.2 4,679.9 67,987.8 20,211.7 6,441.2 18,039.7 9,463.9 3,874.0 4,701.8 66,494.3 Qtr.II 255,231.8 120,849.5 44,105.8 5,165.3 71,578.4 27,669.1 8,419.7 20,118.9 10,273.8 4,083.0 5,762.2 78,174.6 Qtr.III 276,293.8 135,663.6 49,133.4 10,136.4 76,393.8 30,994.8 7,392.2 23,505.5 10,588.9 4,083.0 8,833.7 78,737.7 Qtr.IV 333,219.2 152,894.7 58,345.8 12,061.1 82,487.8 28,207.9 5,484.2 26,333.7 10,766.2 4,341.9 11,225.7 120,298.7 2012/13 Qtr.I 312,287.4 154,727.0 55,112.8 12,112.5 87,501.8 29,561.0 5,874.0 22,096.5 10,848.5 5,848.5 5,399.6 100,028.9 Qtr.II 328,113.3 163,882.2 57,818.5 12,930.1 93,133.7 35,693.3 6,078.3 23,819.5 11,410.2 6,095.9 6,313.4 98,640.0 Qtr.III 374,030.3 181,078.6 66,836.5 13,515.7 100,726.5 34,173.1 6,038.1 26,732.9 11,848.3 6,095.8 8,788.7 126,007.5 Qtr.IV 369,381.2 189,762.8 69,253.3 14,278.7 106,230.8 39,111.8 7,515.2 23,668.9 16,207.7 3,737.1 3,724.1 109,322.4 2013/14 Qtr.I 361,868.0 196,547.0 67,873.9 15,611.6 113,061.5 30,347.6 7,787.7 27,244.9 16,648.3 4,289.3 6,307.3 99,940.8 Qtr.II 375,115.3 208,389.3 69,703.1 15,928.7 122,757.5 35,196.6 7,933.5 29,890.4 18,021.3 4,432.1 7,436.9 93,705.5 Qtr.III 397,656.6 223,632.1 71,185.4 17,192.6 135,254.1 41,483.1 7,843.1 34,089.2 19,040.2 4,452.9 10,596.1 90,609.0 Qtr.IV 422,868.0 244,630.1 80,947.3 17,872.3 145,810.5 39,210.8 7,995.1 28,116.6 19,412.6 4,874.1 3,829.9 102,915.4 2014/15 Qtr.I 427,229.9 253,720.4 79,404.6 18,878.4 155,437.5 34,524.9 7,599.6 33,579.7 19,576.2 6,809.3 7,194.2 97,805.3 Qtr.II 453,125.9 267,761.4 82,145.6 21,324.7 164,291.1 41,958.4 7,784.8 35,980.6 20,786.7 7,102.8 8,091.1 99,640.7 Qtr.III 486,381.0 288,748.6 87,992.9 37,731.1 163,024.6 39,876.9 7,985.8 41,100.7 21,089.1 7,150.1 12,861.6 108,668.9 Qtr.IV 518,500.4 310,905.5 94,282.9 41,990.6 174,632.0 47,597.6 8,326.6 46,346.0 21,607.2 7,657.4 17,081.4 105,324.8 2015/16 Qtr.I 526,676.4 321,277.1 94,511.0 44,846.8 181,919.2 44,750.6 8,351.7 40,988.3 21,854.9 10,061.0 9,072.4 111,308.7 Qtr.II 566,305.7 333,108.0 95,784.9 45,039.0 192,284.2 54,814.9 9,418.3 44,605.5 22,365.6 10,260.6 11,979.3 124,359.0 Qtr.III 600,722.0 346,500.8 97,666.7 47,318.8 201,515.3 55,903.5 10,021.1 50,099.9 23,925.7 10,503.5 15,670.6 138,196.7 Qtr.IV 632,985.6 378,580.1 111,923.5 49,622.3 217,034.3 48,275.4 9,880.5 54,282.7 24,742.0 11,066.2 18,474.5 141,967.0 2016/17 Qtr.I 657,560.8 395,284.0 114,563.3 52,113.6 228,607.1 48,122.1 10,224.6 48,306.1 25,430.7 13,555.8 9,319.6 155,624.1 Qtr.II 686,854.4 422,592.7 122,551.6 56,019.1 244,021.9 59,973.0 9,442.5 53,837.7 25,907.5 14,058.7 13,871.5 141,008.4 Qtr.III 739,896.0 459,035.8 134,885.3 59,330.9 264,819.7 59,514.1 9,775.1 58,827.9 28,022.7 14,160.6 16,644.6 152,743.1 Qtr.IV 816,370.8 499,497.5 142,883.0 63,182.7 293,431.7 57,431.9 10,818.8 91,591.8 60,893.9 9,875.3 20,822.6 157,030.8 2017/18 Qtr.I 834,576.4 528,378.0 155,588.0 65,890.6 306,899.4 57,282.7 11,920.7 82,506.0 61,439.6 11,571.2 9,495.3 154,489.1 Qtr.II 872,671.2 557,368.9 161,094.7 71,726.8 324,547.4 65,662.5 15,190.8 82,934.7 62,190.7 12,080.5 8,663.5 151,514.2 Qtr.III 923,402.8 605,324.7 178,222.2 74,478.4 352,624.1 66,838.2 14,436.5 88,987.8 63,762.9 12,299.1 12,925.8 147,815.7 Qtr.IV 989,388.2 654,155.6 194,737.4 76,868.8 382,549.4 60,390.6 14,504.8 95,507.0 66,196.6 12,595.7 16,714.7 164,830.1 2018/19 Qtr.I 1,027,201.3 668,751.4 182,882.2 78,698.5 407,170.8 66,445.1 14,163.9 94,700.6 67,062.6 14,917.5 12,720.5 183,140.3 Qtr.II 1,080,511.0 696,969.2 185,405.3 81,465.1 430,098.7 78,865.3 15,913.3 103,262.6 69,816.6 16,294.0 17,152.0 185,500.6 Qtr.III 1,144,756.3 734,934.8 186,067.6 86,071.5 462,795.7 84,437.2 17,251.3 114,740.7 71,712.8 17,604.9 25,423.0 193,392.1 Qtr.IV 1,239,982.0 794,735.6 216,920.2 90,513.3 487,302.1 85,992.4 18,006.4 123,412.7 73,712.0 17,916.2 31,784.5 217,835.0 2019/20 Qtr.I 1,305,570.5 818,414.2 225,668.9 90,546.9 502,198.3 79,401.2 18,605.2 120,129.3 74,852.8 21,407.5 23,869.0 269,020.6 Qtr.II 1,373,782.5 851,887.4 233,018.8 89,720.9 529,147.6 85,267.4 21,056.8 123,826.1 77,284.0 23,471.5 23,070.7 291,744.7 Qtr.III 1,445,197.0 877,428.1 246,556.7 80,765.3 550,106.1 87,691.1 23,358.5 136,459.6 80,471.4 23,493.7 32,494.5 320,259.6 Qtr.IV 1,494,748.0 928,574.5 251,513.7 87,886.8 589,174.1 87,466.6 24,579.2 134,232.9 82,108.8 23,579.8 28,544.3 319,894.7 2020/21 Qtr.I 1,613,930.5 1,020,322.6 269,917.2 91,583.9 658,821.5 97,699.7 27,650.2 132,885.2 83,326.3 26,401.1 23,157.8 335,372.7 Qtr.II 1,685,119.9 1,069,388.6 282,154.7 89,154.9 698,079.0 109,414.1 30,184.6 133,129.9 86,224.2 27,173.3 19,732.4 343,002.7 Qtr.III 1,772,820.1 1,132,092.0 291,829.4 91,673.0 748,589.6 98,776.8 32,715.7 145,544.8 90,327.8 27,272.1 27,945.0 363,690.7 Qtr.IV 1,883,899.9 1,214,644.9 303,770.7 94,493.8 816,380.3 107,523.9 33,851.4 163,931.6 94,830.3 27,285.9 41,815.4 363,948.1 2021/22 Qtr.I 1,980,455.6 1,257,347.6 312,964.3 98,745.9 845,637.4 100,755.7 35,412.2 163,229.9 97,226.1 30,509.6 35,494.1 423,710.2 Qtr.II 2,101,146.9 1,300,678.8 327,347.3 99,822.7 873,508.8 136,073.9 39,240.8 167,659.2 104,707.2 31,639.8 31,312.2 457,494.3 Qtr.III 2,256,253.7 1,409,207.5 360,851.5 106,464.0 941,892.0 141,223.1 42,167.2 184,797.3 110,241.2 32,004.3 42,551.9 478,858.5 Qtr.IV 2,401,768.9 1,541,927.3 414,633.1 111,245.4 1,016,048.8 121,274.1 41,140.6 223,087.8 127,521.4 32,089.7 63,476.7 474,339.2 2022/23 Qtr.I 2,509,609.6 1,629,988.4 427,123.7 118,190.3 1,084,674.4 110,362.7 41,086.3 244,300.4 132,259.8 34,557.8 77,482.8 483,871.9 Qtr.II 2,644,193.3 1,745,608.0 444,210.1 125,746.8 1,175,651.2 148,937.7 40,862.8 242,852.9 139,347.5 39,262.0 64,243.4 465,931.9 Foreign Liab. Other Liab. Table 2(b): Statement of Condition of Commercial Banks: (In Millions of Birr) End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Capital Account Gov't Depos.

Assets 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 7,733.37 4,649.87 54,303.83 54,214.05 5,247.08 4,955.84 44,011.13 16,860.80 138,029.48 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 Qtr.III 15,042.60 2,926.20 54,277.10 55,476.70 5,203.90 4,083.90 46,188.90 17,789.00 145,799.40 Qtr.IV 8,823.50 4,042.12 54,678.62 49,452.40 5,060.90 816.49 43,575.00 18,777.00 134,332.61 2022/23 Qtr.I 12,296.01 3,617.41 54,028.62 47,331.80 4,120.65 273.79 42,937.37 19,962.78 136,740.62 Qtr.II 21,431.42 4,984.41 53,647.82 51,920.26 8,389.32 292.01 43,238.92 18,848.32 149,441.92 Public Enterprise Cooper￾atives Private & Individuals Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total

Total N.B.E Others 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 Qtr.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 Qtr.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 Qtr.IV 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 Qtr.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 Qtr.IV 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 Qrt.III 145,799.40 681.20 33.20 32,318.70 71,021.50 18,589.70 52,431.80 - 18,021.50 23,723.30 Qtr.IV 134332.6 656.3 31.4 34836.0 66456.3 55857.8 10598.4 0.0 19616.8 12735.9 2022/23 Qtr.I 136740.6 673.2 37.7 34982.3 67195.2 56512.3 10683.0 0.0 20562.7 13289.4 Qtr.II 149441.9 883.3 43.7 35618.5 74787.8 56510.9 18276.9 0.0 23958.5 14150.2 Foreign Advance & Loan Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't

1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 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 135,810.72 312,964.31 448,775.03 944,383.31 1,393,158.33 1,637,001.16 287,174.72 280,752.82 6,421.90 1,349,826.45 16,992.01 (32,638.24) 49,630.25 260,834.84 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 Qtr.III 171,253.50 360,851.50 532,105.00 1,048,355.90 1,580,461.00 1,771,210.50 358,405.20 300,885.50 57,519.80 1,412,805.20 (3,361.70) (32,638.20) 29,276.60 187,387.80 Qtr.IV 173,221.91 414,633.05 587,854.96 1,127,294.21 1,715,149.17 1,930,621.80 422,131.68 326,216.31 95,915.37 1,508,490.13 (9,847.10) (32,638.24) 22,791.14 205,625.53 2022/23 Qtr.I 169,587.37 427,123.68 596,711.04 1,202,864.73 1,799,575.78 2,014,526.35 451,249.09 368,420.25 82,828.83 1,563,277.26 2,099.41 (32,638.24) 34,737.65 217,049.99 Qtr.II 201,142.92 444,210.07 645,352.99 1,301,397.98 1,946,750.97 2,160,670.50 469,794.01 433,192.75 36,601.26 1,690,876.49 (313.51) (32,638.24) 32,324.73 213,606.02 Claims on Non-Cen Gov't Other Items Net Comm. Banks Nat. Bank Total Currency Outside Banks Net Demand Deposit Money Supply Quasi￾Money Total Volume Total Credit Total Net Claims on Gov't Nat. Bank Comm. Banks Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets

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) Qtr.IV 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) Qtr.IV 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 2020/21 Qtr.I 143,280.31 304,514.27 447,794.58 974,603.57 1,422,398.15 1,576,432.12 1,452,413.25 16,363.31 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 Qtr.III 136,095.10 355,799.60 491,894.80 1,027,388.80 1,519,283.60 1,772,981.70 988,963.70 (3,365.00) Qtr.IV 201,509.05 424,642.29 626,151.34 1,127,294.21 1,753,445.55 1,957,727.73 2,093,784.29 (9,985.36) 2022/23 Qtr.I 178,914.67 415,591.34 594,506.01 1,241,356.40 1,835,862.41 1,939,988.87 1,682,086.34 2,021.73 Qtr.II 159,848.28 437,991.13 597,839.41 1,275,370.02 1,873,209.43 2,162,831.17 1,183,613.54 (313.82) Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) 1/ Obtained by multiplying each original observation by appropriate index for the month 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

Gross Reserve NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2017/18 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95,770.88 69,790.04 15.26 64,693.13 4,646.29 435.36 25,980.84 112,813.99 18,605.21 94,208.78 (17,043.11) (24,418.74) 7,375.63 Qtr.II 118,262.24 94,289.16 19.38 88,749.48 5,041.96 478.35 23,973.08 132,890.84 21,056.84 111,833.99 (14,628.59) (17,544.83) 2,916.24 Qtr.III 105,013.78 80,407.49 316.70 74,412.19 5,190.27 488.33 24,606.29 133,916.77 23,358.51 110,558.25 (28,902.99) (30,150.76) 1,247.77 Qtr.IV 147,202.83 112,086.32 3,280.63 102,412.06 5,868.20 525.42 35,116.52 151,886.56 24,579.24 127,307.32 (4,683.72) (15,221.00) 10,537.27 2020/21 Qtr.I 153,636.73 120,432.59 5,033.13 108,717.20 6,118.98 563.29 33,204.14 181,786.00 27,650.16 154,135.85 (28,149.28) (33,703.26) 5,553.98 Qtr.II 163,630.62 120,263.57 1,868.95 111,460.69 6,318.98 614.96 43,367.05 202,207.65 30,184.61 172,023.04 (38,577.03) (51,759.47) 13,182.44 Qtr.III 159,309.69 104,230.92 12,559.91 84,429.98 6,601.61 639.43 55,078.76 186,682.62 32,715.75 153,966.87 (27,372.93) (49,735.95) 22,363.01 Qtr.IV 202,804.80 125,859.69 628.17 117,629.89 6,921.46 680.17 76,945.12 203,618.13 33,851.44 169,766.69 (813.32) (43,907.00) 43,093.68 2021/22 Qtr.I 184,215.80 99,173.30 1,886.70 89,322.30 7,253.40 711.00 85,042.50 228,673.70 35,412.20 193,261.40 (44,457.80) (94,088.10) 49,630.30 Qtr.II 164,535.40 80,857.70 835.20 71,698.90 7,573.30 750.30 83,677.70 242,157.20 39,240.80 202,916.50 (77,621.80) (122,058.70) 44,437.00 Qtr.III 154,825.80 83,381.90 1,391.40 73,440.70 7,784.20 765.60 71,443.80 249,067.40 42,167.20 206,900.10 (94,241.60) (123,518.20) 29,276.60 Qtr.IV 143,751.34 79,819.64 2,065.31 69,139.98 7,857.21 757.13 63,931.70 255,178.88 41,140.56 214,038.32 (111,427.54) (134,218.68) 22,791.14 2022/23 Qtr.I 140,232.50 64,408.57 32.68 55,744.72 7,905.14 726.03 75,823.93 261,004.33 41,086.28 219,918.06 (120,771.83) (155,509.49) 34,737.65 Qtr.II 136,135.60 62,948.06 2.17 56,164.19 6,000.80 780.90 73,187.54 276,159.03 40,862.81 235,296.22 (140,023.42) (172,348.16) 32,324.73 Comm. Banks Reserve End of Period Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves

Total NBE Comm. Banks Total Loans & Advances Invest￾ments 1=2+5 2=3+4 3 4 5=6+7 6 7 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 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 Qtr.III 1,958,975.20 546,170.00 347,427.10 198,742.90 1,412,805.20 909,914.10 502,891.10 Qtr.IV 2,083,106.67 574,616.55 357,427.10 217,189.45 1,508,490.13 994,296.12 514,194.01 2022/23 Qtr.I 2,173,460.33 610,183.07 416,991.55 193,191.52 1,563,277.26 1,043,794.07 519,483.20 Qtr.II 2,350,406.97 659,530.47 473,991.55 185,538.93 1,690,876.49 1,153,410.01 537,466.48 Gross Domestic Credit Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Claims on Central Gov't Claims on Non-Central Gov't

1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.40 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 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 1,389,560.12 1,257,694.62 312,964.31 845,984.44 98,745.88 131,865.50 31,109.83 100,755.67 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 Qtr.III 1,598,050.30 1,410,285.60 360,851.50 942,970.10 106,464.00 187,764.70 46,541.60 141,223.10 Qtr.IV 1,695,244.47 1,542,759.60 414,633.04 1,016,881.19 111,245.37 152,484.87 31,210.79 121,274.09 2022/23 Qtr.I 1,789,469.66 1,630,535.68 427,123.68 1,085,221.69 118,190.31 158,933.98 48,571.29 110,362.69 Qtr.II 1,935,969.35 1,746,232.89 444,210.06 1,176,276.02 125,746.81 189,736.46 40,798.80 148,937.67 Total Deposits Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Non-Central Gov't Deposits with CBs Central Gov't Dep. with

1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2010/11 Qtr.I 14425.7 28768.1 14342.4 19246.0 4246.1 4246.1 0.0 43,768.0 52.2 50.0 142217.2 2.9 Qtr.II 15192.5 27486.9 12294.5 20194.1 4942.6 4942.6 0.0 42,738.5 49.3 51.1 157805.6 2.9 Qtr.III 17642.8 31482.2 13839.4 21148.9 5595.2 5595.2 0.0 47,035.8 48.7 51.8 182812.2 2.7 Qtr.IV 19025.6 34283.0 15257.4 28394.2 5715.5 5715.5 0.0 56,961.7 53.0 51.3 195452.3 2.8 2011/12 Qtr.I 20126.7 34514.4 14387.7 22565.3 6441.2 6441.2 0.0 50,638.5 43.7 52.7 -9492.7 -0.1 Qtr.II 21519.9 30154.5 8634.5 23089.6 8419.7 8419.7 0.0 44,824.4 37.9 55.2 -2172.3 0.0 Qtr.III 23815.7 17652.5 -6163.2 28640.0 7392.2 7392.2 0.0 38,900.2 29.9 60.5 17694.8 0.2 Qtr.IV 25253.9 29039.9 3786.0 24017.6 5484.2 5484.2 0.0 47,573.3 33.7 61.6 4861.5 0.1 2012/13 Qtr.I 26887.0 27882.5 995.4 20182.7 5874.0 5874.0 0.0 42,191.2 27.9 59.2 1243.9 0.0 Qtr.II 28886.9 33108.1 4221.3 19475.2 6078.3 6078.3 0.0 46,505.0 29.5 58.1 -393.1 0.0 Qtr.III 31682.7 32417.5 734.9 23412.0 6038.1 6038.1 0.0 49,791.5 28.6 59.2 9287.2 0.1 Qtr.IV 33194.0 30375.3 -2818.7 28509.2 7515.2 7515.2 0.0 51,369.3 27.8 59.2 17366.3 0.1 2013/14 Qtr.I 11141.6 31747.7 20606.1 22706.1 7787.7 7787.7 0.0 46,666.1 23.8 57.7 9229.0 0.1 Qtr.II 11623.5 29413.2 17789.7 20171.0 7933.5 7933.5 0.0 41,650.7 20.9 59.2 5710.6 0.0 Qtr.III 12841.0 34921.8 22080.7 21162.5 7843.1 7843.1 0.0 48,241.1 22.3 59.3 175.8 0.0 Qtr.IV 13653.8 35672.3 22018.5 27253.5 7995.1 7995.1 0.0 54,930.7 23.4 58.5 4339.8 0.0 2014/15 Qtr.I 14375.9 38690.7 24314.8 19597.0 7599.6 7599.6 0.0 50,688.1 19.9 57.3 2953.3 0.0 Qtr.II 14936.1 35148.8 20212.7 18800.8 7784.8 7784.8 0.0 46,164.8 17.8 59.3 6009.6 0.0 Qtr.III 16089.2 35280.7 19191.4 15862.1 7985.8 7985.8 0.0 43,157.0 15.5 61.6 18712.0 0.1 Qtr.IV 17277.4 42342.4 25064.9 15924.1 8326.6 8326.6 0.0 49,939.9 16.8 60.2 15260.5 0.1 2015/16 Qtr.I 18154.8 39809.6 21654.8 15463.0 8351.7 8351.7 0.0 46,920.9 14.7 58.0 12689.1 0.1 Qtr.II 18915.6 37943.4 19027.8 18368.2 9418.3 9418.3 0.0 46,893.3 14.4 59.7 21979.3 0.1 Qtr.III 19737.1 40401.9 20664.9 21316.4 10021.1 10021.1 0.0 51,697.2 15.4 60.8 21123.2 0.1 Qtr.IV 21091.1 50905.9 29814.8 20898.3 9880.5 9880.5 0.0 61,923.7 17.3 59.0 11999.0 0.1 2016/17 Qtr.I 21608.0 53728.8 32120.8 21116.0 10224.6 10224.6 0.0 64,620.2 16.6 59.1 9035.9 0.1 Qtr.II 23442.0 54499.8 31057.7 20370.8 9442.5 9442.5 0.0 65,428.1 15.9 57.1 1283.9 0.0 Qtr.III 25206.4 64854.5 39648.1 20975.6 9775.1 9775.1 0.0 76,055.0 17.2 57.4 6627.2 0.0 Qtr.IV 26950.8 75305.7 48354.8 24876.5 10818.8 10818.8 0.0 89,363.5 18.7 56.1 1282.9 0.0 2017/18 Qtr.I 28587.0 81683.9 53096.9 25253.4 11920.7 11920.7 0.0 95,016.7 18.3 54.9 -15668.4 -0.1 Qtr.II 30398.5 68091.4 37692.9 26326.9 15190.8 15190.8 0.0 79,227.5 14.7 54.2 -443.6 0.0 Qtr.III 32735.9 74352.1 41616.1 24664.2 14436.5 14436.5 0.0 84,579.8 14.4 53.8 -1452.4 0.0 Qtr.IV 34423.8 89611.5 55187.7 25121.6 14504.8 14504.8 0.0 100,228.3 16.0 55.1 -7299.4 0.0 2018/19 Qtr.I 36595.3 91062.9 54467.6 30835.4 14163.9 14163.9 0.0 107,734.4 16.1 54.4 -7494.4 0.0 Qtr.II 38073.4 85123.1 47049.7 28357.0 15913.3 15913.3 0.0 97,566.8 14.3 55.9 2465.0 0.0 Qtr.III 39995.9 82819.6 42823.7 26880.8 17251.3 17251.3 0.0 92,449.1 12.9 57.4 8337.5 0.0 Qtr.IV 41140.1 118506.5 77366.4 28543.8 18006.4 18006.4 0.0 129,043.9 17.2 58.7 -26020.4 -0.1 2019/20 Qtr.I 43740.8 116740.1 72999.3 25980.8 18605.2 18605.2 0.0 124,115.7 15.7 57.4 2290.0 0.0 Qtr.II 45358.6 117120.7 71762.1 23973.1 21056.8 21056.8 0.0 120,036.9 14.7 60.3 6788.5 0.0 Qtr.III 47088.0 114998.8 67910.8 24606.3 23358.5 23358.5 0.0 116,246.6 13.6 62.5 30715.3 0.1 Qtr.IV 52894.6 184698.6 131804.0 35116.5 24579.2 24579.2 0.0 195,235.9 20.4 58.6 -31821.6 -0.1 2020/21 Qtr.I 53517.0 184698.6 131181.6 33204.1 27650.2 27650.2 0.0 190,252.6 19.6 60.7 -31821.6 -0.1 Qtr.II 57514.8 146676.5 89161.7 43367.0 30184.6 30184.6 0.0 159,859.0 15.3 59.9 -28127.2 -0.1 Qtr.III 59747.7 136453.4 76705.7 55078.8 32715.7 32715.7 0.0 158,816.4 14.5 62.1 -5192.1 0.0 Qtr.IV 64445.4 131471.8 67026.3 76945.1 33851.4 33851.4 0.0 174,565.4 14.9 61.1 -17860.6 0.0 2021/22 Qtr.I 67910.7 152532.3 84621.7 85042.5 35412.2 35412.2 0.0 202,162.6 16.2 59.7 -19114.4 0.0 Qtr.II 70512.8 174091.0 103578.2 83677.7 39240.8 39240.8 0.0 218,528.0 17.3 58.3 -29222.7 -0.1 Qtr.III 74776.7 183936.1 109159.4 71443.8 42167.2 42167.2 0.0 213,212.7 15.8 58.7 727.6 0.0 Qtr.IV 80244.8 180866.6 100621.9 63931.7 41140.6 41140.6 0.0 203,657.8 13.8 59.9 -4391.0 0.0 2022/23 Qtr.I 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 Qtr.II 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 Note: 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. Ratio: Loans Adv.to Dep. Debit Bal￾ance Turn￾Over of Total Deposit Short Term Long Term Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requir￾ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liqui￾dity Ratio

2010/11 Qtr.I 7,303.7 6,960.8 482.3 366.6 2,618.5 3,493.4 23,316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 8,178.7 7,835.2 404.1 223.3 3,124.9 4,082.8 25,896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 9,673.9 9,396.0 471.9 310.0 4,012.5 4,601.5 27,803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 8,781.1 8,485.1 482.9 293.4 3,425.0 4,283.8 30,363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 9,219.4 8,912.8 486.5 287.1 3,526.7 4,612.6 29,562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 10,552.7 10,233.0 496.5 287.4 3,563.9 5,885.1 31,503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 13,387.9 13,060.6 661.5 659.5 4,605.1 7,134.5 31,330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 5,100.8 4,767.1 626.3 514.8 1,144.0 2,482.0 40,701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 6,211.5 5,963.9 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 9,019.3 8,764.0 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 11,257.6 10,985.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 11,586.7 11,225.8 659.6 533.0 3,430.7 6,602.4 43,407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 11,262.4 10,893.1 683.6 589.5 3,222.9 6,397.1 39,329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 11,472.5 11,098.5 692.6 609.2 3,321.6 6,475.1 41,023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 11,029.7 10,617.7 659.9 867.2 2,421.4 6,669.2 53,612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 11,108.5 10,683.8 634.9 906.9 2,368.8 6,773.2 53,364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 10,917.9 10,477.9 618.3 964.8 2,339.5 6,555.3 52,928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 12,314.8 11,858.1 602.5 1,097.3 2,550.7 7,607.6 58,526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 12,693.4 12,212.3 589.0 1,161.0 2,695.0 7,767.3 61,776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 12,383.0 11,871.1 557.8 1,177.8 2,675.6 7,459.8 62,975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 12,327.4 11,777.6 538.9 1,209.0 2,725.7 7,304.0 62,536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 12,863.1 12,272.6 507.3 1,306.8 2,885.2 7,573.2 65,084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 12,624.2 11,979.8 479.6 1,325.7 2,807.1 7,367.4 67,752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.III 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 Qtr.IV 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 Qtr.III 205,113.8 203,837.5 373.2 1,655.4 6,435.2 15,976.0 67,754.5 111,643.3 1,276.2 0.8 41.4 99.4 73.2 125.8 935.6 Qtr.IV 208,303.5 207,010.2 372.5 1,665.0 6,169.9 15,834.6 66,430.7 116,537.6 1,293.3 0.8 41.4 99.4 73.3 126.0 952.4 2022/23 Qtr.I 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 50 100 200 10 25 50 100(coin) Total Value 1 5 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

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 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 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 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 interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 01/12/2010 to 10-Oct-2017 11/10/2017 to todate 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 2.Savings deposits Differed by ownership and maturity Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 NBE Lending to: CBEs/ Discount Rate/ 10.5 Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 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

Non-interest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 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 2020/21 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 Qtr.III 841,007.60 347,427.10 149,500.00 5,662.20 192,264.90 198,742.90 25,160.80 173,582.00 294,837.70 18.10 294,819.60 Qtr.IV 696,371.95 357,427.10 159,500.00 5,662.15 192,264.95 217,189.45 28,544.67 188,644.79 121,755.40 18.10 121,737.30 2022/23 Qtr.I Qtr.I 752,596.47 416,991.55 219,500.00 5,226.60 192,264.95 193,191.52 26,621.44 166,570.08 142,413.40 18.10 142,395.30 Qtr.II 864,358.92 473,991.55 40,000.00 5,226.60 428,764.95 185,538.93 31,999.08 153,539.85 204,828.45 18.10 204,810.35

  • Since December 2019, Gov't Treasury bills to others includes Both Treasury bills and Notes End of Period Total Gov't Indebt￾edness NBE Total Direct Advance Table 12: Government Internal Debt by Holder (In Millions of Birr) Commercial Banks Others National Bank of Ethiopia Gov't Bonds

Ethiopian fiscal year Fiscal year ending July 7 12Month (QIV) Budget 3mon (QI) Revised 6 Month Revised (QII) 9Month (QIII) 12Month (QIV) Budget 3mon (QI) 6 Month (QII) (In million Birr) Tax revenue 388,763.5 98,196.1 469,567.5 99,798.8 238,038.1 138,239.3 349,198.8 111,160.7 477,770.3 128,571.5 593,695.1 130,723.1 296,377.7 165,654.6 Direct taxes 173,965.5 40,370.6 190,152.4 40,656.5 120,176.0 79,519.5 163,963.0 43,787.0 215,805.4 51,842.4 257,572.6 58,716.8 144,020.0 85,303.1 Income and profits tax 153,044.7 34,453.1 157,194.9 36,121.4 105,960.2 69,838.8 145,351.3 39,391.1 189,622.1 44,270.9 248,870.9 57,260.2 141,335.5 84,075.3 Personal income 66,032.0 17,022.6 76,504.8 17,816.3 39,041.4 21,225.1 61,709.9 22,668.5 82,815.4 21,105.5 98,435.1 25,269.5 49,947.1 24,677.6 Rental income tax 3,315.5 308.7 4,296.3 1,487.1 3,371.8 1,884.7 3,793.3 421.5 4,223.6 430.3 5,862.2 2,083.2 4,983.8 2,900.6 Business profits 87,012.6 17,430.5 80,690.1 18,305.1 66,918.8 48,613.7 83,641.4 16,722.6 106,806.8 23,165.4 118,775.9 26,711.1 79,650.6 52,939.5 Withholding income tax on imports 5,144.9 1,345.9 8,405.3 1,503.7 3,022.6 1,518.9 4,686.0 1,663.4 6,268.6 1,582.6 8,482.5 423.4 1,126.1 702.7 Agriculture income 420.0 85.5 722.3 9.7 112.0 102.3 421.6 309.6 421.9 0.3 562.7 36.1 187.3 151.3 Other income 4,502.5 1,722.0 9,394.6 649.8 4,281.8 3,632.0 3,654.0 -627.8 6,313.5 2,659.5 12,246.1 1,760.5 3,312.9 1,552.4 Interest income tax 2,778.6 653.2 3,675.6 835.0 1,898.9 1,063.9 3,277.5 1,378.6 4,299.5 1,022.0 4,077.4 877.6 1,894.9 1,017.3 Capital gains tax 582.1 403.9 536.5 22.1 50.2 28.1 109.6 59.4 302.4 192.8 428.9 98.8 232.8 134.0 Rural land use fee 391.9 96.8 586.1 13.6 139.5 125.9 302.3 162.8 387.9 85.6 385.1 47.4 208.9 161.5 Urban land lease fee 3,785.3 1,301.3 5,340.9 14.0 1,339.0 1,325.0 2,367.5 1,028.5 3,965.9 1,598.4 8,316.6 1,409.2 2,475.5 1,066.3 Domestic indirect taxes 108,160.1 30,904.8 132,450.0 29,166.9 56,098.8 26,931.9 88,409.7 32,310.9 130,654.9 42,245.2 164,017.6 32,084.2 69,203.0 37,118.8 Sales/TOT/excise taxes 55,560.2 14,863.4 64,962.7 15,757.4 28,242.4 12,485.0 46,232.0 17,989.6 66,749.7 20,517.7 82,997.1 13,297.2 26,189.5 12,892.3 Petroleum products 313.5 56.0 972.4 232.7 272.8 40.1 368.5 95.7 551.3 182.8 1,248.9 106.9 574.5 467.6 Alcohol and tobacco 15,477.3 3,578.9 12,699.1 3,872.7 2,057.2 -1,815.5 3,315.2 1,258.0 4,924.4 1,609.2 5,743.5 1,192.6 2,631.9 1,439.3 Other goods 39,769.4 11,228.4 51,291.1 11,652.1 25,912.4 14,260.3 42,548.2 16,635.8 61,274.0 18,725.8 76,004.7 11,997.7 22,983.0 10,985.3 Services TOT/ sales tax 48,626.1 14,913.1 62,032.0 12,609.7 26,326.6 13,716.9 39,469.3 13,142.7 58,954.2 19,484.9 75,546.7 16,845.4 39,071.3 22,225.9 Stamp duties 3,973.9 1,128.4 5,455.3 799.7 1,529.8 730.1 2,708.4 1,178.6 4,951.1 2,242.6 5,473.7 1,941.6 3,942.2 2,000.6 Import duties and taxes 106,637.8 26,920.7 146,965.0 29,975.5 61,763.3 31,787.9 96,826.1 35,062.8 131,310.0 34,483.9 172,104.9 39,922.1 83,154.7 43,232.6 Custom duties 37,718.6 9,581.9 50,506.0 15,047.6 23,701.5 8,653.9 37,286.0 13,584.5 50,185.0 12,899.0 62,238.8 14,889.1 31,782.2 16,893.2 Sales/excise taxes 48,759.3 12,456.5 68,070.6 9,846.5 29,131.7 19,285.2 46,466.4 17,334.7 63,829.3 17,362.9 79,454.3 20,024.1 41,025.4 21,001.3 Petroleum products 1,788.8 315.3 3,786.7 303.9 1,406.9 1,103.0 1,166.0 -240.9 3,585.4 2,419.4 4,237.9 1,378.5 2,622.1 1,243.6 Alcohol and tobacco 539.1 182.6 706.7 84.8 236.3 151.5 481.9 245.6 754.6 272.7 786.5 197.5 377.3 179.8 Other imports 46,431.4 11,958.6 63,577.2 9,095.1 27,488.5 18,393.4 44,818.5 17,329.9 59,489.2 14,670.7 74,429.9 18,448.1 38,026.0 19,577.9 Surtax on imports 20,160.0 4,882.3 28,388.5 5,081.4 8,930.1 3,848.7 13,073.7 4,143.6 17,295.7 4,222.0 30,411.9 5,009.0 10,347.2 5,338.2 Export taxes Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 55,819.2 18,413.9 76,707.3 9,686.9 22,611.8 12,924.9 34,358.8 11,747.0 62,290.2 27,931.4 99,321.0 17,671.4 33,161.5 15,490.2 Charges and fees 5,394.6 2,387.6 5,167.9 2,109.4 3,682.8 1,573.4 4,899.6 1,216.8 7,166.2 2,266.6 7,027.9 1,266.6 2,600.3 1,333.7 Sales of goods & services 7,399.0 2,983.2 8,166.9 1,899.6 3,562.9 1,663.3 5,589.6 2,026.7 8,823.5 3,233.8 11,691.6 3,403.4 4,987.2 1,583.8 Residual surplus, capital charge, interest 0.0 payments and state dividend 20,926.3 6,883.5 25,383.6 646.1 4,304.8 3,658.7 4,929.6 624.7 13,347.2 8,417.7 23,508.3 1,975.4 3,160.7 1,185.3 Reimbursement & property sales 680.3 -1,356.5 447.0 25.1 567.8 542.7 682.0 114.2 4,325.6 3,643.6 1,908.8 333.3 680.3 347.0 Miscellaneous 13,285.4 4,703.8 8,744.7 2,204.2 6,100.7 3,896.5 10,992.5 4,891.8 12,622.5 1,630.0 34,506.2 3,950.8 7,888.9 3,938.1 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 8,133.6 2,812.3 28,797.2 2,802.5 4,392.8 1,590.3 7,265.5 2,872.7 16,005.3 8,739.8 20,678.3 6,741.9 13,844.1 7,102.3 Total revenue 444,582.6 116,610.0 546,274.8 109,485.7 260,650.0 151,164.3 383,557.6 122,907.7 540,060.5 156,502.9 693,016.1 148,394.5 329,539.2 181,144.8 External grants 34,305.5 4,683.7 66,818.8 5,900.6 12,082.1 6,181.5 19,668.6 7,586.5 26,693.1 7,024.5 38,924.0 6,599.1 13,512.5 6,913.4 Grants in kind/earmarked 23,558.4 6,199.6 28,066.3 5,900.6 12,082.1 6,181.5 19,668.6 7,586.5 26,693.1 7,024.5 31,264.7 6,599.1 13,512.5 6,913.4 Untied cash & CPF/grants 10,747.1 -1,515.9 38,752.5 0.0 7,659.3 0.0 Total revenue and grants 478,888.1 121,293.6 613,093.6 115,386.3 272,732.1 157,345.8 403,226.2 130,494.2 566,753.6 163,527.4 731,940.1 154,993.6 343,051.8 188,058.2 2015 2022/23 Pre-actual Sources: Ministry of Finance, and NBE compilation Table 13: General Government Quarterly Revenue 2013 2020/21 Actual 2014 2021/22 Pre-Actual

Table 14: General Government Quarterly Expenditure Ethiopian fiscal year Fiscal year ending July 7 (In million Birr) (QIII) 12Month QIV Budget Revised Budget 3mon (QI) 6Month (QII) 9Month (QIII) 12Month QIV Budget 3mon (QI) 6Month (QII) A. Capital Expenditure Economic development 35,551.8 146,692.3 48,569.8 191,202.0 192,396.5 31,894.0 60,328.0 28,434.0 103,836.3 43,508.2 155,288.3 51,452.1 222,775.1 28,564.9 77,353.4 48,788.5 Agriculture 4,949.7 28,416.0 7,295.5 30,886.0 31,080.4 5,697.0 13,126.8 7,429.7 20,753.7 7,626.9 25,074.1 4,320.5 27,914.6 4,574.0 10,341.7 5,767.7 Natural Resource 5,134.2 24,006.5 11,798.7 32,929.4 32,929.4 4,223.4 7,683.8 3,460.3 19,077.7 11,394.0 32,760.3 13,682.6 50,055.5 4,256.2 15,734.1 11,477.9 o/w: Water 4,205.0 19,851.8 10,258.9 32,005.5 32,005.5 4,219.2 7,653.4 3,434.2 18,677.2 11,023.7 32,384.4 13,707.3 45,549.8 3,114.6 15,254.4 12,139.8 Mines & Energy 78.1 1,024.5 182.4 244.0 1,244.0 400.1 747.0 346.9 846.4 99.4 979.1 132.8 1,413.0 2.6 1,036.6 1,034.0 Trade, Industry & Tourism 1,621.8 5,160.7 2,333.9 6,607.8 6,607.8 325.1 1,535.7 1,210.6 3,064.1 1,528.4 7,277.1 4,213.1 6,726.1 685.9 688.8 3.0 Urban dev't & housing 6,203.2 21,833.9 6,680.0 31,531.7 31,531.7 4,903.8 9,107.9 4,204.1 16,170.5 7,062.6 26,891.4 10,720.9 43,270.3 7,456.9 19,357.0 11,900.2 Road construction 16,380.8 61,301.1 17,642.7 81,840.5 81,840.5 16,154.0 27,540.4 11,386.4 42,805.8 15,265.4 59,958.7 17,152.9 83,814.3 11,047.7 29,548.4 18,500.7 Transport & communication 1,184.1 4,949.6 2,636.6 7,162.7 7,162.7 190.6 586.6 396.0 1,118.2 531.6 2,347.6 1,229.4 9,581.3 541.7 646.8 105.1 Social Development 11,045.0 59,535.2 25,213.0 69,340.9 64,146.4 9,757.6 27,552.1 17,794.6 43,187.0 15,634.9 65,626.6 22,439.6 75,896.2 8,498.8 29,004.5 20,505.7 Education 4,930.2 33,694.6 16,703.6 38,935.6 34,935.6 6,334.9 14,220.5 7,885.6 24,935.2 10,714.7 41,725.4 16,790.2 46,454.8 4,784.2 19,753.1 14,969.0 Health 5,530.5 22,299.2 7,216.7 23,886.3 23,691.9 3,088.9 12,122.6 9,033.7 14,415.7 2,293.1 20,834.8 6,419.1 22,539.8 3,099.0 7,806.1 4,707.1 Socail welfare 261.6 1,267.4 577.1 2,296.8 2,296.8 113.1 534.0 421.0 2,320.2 1,786.1 717.5 -1,602.7 2,135.5 387.8 739.4 351.6 Culture & sport 322.7 2,274.0 715.7 4,222.1 3,222.1 220.7 675.0 454.3 1,515.9 840.9 2,349.0 833.1 4,766.2 227.8 705.9 478.1 General Development 5,410.7 29,182.2 16,178.0 49,374.9 63,352.9 4,021.6 10,358.1 6,336.5 22,327.8 11,969.7 41,140.7 18,812.9 87,234.2 6,278.4 17,104.3 10,825.9 Compensation payments 0.0 External assistance 6,695.5 23,558.4 6,199.6 28,098.0 28,098.0 5,900.6 12,082.1 6,181.6 19,668.6 13,487.0 26,693.1 7,024.5 31,424.5 6,599.1 13,512.5 6,913.4 Sub Total Capital Expenditure 52,007.5 235,409.7 89,960.8 309,917.8 319,895.8 45,673.3 98,238.3 52,565.0 169,351.1 71,112.8 262,055.7 92,704.6 385,905.5 43,342.1 123,462.2 80,120.2 B. Current Expenditure General Services 25,166.1 129,678.9 44,888.5 107,931.2 199,265.1 24,469.2 61,556.6 37,087.5 150,648.2 89,091.6 214,473.6 63,825.4 196,768.2 43,228.9 95,686.5 52,457.6 Organ of the State 5,590.7 21,913.8 7,096.5 15,467.5 15,467.5 4,068.6 9,291.6 5,222.9 17,339.2 8,047.6 23,852.5 6,513.3 18,495.4 5,047.4 10,948.7 5,901.3 Justice 2,757.9 11,297.8 3,164.7 13,264.5 11,675.7 2,902.7 6,228.6 3,325.9 9,322.9 3,094.3 21,719.9 12,397.0 26,857.7 3,319.6 6,447.8 3,128.3 Defence 4,664.1 37,092.4 14,039.1 22,000.0 112,000.0 5,402.7 15,451.3 10,048.6 76,469.2 61,017.9 102,616.7 26,147.5 84,000.0 17,326.7 39,541.6 22,214.9 Public order & security 6,620.5 30,335.9 11,807.8 29,808.7 31,397.5 5,640.7 14,589.0 8,948.3 24,132.3 9,543.3 31,861.7 7,729.4 32,242.8 8,414.7 21,358.8 12,944.2 Other General services 5,532.9 29,039.0 8,780.4 27,390.5 28,724.4 6,454.4 15,996.2 9,541.8 23,384.6 7,388.4 34,422.8 11,038.2 35,172.3 9,120.6 17,389.5 8,268.9 Economic Services 9,484.8 42,497.7 12,067.7 52,299.8 51,299.6 10,642.4 22,268.2 11,625.9 36,929.4 14,661.2 50,711.1 13,781.7 56,536.3 12,437.5 25,763.0 13,325.4 Agriculture&natural resource 6,150.8 26,901.5 7,700.1 34,691.9 34,191.8 6,447.0 13,667.2 7,220.2 23,865.6 10,198.4 31,061.1 7,195.5 35,376.3 6,870.2 15,156.5 8,286.3 Agriculture 5,419.4 21,850.3 5,488.1 28,341.5 27,841.5 5,371.0 11,532.9 6,161.9 19,988.7 8,455.8 23,281.8 3,293.1 27,785.0 5,735.3 12,239.5 6,504.2 Natural resource 731.4 5,051.2 2,212.0 6,350.3 6,350.3 1,076.0 2,134.2 1,058.2 3,876.9 1,742.7 7,779.3 3,902.4 7,591.3 1,134.9 2,917.0 1,782.0 o/w: Water 621.9 4,993.8 2,375.3 5,963.6 5,963.6 1,044.9 1,895.4 850.5 3,876.9 1,981.5 5,677.1 1,800.2 6,967.8 1,023.1 2,882.6 1,859.6 Trade, Industry & Tourism 1,250.5 7,136.0 2,016.8 6,986.3 6,786.3 1,962.8 4,376.8 2,414.0 6,737.0 2,360.2 9,613.7 2,876.7 12,507.7 2,954.9 5,550.6 2,595.7 Mines & Energy 69.0 366.7 128.3 255.9 255.9 48.0 201.7 153.7 253.9 52.2 356.7 102.8 333.2 64.3 139.9 75.6 Tourism 326.8 826.2 140.7 1,245.5 1,245.5 170.0 618.4 448.4 351.7 -266.7 85.9 -265.8 517.0 76.2 187.8 111.7 Transport & communication 508.1 2,283.8 723.9 2,748.9 2,748.9 561.5 442.7 -118.7 1,401.0 958.3 3,331.5 1,930.5 2,453.6 857.0 1,419.1 562.1 Urban devt. & construction 998.8 4,399.8 1,301.5 5,037.4 4,737.4 1,068.6 2,267.5 1,198.8 3,414.8 1,147.3 4,911.8 1,497.0 5,254.5 1,242.6 2,615.2 1,372.5 o/w: Road Construction 454.4 1,899.0 528.1 2,264.7 2,264.7 381.2 678.0 296.8 1,453.3 775.3 2,706.1 1,252.8 2,353.6 557.3 1,209.9 652.6 Economic development studies 180.8 583.7 56.3 1,333.8 1,333.8 384.5 693.9 309.4 905.4 211.5 1,350.5 445.1 94.0 372.3 693.9 321.5 Social Services 37,777.2 160,366.1 45,366.7 181,313.6 181,313.5 43,163.5 98,296.5 55,132.9 139,698.5 41,402.0 200,594.2 60,895.7 197,234.8 53,987.9 101,248.0 47,260.1 Education & training 25,947.0 107,513.0 29,310.4 123,266.5 123,266.5 26,364.5 58,932.3 32,567.7 92,260.9 33,328.6 127,505.8 35,244.9 125,202.8 34,744.7 65,774.1 31,029.4 Culture & sports 957.9 3,621.1 1,305.1 2,474.8 2,474.8 680.3 1,589.1 908.8 1,582.0 -7.1 4,163.2 2,581.2 4,453.0 1,140.9 2,495.8 1,354.9 Public health 9,154.5 40,665.4 13,512.3 44,423.5 44,423.5 7,441.2 18,242.2 10,801.0 29,836.9 11,594.7 47,266.8 17,429.9 51,717.4 11,861.7 23,442.5 11,580.8 Labour & social welfare 860.2 2,074.1 569.4 2,278.7 2,278.7 455.1 627.4 172.3 2,573.8 1,946.4 2,423.4 -150.4 2,747.0 734.6 1,339.3 604.7 Rehabilitation 857.5 6,492.5 669.5 8,870.0 8,870.0 8,222.4 18,905.5 10,683.1 13,444.9 -5,460.6 19,235.1 5,790.2 13,114.6 5,505.9 8,196.3 2,690.4 Interest & Charges 1,161.4 24,001.0 11,930.1 25,465.3 25,465.3 4,516.9 16,893.8 12,376.9 24,746.4 7,852.6 38,512.8 13,766.5 48,498.8 11,001.8 29,064.7 18,063.0 Internal debt 236.7 16,562.9 8,751.6 12,607.4 12,607.4 2,668.2 11,377.6 8,709.4 16,776.4 5,398.8 26,602.1 9,825.7 28,452.0 7,880.3 21,347.7 13,467.5 External debt 924.7 7,438.2 3,178.5 12,857.9 12,857.9 1,848.6 5,516.2 3,667.5 7,969.9 2,453.8 11,910.7 3,940.8 20,046.8 3,121.5 7,717.0 4,595.5 O/w: defence commercial Miscellaneous 2,808.6 7,053.2 694.0 28,102.8 37,103.5 2,206.7 5,073.1 2,866.3 7,793.5 2,720.4 12,751.6 4,958.1 75,435.5 8,459.7 28,190.3 19,730.6 External assistance * 0.0 Sub Total Current Expenditure 76,398.0 363,596.9 114,947.0 395,112.6 494,447.0 84,998.7 204,088.2 119,089.5 359,816.0 155,727.8 517,043.3 157,227.4 574,473.7 129,115.7 279,952.5 150,836.7 Grand Total Expenditure 128,405.5 599,006.7 204,907.7 705,030.5 814,342.8 130,671.9 302,326.5 171,654.5 529,167.0 226,840.6 779,099.0 249,932.0 960,379.2 172,457.8 403,414.7 230,956.9

  • Estimated value Sources: Ministry of Finance National Bank of Ethiopia 2015 2022/23 Actual Pre-Actual Pre-actual 2020/21 2021/22 2013 2014

(In Metric Tone) MGR Jet fuel Gasoil LFO HFO Total fuel oil 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 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 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 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 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 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 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 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 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 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 QIII 161,316.30 139,263.24 625,222.15 4,935.00 12,770.00 943,506.69 17,705.00 QIV 173,484.17 104,408.74 669,411.21 7,210.00 9,397.29 963,911.40 16,607.29 QI 166,296.59 147,176.37 649,322.31 4,500.00 2,000.00 969,295.27 6,500.00 QII 168,801.88 129,360.22 606,724.65 6,500.00 13,000.00 924,386.75 19,500.00 2022/23 Table 15: Domestic Refining and Imports of Ptroleum Period 2021/22 2012/13 2013/14 2014/15 2020/21 2015/16 2016/17 2017/18 2018/19 2019/20

Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 Crop 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 Animal Farming and Hunting 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 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 59,285.2 61,852.6 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 2,015.5 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 11,624.5 Manufacturing 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 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 96,268.6 102,266.2 108,223.9 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 43,360.1 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 16,522.3 17,515.6 Construction 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 Whole Sale and Retail Trade 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 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 54,536.5 Transport and Communications 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 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 78,605.2 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 95,299.7 103,829.9 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 93,768.3 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 46,432.3 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 29,413.0 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 41,829.7 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 2,141,452.8 2,277,383.5 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 28,811.9 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 2,114,238.3 2,248,571.6 Taxes on Products 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,072.5 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 2,228,170.1 2,346,644.1 Source:MoPD Sectors/Year

Table 17 : Growth Rate of GDP By Economic Activity at Constant Prices ( In percent) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 5.6 6.1 Crop 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 5.7 6.9 Animal Farming and Hunting 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 5.8 4.6 Forestry 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 4.0 4.3 Fishing 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2.8 1.7 21.9 Mining and Quarrying 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 115.4 6.1 Manufacturing 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 5.1 4.8 Large and Medium Scale Manufacturing 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 6.2 5.8 Small Scale and Cottage Industries 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 2.5 2.4 Electricity and Water 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 9.2 6.0 Construction 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 6.6 4.9 Whole Sale and Retail Trade 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 6.3 7.9 Hotels and Restaurants 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 2.6 8.0 Transport and Communications 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.2 7.0 9.8 Financial Intermediation -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 9.0 10.5 Real Estate, Renting and Business Activities 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 8.9 9.0 Public Administration and Defense 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 4.9 4.5 Education 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 2.0 1.6 Health and Social Work 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 13.4 10.8 Other Community , Social & Personal Services 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 2.0 2.1 Private Households with Employed Persons 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 2.2 2.3 Total 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 6.3 6.3 Less : FISIM 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.2 11.0 5.9 Gross Value Added at Constant Basic Prices 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.4 Taxes on Products 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 -4.7 -13.9 GDP at Constant Market Prices 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 5.6 5.3 Source:MoPD Industry/Year

Table 18: GDP by Economic Activity at Current Prices 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 370,012 422,902 484,026 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 Crop 238,052 272,201 309,349 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 Animal Farming and Hunting 101,728 113,693 132,287 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 Forestry 30,470 36,789 42,608 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 Fishing 685 796 1,225 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 Mining and Quarrying 10,045 8,986 6,259 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 Manufacturing 46,803 61,744 83,370 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 Large and Medium Scale Manufacturing 28,787 40,111 58,040 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 Small Scale and Cottage Industries 21,088 23,844 24,972 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 Electricity and Water 9,604 10,752 10,560 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 35,255.3 Construction 48,338 88,410 148,198 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 Whole Sale and Retail Trade 117,028 151,450 187,022 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 Hotels and Restaurants 18,004 24,954 33,841 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 Transport and Communications 41,221 49,215 57,579 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 Financial Intermediation 19,936 24,206 32,684 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,956.5 Real Estate, Renting and Business Activities 54,746 60,283 63,825 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 Public Administration and Defense 35,401 41,309 51,521 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 Education 21,637 28,739 35,388 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 Health and Social Work 7,593 9,881 12,917 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 Other Community , Social & Personal Services 13,303 14,779 16,721 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 Private Households with Employed Persons 9,443 12,024 15,327 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 Total 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 4,165,858.8 5,967,649.3 Less : FISIM 6,335 7,796 11,628 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,451.0 Annex4 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 4,119,057.0 5,900,198.3 Taxes on Products 70,618 86,098 105,129 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 GDP at Current Market Prices 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 4,341,024.2 6,157,538.2 Source: MoPD (In million Birr) Industry/Year 21

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Sectors/Year 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 35.9 42.2 Crop 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 40.9 46.1 Animal Farming and Hunting 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 27.3 35.6 Forestry 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 22.6 26.8 Fishing 50.8 16.2 53.8 12.8 63.5 4.1 28.5 24.1 34.3 6.3 Mining and Quarrying 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 Manufacturing 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 11.7 30.6 Large and Medium Scale Manufacturing 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 12.8 30.8 Small Scale and Cottage Industries 7.9 13.1 4.7 10.4 40.1 12.4 3.0 16.2 9.0 30.1 Electricity and Water 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 27.7 15.8 Construction 53.7 82.9 67.6 60.3 26.4 50.9 9.3 14.5 21.2 55.4 Whole Sale and Retail Trade 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 24.7 44.6 Hotels and Restaurants 34.8 38.6 35.6 22.9 8.0 19.0 25.1 19.1 20.8 35.7 Transport and Communications 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.5 30.8 37.2 Financial Intermediation 40.3 21.4 35.0 21.7 30.3 33.9 22.6 12.2 19.3 47.2 Real Estate, Renting and Business Activities 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 47.7 76.7 Public Administration and Defense 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 32.4 18.7 Education 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 23.6 9.8 Health and Social Work 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 14.8 19.7 Other Community , Social & Personal Services 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 18.3 26.8 Private Households with Employed Persons 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 19.6 48 Total 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.3 29.3 43.3 Less : FISIM 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.8 19.7 44.1 Gross Value Added at Current Basic Prices 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 29.4 43.2 Taxes on Products 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 16.0 15.9 GDP at Current Market Prices 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 28.6 41.8 Source: MoPD 22

Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Gross Value Added at Current Basic Prices 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 4,119,056.00 5,900,198.0 Taxes on Products, net 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.0 257,340.0 GDP at Current Market Prices 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 4,341,024.0 6,157,538.0 Incomes from ROW, net (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (19,203.0) (22,381.0) (27,827.0) Gross National Income at Current Basic Prices 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 4,096,676.0 5,872,372.0 Gross National Income at Current Market Prices 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 4,318,643.7 6,129,711.5 Current Transfers from ROW, net 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 292,126.0 399,122.0 Gross National Disposable Income 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 4,610,770.0 6,528,833.0 Government Final Consumption Expenditure 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.0 453,263.0 Private Final Consumption Expenditure 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 3,135,110.0 4,764,429.0 Gross Capital Formation (Investment) 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 1,216,585.0 1,560,325.0 Exports of Goods and Services 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 331,294.0 507,692.0 Imports of Goods and Services 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 725,530.0 1,128,171.0 Resource Balance (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (329,095.7) (394,236.0) (620,479.0) Gross Domestic Savings 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,349.0 939,846.0 Gross National Savings 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,092,095.0 1,311,141.0 Mid-year Population (In Million) 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 101.9 104.1 Per Capita Nominal GDP (In Birr) 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,849.0 42,595.0 59,160.0 Per Capita Real GDP (In Birr) 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,155.3 21,860.5 22,580.2 Average Exchange Rate (Birr/USD) 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 48.6 Real GDP (In USD) 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,294.2 57,101.7 48,388.0 Nominal GDP (In USD)(Million) 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,672.6 111,261.9 126,776.6 Per Capita Nominal GDP (In USD) 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 1,091.8 1,218.0 Per Capita Real GDP (In USD) 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 560.3 464.9 GDP Deflator 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 1.95 2.62 Source: MoPD Description / Year 23

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 GDP at Current Basic Prices 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 43.2 Taxes on Products, net 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 16.0 15.9 GDP at Current Market Prices 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.2 28.6 41.8 Incomes from ROW, net (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.3 Gross National Income at Current Basic Price 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.0 29.5 43.3 Gross National Income at Current Market Price 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.1 28.7 41.9 Current Transfers from ROW, net 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (12.5) 38.9 36.6 Gross National Disposable Income 15.1 21.5 22.1 18.1 15.0 20.2 22.8 22.0 29.3 41.6 Government Final Consumption Expenditure 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.6 24.5 18.2 Private Final Consumption Expenditure 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.9 32.6 52.0 Gross Capital Formation (Investment) 6.6 36.4 27.0 15.1 20.3 6.7 26.2 8.8 17.9 28.3 Exports of Goods and Services 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.7 37.7 53.2 Imports of Goods and Services 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.4 27.4 55.5 Resource Balance (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.4 Gross Domestic Savings 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.0 17.0 14.3 Gross National Savings 6.3 31.4 27.1 20.3 10.3 28.1 16.4 8.0 22.2 20.1 Mid-year Population (in Million) 2.5 2.5 2.4 2.3 2.2 2.1 Per Capita GDP (Birr) (Nominal) 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 25.8 38.9 Per Capita GDP (Birr) (Real) 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 3.3 3.3 Average Exchange Rate (Birr/USD) 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 24.5 24.5 Real GDP (USD) 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 GDP at Current Market Prices(USD) 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.0 3.3 13.9 Per Capita GDP (USD) (Nominal) 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 1.1 11.6 Per Capita GDP (USD) (Real) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 Percentage Change in GDP Deflator 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 21.8 34.5 Source:MoPD Description / Year

Period General Index Food and Non￾Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot￾wear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of 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 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 Table 22(A): National Non-Food Consumer Price Index, Source: Central Statistical Agency(CSA) and NBE Staff Compilation

December 2016=100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Hosing,Water, Electricity, Gas and Other Fuels 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 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 Source: CSA and NBE Staff Compilation Table 22 (B): National Food Consumer Price Index,

Period General Index Food & Non￾alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foot￾wear Hosing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine 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 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 Table 22 (C): Addis Ababa Non-Food Consumer Price Index ,

Table 22(D): Addis Ababa Food Consumer Price Index 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 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9

Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) 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 Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 Source: Central Statistical Agency AFAR

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 Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 75.17 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 77.37 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 78.77 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 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 AMHARA Table 22 (E2): Regional States' Consumer Price Indices (Non-Food)

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 Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 Source: Central Statistical Agency BENISHANGUL GUMUZ Table 22 (E3): Regional States' Consumer Price Indices (Non-Food)

Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 Source: Central Statistical Agency DIRE DAWA

Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 GAMBELLA Source: Central Statistical Agency

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 Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.3 362.1 284.3 279.6 257.0 224.7 310.8 346.0 375.6 100.0 255.4 201.0 382.7 368.3 Source: Central Statistical Agency HARARI

Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 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 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 Source: Central Statistical Agency OROMIA

Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot￾wear Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 9913% 9867% 9951% 9916% 9747% 10070% 10120% 9632% 9392% 10000% 10016% 10000% 9816% 9934% QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 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 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 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 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 Source: Central Statistical Agency SNNPR

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 Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 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 QIII 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 QIV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 QI 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 QII 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Source: Central Statistical Agency SOMALI

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 Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 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 2022/23 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 TIGRAY

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 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 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 Source: Central Statistical Agency AFAR

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 Food products Non-Alcoholic Beverages 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 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 Source: Central Statistical Agency AMHARA

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 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 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 Source: Central Statistical Agency BENISHANGUL GUMUZ

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 Food products Non￾Alcoholic Beverages 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 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 Source: Central Statistical Agency DIRE DAWA

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 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 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 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 Source: Central Statistical Agency GAMBELLA

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 Food products Non￾Alcoholic Beverages 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 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 Source: Central Statistical Agency HARARI

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 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 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 Source: Central Statistical Agency OROMIA

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 Food products Non-Alcoholic Beverages 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 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 Source: Central Statistical Agency SNNPR

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 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 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 Source: Central Statistical Agency SOMALI

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 Food products Non-Alcoholic Beverages 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 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 2022/23 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 TIGRAY

(In Thousands of Birr) Djibouti 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 5,013,370.7 Egypt 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 286,318.4 Ghana 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 50,862.8 Kenya 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 470,979.5 Libia - - - - - - - Morocco 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 85,737.6 Nigeria 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 157,435.3 Ruwanda 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 6,902.4 Somali Land - - - - - - - Somalia 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 13,782,154.5 South Africa 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 408,451.5 Sudan 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 3,420,125.6 Tanzania 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 8,006.8 Uganda 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 41,194.8 Zambia 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 2,915.9 Zembabwe 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 115,037.6 Others 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 4,474,290.7 Total 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 28,323,784.2 %Share Of Continent 20.0 18.4 21.4 21.9 19.7 18.0 16.5 Austria 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 3,248.0 Belgium 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 5,050,196.9 Bulgaria 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 147,290.7 Cyprus 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 - Czech Republic 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 12,402.4 Slovakia 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 1,270.5 Denmark 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 41,439.0 Finland 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 140,201.3 France 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 1,577,024.4 Germany 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 9,829,924.3 Greece 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 384,503.7 Hungary 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 28,986.4 Ireland 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 5,271.1 Italy 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 2,608,263.8 Netherlands 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 13,729,201.1 Norway 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 454,761.5 Poland 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 43,840.5 Portugal 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 151,469.1 Rumania 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 28,389.0 Spain 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 781,071.6 Sweden 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 411,103.1 Switzerland 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 26,495,829.2 Turkey 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 1,608,316.9 Ukraine 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 244,549.4 United Kingdom 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 1,716,725.3 Russia 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 790,214.8 Yugoslavia - - - - - - - Others 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 4,310,849.5 Total 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 70,596,343.6 %Share Of Continent 36.0 33.1 32.4 27.0 28.0 39.8 41.1 Brazil 8,764.8 9,178.4 9,179.6 163.0 77.1 - 2,659.9 Canada 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 887,863.9 Cuba - - - - - - - Mexico 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 100,733.9 United States 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 13,866,697.5 Others 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 1,904,718.3 Total 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 16,762,673.5 %Share Of Continent 7.4 7.2 7.6 10.6 11.8 8.8 9.8 China, Mainland 6,145,483.9 7,498,265.1 5,111,009.8 4,754,322.7 3,152,537.0 2,538,974.1 3,165,786.7 China, Taiwan 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 1,128,549.5 Hong Kong 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 929,506.3 India 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 3,720,285.1 Indonesia 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 1,333,044.1 Israel 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 3,916,368.0 Japan 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 4,505,082.1 N.Korea, Pdrk 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 20,085.1 S.Korea 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 3,534,663.2 Kuwait 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 341,216.4 Lebanon 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 64,149.9 Malaysia 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 586,190.5 Pakistan 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 365,279.1 Saudi Arabia 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 10,160,101.3 Singapore 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 2,273,631.4 Yemen 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 1,053,818.9 Thailand 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 32,965.4 UAE 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 7,212,096.8 Others 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 10,184,707.2 Total 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 54,527,526.9 %Share Of Continent 35.8 40.5 37.7 39.6 39.7 32.7 31.8 Australia 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 1,122,336.2 Others 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 404,333.7 Total 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 1,526,669.9 %Share Of Continent 0.8 0.8 0.9 0.8 0.8 0.6 0.0 Unspecified - Grand Total 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 ########### Table 23 A1: Ethiopia: Direction of External Trade: EXPORT 2020 2021 Africa Europe Continents 2015 2016 2017 2018 2019 Country of Destination Source: Ethiopian Customs Commission Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia Oceania America Asia

(In thousands of Birr ) Djibouti 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 11,043,674.1 Egypt 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 17,728,657.1 Ghana 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 29,743.2 Kenya 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 3,136,327.1 Libya - 2.3 0.7 - - - - Nigeria 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 21,952.0 Ruanda 32.9 68,067.4 731.4 354.6 929.2 4,365.6 1,256,479.2 Sudan 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 184,428.2 Tanzania 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 16,755.9 Uganda 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 98,520.6 Zambia 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 7,075.4 Others 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 29,387,714.9 Total 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 62,911,327.7 Austria 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 650,445.3 Belgium 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 9,163,579.4 Bulgaria 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 1,346,192.7 Cyprus 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 523,781.7 Czechoslovakia (former name) 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 485,046.1 Czech republic 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 372,216.5 Slovakia 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 112,829.5 Denmark 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 1,592,371.6 Finland 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 537,595.1 France 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 8,372,869.0 Germany 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 8,002,879.3 Greece 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 302,386.0 Hungary 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 1,095,652.0 Ireland 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 1,621,077.3 Italy 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 11,506,882.9 Netherlands 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 6,266,430.6 Norway 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 156,031.9 Poland 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 1,198,760.2 Portugal 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 500,387.6 Rumania 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 3,792,996.8 Spain 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 3,242,302.4 Sweden 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 771,149.2 Switzerland 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 2,139,347.0 Turkey 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 36,627,248.5 United kingdom 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 8,544,021.3 Russia 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 8,793,976.3 Yugoslavia - 0.0 0.3 - - - - Other 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 27,658,037.9 Total 76,338,583.3 90,004,799.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 144,891,448.1 Brazil 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 1,259,094.7 Canada 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 1,231,140.4 Cuba 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 1,812.8 Mexico 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 354,523.8 United states 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 50,946,210.6 Others 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 4,479,859.0 Total 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 58,272,641.5 China, mainland 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 134,767,597.7 China, Taiwan 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 2,519,446.3 Hong Kong 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 199,754.6 India 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 103,243,911.1 Israel 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 743,319.8 Japan 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 3,886,893.6 N.korea, pdrk 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 44,456.0 S.korea 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 10,517,267.1 Kuwait 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 36,139,876.7 Lebanon 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 55,135.9 Malaysia 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 37,955,879.4 Pakistan 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 2,749,543.4 Saudi arabia 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 24,640,270.4 Singapore 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 1,902,125.0 Yemen 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 113,975.5 Thailand 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 6,020,437.8 Others 23,628,191.8 26,809,721.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 69,549,459.2 Total 230,321,540.1 220,183,516.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 435,049,349.5 Australia 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 1,050,857.8 Others 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 147,274.5 Total 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 1,198,132.3 Grand Total 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 702,322,899.1 Source: Ethiopian Customs Commission America Asia Oceania Africa Europe Table 23 A2: Ethiopia: Direction of External Trade: IMPORT Continents Country 2015 2016 2017 2018 2019 2020 2021

Export Import Export Import Export Import Export Import Export Import Export Import Export Import W X Y Z A B C D E F G H I=G/Y J=H/Z Djibouti 27.1 72.1 34.0 73.7 47.1 128.1 32.0 140.9 32.6 144.5 61.2 128.5 80.0 74.3 Egypt 1.6 94.9 2.7 129.1 1.4 52.7 0.3 473.1 0.6 290.9 0.8 127.1 (69.1) (1.6) Ghana 0.6 0.1 0.1 0.2 0.5 0.3 0.4 0.3 0.2 0.2 0.1 0.2 (27.6) 31.2 Kenya 2.0 27.6 3.6 11.2 3.8 37.5 7.0 31.4 8.6 31.7 8.7 36.5 142.4 226.9 Libia - - - - - - - - - - - - Morocco 0.4 1.1 0.4 0.2 0.3 470.7 0.4 448.1 0.9 0.1 0.2 148.1 (53.5) 76,732.4 Nigeria 0.4 0.4 0.7 0.1 0.5 0.0 0.3 0.0 0.3 0.0 0.3 0.0 (61.5) (76.7) Ruwanda 0.0 2.8 0.0 1.6 0.0 - 0.1 0.0 0.0 19.7 0.0 13.2 43.8 742.3 Somali Land - 0.1 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 30.5 Somalia 101.3 - 70.0 - 104.1 - 67.9 - 65.8 - 41.0 - (41.4) South Africa 3.2 32.6 2.1 9.7 2.3 55.2 6.1 47.5 8.4 46.8 1.5 72.2 (26.5) 642.3 Sudan 16.8 0.7 18.7 0.0 24.8 0.6 20.8 2.2 14.2 0.6 25.8 0.6 37.6 10,056.8 Tanzania 0.1 0.0 0.1 0.1 0.0 0.7 0.0 0.2 0.1 0.0 104.4 (56.5) Uganda 0.3 0.5 0.2 0.5 0.3 0.8 0.3 0.6 0.8 1.4 0.4 0.5 84.6 (7.3) Zambia 0.0 0.1 0.0 0.2 0.0 0.4 0.0 0.3 (85.8) 152.8 Zembabwe 0.0 - 0.0 1.0 0.2 0.0 0.5 0.0 0.0 0.6 0.0 - 56.3 (100.0) Others 21.2 1.1 10.7 3.1 9.9 6.5 3.3 0.6 6.6 88.7 9.4 7.3 (12.4) 133.6 Total 175.0 234.1 143.4 230.6 195.1 753.1 139.5 1,144.9 139.0 625.7 149.6 534.6 4.3 131.9 %Share Of Continent 18.00 5.66 15.65 5.30 18.52 16.35 12.01 22.90 14.23 13.74 19.23 11.87 Austria 0.0 2.6 0.0 1.9 0.1 0.6 0.1 0.8 0.0 2.4 0.0 1.2 (69.8) (37.7) Belgium 37.6 21.5 22.5 52.8 29.7 10.8 45.9 22.1 45.9 22.6 18.1 43.7 (19.5) (17.1) Bulgaria 0.7 1.1 1.2 17.2 0.9 20.8 1.1 10.9 0.4 0.3 0.5 3.8 (54.9) (77.8) Cyprus - 2.2 - 1.8 - 1.9 0.3 1.5 - 1.7 - 0.6 (67.0) Czech Republic 0.1 2.4 0.0 1.6 0.2 1.5 0.3 1.8 0.1 2.4 0.1 3.1 2,596.0 92.1 Slovakia - 0.1 - 1.1 0.0 1.9 0.0 2.1 - 1.3 - 0.6 (44.7) Denmark 0.2 7.2 0.0 12.3 0.3 7.0 0.5 4.9 0.2 5.1 0.1 7.6 231.3 (38.4) Finland 0.2 2.4 0.0 3.7 2.1 4.1 1.7 3.1 0.0 6.6 0.0 4.3 (59.1) 15.9 France 9.9 55.9 7.7 33.5 7.9 27.5 13.9 21.9 10.7 38.0 6.1 44.2 (21.7) 31.7 Germany 73.7 59.4 66.8 39.0 60.9 47.4 77.7 36.0 77.0 37.9 38.7 46.5 (42.2) 19.1 Greece 2.0 2.4 2.0 1.3 1.2 1.6 3.4 1.4 1.5 0.5 0.6 0.2 (69.3) (83.8) Hungary 0.4 17.0 0.1 3.5 0.2 4.0 0.2 1.4 0.0 1.5 0.0 7.8 (73.7) 123.1 Ireland 0.1 16.1 0.0 4.8 0.2 8.0 0.0 7.2 0.3 5.5 0.0 8.7 (99.1) 82.6 Italy 18.8 66.5 12.1 37.1 24.7 44.4 25.1 41.4 20.4 62.7 11.2 53.3 (8.0) 43.8 Netherlands 89.3 27.0 87.4 68.7 88.0 30.2 122.3 21.1 120.9 35.1 85.1 13.8 (2.5) (79.9) Norway 3.2 0.4 3.1 0.5 3.4 1.0 5.0 0.9 4.6 0.8 3.2 1.6 5.6 187.0 Poland 0.5 5.8 0.3 3.9 0.2 3.4 0.4 13.2 0.4 10.2 0.1 9.5 (60.0) 143.9 Portugal 1.3 1.8 1.4 0.6 0.6 0.9 1.1 1.3 0.9 2.0 0.8 1.3 (44.2) 126.5 Rumania - 9.5 0.2 0.3 0.1 2.3 0.1 0.4 0.2 17.1 0.5 6.4 180.4 2,399.3 Spain 4.5 22.2 5.4 16.9 5.1 8.7 6.0 7.5 3.0 12.2 2.5 14.7 (53.7) (13.4) Sweden 2.9 6.1 2.4 4.0 3.0 4.7 3.5 6.0 3.6 2.1 2.0 6.8 (17.6) 69.4 Switzerland 136.2 5.1 147.6 5.6 167.8 3.8 97.7 3.8 51.1 4.1 52.8 21.6 (64.3) 287.0 Turkey 9.2 309.0 16.1 270.9 5.4 272.9 7.4 200.6 5.9 308.6 5.8 224.0 (64.2) (17.3) Ukraine 2.0 132.2 1.8 216.4 0.2 134.8 - 13.7 - 68.1 0.0 88.3 (97.4) (59.2) United Kingdom 12.5 29.1 9.3 21.6 11.7 16.7 22.1 56.2 19.5 66.6 17.5 63.4 88.9 193.3 Russia 5.9 17.4 4.8 95.1 2.6 9.7 2.0 4.3 5.3 1.3 3.7 28.2 (23.7) (70.4) Yugoslavia - - - - - - - - - - - - Others 5.7 7.5 4.3 5.9 2.9 8.1 4.6 2.6 18.3 7.6 1.7 20.8 (59.8) 252.6 Total 416.9 830.1 396.7 922.0 419.5 678.7 442.4 488.0 390.4 724.3 251.2 725.9 (36.7) (21.3) %Share Of Continent 42.88 20.07 43.29 21.20 39.82 14.74 38.10 9.76 39.95 15.91 32.29 16.11 Brazil 0.1 6.3 0.0 6.9 - 3.7 0.0 2.3 - 12.6 0.0 9.7 228.3 40.3 Canada 6.8 8.7 4.0 5.0 7.1 26.1 6.4 32.8 5.8 8.1 9.6 8.3 138.5 68.2 Cuba - 0.0 - 0.0 - - - - - - - 0.0 #DIV/0! (57.6) Mexico 0.8 1.5 0.1 3.1 0.1 2.1 0.2 5.4 0.1 11.7 0.1 3.5 (0.5) 14.6 United States 82.6 277.9 60.8 297.0 89.3 172.4 125.6 250.8 77.4 258.4 72.9 297.2 20.0 0.1 Others 1.6 2.6 0.5 75.1 0.6 116.8 0.6 2.9 0.5 3.1 0.9 21.5 96.0 (71.4) Total 91.9 297.0 65.4 387.2 97.1 321.2 132.7 294.2 83.9 293.9 83.6 340.3 27.8 (12.1) %Share Of Continent 9.45 7.18 7.14 8.90 9.22 6.97 11.43 5.88 8.58 6.45 10.75 7.55 China, Mainland 18.8 785.9 15.3 832.3 19.3 853.4 51.9 858.3 34.5 869.7 17.5 941.4 14.3 13.1 China, Taiwan 6.5 17.9 8.0 17.5 7.7 11.3 14.0 7.9 7.7 3.2 3.8 7.0 (52.5) (60.0) Hong Kong 6.8 0.6 4.0 2.3 3.9 1.6 7.0 2.7 6.5 0.6 4.4 0.5 11.8 (77.1) India 18.8 872.9 17.3 696.6 20.7 623.1 27.1 565.7 10.6 495.8 19.2 632.4 10.9 (9.2) Indonesia 4.0 60.8 8.4 69.0 9.3 64.5 3.4 38.4 3.9 67.7 4.3 70.3 (48.5) 1.9 Israel 24.9 4.3 30.4 3.6 31.1 5.4 22.4 5.2 23.0 7.5 25.0 2.6 (18.0) (28.3) Japan 28.1 21.3 35.6 20.8 34.4 16.4 53.3 13.5 28.0 21.9 22.9 18.0 (35.6) (13.6) N.Korea, Pdrk 0.3 0.1 0.1 0.0 0.1 1.0 0.1 0.3 0.0 0.2 - 0.3 (100.0) 8,768.7 S.Korea 20.1 29.6 17.0 78.7 21.1 46.5 48.3 32.8 33.3 28.4 20.9 26.4 23.0 (66.5) Kuwait 0.8 147.3 1.4 312.3 1.2 403.6 1.7 216.2 1.5 181.1 1.8 100.5 28.2 (67.8) Lebanon 0.4 0.4 0.2 0.5 0.6 1.1 1.0 3.1 0.9 1.6 0.5 1.0 103.6 94.4 Malaysia 2.3 294.9 6.9 182.0 3.9 230.5 7.3 164.0 3.5 175.8 2.5 210.7 (63.4) 15.7 Pakistan 3.9 11.4 2.4 27.7 6.1 14.6 6.5 6.9 1.6 7.9 2.6 5.8 6.6 (79.1) Saudi Arabia 66.4 72.3 56.2 142.0 81.8 159.2 75.3 771.7 72.4 577.5 85.8 401.1 52.7 182.4 Singapore 12.1 5.4 11.2 2.3 7.6 2.8 11.6 7.0 15.2 1.7 11.1 1.1 (1.1) (53.7) Yemen 4.5 0.4 5.0 1.0 8.3 5.5 5.2 0.7 1.8 - 3.4 0.5 (31.2) (49.3) Thailand 0.3 44.6 0.0 57.0 0.1 41.4 2.2 24.8 0.6 27.7 0.2 37.1 276.9 (34.8) UAE 34.1 307.1 46.6 309.2 44.0 321.7 67.1 297.7 63.2 346.4 37.1 347.2 (20.4) 12.3 Others 25.7 94.8 39.9 41.4 35.0 43.8 30.8 51.7 31.9 91.4 23.2 97.4 (41.7) 135.0 Total 278.9 2,772.0 306.1 2,796.4 336.2 2,847.4 436.2 3,068.7 340.3 2,906.1 286.3 2,901.7 (6.5) 3.8 %Share Of Continent 28.68 67.01 33.40 64.28 31.92 61.82 37.56 61.38 34.83 63.83 36.80 64.42 Australia 7.8 2.7 4.5 13.0 4.7 4.5 8.6 2.9 10.2 2.1 6.8 1.8 51.2 (86.2) Others 1.9 0.7 0.4 1.1 0.8 0.9 1.9 0.8 1.3 0.7 0.4 0.2 12.2 (78.0) Total 9.6 3.4 4.8 14.1 5.5 5.5 10.5 3.8 11.5 2.8 7.2 2.0 48.2 (85.5) % Share Of Continent 0.99 0.08 0.53 0.32 0.53 0.12 0.90 0.08 1.18 0.06 0.92 0.05 Unspecified Unspecified - - - - - - 12.0 - - Grand Total Grand Total 972.4 4,136.6 916.6 4,350.2 1,053.5 4,605.9 1,161.3 4,999.5 977.0 4,552.8 778.0 4,504.5 (15.1) 3.5 Source: Ethiopian Customs Commission

  • Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Customs Commission America: Asia: Oceania: QIII QIV QI QII Africa: Europe: QI QII 2021/22 2022/23 2022/23 Table 23B: Direction of Trade** (in millions of USD) Country of Origin Percentage Change

( In metric tone) 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 Qtr I 86448.6 42245.3 533.8 44544.9 4913.0 57371.9 0.0 2.3 0.0 3520.0 20878.2 0.0 10.0 25.7 0.0 7167.6 Qtr II 62643.4 54064.9 644.2 44096.1 4948.2 63824.5 7.8 2.4 0.0 3087.7 14351.7 0.0 0.0 54.5 0.0 9757.2 Qtr III 62058.9 39643.4 444.0 62152.6 4686.0 53572.2 2.3 2.5 0.0 7155.8 12693.3 0.0 55.0 22.5 0.0 9206.7 Qtr IV 92084.3 36186.1 617.4 63079.9 4464.8 47881.7 0.0 1.5 0.0 3502.5 8408.1 0.0 93.0 58.9 0.0 9103.0 Qtr I 71300.6 32101.8 467.2 43222.2 3725.9 41289.5 0.0 687.3 0.0 1986.2 12816.0 0.0 Qtr II 45282.4 23797.1 451.2 80236.6 2781.2 39364.2 13.0 0.9 0.0 1427.4 7439.8 0.0 Period Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricit y (in '1000' kwh) Others* Re￾Exports Grand Total* Qtr.I 9510.6 117.8 0.0 24.1 0.0 27260.2 849.7 2289.5 16665.5 423363.0 63910.5 324378.5 Qtr.II 5277.5 180.6 0.0 2.0 0.0 26924.2 2864.0 3224.2 19039.3 422740.0 67323.6 314994.5 Qtr.III 13074.0 72.9 0.0 27.5 0.0 25870.7 855.5 2056.7 26874.2 374366.0 78060.7 320526.8 QIV 10505.4 101.5 0.0 0.3 0.0 34198.0 869.9 1097.2 41934.6 444696.3 97868.7 354188.0 Qtr.I 0.0 29.4 0.0 34393.7 861.3 2197.3 43772.3 341917.5 0.0 207,596.58 Qtr.II 0.0 6.1 0.0 24661.0 1708.2 1211.8 25451.8 371670.9 53038.9 253,832.81 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2022/23 Table 24: Volume of Exports, by Major Commodity Groups Period Table 24 continued: 2021/22 2021/22 2022/23

Table 25: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts Qtr I 14,753,825.4 2,635,988.0 368,999.5 1,962,268.4 1,181,101.9 950,208.6 - 6,095,334.7 - 245,672.8 5,182,271.7 - 3,073.8 69,331.0 - 1,862,093.4 Qtr II 11,937,731.2 4,203,260.8 430,732.1 2,543,083.2 1,265,506.3 941,113.3 299.1 6,993,235.5 - 184,591.3 3,940,072.9 - - 83,570.4 - 2,273,409.6 Qtr III 16,074,075.8 3,035,265.7 387,197.5 3,206,468.3 1,607,084.9 1,652,294.8 315.5 8,400,946.8 - 542,971.3 5,779,143.1 - 21,634.6 78,694.6 - 2,333,918.8 Qtr IV 27,399,261.7 3,031,603.2 422,921.5 2,999,569.4 1,275,815.4 729,200.9 - 4,975,356.3 - 464,170.6 4,008,836.5 - 34,199.1 233,116.4 - 2,060,486.8 Qtr I 22,321,072.5 2,776,564.3 330,083.9 2,103,760.1 1,136,364.3 801,307.1 - 2,644,696.7 - 226,208.2 4,230,001.2 - 15,239.4 231,999.7 - 1,814,237.3 Qtr II 12,417,831.4 2,057,752.0 393,963.2 3,309,453.2 1,333,413.3 2,365,127.7 14,760.7 2,771,114.0 - 175,403.3 2,850,497.9 - 27,861.9 189,360.4 - 2,759,998.2 Table 25 (continued): Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total Qtr I 350899.6 26044.7 0.0 4344.1 0.0 5502871.5 49901.6 224887.7 1119171.0 1029088.7 10238633.2 0.0 43617378.0 Qtr II 215709.6 37821.0 0.0 869.3 0.0 5897900.9 99654.0 255434.2 1177514.0 1118727.3 11160610.4 0.0 43600236.2 Qtr III 645465.3 19383.8 0.0 5279.5 0.0 6276691.4 56576.0 235991.4 1629068.9 1068957.7 2412613.4 0.0 43120011.6 Qtr IV 472508.8 24454.5 0.0 99.1 0.0 8767618.6 55554.9 106054.7 1442362.5 1327237.8 14489494.2 0.0 59830428.9 Qtr I 207330.1 6573.5 0.0 6066.0 0.0 8754085.8 49221.9 134102.6 2287436.4 1012550.7 14503603.9 0.0 51088901.7 Qtr II 418,655.39 11,002.31 - - - 5,458.80 - 7,126,552.59 124,778.57 233,216.89 1,483,850.11 1,121,546.41 13,474,419.68 - 41,191,598.36 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2022/23 2021/22 Period Period 2021/22 2022/23

Table 26: Value of Imports, by Major Commodity Groups** Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 January 10,492,577 291,275 58,447 - 12,904,250 951,136 2,964,904 24,499 1,263,999 1,366,899 502,476 February 12,217,069 124,689 30,019 - 14,459,722 651,002 1,171,288 18,294 717,032 1,380,463 342,861 March 12,198,019 143,679 54,415 - 15,146,859 824,455 1,610,120 46,151 532,712 1,374,917 643,474 Qtr III 34,907,666 559,643 142,880 - 42,510,831 2,426,593 5,746,311 88,945 2,513,743 4,122,279 1,488,811 April 4,878,889 111,271 59,669 3,800 18,409,061 759,350 1,819,573 5,462 436,550 772,277 336,229 May 6,844,812 78,188 41,631 - 18,526,053 800,870 1,509,059 87,973 662,764 1,248,002 420,033 June 7,923,796 114,203 45,067 - 22,091,602 944,206 1,557,265 58,169 496,644 1,074,286 425,973 Qtr IV 19,647,497 303,662 146,367 3,800 59,026,716 2,504,426 4,885,897 151,603 1,595,958 3,094,564 1,182,235 July 4,670,791 173,903 45,165 4,279 21,942,334 954,457 847,892 30,285 403,552 1,159,673 384,620 August 8,148,077 93,273 56,823 - 17,460,805 1,221,511 2,037,797 25,707 349,184 1,177,415 585,769 September 8,417,676 103,483 23,781 - 17,534,508 1,055,419 2,206,401 5,862 440,341 1,141,727 523,331 Qtr I 21,236,545 370,659 125,770 4,279 56,937,647 3,231,387 5,092,089 61,854 1,193,076 3,478,815 1,493,721 October 11,273,025 132,193 26,704 2,021 16,397,006 1,078,250 2,099,216 4,471 622,520 1,530,615 627,800 November 8,042,285 102,018 21,188 - 17,602,993 1,126,311 1,781,301 12,857 571,067 1,311,295 731,263 December 8,872,358 125,168 38,827 - 13,855,652 1,186,109 3,786,209 11,390 841,584 1,459,988 790,376 Qtr II 28,187,669 359,380 86,719 2,021 47,855,652 3,390,671 7,666,726 28,719 2,035,171 4,301,897 2,149,440 Table 26: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 January 1,174,976 589,520 592,377 7,408,194 4,961,039 372,300 4,908,139 3,024,977 129,846 26,235,776 77,192,628 February 1,480,271 348,542 594,780 5,764,019 4,922,466 525,788 2,777,540 3,816,642 49,482 31,012,515 78,587,843 March 35,053 583,288 475,627 5,456,648 5,470,169 411,473 2,627,005 2,802,294 223,316 26,072,312 75,678,393 Qtr III 2,690,299 1,521,350 1,662,785 18,628,861 15,353,674 1,309,561 10,312,683 9,643,913 402,644 83,320,603 231,458,863 April 1,173,251 784,225 308,019 3,848,985 4,531,349 291,921 4,078,744 2,067,368 63,111 38,094,293 80,766,030 May 1,658,696 517,196 563,161 5,549,985 7,200,129 261,467 2,607,252 3,079,491 148,771 37,973,033 86,699,074 June 1,364,603 673,722 466,491 4,162,549 9,041,651 382,514 5,071,067 3,207,651 64,102 34,069,743 90,027,652 Qtr IV 4,196,550 1,975,143 1,337,670 13,561,519 20,773,129 935,902 11,757,063 8,354,510 275,984 110,137,070 257,492,756 July 1,800,626 700,170 522,693 5,443,908 7,881,810 326,616 3,028,640 3,112,154 433,716 27,054,884 77,810,014 August 1,760,990 850,853 388,066 5,892,620 9,743,228 420,242 5,955,661 2,534,735 237,635 31,085,201 87,490,856 September 1,301,762 407,852 339,159 5,775,626 7,527,844 640,287 3,901,714 2,056,117 198,766 21,258,104 72,803,643 Qtr I 4,863,378 1,958,876 1,249,918 17,112,154 25,152,882 1,387,145 12,886,015 7,703,007 870,117 79,398,189 238,104,514 October 1,639,788 490,472 553,607 4,477,090 8,691,543 327,558 3,286,198 2,909,541 198,596 32,389,100 85,847,775 November 1,577,299 483,432 458,010 5,018,734 7,729,305 826,815 5,214,421 821,322 207,678 22,313,550 75,131,823 December 1,549,602 716,421 489,055 4,506,076 6,735,475 862,067 3,533,204 516,240 695,734 27,510,008 77,565,303 Qtr II 4,766,689 1,690,324 1,500,673 14,001,901 23,156,323 2,016,439 12,033,822 4,247,102 1,102,008 82,212,659 238,544,901 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 Note : Food and Live animal also includes Grain 2021/22 2022/23 2021/22 2022/23 Period (In 000 birr) Period

Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 January 322,773.2 2,445.0 193.2 - 342,016.9 11,758.8 2,277.6 14.9 9,862.5 8,220.2 6,574.7 February 380,623.0 1,442.3 64.6 - 326,482.2 12,579.3 2,216.9 11.5 7,927.1 7,087.1 4,698.6 March 307,993.8 1,188.8 142.0 - 275,007.6 13,268.3 2,002.5 47.5 4,271.5 8,017.0 8,853.9 Qtr III 1,011,390.0 5,076.1 399.8 - 943,506.7 37,606.4 6,497.1 73.8 22,061.2 23,324.3 20,127.2 April 160,695.3 1,537.7 258.6 40.1 373,077.9 13,193.0 2,076.5 3.3 4,641.9 5,602.2 5,064.6 May 193,277.2 1,163.0 124.6 - 308,255.3 11,238.4 1,305.8 149.5 3,671.1 7,328.4 5,052.6 June 206,511.9 1,350.8 172.0 - 334,878.7 16,703.0 904.1 56.8 3,280.6 5,995.1 6,377.0 Qtr IV 560,484.5 4,051.6 555.2 40.1 1,016,211.9 41,134.4 4,286.4 209.6 11,593.5 18,925.7 16,494.2 July 137,408.1 2,197.7 156.3 41.5 344,481.8 14,118.5 1,427.3 16.6 1,743.4 6,205.0 4,760.7 August 233,641.3 737.7 146.8 - 302,415.4 18,294.1 1,033.2 58.3 1,373.0 7,936.9 6,789.1 September 227,275.6 848.8 109.3 - 322,397.0 14,125.6 1,608.7 1.2 2,822.1 10,288.3 197,972.6 Qtr I 598,324.9 3,784.2 412.4 41.5 969,294.3 46,538.1 4,069.1 76.2 5,938.5 24,430.2 209,522.4 October 313,825.1 1,409.1 99.9 18.8 307,111.0 18,761.9 2,992.5 1.0 5,174.9 8,420.1 8,311.2 November 207,644.7 772.1 42.9 - 324,893.8 17,173.2 1,843.8 26.7 5,973.9 6,299.8 9,546.8 December 195,585.1 879.4 117.8 - 292,381.9 16,032.4 1,852.9 8.8 5,684.6 6,765.7 9,429.9 Qtr II 717,054.9 3,060.7 260.6 18.8 924,386.8 51,967.5 6,689.2 36.5 16,833.4 21,485.5 27,288.0 Table 27: (continued) Textiles Clothings Glass & Glass Metal & Metal Machinery & Road Motor Electrical Grain* Telecomm. Others GRAND TOTAL 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 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 January 7,837.5 1,186.6 7,897.4 83,275.7 11,333.8 1,070.5 5,915.2 102,672.5 10.8 431,319.9 1,255,984.4 February 10,482.2 1,188.3 10,629.7 80,426.1 9,755.8 1,730.3 6,365.2 123,849.7 25.1 498,438.9 1,362,174.2 March 11,664.1 1,587.6 7,289.5 77,468.1 13,310.0 1,614.2 4,644.2 91,473.2 30.1 399,173.3 1,137,574.2 Qtr III 29,983.86 3,962.52 25,816.57 241,169.92 34,399.53 4,415.00 16,924.64 317,995.45 66.05 1,328,932.12 3,755,732.82 April 8,769.1 1,920.9 5,376.7 76,689.1 10,358.5 1,100.0 5,752.6 82,151.8 24.5 648,545.7 1,324,728.0 May 11,306.9 1,419.9 9,487.8 68,847.3 15,198.0 1,013.6 4,865.4 91,385.2 26.6 530,415.7 1,174,147.2 June 9,442.0 1,803.6 10,440.2 69,733.8 12,805.4 1,077.8 4,742.3 99,768.4 21.6 557,067.2 1,243,364.0 Qtr IV 29,518.06 5,144.37 25,304.68 215,270.13 38,361.82 3,191.41 15,360.30 273,305.36 72.71 1,736,028.56 3,742,239.19 July 11,727.7 1,679.9 11,541.7 165,657.1 13,714.9 805.2 5,632.2 104,319.0 33.5 308,096.0 1,031,445.2 August 11,017.7 1,941.8 7,645.5 340,360.7 17,008.8 1,486.8 6,433.3 84,476.7 25.5 362,936.9 1,321,282.6 September 8,064.1 1,010.6 7,742.4 447,692.0 13,110.0 1,512.1 7,552.5 69,095.3 34.3 324,003.1 1,588,170.3 Qtr I 30,809.53 4,632.23 26,929.58 953,709.86 43,833.73 3,804.09 19,618.03 257,891.06 93.26 995,035.94 3,940,898.07 October 11,705.8 1,253.7 12,762.4 166,628.9 23,787.6 1,515.2 6,848.1 105,134.9 36.4 578,537.7 1,469,201.3 November 10,273.5 1,220.8 11,586.3 121,884.2 16,182.0 2,095.2 5,554.6 27,441.0 33.2 335,947.2 1,078,995.0 December 10,378.5 1,730.0 11,191.9 73,524.4 14,457.6 3,435.5 4,203.5 23,168.1 60.6 443,857.6 1,091,578.2 Qtr II 32,357.81 4,204.58 35,540.65 362,037.45 54,427.20 7,045.88 16,606.22 155,743.91 130.27 1,358,342.52 3,639,774.47 Note : Food and Live animal also includes Grain 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 2021/22 2022/23 2020/21 2021/22 2022/23 Period Period

Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual QI QII Raw Materials 1,247.87 1,503.14 1,242.84 1,407.07 5,400.91 1,125.35 1,551.90 1,467.49 1,432.28 5,577.02 1,470.12 1,897.11 Semi-finished Goods 20,476.47 19,419.26 34,582.42 30,928.54 105,406.69 27,165.18 32,974.16 52,840.90 70,995.03 183,975.28 44,332.21 37,585.33 Chemicals 4,749.23 4,010.89 4,894.25 5,236.39 18,890.76 7,591.90 6,111.27 5,773.82 5,222.49 24,699.48 7,082.97 6,854.55 Fertilizers 342.90 957.89 15,531.95 11,198.44 28,031.17 1,872.82 3,422.91 19,090.96 44,803.59 69,190.27 13,194.64 6,738.66 Textile Materials 1,060.09 1,420.73 1,438.48 1,440.43 5,359.73 2,028.34 2,134.72 2,682.56 2,661.97 9,507.58 3,200.80 2,958.18 Others 14,324.26 13,029.75 12,717.74 13,053.29 53,125.03 15,672.13 21,305.26 25,293.57 18,306.98 80,577.94 20,853.79 21,033.94 Fuel 13,503.83 15,332.03 22,303.40 25,486.53 76,625.78 30,449.24 34,181.98 44,058.15 60,909.46 169,598.83 59,153.73 50,681.60 Crude petroleum - 0.08 - 10.25 10.32 - 3.25 - 3.92 7.18 4.30 2.03 Petroleum Products* 12,800.03 14,735.94 20,803.19 24,258.31 72,597.46 29,392.95 34,084.31 42,510.83 59,026.72 165,014.81 57,581.73 47,855.65 Others 703.80 596.01 1,500.20 1,217.97 4,017.99 1,056.29 94.42 1,547.32 1,878.82 4,576.85 1,567.69 2,823.92 Capital Goods 34,627.81 36,505.93 37,844.53 42,691.36 151,669.63 31,369.38 33,448.76 36,518.19 46,675.31 148,011.63 48,816.38 45,147.43 Transport 3,818.00 2,556.70 2,756.19 4,559.26 13,690.16 4,065.43 5,093.74 4,216.70 2,191.02 15,566.89 3,586.92 3,447.91 Tyres for Heavy Vehicles 1,486.78 1,093.71 904.29 815.06 4,299.83 878.46 1,247.06 1,399.90 869.01 4,394.44 1,292.62 1,717.07 Heavy Road Motor Veh. 998.70 871.05 548.82 535.57 2,954.13 575.50 1,502.63 1,236.15 861.06 4,175.33 1,272.18 1,578.12 Aircraft 528.70 465.70 1,237.73 3,096.18 5,328.32 2,431.08 2,224.22 1,438.65 408.93 6,502.88 949.37 29.20 Others 803.82 126.25 65.35 112.45 1,107.88 180.39 119.83 142.01 52.01 494.24 72.74 123.52 Agricultural 748.34 1,671.41 476.75 525.96 3,422.46 761.61 699.90 490.33 726.41 2,678.25 753.52 1,105.29 Industrial 30,061.47 32,277.81 34,611.59 37,606.14 134,557.01 26,542.35 27,655.11 31,811.15 43,757.88 129,766.49 44,475.94 40,594.23 Consumer Goods 53,233.28 51,409.44 44,688.26 64,049.91 213,380.89 94,579.46 103,655.38 94,277.36 75,259.02 367,771.22 82,674.42 101,255.37 Durables 7,429.57 7,687.61 7,419.94 8,776.69 31,313.80 8,797.59 9,141.30 11,347.87 10,297.72 39,584.48 11,266.40 13,700.87 Radio & T.V. 336.84 575.63 632.63 516.37 2,061.47 442.56 510.48 664.00 614.77 2,231.81 1,598.30 1,980.44 Tyres for cars & Other Veh. 381.78 395.90 341.91 357.84 1,477.42 475.65 528.41 793.15 405.69 2,202.90 657.39 614.67 Cars & Other Veh. 169.43 224.02 278.41 140.46 812.32 207.39 117.57 329.29 198.53 852.77 239.50 247.21 Others 6,541.53 6,492.06 6,166.99 7,762.01 26,962.59 7,671.99 7,984.85 9,561.43 9,078.72 34,296.99 8,771.21 10,858.55 Non-durables 45,803.71 43,721.83 37,268.32 55,273.23 182,067.09 85,781.88 94,514.07 82,929.49 64,961.30 328,186.74 71,408.02 87,554.49 Cereals 6,965.06 12,425.55 12,210.79 21,652.09 53,253.48 27,408.43 28,623.83 31,239.68 17,866.08 105,138.02 18,652.02 22,602.38 Other Food 13,375.35 8,159.74 4,373.45 6,103.75 32,012.30 20,933.38 18,914.56 15,138.38 13,820.13 68,806.45 15,041.39 26,470.44 Medical & Pharmaceuticals 3,933.58 7,757.37 7,770.91 7,180.66 26,642.51 6,475.19 19,174.23 6,923.68 5,658.09 38,231.19 5,948.50 8,238.40 Textile Fabrics 4,546.57 6,022.63 4,466.89 3,563.19 18,599.28 4,323.42 4,043.58 3,894.00 4,342.16 16,603.16 4,331.98 4,354.02 Others 16,983.15 9,356.55 8,446.28 16,773.54 51,559.52 26,641.46 23,757.87 25,733.75 23,274.84 99,407.91 27,434.13 25,889.24 Miscellaneous 1,338.86 1,679.74 1,958.03 1,880.60 6,857.24 1,415.00 1,343.61 2,296.78 2,221.65 7,277.05 1,657.66 1,978.06 Total Imports 124,428.12 125,849.53 142,619.47 166,444.02 559,341.15 186,103.62 207,155.78 231,458.86 257,492.76 882,211.03 238,104.51 238,544.90 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 2020/21 2021/22 2022/23 TABLE 28: Value of Imports, bY End-Use** (In Millions of Birr) Categories

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Manufacturing 4 18 4 188.5 7 71 6 58 5 81 5 174.4 5 193.0 7 60.5 Agriculture, hunting and forestry 1 20.0 Real estate, renting and business activities 2 3.5 8 35.4 4 18 4 18 6 43 5 33.5 5 34.0 4 636.2 Hotels and restaurants 1 500 1 105 1 15.0 Education 1 1500.0 Health and social work 1 3.0 1 5.0 Construction 9 26.5 7 16.4 31 287 10 136.4 7 25.0 1 10.6 Wholesale, retail trade and repair service 1 7 Transport, storage and communication 4 16.1 1 4 1 2 7 60.5 4 111.0 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 1 10 Others 1 17.2 1 8.3 1 33.0 2 667.2 Grand Total 20 81.3 22.0 752.7 13 98.6 11 182.0 43 421 27 404.8 24 434.0 16 2879.6 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. Investment Capital 2013(2020/21) QI No of projects Investment Capital No of projects Investment Capital 2014(2021/22) QIV No of projects Investment Capital QI 2022/23 QII No of projects (In Millions of Birr) QIII No of projects Investment Capital QII No of projects Investment Capital Sector/Sub-sector QIII QIV No of projects Investment Capital No of projects Investment Capital

Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. 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 1916 72 479 70 702 115 162 49 Agriculture, hunting and forestry - - Real estate, renting and business activities 200 470 - 3 132 290 55 62 102 23 742 102 99 219 85 55 72 2,300 Hotels and restaurants - - - - 150.0 150 60 80 87 Education - - - - 120 40 Health and social work - - - 2 5 12 20 Construction - - 184 72 2 8 30 24 2 5 30 30 Wholesale, retail trade and repair service - - - - 1,964 969 Transport, storage and communication - - 55 2 3 2 Mining and Quarrying - - - - Electricity, gas, steam and water supply - - - - Construction machinery leasing - - - - Fishing - - - - Other community, social and personal service activities - - - - 350 3 Others 3 5 - 17 6 30 42 22 Grand Total 255 470 244 99 386 485 6084 2117 162 103 3038 201 578 289 884 210 438 2461 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QII 2022/23 QI 2013(2020/21) QII QIII Sector/Sub-sector QII QIII QIV QI 2014(2021/22) QIV

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