National Bank of Ethiopia Quarterly Bulletin Third Quarter 2017/18

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2017/18 Fiscal Year Series Volume 34 No. 3 Addis Ababa 2018 N ational Bank of Ethiopia Quart erly Bulletin Volume 34, N o. 1

National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 3 Third Quarter 2017/18 Fiscal Year Series Addis Ababa 2018

National Bank of Ethiopia Quarterly Bulletin Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i I. Overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia -------------------------------------------------------------1 II. Energy Production and Processing------------------------------------------------------------------------4 2.1: Import of Petroleum Products---------------------------------------------------------------------------------4 2.2: Electric Power Generation--------------------------------------------------------------------------------------8 III. Quarterly Price Developments---------------------------------------------------------------------------- 9 3.1: Developments in National CPI------------------------------------------------------------------------------- 9 3.2: Developments in Regional CPI ------------------------------------------------------------------------------ 12 IV. Monetary Developments----------------------------------------------------------------------------------- 13 4.1: Money Supply and Credit---------------------------------------------------------------------------------------13 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------15 4.3: Interest Rate Developments -----------------------------------------------------------------------------------16 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 19 4.5: Activities of the Banking System------------------------------------------------------------------------------21 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------21 4.5.1.1: Deposit Mobilization --------------------------------------------------------------------------------------22 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------23 4.5.1.3: Borrowing -----------------------------------------------------------------------------------------------------24 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------24 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------25 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------26 4.7: Developments in Financial Markets ----------------------------------------------------------------------26 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------26 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------29 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------29

National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments ---------------------------------------------------------------------------30 5.1: Balance of Payments -------------------------------------------------------------------------------30 5.2: Balance of Trade--------------------------------------------------------------------------------------32 5.2.1: Exports -------------------------------------------------------------------------------------------------- 33 5.2.2: Imports --------------------------------------------------------------------------------------------------37 5.2.3: Direction of Trade ------------------------------------------------------------------------------------38 5.2.3.1: Exports of goods ------------------------------------------------------------------------38 5.2.3.2: Imports of goods--------------------------------------------------------------------------39 5.3: Services and Transfers ----------------------------------------------------------------------------39 5.4: Current Account---------------------------------------------------------------------------------------42 5.5: Capital Account----------------------------------------------------------------------------------------42 5.6: Changes in Reserve Position ------------------------------------------------------------------42 5.7: Developments in Foreign Exchange Market-------------------------------------------42 5.7.1: Exchange Rate Movements -------------------------------------------------------42 5.7.2: Movements in the Real Effective Exchange Rate -----------------------47 5.7.3: Volume of Transactions --------------------------------------------------------------48 VI. Federal Government Finance----------------------------------------------------------------------------49 6.1: Revenue and Grants-------------------------------------------------------------------------------------50 6.2: Expenditure------------------------------------------------------------------------------------------------51 6.3: Deficit Financing----------------------------------------------------------------------------------------52 VII. Developments in Investment--------------------------------------------------------------------------54 VIII. International Economic Developments ---------------------------------------------------------57 8.1: Overview of the World Economy -------------------------------------------------------------------57 8.2: Inflation Developments--------------------------------------------------------------------------------57 8.3: Commodity Price ---------------------------------------------------------------------------------------59 8.4: Exchange Rate Developments --------------------------------------------------------------------59 8.5: Impact of Global Economic Development on Ethiopian Economy-------------------59 STATISTICAL TABLES--------------------------------------------------------------------------------------------60

National Bank of Ethiopia Quarterly Bulletini ETHIOPIA: MACROECONOMIC AND SOCIAL INDICATORS Third Quarter 2017/18 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA Irrigated Land ( % of total area ) 3.0 NA Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population total, in millions (Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 - Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9፡1 573 1 - Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2፡1 - Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523፡1 -

Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin ii 3. Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,528,044.2 1,806,656.0 Nominal GDP Growth Rate (In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.9 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 72,419.2 80,605.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.3 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 747,309.2 1,577,107.0 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 810,187.2 1,699,193.6 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.9 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 125.0 404.3 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 36.7 36.3 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 16.7 25.6 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 47.3 39.3 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 896,208.0 1,037,277.0 1,147,628.0 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 148,837.0 222,865.0 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,163.0) (288,595.0) Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 38.5 39.0 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.8) (16.0) 3.2 Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,769.62 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,384.05 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,278.91 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.73 Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.89 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2017/18 iii 3.3 Inflation (CPI growth rate)3 Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.2 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.4 -Non-Food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 7.9 8.1 7.0 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 3.0 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.3 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 4.3 3.4 External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,057.81 6,077.30 6,257.16 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,848.9 20,553.8 19,699.2 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,791.1 -14,476.5 -13,442.0 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,401.6 -6,656.9 -6,528.4 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 8,285.61 6,509.19 6,831.49 Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) (6.52) (96.89) (521.41) (830.86) 658.62 3.5 Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 13.37 12.40 11.6 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - - - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 17.8 17.9 18.2 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 -2.4 -1.9 -3.3 Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 -3.5 -2.8 -4.0 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137
• End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

10 Third Quarter 2017/18 National Bank of Ethiopia Quarterly BulletinSource : Ministries of Agriculture, Finance and Economic Development, 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. Inflation data is calculated using the new base year (December 2011=100)
3. Figures for government finance are preliminary estimates from 1999/00 onwards.
4. 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 3.7 Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 Banks 804.7 1,924.0 3,425.5 8,094.3 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 3.8 Inter Bank Money Market Rate5 11 8 7.5 _ _ 7.5 8.5 _ 3.9 Financial Institutions Number of Commercial Banks 8 9 9 10 11 11 12 14.00 17.00 17.00 18.00 ( o/w Private banks ) 7 8 9 9 10 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 Number of Insurance Companies 9 10 12 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194 207.00 221.00 243.00 273.00 332.00 377 426 492.00 Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238928:1 216443:1 191772:1 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30 30.00 31.00 35.00 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

Third Quarter 2017/18 1 National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1. International Economic Developments According to European Central Bank monthly bulletin of 3/2018, during the third quarter of 2017/18, survey indicators showed steady expansion of activities. The global composite output Purchasing Managers’ Index (PMI) during this quarter remained slightly above the level recorded in the previous two quarters. The PMI was broadly unchanged in the United States, while declined in the United Kingdom and, to a lesser extent, in Japan, on the back of weaker outcomes in March. In emerging market economies, the quarterly PMI picked up in Brazil and China, whereas edged down in India and Russia. Global inflation remained stable in February. Annual consumer price inflation in the member countries of the Organization for Economic Co-operation and Development (OECD) stood at 2.4 percent in February. Excluding food and energy prices, OECD annual inflation edged up marginally to 1.9 percent. Inflation is expected to increase in the short run due to the increase in oil prices. In United States, real GDP growth is expected to have remained strong at annualized rate of 2.9 percent growth in the second quarter of 2017/18. Consumer spending and business investment increased strongly. The large fiscal expansion, solid labour market conditions and robust foreign demand are expected to support the future outlook. Annual CPI inflation in the United States rose to 2.4 percent in March due to considerable fall in mobile phone services prices last year pushed the annual figures higher, while inflation excluding food and energy was rising to 2.1 percent. In Japan, economic activity moderated as real GDP rose by 0.4 percent quarter on quarter, in the second quarter of 2017/18 supported by domestic demand. However, contracting industrial production and slowing net exports, together with temporary factors such as unfavorable weather conditions, point to a deceleration in the pace of economic activity in the third quarter of 2017/18. The labour market remains tight, despite some recent easing in indicators. Headline CPI inflation in Japan declined in February and stood at 1.1 percent year on year, while inflation excluding food and energy remained stable at 0.5 percent. In Euro area, real GDP continued to increase by 0.7 percent in the third quarter of 2017/18, owing to the strong positive contributions from domestic demand and net trade. The latest economic indicators remain optimistic and confirm the expectation of continued robust growth in the second quarter of 2017/18, around the same rates as in the previous quarters. In the United Kingdom, economic activity slowed slightly during the second quarter of 2017/18. Real GDP increased by 0.4 percent, lower than the previous quarter, largely affected by the decline in consumption due to rising prices and low wage growth. Annual CPI inflation fell to 2.7 percent in the third quarter of 2017/18, following a strong decline in March. In China, economic growth remained robust with a real GDP growth of 6.8 percent year on year during the third quarter of 2017/18, driven by both consumption and investment, while the contribution of net trade turned negative. However, overall, momentum in the third quarter of 2017/18 was weaker than in the previous quarter. 1.2. Macroeconomic Developments in Ethiopia A. Inflation Headline inflation increased to 2.9 percent from 2.6 percent registered in the preceding quarter. This was attributed wholly to the increase in food & non-alcoholic beverages inflation by 0.7 percentage points, more than offsetting the fall in non-food inflation. It was higher than the 1.4 percent headline inflation recorded last year same quarter due to the 2.1 percentage point upsurge in food & non￾alcoholic beverages inflation and 0.8 percentage point increase in non-food inflation.. As a result, food & non-alcoholic beverages and non-food inflations contributed 1.7 and 1.2 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments Broad money supply (M2 ) which stood at Birr 695.9 billion at the end of third quarter of 2017/18, showed 30.3 percent growth over the corresponding quarter of last fiscal year. The annual growth in broad money was attributed to 28.1 percent expansion in domestic credit and 41.2 percent growth in net

2 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin foreign assets (NFA). The increase in domestic credit resulted from 87.3 percent upsurge in credit to central government and 16.3 percent increase in credit to non-central government. Government’s measure to raise CBE’s capital by issuing non-interest bearing bond attributed to the expansion of credit to the central government. Similarly, reserve money reached Birr 162.3 billion at the end of third quarter of 2017/18, depicting 16.4 percent growth over last year same quarter. While currencies in circulation increased by 21.9 percent, bank deposits at NBE rose by 5.7 percent. C. Interest rate In third quarter of 2017/18, average savings deposit rate rose to 8.0 percent from 5.4 percent and that of lending rate to 13.5 percent from 12.75 percent. Likewise, weighted average time deposit rate increased by 2.56 percentage points on annual basis. The weighted average yield on T-bill slightly increased by 0.02 percentage point from last year same quarter. Considering the March 2018 headline inflation of 11.8 percent, all real deposit rates, the T-bill yields and average lending rate remained negative. D. Financial Sector Developments

1. Banks The number of banks operating in Ethiopia remained at 18 at end March 2018. These include 16 private and 2 public owned banks. These banks opened 114 new branches during the review period, thereby increasing the total number of bank branches to 4,739. Accordingly, one branch serves 20,363.61 people on average. Of the total bank branches, about 34.5 percent were located in Addis Ababa. Private bank branches accounted for 68.6 percent of the total branches. The total capital of the banking system reached Birr 83.0 billion at the end of third quarter of 2017/18. While total capital of private banks accounted for 37.9 percent, that of the two public banks, namely Commercial Bank of Ethiopia and Development Bank of Ethiopia constituted 52.8 percent and 9.2 percent respectively, putting their total share at 62.1 percent. In the review quarter, the banking sector disbursed 1 Total population is 96,503,000 as CSA estimates for 2018. about Birr 28.4 billion in new loans, indicating 12.2 percent year-on-year growth. Of the total new loans disbursed, the share of public banks was 46 percent and that of private banks 54 percent. Of the total fresh loans, industry was the largest beneficiary, accounting for 28.3 percent followed by international trade (15.3 percent), domestic trade (14.3 percent), agriculture (10.6 percent), housing & construction (8.5 percent) and transport & communication (3.0 percent). The remaining balance was disbursed to other economic sectors during the review quarter. In the same period, the banking sector collected about Birr 26.4 billion in loans, 14.2 percent higher than last year same period. Of the total loan collection, private banks collected 60.5 percent and public banks 39.5 percent. At the end of third quarter of 2017/18, total outstanding credit of the banking system (excluding credit to government) stood at Birr 370.8 billion, registering 18.8 percent growth over last year same period. About 99.9 percent of the private banks’ and 41.6 percent of public banks’ loans went to finance the private sector.
2. Insurance Sector At the end of third quarter of 2017/18, the number of insurance companies was 17, of which 16 were private. Their branches increased to 524 from 482 a year ago, of which about 53.8 percent were located in Addis Ababa. Total capital of the insurance companies reached Birr 4.8 billion, of which 75.2 percent was that of private insurance companies.
3. Microfinance Institutions There were 35 micro-finance institutions (MFIs) operating in the country as at end third quarter of 2017/18. These institutions mobilized Birr 30.2 billion in saving deposit which was 33.4 percent higher than last year same period. Total outstanding credit of the MFIs also increased 47.7 percent to Birr 39.3 billion exhibiting the increasing role of these institutions in poverty reduction and wealth creation both in rural and urban areas. Their total asset also grew by 41.3 percent and reached Birr 60.8 billion at the end of March 2018.

Third Quarter 2017/18 3 National Bank of Ethiopia Quarterly Bulletin E. External Sector and Foreign Exchange Developments

1. External Sector Development In the third quarter of 2017/18, total foreign exchange earnings from export of merchandise goods (including electricity) was USD 739.3 million, depicting 3.7 percent reduction relative to last year same quarter due to slowdown in earnings largely from export of coffee (23.3 percent), pulses (11.5 percent), and live animals (15.3 percent) on account of low commodity prices. Similarly, total merchandise import bills amounted to USD 3.5 billion, showing 4.7 percent deceleration vis-à-vis same quarter last year due to lower import value of capital goods (15.1 percent) and semi￾finished goods (12.3 percent) in contrast to the hike in fuel import (14.6 percent). Meanwhile, consumer goods exhibited a modest growth of 3.4 percent while import of raw materials surged by 70 percent. The average price of Brent crude oil used as a point of reference for international oil price increased by 23.7 percent to USD 67 per barrel during the third quarter of 2017/18 compared with USD 54.1 a year ago. As a result, domestic retail prices were adjusted upwards and the average retail prices of fuel in Addis Ababa thus increased by 11.7 percent to Birr 17.55 per liter from Birr 15.71 per liter a year ago. This was due to the rise in prices of jet fuel (43.5 percent), kerosene (7.2 percent), gas oil (3.7 percent), regular gasoline (2.5 percent) and fuel oil (1.7 percent). The average retail price increased marginally by 4.2 percent relative to the previous quarter, wholly due to the higher retail prices of jet fuel while the retail prices of other types of petroleum product remained unchanged. Total transfer receipts increased by 10.2 percent annually to USD 1.7 billion during the third quarter of 2017/18. This was on account of 16.9 percent increases in private transfer receipts. Private individual transfers rose by 27.1 percent, while that of NGOs declined by 25.4 percent due to lower relief aid. Hence, the current account balance (including official transfers) registered USD 1.3 billion in deficit compared with USD 1.5 billion deficit a year ago. In contrast, capital account recorded USD 1.5 billion in surplus, which was 7.6 percent higher than last yearsame period. This was attributed to the increase in net official long term capital, (143.7 percent) and private sector long term capital (75.0 percent). Consequently, the overall balance of payments registered USD 507.1 million in surplus compared to USD 385.6 million surplus a year ago.
2. Exchange Rate Development The weighted average official exchange rate of Birr reached Birr 27.2250/USD in the third quarter of 2017/18showinga20.6percentannualdepreciation. Duringthe sameperiod, REERIoftheBirrdepreciated by 11.3 percent on yearly basis mainly due to the 15 percent devaluation of the Birr in October 2017. Similarly, the NEERI depreciated by 17.3 percent vis￾à-vis last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants of the Federal government depicted 11.2 percent annual growth and amounted to Birr 46.5 billion. Likewise, the Federal government expenditure increased by 13 percent to Birr 71.1 billion during the same period. Consequently, the overall fiscal deficit balance (including grants) widened to Birr 24.5 billion from Birr 21.0 billion deficit recorded last year same quarter. G. Investment Atotalof 557 investmentprojectshavinginvestment capital of Birr 6.4 billion became operational during the third quarter of 2017/18. However, the number of investment projects and investment capital declined significantly during the review period.

4 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum productsimported during the third quarter of 2017/18 amounted to 915 thousand metric tons, almost equivalent with that of last year same quarter. Higher imports of regular gasoline (19.1 percent) and gas oil (8.4 percent) outweighed slowdown in import of jet fuel (30.5 percent) and fuel oil (7.3 percent). Ofthe total petroleum imports, gas oil accounted for 68.7 percent, jet fuel 16.4 percent, regular gasoline 12.5 percent and fuel oil 2.4 percent. (Table 2.1)

100,000 200,000 300,000 400,000 500,000 600,000 700,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. III Qtr. II Qtr. III A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 96,424 10.5 99,641 10.4 114,839 12.5 19.1 15.3 Jet Fuel 215,633 23.5 234,532 24.4 149,873 16.4 -30.5 -36.1 Fuel Oil 23,406 2.6 18,570 1.9 21,698 2.4 -7.3 16.8 Gas Oil (ADO) 580,188 63.4 608,690 63.3 629,025 68.7 8.4 3.3 Total 915,650 100.0 961,434 100.0 915,435 100.0 0.0 -4.8 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise

Third Quarter 2017/18 5 National Bank of Ethiopia Quarterly Bulletin Petroleum import cost surged by 43.1 percent on annual bases and reached Birr 15.4 billion due to an increase in international oil price and devalued

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 I II III VI I II III IV I II III IV I II III IV I II III IV I II III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil exchange rate. With the exception of jet fuel, all types of petroleum products saw higher import bill during the review quarter (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. III Qtr. II Qtr. III A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,260,466 11.7 1,668,813 11.5 2,077,427 13.5 64.8 24.5 Jet Fuel 2,670,659 24.9 3,713,217 25.6 2,696,248 17.6 1.0 -27.4 Fuel Oil 218,641 2.0 232,854 1.6 277,159 1.8 26.8 19.0 Gas Oil (ADO) 6,588,795 61.4 8,866,954 61.2 10,312,016 67.1 56.5 16.3 Total 10,738,561 100.0 14,481,837 100.0 15,362,850 100.0 43.1 6.1 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise

6 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Average FOB price of petroleum products went up 22.2 percent over last year same quarter due to higher prices of jet fuel (26.3 percent), gas oil (24.6 percent), fuel oil (21 percent) and regular gasoline (17.1 percent). This has also been the trend compared to FOB prices of the previous quarter (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 547.3 605.2 640.9 17.1 5.9 Jet Fuel 491.5 563.4 620.8 26.3 10.2 Fuel Oil 301.7 346.6 365.0 21.0 5.3 Gas Oil (ADO) 461.5 523.6 575.2 24.6 9.9 Average 450.5 509.7 550.5 22.2 8.0 Brent Crude Oil (USD/Barrel) 54.1 61.5 67.0 23.7 8.9 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

Third Quarter 2017/18 7 National Bank of Ethiopia Quarterly Bulletin During the third quarter of 2017/18, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 23.7 percent and reached USD 67 per barrel compared with USD 54.1 a year ago. It also inflated by 8.9 percent over the previous quarter. (Table 2.3) Accordingly, domestic fuel prices were adjusted upward to reflect the global market. Thus, average 0.0 5.0 10.0 15.0 20.0 25.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Birr/liter Quarter MGR Fuel Oil Gas Oil Kerosene Jet Fuel retail price of fuel in Addis Ababa went up by 11.7 percent to Birr 17.55 per liter from Birr 15.71 a year ago. Specifically, the retail price of jet fuel surged 43.5 percent followed by kerosene (7.2 percent), gas oil (3.7 percent), regular gasoline (2.5 percent) and fuel oil (1.7 percent). With the exception of jet fuel, retail prices of all types of petroleum products were kept constant compared with the previous quarter (Table 2.4). Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 18.32 18.77 18.77 2.5 0.0 Fuel Oil 13.46 13.69 13.69 1.7 0.0 Gas Oil (ADO) 15.76 16.35 16.35 3.7 0.0 Kerosene 15.25 16.35 16.35 7.2 0.0 Jet fuel 15.74 19.06 22.59 43.5 18.5 Average 15.71 16.84 17.55 11.7 4.2 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade

8 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 2.2. Electric Power Generation Electric power generated during the third quarter of 2017/18 was 3.5 billion KWH, about 10.6 percent higher than a year ago due to 15.2 percent increase in production from hydropower and significant improvement in energy production from thermal source. Electricity production from wind, however, dropped by 46.1 percent. Of the total energy generated, about 96.4 percent was from hydropower, 3.6 percent from wind with thermal power plying an insignificant role (Table 2.5). By system of generation, virtually all power was generated through inter connected system (ICS)2 while self-contained system (SCS)3 had minimal share. (Table 2.6) 2 The generated power from different power stations stored in substations before distribution 3 Power stations distribute the generated power independently Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2016/17 2017/18 Percentage Change Qtr. III Qtr. II Qtr. III A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 2,927,288.9 92.6 3,183,016.7 91.7 3,371,569.1 96.4 15.2 5.9 Thermal Power 917.1 0.0 115,101.3 3.3 1,311.2 0.04 43.0 -98.9 Geothermal - 0.0 0.0 - 0.0 0.0 wind 232,165.7 7.3 174,135.5 5.0 125,241.2 3.6 -46.1 -28.1 Total 3,160,371.69 100.0 3,472,253.46 100.0 3,496,810.3 100.0 10.6 0.7 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type

500,000.00 1,000,000.00 1,500,000.00 2,000,000.00 2,500,000.00 3,000,000.00 3,500,000.00 4,000,000.00 Thousand kwh Quarter Hydropower Thermal Power Geo- thermal Wind Source: Ethiopian Electric Power

Third Quarter 2017/18 9 National Bank of Ethiopia Quarterly Bulletin III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI In the third quarter of 2017/18, headline inflation increased to 2.9 percent from 2.6 percent in the preceding quarter and 1.4 percent a year ago. The rise in quarterly headline inflation was attributed wholly to 0.7 percentage point increase in food & non-alcoholic beverages while non-food inflation tended to drop. The year-on-year increase in headline inflation by 1.5 percentage points was attributed to the 2.1 percentage point upsurge in food & non-alcoholic beverages inflation and 0.8 percentage point increase in non-food inflation. Food & non-alcoholic beverages contributed 1.7 percent to the headline inflation while that of non￾food inflation was 1.2 percent (Table 3.1 and Fig 3.1). During the review quarter, food & non-alcoholic beverages inflation rose to 3.1 percent from 2.4 percent in the preceding quarter owing to the increase in CPI inflation for vegetables (4.2 percentage point), food products not classified elsewhere (13.2 percentage point), oil & fats (4.1 percentage point), meat (1.0 percentage point), milk, cheese & egg (1.8 percentage point) and sugar jam, honey & chocolate (0.2 percentage point). On the other hand, inflation dropped for bread & cereals (4.9 percentage point), non-alcoholic beverages (11.0 percentage point) and fruit (1.7 percentage point) relative to the previous quarter (Table 3.2). In contrast, non-food inflation slowed down marginally to 2.6 percent from 2.9 percent in the previous quarter due to the lower inflation for housing, water, electricity, gas & other fuel (2.3 percentage point), transport service (4.5 percentage point), health (0.2 percentage point) and communication (0.1 percentage point). While, CPI inflation rose for clothing & footwear (1.7 percentage point), furnishings, household equipment & routine maintenance of houses (1.8 percentage point), recreation & culture (2.5 percentage point), alcoholic beverages and tobacco (0.9 percentage point) and restaurant & hotel (1.1 percentage points) (Table 3.3). Source: CSA

10 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Weights in % 2016/17 2017/18 Change in %age Points Contributions in (%) to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII-2016/17 Headline inflation Change Over QII￾2017/18 QIII-2017/18 Headline Inflation Absolute Relative Headline 100 1.4 2.6 2.9 1.5 0.3 1.5 0.3 2.9 100 Food & Non￾alcoholic beverage 53 1.0 2.4 3.1 2.1 0.7 1.1 0.4 1.7 58 Non-food 47 1.8 2.9 2.6 0.8 -0.3 0.4 -0.14 1.2 42 Source: CSA and NBE Staff Computation Source: NBE Staff Computation

Third Quarter 2017/18 11 National Bank of Ethiopia Quarterly Bulletin Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Item Weights 2016/17 2017/18 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Headline Inflation Change Over QIII Headline Inflation Change Over QII Food &Non-alcoholic beverages 52.8 1.0 2.4 3.1 2.1 0.7 1.1 0.4 Bread & Cereals 18.5 -2.3 2.2 -2.6 -0.4 -4.9 -0.1 -0.9 Meat 4.3 1.0 2.7 3.7 2.6 1.0 0.1 0.0 Milk, cheese & egg 2.2 3.0 2.8 4.6 1.6 1.8 0.0 0.0 Oils & Fats 3.7 4.2 -1.9 2.2 -2.0 4.1 -0.1 0.2 Fruit 0.3 3.9 6.6 4.9 1.0 -1.7 0.0 0.0 Vegetables 13.5 4.5 3.7 7.9 3.4 4.2 0.5 0.6 Sugar jam, honey, chocolates 1.0 0.4 -0.4 -0.2 -0.6 0.2 0.0 0.0 Food products n.e.c 4.7 -0.3 -0.2 13.0 13.3 13.2 0.6 0.6 Non-alcoholic beverages 4.6 -1.2 7.3 -3.7 -2.5 -11.0 -0.1 -0.5 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations Item Weights 2016/17 2017/18 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Headline Inflation Change Over QIII Headline Inflation Change Over QII Non-Food 47.2 1.8 2.9 2.6 0.8 -0.3 0.4 -0.1 Alcoholic Beverages and tobacco 4.9 7.1 4.2 5.1 -2.0 0.9 -0.1 0.0 Clothing and Footwear 6.6 1.9 3.0 4.7 2.7 1.7 0.2 0.1 Housing, Water, Electricity, Gas and other Fuel 16.3 0.8 2.2 -0.1 -0.8 -2.3 -0.1 -0.4 Furnishings, Household Equipment and Routine maintenance of houses 5.4 1.3 3.7 5.5 4.1 1.8 0.2 0.1 Health 1.1 3.6 4.5 4.3 0.7 -0.2 0.0 0.0 Transport 2.8 4.4 2.7 -1.8 -6.2 -4.5 -0.2 -0.1 Communication 1.1 1.5 0.3 0.2 -1.3 -0.1 0.0 0.0 Recreation and culture 0.6 1.3 0.3 2.8 1.5 2.5 0.0 0.0 Education 0.4 0.0 Restaurant & hotel 5.5 -0.3 3.2 4.3 4.6 1.1 0.2 0.1 Miscellaneous Goods 2.6 2.7 3.0 4.1 1.4 1.1 0.0 0.0 Source: CSA and NBE Staff Computation

12 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI The regional average headline inflation has slightly slowed down to 2.9 percent from 2.8 percent in the previous quarter and 2.4 percent last year same quarter. Harari, Afar, SNNP and Oromia recorded higher headline inflation than the regional average headline inflation during the review quarter. The highest headline inflation (9.0 percent) was witnessed in Harari, while the lowest headline inflation (-0.5 percent) was in Benishangul Gumuz. Hence, there was a 9.5 percentage point margin between the headline inflations of the two regional states. The deviation4 in the regional headline inflation rates from the average as signified by the standard deviation increased to 2.6 percent from the 2.2 percent in the preceding quarter (Table 3.4). Meanwhile, the regional average food & non￾alcoholic beverages inflation scaled down to 1.6 percent in the third quarter of 2017/18 from 2.5 percent in the previous quarter but, it was higher than the 0.3 percent regional average food & non￾alcoholic beverages inflation last year same quarter. Among the regional states, SNNP, Oromia, Afar, Dire Dawa, Addis Ababa and Amhara showed higher food & non-alcoholic beverages inflation than the 4 The standard deviation shows how much dispersion exists from the average value. regional average food & non-alcoholic beverages inflation. While food & non-alcoholic beverages inflation was the highest in SNNP (5.4 percent), the lowest was in Benishangul Gumuz (-4.1 percent), resulting in a 9.5 percentage point margin between the two regions. The variation in food & non￾alcoholic beverages inflation captured by standard deviation declined marginally to 3.0 percent from 3.2 percent in the preceding quarter (Table 3.4). In contrast, the regional average non-food inflation rose to 4.7 percent over the previous quarter although it remained nearly unchanged relative to that of a year earlier. Non-food inflation in Harari, Afar, Gambella and Benishangul Gumuz was higher than the regional average while the lowest was in SNNP, Oromia, Amhara, Dire Dawa, Addid Ababa, Somali and Tigray. Non-food inflation was the highest in Harari (21.6 percent) and the lowest in Tigray (0.9 percent), implying a 20.7 percentage point margin between the two. As a result, the variation in non-food inflation measured by the standard deviation increased markedly to 5.8 percent from 1.6 percent in preceding quarter although it declined relative to the same quarter of last year (Table 3.4). Table 3.4: Annualized Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2016/17 2017/18 Annual Change Quarterly Change QIII QII QIII 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 3.4 6.1 1.2 1.9 1.7 2.0 4.4 5.4 3.4 1.0 -0.7 2.2 2.5 3.7 1.4 Harari 7.9 -2.0 19.3 2.0 0.4 4.0 9.0 -1.8 21.6 1.1 0.2 2.3 7.0 -2.2 17.6 Oromia 1.8 -0.2 8.3 3.1 3.3 3.0 3.4 4.1 2.6 1.6 4.3 -5.7 0.3 0.8 -0.4 Tigray -3.6 -1.9 -4.9 2.8 3.6 2.0 -0.4 -1.7 0.9 3.2 0.2 5.8 -3.2 -5.3 -1.1 Gambella -0.1 1.3 -2.6 -0.4 -2.3 3.3 2.7 1.5 4.9 2.8 0.2 7.5 3.1 3.8 1.6 Addis Ababa 0.6 -1.7 2.4 2.8 1.2 4.0 2.3 2.8 2.0 1.7 4.5 -0.4 -0.5 1.6 -2.0 Dire Dawa 4.2 -1.8 8.1 4.5 3.6 5.1 2.7 3.2 2.4 -1.5 5.0 -5.7 -1.8 -0.4 -2.7 Ben. Gum 2.8 0.7 2.9 1.5 1.2 2.0 -0.5 -4.1 4.8 -3.3 -4.8 1.9 -2.0 -5.3 2.8 Somali 9.2 5.2 13.4 8.2 9.5 6.9 1.3 0.9 1.8 -7.9 -4.3 -11.6 -6.9 -8.6 -5.1 Afar -0.1 -3.2 3.3 3.4 5.6 1.2 4.6 4.1 5.0 4.7 7.3 1.7 1.2 -1.5 3.8 Amhara -0.2 0.8 -1.2 1.3 0.0 2.8 2.6 2.7 2.5 2.8 1.9 3.7 1.3 2.7 -0.3 Regions Average 2.4 0.3 4.6 2.8 2.5 3.3 2.9 1.6 4.7 0.6 1.3 0.2 0.1 -1.0 1.4 Standard deviation 3.7 3.0 7.2 2.2 3.2 1.6 2.6 3.0 5.8 3.6 3.8 5.7 3.7 4.1 5.9 Coefficient of variation 1.6 10.0 1.6 0.8 1.2 0.5 0.9 1.9 1.2 6.3 3.0 36.6 40.2 -4.2 4.2 Source: CSA and NBE Staff Computation

Third Quarter 2017/18 13 National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) which stood at Birr 695.9 billion, showed a 30.3 percent expansion over the corresponding quarter of last fiscal year. This was attributed to a 28.1 percent growth in domestic credit and 41.2 percent increase in external assets (net) (Table 4.1). Table 4.1: Components of Broad Money (In Millions of Birr) Particulars Qtr. III Qtr. II Qtr. III Percentage Change Contributions of Each Component to Broad Money Growth (Mar. 17) (Dec. 17) (Mar. 18) C/A C/B Annual A B C

1. External Assets (net) 25,495.2 22,152.7 35,993.3 41.2 62.5 6.5
2. Domestic Credit 567,744.0 700,081.6 727,563.1 28.1 3.9 98.8 . Claims on Central Gov’t (net) 51,572.3 99,985.4 96,602.3 87.3 -3.4 27.8 . Claims on Non-Central Gov’t 516,171.7 600,096.2 630,960.8 16.3 5.1 51.9 . Financial Institutions 26,607.0 28,055.7 29,992.7 12.7 6.9 2.1 . Others 489,564.7 572,040.4 600,968.1 22.8 5.1 68.9
3. Other Items (net) 59,025.4 76,180.1 67,637.0 14.6 -11.2 5.3
4. Broad Money (M2) 534,213.7 646,054.2 695,919.4 30.3 7.7 100.0 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets Source: Staff Computation, NBE

14 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 In percent Credit to Central Government Domestic Credit Credit to Non-Central Government Source: Staff computation, NBE Quasi-money supply shows an annual and quarterly expansion of 31.8 percent and 7.3 percent, respectively. Narrow money supply surged by 28.0 percent on annual and 8.4 percent on quarterly basis. Year-on-year basis, narrow money contributed 36.3 percent to the growth of broad money, while that of quasi money was 63.7 percent (Table 4.2). The surge in quasi-money was associated with expansion of bank expanding branch network which led to higher mobilization of deposits. Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. III Qtr. II Qtr. III Percentage Change Contributions of Each Component to Broad Money Growth (Mar. 17) (Dec. 17) (Mar. 18) C/A C/B Annual A B C

1. Narrow Money Supply 210,063.2 248,038.7 268,817.0 28.0 8.4 36.3 . Currency outside banks 75,177.9 85,758.5 90,594.8 20.5 5.6 9.5 . Demand Deposits (net) 134,885.3 162,280.1 178,222.2 32.1 9.8 26.8
2. Quasi-Money 324,150.6 398,015.5 427,102.4 31.8 7.3 63.7 . Savings Deposits 264,819.7 326,794.0 352,624.1 33.2 7.9 54.3 . Time Deposits 59,330.9 71,221.5 74,478.4 25.5 4.6 9.4
3. Broad Money Supply 534,213.8 646,054.2 695,919.4 30.3 7.7 100.0 Source: Staff Computation, NBE

Third Quarter 2017/18 15 National Bank of Ethiopia Quarterly Bulletin Fig.IV.3: Composition of Monetary Stock 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 162.3 billion, showing a 16.4 percent year-on-year growth while excess reserves of commercial banks declined by 15.1 percent. Source: Staff computation, NBE Thus, the money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money tended to rise. The ratio of broad money to reserve money increased by 11.9 percent over the corresponding quarter of last year owing to commercial banks’ strong performance in mobilizing time and saving deposits. (Table 4.3) Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III Percentage Change (Mar. 17) (Dec. 17) (Mar. 18) A B C C/A C/B

1. Reserve Requirement (CB’s) 26,322.9 31,951.7 34,248.9 30.1 7.2
2. Actual Reserve (CB’s) 47,820.0 48,801.6 52,508.2 9.8 7.6
3. Excess Reserve (CB’s) 21,497.0 16,849.9 18,259.3 -15.1 8.4
4. Reserve Money 139,366.9 151,169.3 162,284.2 16.4 7.4 . Currency in Circulation 92,212.5 105,936.8 112,438.6 21.9 6.1 . Banks deposits at NBE 47,154.4 45,232.5 49,845.5 5.7 10.2
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.51 1.6 1.7 9.9 1.0 . Broad Money to Reserve Money 3.83 4.3 4.3 11.9 0.3
6. Other Monetary Ratios (%): . Currency to Narrow Money 43.90 42.7 41.8 -4.7 -2.1 . Currency to Broad Money 17.26 16.4 16.2 -6.4 -1.5 . Narrow Money to Broad Money 39.32 38.4 38.6 -1.8 0.6 . Quasi Money to Broad Money 60.68 61.6 61.4 1.1 -0.4 Source: Staff Computation, NBE

16 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.4: Quarterly Growth of Reserve Money and Its Components -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII Percentage Changes 2015/16 2016/17 2017/18 Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE Fig.5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent and average lending rate at 13.5 percent while weighted annual average time deposit rate increased by 2.56 percentage points, average savings rate rose by 2.63 percent. Similarly, weighted average yield on T-bills slightly increased by 0.02 percentage point. Considering the March 2018 headline inflation of 11.8 percent, all real deposit rates and T-bill yields as well as average lending rate remained negative. (Table 4.4)

Third Quarter 2017/18 17 National Bank of Ethiopia Quarterly Bulletin Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2016/17 2017/18 Percentage point Changes QIII QII QIII Annual Quarterly

1. Savings Deposit Rate 1/ Minimum 5.00 7.00 7.00 2.00 - Maximum 5.75 9.00 9.00 3.25 - Average Saving Rate 5.38 8.00 8.00 2.63 -
2. Time Deposits Up to 1yr 5.451 5.41 8.05 2.60 2.65 1-2 years 5.552 5.53 8.09 2.54 2.56 Over 2 yrs 5.589 5.58 8.13 2.54 2.55 Average Time Dep. Rate (Weighted) 5.531 5.51 8.09 2.56 2.59
3. Demand Deposit (Weighted) 0.035 0.04 0.04 0.00 (0.00)
4. Lending Rate 2/ Minimum 7.50 7.00 7.00 (0.50) - Maximum 18.00 20.00 20.00 2.00 - Average Lending Rate 12.75 13.50 13.50 0.75 -
5. T-bills Rate (Weighted) 1.410 1.43 1.43 0.02 -
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 - - 6.1 Maturity above 5 Years 6.00 - -
7. Headline Inflation (Year-on-year) 8.47 13.59 15.20 6.73 1.61
8. Food Inflation (Year-on-year) 9.59 17.43 19.90 10.31 2.47
9. Core/non-food Inflation (Year-on￾year) 7.25 9.44 10.00 2.75 0.56 Source: Staff Computation NBE

18 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Weighted Av. Time Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) 0 5 10 15 20 25 30 0 2 4 6 8 10 12 14 16 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Value in Percent inflation rate (core) Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) *While the inflation rate (core) is depicted on the right axis lending rate, 91 day T-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE

Third Quarter 2017/18 19 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector As of March 2018 the number of banks remained at 18, of which, 16 were private and 2 public. These banks opened 114 new bank branches during the review quarter, raising the total number of bank branches to 4,739. About 34.5 percent of bank branches were located in Addis Ababa. Consequently, population to bank branch ratio stood at 20,363.65 . Of the total bank branches, the share of public banks was 31.4 percent while private banks constituted 68.6 percent. Meanwhile, total capital of the banking system reached Birr 83.0 billion, of which public banks accounted for 62.1 percent and private banks 37.9 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system was 52.8 percent (Table4.5). 5 Total population is 96,503,000 as CSA estimation for 2018. Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa Capital 2016/17 935 279 1214 31.9 1,045 314 1,359 29.4 1,059 321 1,380 29.1 15,910.7 44,389.1 43,851.8 106 4 110 2.9 106 4 110 2.4 103 4 107 2.3 7,595.1 7,686.3 7,676.5 1,041 283 1,324 35 1,151 318 1,469 31.8 1,162 325 1,487 31.4 23,505.8 52,075.4 51,528.3 179 150 329 8.6 187 161 348 7.5 212 165 377 8.0 3,766.8 4,106.0 4,118.0 123 75 198 5.2 228 137 365 7.9 236 137 373 7.9 3,236.9 3,426.0 3,426.0 105 109 214 5.6 149 134 283 6.1 153 138 291 6.1 2,141.4 2,941.7 3,169.0 125 81 206 5.4 164 107 271 5.9 167 112 279 5.9 2,821.5 2,926.4 3,195.1 97 90 187 4.9 117 110 227 4.9 123 113 236 5.0 1,927.1 2,240.7 2,230.5 86 105 191 5.0 98 122 220 4.8 100 127 227 4.8 2,395.9 2,653.0 2,800.8 198 54 252 6.6 264 61 325 7.0 269 62 331 7.0 1,281.7 1,345.5 1,512.4 91 47 138 3.6 134 60 194 4.2 135 61 196 4.1 1,153.0 1,301.2 1,372.7 157 71 228 6.0 169 76 245 5.3 170 79 249 5.3 1,269.0 1,792.5 1,627.0 7 7 14 0.4 13 11 24 0.5 14 13 27 0.6 850.7 1,050.7 1,381.1 68 68 136 3.6 94 79 173 3.7 94 80 174 3.7 1,070.9 1,227.3 1,365.5 74 58 132 3.5 97 87 184 4.0 99 90 189 4.0 1,026.3 1,631.4 1,637.6 107 37 144 3.8 113 49 162 3.5 112 51 163 3.4 1,228.0 1,164.1 1,353.9 19 30 49 1.3 24 34 58 1.3 24 35 59 1.2 613.0 721.5 749.5 18 19 37 1.0 19 19 38 0.8 21 20 41 0.9 324.1 541.0 561.6 Enat Bank S.C 9 19 28 0.7 14 25 39 0.8 15 25 40 0.8 779.2 903.5 1,013.7 1,463 1,020 2,483 65 1,884 1,272 3,156 68 1,944 1,308 3,252 68.6 25,885.5 29,972.5 31,514.2 2,504 1,303 3,807 100 3,035 1,590 4,625 100.0 3,106 1,633 4,739 100.0 49,391.3 82,047.9 83,042.6 2016/17 2017/18 2017/18 Reg % Share Reg. A.A Reg. A.A Total

1. Public Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Ethiopia Dashen Bank
2. Private Banks Awash International Bank Total Public Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank Quarter II Quarter III % A.A Share % Share Quarter III Quarter II Quarter III Quarter III Banks Branch Network Total Total Similarly, 17 insurance companies, of which 16 private, were operating in Ethiopia. Their branches increased to 524 from 482 a year ago and their total capital reached Birr 4.8 billion, of which 75 percent was that of private insurers. Of the total branches, about 53.8 percent were in Addis Ababa (Table 4.6). Likewise, there were 36 Micro-finance institutions (MFIs) which mobilized Birr 30.2 billion in saving deposit and having outstanding credit to the tune of Birr 39.3 billion. Their deposits saw a 33.4 percent annual increase while their credit expanded 47.7 percent. Their total asset also grew by 41.3 percent to reach Birr 60.8 billion at the end of March, 2018 (Table 4.7). In a nutshell, the top five largest MFIs (Amhara, Dedebit, Oromia, Omo& Addis Credit and Savings Institutions) accounted for 84.1 percent of the total capital, 92.1 percent of the deposits, 88 percent of the credit and 89.3 percent of the total assets of MFIs. Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr)

20 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.8: Branch Network and Capital of Banking System 34.8 31.8 31.4 47.6 63.5 62.1 65.2 68.2 68.6 52.4 36.5 37.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Banks Private Banks Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2016/17 Quarter III Quarter II Quarter III S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 18 52 70 25 58 83 25 58 83 977 1,179 1,189 2 26 15 41 27 17 44 27 17 44 327 368 395 3 14 12 26 15 13 28 15 13 28 243 242 261 4 19 15 34 19 15 34 19 15 34 93 127 150 5 20 11 31 23 12 35 24 12 36 319 364 353 6 7 7 14 8 7 15 8 8 16 116 139 140 7 19 20 39 19 20 39 19 20 39 266 384 374 8 15 14 29 15 16 31 15 16 31 401 464 474 9 24 11 35 24 13 37 26 13 39 281 282 288 10 16 15 31 16 15 31 16 15 31 77 104 119 11 15 4 19 15 5 20 15 5 20 94 101 110 12 18 19 37 18 19 37 18 19 37 191 212 259 13 12 11 23 12 11 23 12 11 23 158 243 236 14 Berhan insurance S.C 9 2 11 9 2 11 9 4 13 79 112 110 15 10 5 15 12 6 18 12 6 18 98 120 124 16 Lucy 7 4 11 11 4 15 11 4 15 107 130 120 17 Bunna Insurance S.C. 11 5 16 11 6 17 11 6 17 69 79 99 TOTAL 260 222 482 279 239 518 282 242 524 3,896 4,650 4,801 United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Ethiopia Quarter III Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter II Insurance Companies Branch Capital Quarter III 2016/17 2017/18 2017/18 Source: Insurance Supervision Directorate, NBE

Third Quarter 2017/18 21 National Bank of Ethiopia Quarterly Bulletin Table 4.7: Microfinance Institutions Performance as of March 31, 2018 (In Thousands of Birr) 2016/17 Qtr.III Qtr.II Qtr.III A B C C/A C/B Total Capital 9,943,492.0 12,306,187.6 12,970,562.1 30.4 5.4 Saving 22,678,822.6 28,383,487.2 30,245,252.2 33.4 6.6 Credit 26,594,242.8 37,032,631.5 39,278,839.1 47.7 6.1 Total Assets 42,996,283.5 56,338,699.4 60,750,144.0 41.3 7.8 Particulars % Change 2017/18 Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) saw a 25.1 percent annual increase (Table 4.8). Qtr.III 2016/17 Qtr.II 2017/18 Qtr.III 2017/18 A B C C/A C/B 1.Deposits (net change) 26,910.1 27,722.6 16,670.8 18,159.6 36,020.9 43,580.8 45,882.3 27.4 5.3 -Demand 12,608.2 12,849.7 5,751.1 3,936.9 12,171.9 18,359.3 16,786.7 37.9 -8.6 -Saving 11,369.7 13,889.4 8,508.4 11,948.5 20,797.4 19,878.1 25,837.9 24.2 30.0 -Time 2,932.1 983.5 2,411.3 2,274.2 3,051.6 5,343.5 3,257.7 6.8 -39.0 2. Borrowing (net change) 2,653.3 3,279.1 0.0 0.0 1,246.0 2,653.3 3,279.1 163.2 23.6 -Local 2,523.3 2,213.5 0.0 0.0 1,137.5 2,523.3 2,213.5 94.6 -12.3 -Foreign 130.0 1,065.6 0.0 0.0 108.6 130.0 1,065.6 881.3 719.7 3. Collection of Loans 7,055.8 10,436.8 15,905.5 15,982.4 23,125.7 22,961.4 26,419.2 14.2 15.1 4. Total Resources Mobilized (1+2+3) 36,619.2 41,438.5 32,576.3 34,142.0 60,392.6 69,195.5 75,580.5 25.1 9.2 5. Disbursement 7,446.7 13,071.7 19,643.5 15,350.0 25,330.7 27,090.2 28,421.6 12.2 4.9 6. Change in Liquidity (4-5) 29,172.5 28,366.8 12,932.8 18,792.0 35,061.9 42,105.3 47,158.9 34.5 12.0 Memorandum Item: Outstanding Credit* 192,780.9 199,431.6 161,972.4 171,350.7 312,161.7 354,753.3 370,782.2 18.8 4.5 Public Banks 1 Qtr.III 2017/18 Qtr.III 2017/18 Particulars Grand Total % Change (3) = (1) + (2) Qtr.II 2017/18 Qtr.II 2017/18 Private Banks 2 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE)

22 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (10,000.0)

10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 80,000.0 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 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 688.1 billion, indicating 30 percent annual growth owing to strong expansion of bank branches and improved access to finance, as well as growing saving culture of the society as per capita income grew. Demand deposits, which accounted for 37.9 percent Quarter III Quarter II Quarter III 2016/17 2017/18 2017/18 A B C Demand Deposit 205,042.62 38.7 244,028.9 38.0 260,815.6 37.9 27.2 6.9 Saving Deposit 264,836.66 50.0 326,816.2 50.9 352,654.1 51.3 33.2 7.9 Time Deposit 59,433.92 11.2 71,358.8 11.1 74,616.5 10.8 25.5 4.6 Total 529,313.21 100.0 642,203.9 100.0 688,086.2 100.0 30.0 7.1 Share of Public Banks 67.1 65.6 64.0 Share of Private Banks 32.9 34.4 36.0 C/A C/B % Share Deposit by types % Share % Share of total deposits, reached Birr 260.8 billion showing a 27.2 percent year-on-year growth. Similarly, saving deposits went up 33.2 percent and accounted for 51.3 percent of the total deposits while time deposits, which constituted 10.8 percent of the total deposit liabilities, increased by 25.5 percent over the same period of last year. The share of public banks in total deposits outstanding was 64 percent while that of private banks stood at 36 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE\

Third Quarter 2017/18 23 National Bank of Ethiopia Quarterly Bulletin -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans amounting to Birr 26.4 billion, about14.2percent higher than a year earlier (Table 4.8). Of the total collection, the share of private Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 13,071.7 46.0 10,436.8 39.5 237,184.4 58.1 Central Government* 0.0 37,752.8 15.9 State Enterprises 4,980.4 38.1 4,152.6 39.8 100,778.3 42.5 Cooperatives 2,957.2 22.6 1,669.1 16.0 10,854.9 4.6 Private Enterprises 5,134.1 39.3 4,615.2 44.2 87,798.3 37.0 Private Banks 15,350.0 54.0 15,982.4 60.5 171,350.7 41.9 Central Government* 0.0 State Enterprises 14.8 0.1 19.6 0.1 204.7 0.1 Cooperatives 447.6 2.9 192.7 1.2 3,376.2 2.0 Private Enterprises 14,887.6 97.0 15,770.0 98.7 167,769.8 97.9 Grand Total 28,421.6 100.0 26,419.2 100.0 408,535.0 100.0 Source: Commercial Banks and Staff Computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE banks was 60.5 percent and that of public bank 39.5 percent. About 84.2 percent of the total loan was collected from private enterprises (Table 4.10). Table 4.10: Breakdown of Banking System Credit by Clients (In millions of Birr)

24 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 46.4 billion showing a18.5percent annual increase. Of the total borrowing, Birr 40.1billion (86 percent) was from domestic and Birr 6.3 billion (14 percent) from external sources (Table 4.11). Table 4.11: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2016/17 Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 34,229.1 35,365.33 40,102.1 13.4 17.2 Foreign Borrowing 4,925.5 5,096.40 6,292.0 23.5 27.7 Total 39,154.6 40,461.7 46,394.1 14.7 18.5 Banks Percentage change 2017/18 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 28.4 billion was disbursed in fresh loans, indicating a 12.2 percent annual growth. The share of public banks in new loan disbursement was 46 percent and that of private banks reached 54 percent (Table 4.10). The major beneficiary of the fresh loans was industry sector accounting for Birr 8.1 billion (28.3 percent) followed by international trade (Birr 4.3 billion or 15.3 percent), domestic trade (Birr 4.1 billion or 14.3 percent), Agriculture (Birr 3 or 10.8 percent) & housing & construction (Birr 2.4 or 8.5 percent). The remaining balance was taken up by other economic sectors (Table4.12).

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Value in Million Birr Years/Quarters Total Public Banks Private Banks Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia

Third Quarter 2017/18 25 National Bank of Ethiopia Quarterly Bulletin Table 4.12: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 37,753 - - - - - 37,753 Agriculture 2,954 1,929 18,292 51 172 1,710 3,005 2,101 20,002 Industry 5,186 5,125 120,028 2,865 1,538 20,920 8,051 6,663 140,948 Domestic Trade 458 304 4,624 3,619 4,569 41,777 4,077 4,873 46,401 International Trade 671 480 16,753 3,678 5,092 52,401 4,349 5,572 69,154 Export 375 132 7,725 2,939 3,083 35,856 3,314 3,215 43,582 Imports 296 348 9,028 739 2,009 16,545 1,035 2,357 25,573 Hotels and Tourism 250 177 2,815 305 348 4,597 555 525 7,411 Transport & Communication 37 270 2,520 829 1,176 12,205 866 1,445 14,725 Housing & Construction 501 1,312 18,542 1,913 1,768 23,511 2,414 3,080 42,054 Mines, Power & Water Res. 45 44 190 1 8 77 46 51 267 Others 2,930 782 15,391 1,600 986 9,041 4,530 1,767 24,432 Personal 40 14 276 488 327 5,111 529 341 5,388 Total 13,072 10,437 237,184 15,350 15,982 171,351 28,422 26,419 408,535 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 370.8 billion, about 18.8 percent higher than last year same quarter. Of the total outstanding loans and advance, the share of private banks was 72.8 percent and that of public banks 27.2 percent (Table 4.10). Credit to industry sector stood at Birr 140.9 billion (38 percent) followed by international trade (Birr 69.2 billion or 18.7 percent), domestic trade (Birr 46.4 billion or 12.5 percent), housing& construction (Birr 42.1 billion or 11.3 percent)and credit to other sectors took the remaining balance (Table4.12). 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Value in Percent Years/Quarters Total Public Total Private Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE

26 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.6. Financial Activities of NBE By end of March 2018, gross claims of NBE on the central government was Birr 160.13 billion depicting a 23.5 percent annual growth. Of the credit to the central government, direct advances accounted for 2016/17 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances 156,247.85 177,858.85 190,121.56 21.7 6.9 1.1. To Central Government 129,640.85 150,632.85 160,128.85 23.5 6.3 Direct Advances 121,764.95 142,764.95 152,264.95 25.0 6.7 Bonds 7,875.90 7,867.90 7,863.90 -0.2 -0.1 1.2.To Development Bank of Ethiopia 26,607.00 27,226.00 29,992.71 12.7 10.2 2.Deposit Liabilities 71,448.76 76,678.53 68,823.32 -3.7 -10.2 2.1. Government 21,521.51 19,337.75 18,874.93 -12.3 -2.4 2.2. Financial Institutions 49,927.25 57,340.77 49,948.38 0.0 -12.9 O/W: -Banks 49,894.49 57,306.53 49,913.18 0.0 -12.9 -Insurance companies 32.8 34.2 35.2 7.5 2.8 3.Net Claims of NBE(1-2) 84,799.1 101,180.3 121,298.2 43.0 19.9 % Change Particulars 2017/18 95 percent and bonds 5 percent. Direct advance increased by 25 percent during the review period. On the other hand, financial institutions’ deposit at NBE remained at the same level of last year same period (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2017/18. (In millions of birr) Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the third quarter of the fiscal year T-bills supplied to the weekly auction market reached Birr 74.1 billion, reflecting a 36.9 percent expansion over last year same quarter. Similarly, the demand for T-bills increased by 32.0 percent relative to a year earlier and reached Birr 80.0 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the whole amount. Hence, total outstanding T-bills at the end of the quarter reached Birr 89.8 billion, exhibiting a 29.5 percent surge vis-à-vis a year ago. The annual average weighted yield of T-bills during the review quarter was 1.42 percent about 0.51 percentage points lower than that of last year same quarter (Table 4.13).

Third Quarter 2017/18 27 National Bank of Ethiopia Quarterly Bulletin Table 4.13: Results of Treasury Bills Auction (In Millions of Birr) 2016/17 2017/18 % Change Quarter III Quarter II Quarter III A B C C/A C/B Number of Bidders 50.00 50.00 49.00 -2.00 -2.00 Public 50.00 50.00 49.00 -2.00 -2.00 Private 0.00 - - 0.00 0.00 Number of Bids received 55.00 50.00 51.00 -7.27 2.00 Public 55.00 50.00 51.00 -7.27 2.00 Private 0.00 - - Amount Demanded (Mn. Birr) 58,499.56 78,973.56 78,983.56 35.02 0.01 28-day bill 300.00 240.00 320.00 6.67 33.33 91-day bill 54883.56 70,382.56 75,647.56 37.83 7.48 182-day bill 516.00 685.00 216.00 -58.14 -68.47 364-day bill 2800.00 7,666.00 2,800.00 0.00 -63.48 Amount Supplied (Mn. Birr) 54,138.56 73,202.56 74,118.56 36.91 1.25 28-day bill 300.00 240.00 320.00 6.67 33.33 91-day bill 50522.56 64,586.56 70,482.56 39.51 9.13 182-day bill 516.00 710.00 516.00 0.00 -27.32 364-day bill 2800.00 7,666.00 2,800.00 0.00 Amount Sold (Mn. Birr) 58,499.56 78,973.56 78,983.56 35.02 0.01 Banks 0.00 - - Non-Banks 58499.56 78,973.56 78,983.56 35.02 0.01 Average Weighted Price for Successful bids (%) 99.11 99.10 99.10 0.00 0.00 28-day bill 99.94 0.00 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.69 99.67 99.69 0.00 0.01 364-day bill 97.10 0.00 Average Weighted Yield for Successful bids (%) 1.408 1.43 1.42 -0.51 -0.51 28-day bill 0.80 0.85 0.85 6.37 0.00 91-day bill 1.20 1.20 1.202 0.08 -0.04 182-day bill 0.63 0.66 0.63 0.00 -4.35 364-day bill 3.00 0.00 Outstanding bills at the end of Period (Mn.Br.) 69,380.56 84,879.56 89,844.56 29.50 5.85 Banks 0.00 - - Non-Banks 69,380.56 84,879.56 89,844.56 29.50 5.85

28 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.14: Developments in T-Bills Market (In Millions of Birr) Fig.IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) Source: NBE

Third Quarter 2017/18 29 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review (Table 4.12) 4.7.3. Corporate Bond Market Corporate bond market is not well-developed in Ethiopia and the big players in this market constitute a few public institutions and regional governments. The purchaser of these bonds is solely Commercial Bank of Ethiopia (CBE). During the quarter under review, CBE purchased corporate bonds worth of Birr 11.9 billion. The share of EEPCo and Addis Ababa City administration in bond sales was 83.2 percent (Birr 9.9 billion) while others took the remaining 16.8 percent (Birr 2.0 billion) share. At the end of March 2018, the stock of corporate bonds held by CBE stood at Birr 275.6 billion, of which 84.8 percent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). Corporate bonds issued by EEPCO accounted for 83.2 percent of the bonds issued by public enterprises and 75.8 percent of the entire outstanding corporate bond balance. Table 4.15: Corporate Bond by holders (Millions of Birr) Issuer of the Bond 2016/17 2017/18 QIII QII QIII NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 8,857.5 78.6 182,821.4 18,348.9 221.4 223,848.9 9,900.0 0.0 233,748.9 EEPCO 7500.0 - 163,900.0 12,300.0 - 199,100.0 9,900.0 - 209,000.0 Railways Corporation 1357.5 78.6 18,921.4 6,048.9 221.4 24,748.9 - - 24,748.9 DBE - - - - - . - - . 2. Regional Governments 3,950.0 1,399.0 32,378.8 1,000.0 846.9 39,968.1 2,000.0 146.1 41,819.5 Oromia - 7.5 466.4 - 12.2 449.7 - 1.3 445.9 Amhara - - 0.2 - - 0.2 - - 0.2 Tigray - - 156.5 - 12.5 144.0 - 1.7 142.3 SNNPRS - - 7.6 - - 7.6 - - 7.6 Dire Dawa - - 0.0 - - 0.0 - - 0.0 Harari - - 0.0 - - 0.0 - - 0.0 City Administration of Addis Ababa 3950.0 1391.5 31,748.0 1,000.0 822.1 39,366.6 2,000.0 143.1 41,223.5 3.Grand Total (1+2) 12,807.5 1,477.6 215,200.2 19,348.9 1,068.3 263,817.0 11,900.0 146.1 275,568.4 NB: NP = New Purchase Red = readmission O/s = outstanding EEPCo =Ethiopian Electric Power Corporation DBE =Development Bank of Ethiopia

30 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments 5.1. Balance of Payments During the third quarter of 2017/18, the overall balance of payments registered USD 507.1 million in surplus compared to USD 385.6 million surplus a year ago. This improvement in the overall balance of payment position was mainly attributed to the decline in merchandise trade deficit, an increase in net private transfers and surplus of capital account (Table 5.1). Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Exports, f.o.b. 768.1 669.5 739.3 -3.7 10.4 Coffee 232.73 166.75 178.5 -23.3 7.1 Other 535.4 502.7 560.8 4.7 11.5 2 Imports 3,720.1 4,031.4 3,545.5 -4.7 -12.1 Fuel 507.4 571.0 581.3 14.6 1.8 Cereals 148.4 225.4 123.7 -16.6 -45.1 Aircraft 36.1 221.9 19.7 -45.4 -91.1 Imports excl. fuel, cereals, aircraft 3,028.3 3,013.2 2,820.8 -6.8 -6.4 3 Trade Balance (1-2) -2,952.0 -3,361.9 -2,806.2 -4.9 -16.5 4 Services, net -123.1 -247.0 -163.0 32.4 -34.0 Non-factor services, net 16.2 -56.3 12.1 -25.0 -121.5 Exports of non-factor services 790.5 989.4 1,064.4 34.6 7.6 Imports of non-factor services 774.4 1,045.7 1,052.3 35.9 0.6 Factor services (Investment income), net -139.3 -190.7 -175.1 25.7 -8.2 Interest, net -119.6 -190.7 -175.1 46.4 -8.2 Dividend, net -19.7 -100.0 5 Private transfers, net 1,305.1 1,531.7 1,533.6 17.5 0.1 o/w: NGO’s,(Net) 243.8 307.2 184.4 -24.4 -40.0 Private Individuals 1,061.3 1,224.5 1,349.2 27.1 10.2 6 Current account balance excluding official transfers (3+4+5) -1,769.9 -2,077.2 -1,435.6 -18.9 -30.9 7 Official transfers, net 246.7 635.1 180.3 -26.9 -71.6 8 Current account balance including official transfers (6+7) -1,523.2 -1,442.1 -1,255.3 -17.6 -13.0 9 Capital account 1,404.6 2,055.6 1,511.0 7.6 -26.5 Official Long-term Capital, net 233.4 200.0 568.6 143.7 184.3 Disbursements 255.9 362.0 656.7 156.6 81.4 Amortization 22.6 162.0 88.1 290.3 -45.6 Other public long-term capital 105.8 503.5 -24.1 -122.8 -104.8 Private sector, long term 62.2 48.9 108.8 75.0 122.6 Foreign Direct Investment, net 920.3 1,327.3 811.3 -11.8 -38.9 Short-term Capital 83.0 -24.1 46.4 -44.1 -292.2 10 Errors and omissions 504.2 -1,124.2 251.4 11 Overall balance (8+9+10) 385.6 -510.7 507.1 12 Financing -385.6 510.7 -507.1 13 Reserves [ Increase(-), Decrease (+)] -385.6 510.7 -507.1 14 Central Bank (NFA) -381.0 336.1 -527.1 Asset 115.4 -88.5 -107.5 Liabilities -496.4 424.6 -419.6 15 Commercial banks (NFA) -4.6 174.6 20.1 16 Debt Relief Principal Interest Source: NBE Staff Compilation *Preliminary

Third Quarter 2017/18 31 National Bank of Ethiopia Quarterly Bulletin Current account receipts amounted to USD 3.5 billion, about 13.1 percent higher than a year earlier. This growth was ascribed to 35.1 percent increase in services receipts and 16.9 percent rise in private transfers. Similarly current account payments went up to USD 4.8 billion, showing a 3.1 percent annual increase due to 34.7 percent hike in services payments and 136.6 percent surge in public transfers. Thus, current account deficit at USD 1.3 billion improved by 17.6 percent compared to a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) Particulars 2016/17 2017/18 Percentage Change QIII QII QIII A B C D=C/A E=C/B

1. Current Receipts 3,132.45 3,866.32 3,542.42 13.1 -8.4 Export Proceeds 768.1 669.5 739.3 -3.7 10.4 Service Proceeds 796.37 997.6 1,075.8 35.1 7.8 Private Transfers 1,318.85 1,554.9 1,541.3 16.9 -0.9 Public Transfer 249.1 644.3 186.0 -25.3 -71.1
2. Current Payments 4,655.68 5,308.43 4,797.70 3.1 -9.6 Import Payments 3,720.1 4,031.4 3,545.5 -4.7 -12.1 Service Payments 919.50 1,244.6 1,238.8 34.7 -0.5 Private Transfers 13.71 23.2 7.7 -44.1 -66.9 Public Transfer 2.40 9.2 5.7 136.6 -38.4 Net(1-2) -1,523.2 -1,442.1 -1,255.3 -17.6 -13.0 Source: NBE Staff Compilation Source: NBE Staff Compilation

32 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.2 Balance of Trade Merchandise trade deficit during the third quarter increased to USD 2.8 billion from USD 3.0 billion last year witnessing a by 4.9 percent decline due to lower merchandise import bills which outweighed the fall in goods export receipts. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export 0 500 1000 1500 2000 2500 3000 3500 4000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: Ethiopian Revenue and Customs Authority Source: NBE Staff Computation

Third Quarter 2017/18 33 National Bank of Ethiopia Quarterly Bulletin 5.2.1 Export of Goods Total earnings from goods export dropped by 3.7 percent over same quarter last year and stood at USD 739.3 million on account of the decline in export revenue from coffee (23.3 percent), pulses (11.5 percent), live-animals (15.3 percent), and other exports (7.0 percent). In contrast, export earnings from oilseeds, leather & leather products, meat & meat products, fruit & vegetables, chat, gold, flower and electricity tended to increase. Earnings from coffee fell by 23.3 percent vis-à￾vis last year same quarter and reached USD 178.5 million owing to 4.3 percent decline in volume and 19.9 percent drop in price. Thus, the share of coffee in total merchandise export went down to 24.1 percent from 30.3 percent a year earlier. Likewise, export revenue from pulses decreased by 11.5 percent owing to a 16.7 percent fall in export price despite a 6.2 percent rise in export volume. As a result, the share of pulses in total merchandise export fell to 11.5 percent from 12.5 percent a year ago. Export proceeds from live-animals saw a 15.3 percent decrease due to lower export volume and international unit price. As result, the share of these export items in total merchandise export earnings slightly dropped to 1.1 percent from 1.2 percent. In contrast, export revenue from oilseeds went up 25.7 percent on account of 2.5 percentrise in volume and 22.7 percent in international price. Oilseeds had a 18.4 percent share in total export earnings during the review quarter. Receipts from leather & leather products export showed a 14.8 percent annual increase owing to higher export volume and better international price, thus, the share of leather & leather products in total merchandise export reached 3.9 percent. Revenue from export of meat & meat products increased slightly (0.9 percent) over last year same quarterasexportvolumegrewby1.2percentdespite marginal (0.2 percent) decline in international price. As a result, the share of meat & meat products in total merchandise exports rise to 3.4 percent from 3.2 percent a year earlier. Export of fruits & vegetables fetched USD 14.2 million in revenue, about 5.2 percent higher than last year same quarter, as a result of 3.7 percent rise in international unit price and 1.4 percent increase in volume. Hence, the share of fruits & vegetables in total export earnings slightly rose to 1.9 percent from 1.8 percent a year ago. Exportrevenue from chat went up 4.9 percent owing to a 3.8 percent growth in volume and 1.0 percent increase in price. Hence, the share of chat in total merchandise export earnings stood at 9.2 percent compared with 8.4 percent a year earlier. Export earnings from gold also went up 2.2 percent as international price increased 9.6 percent despite the 6.7 percent decline in volume. Thus, the share of gold in total merchandise export was 6.2 percent up from 5.9 percent last year same quarter. Similarly, export revenue from flower showed a by 7.9 percent increase vis-à-vis the same quarter of last year due to a 2.8 percent rise in volume and 5.0 percent in price. As a result, the share of flower in total export earnings increased from 7.9 percent to 8.8 percent. Export earnings from electricity grew 8.1 percent over last year same quarter as a result of 9.1 percent increase in volume despite 0.9 percent drop in price. Hence, the share of electricity in total merchandise export revenue increased to 2.5 percent from 2.2 percent a year ago (Tables 5.3, 5.4 and 5.5).

34 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2016/17 2017/18 Percentage QIII QII QIII Change A %share B %share C %share C/A C/B Coffee 232.7 30.3 166.7 24.9 178.5 24.1 -23.3 7.1 Oilseeds 108.3 14.1 142.5 21.3 136.1 18.4 25.7 -4.4 Leather and Leather products 25.2 3.3 35.5 5.3 29.0 3.9 14.8 -18.5 Pulses 95.8 12.5 68.7 10.3 84.8 11.5 -11.5 23.4 Meat & Meat Products 24.9 3.2 21.1 3.2 25.1 3.4 0.9 19.2 Fruits & Vegetables 13.5 1.8 15.6 2.3 14.2 1.9 5.2 -9.0 Live Animals 9.4 1.2 8.0 1.2 8.0 1.1 -15.3 -0.6 Chat 64.7 8.4 61.4 9.2 67.8 9.2 4.9 10.5 Gold 45.2 5.9 18.7 2.8 46.2 6.2 2.2 146.6 Flower 60.5 7.9 49.5 7.4 65.3 8.8 7.9 31.7 Electricity 17.0 2.2 15.0 2.2 18.4 2.5 8.1 22.7 Others 70.9 9.2 66.7 10.0 66.0 8.9 -7.0 -1.1 Total Export 768.1 100 669.5 100 739.3 100 -3.7 10.4 Total Export excluding electricity 751.1 654.5 721.0 -4.0 10.2 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 40 80 120 160 200 240 280 320 360 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill of USD Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

Third Quarter 2017/18 35 National Bank of Ethiopia Quarterly Bulletin 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill K.g Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2016/17 2017/18 Percentage Change QIII QII QIII A B C C/A100-100 C/B100-100 Coffee 54.7 51.5 52.4 -4.3 1.7 Oilseeds 102.9 117.7 105.5 2.5 -10.3 Leather and Leather products 1.4 1.7 1.5 5.7 -12.6 Pulses 139.9 110.4 148.5 6.2 34.5 Meat & Meat Products 5.0 4.2 5.0 1.2 20.6 Fruits & Vegetables 43.6 47.4 44.2 1.4 -6.8 Live Animals 5.2 4.4 4.5 -13.9 2.4 Chat 11.6 11.2 12.0 3.8 7.6 Gold(in mill of grams) 1.4 0.5 1.3 -6.7 150.3 Flower 13.1 10.7 13.5 2.8 25.4 Electricity(in mill of kwh) 304.2 263.6 332.0 9.1 25.9 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation

36 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2016/17 2017/18 Percentage Change QIII QII QIII A B C C/A100-100 C/B100-100 Coffee 4.3 3.2 3.4 -19.9 5.3 Oilseeds 1.1 1.2 1.3 22.7 6.6 Leather and Leather products 18.2 21.2 19.8 8.6 -6.9 Pulses 0.7 0.6 0.6 -16.7 -8.3 Meat & Meat Products 5.0 5.1 5.0 -0.2 -1.2 Fruits & Vegetables 0.3 3.7 -2.4 Live Animals 1.8 -1.7 -2.9 Chat 5.6 5.5 5.6 1.0 2.7 Gold(USD/gm) 32.4 36.0 35.5 9.6 -1.5 Flower 4.6 4.6 4.9 5.0 5.0 Electricity 0.1 -0.9 -2.5 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD/K.g, USD/gr.(Gold) Fig.V.6. Unit Value of Selected Export Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Source: NBE Staff Computation

Third Quarter 2017/18 37 National Bank of Ethiopia Quarterly Bulletin 5.2.2 Import of Goods In the third quarter of 2017/18, total merchandise import bill stood at USD 3.5 billion, about 4.7 percent lower than a year earlier due to decline in import values of capital goods, semi-finished goods and miscellaneous. Import bill of capital goods slumped by 15.1 percent due to 49.7 percent drop in import bills of transport, 3.7 percent in industrial and 43.8 percent agricultural capital goods. Consequently, the share of capital goods in total import bill decreased to 35.1 percent from 39.5 percent a year earlier. Similarly, imports of semi-finished goods went down by 12.3 percent and their share in total imports also dropped to 14.2 percent from 15.4 percent during the review period. In contrast, import payments for consumer goods increased by 3.4 percent due to the higher import payments for non-durable goods (9.0 percent) in spite of lower payments for durable goods (8.2 percent). Thus, the share of consumer goods in total import bill rose to 31.5 percent from 29.1 percent last year same quarter. Likewise, import value of fuel increased by 14.6 percent and its share in total imports also rose to 16.4 percent from 13.6 percent during the same period. Import of raw materials surged by 70.0 percent over same quarter last year and their share in total merchandise import rose to 1.1 percent from 0.6 percent a year ago. Total franco-valuta import declined by 4.6 percent and stood at USD 1.2 billion and accounted for 33.3 percent of the total imports. Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2016/17 2017/18 Percentage Changes Qtr. III Share (%) Qtr. II Share (%) Qtr. III Share (%) A B C C/A C/B Raw Materials 22.9 0.6 28.1 0.7 38.9 1.1 70.0 38.4 Semi-finished Goods 574.7 15.4 600.5 14.9 504.0 14.2 -12.3 -16.1 Fertilizers 106.4 2.9 79.5 2.0 126.6 3.6 19.0 59.2 Fuel 507.4 13.6 571.0 14.2 581.3 16.4 14.6 1.8 Petroleum Products 495.7 13.3 540.7 13.4 564.3 15.9 13.8 4.4 Others 11.7 0.3 30.3 0.8 16.9 0.5 44.3 -44.3 Capital Goods 1,468.1 39.5 1,516.9 37.6 1,245.7 35.1 -15.1 -17.9 Transport 352.2 9.5 494.7 12.3 177.1 5.0 -49.7 -64.2 Agricultural 15.6 0.4 23.2 0.6 8.8 0.2 -43.8 -62.1 Industrial 1,100.3 29.6 999.0 24.8 1,059.8 29.9 -3.7 6.1 Consumer Goods 1,081.3 29.1 1,238.3 30.7 1,117.9 31.5 3.4 -9.7 Durables 352.1 9.5 382.0 9.5 323.3 9.1 -8.2 -15.4 Non-durables 729.1 19.6 856.3 21.2 794.6 22.4 9.0 -7.2 Miscellaneous 65.8 1.8 76.5 1.9 57.7 1.6 -12.3 -24.7 Total Imports 3,720.1 100.0 4,031.4 100.0 3,545.5 100.0 -4.7 -12.1 Source: ERCA

38 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In millions of USD Commodity Group 2016/17 2017/18 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Beverages 0.1 0.3 0.1 36.3 -53.0 Chemicals 3.6 9.2 6.8 87.0 -26.1 Clothing 10.0 15.6 33.3 231.7 113.4 Food and live animals 90.6 152.8 70.9 -21.7 -53.6 Textiles 4.5 4.7 5.3 18.6 12.9 Tobacco 0.0 49.1 52.1 Soap & polish 0.3 0.3 0.2 -31.1 -33.6 Fertilizer 45.8 26.8 87.1 90.3 225.6 Paper & paper manufacturing 0.6 1.0 2.6 358.8 159.7 Metal & metal manufacturing 169.2 103.6 145.5 -14.0 40.5 Medical and pharmaceuticals products 8.8 18.9 3.9 -55.8 -79.5 Rubber products 13.9 10.5 9.5 -31.8 -9.5 Petroleum Crude 0.0 844.7 -46.7 Petroleum product 4.9 4.9 7.6 54.5 53.8 Glass & glass ware 8.5 6.7 5.1 -39.5 -22.9 Electrical material 111.2 79.2 86.0 -22.6 8.6 Machine 421.3 302.0 357.3 -15.2 18.3 Road & motor vehicles 59.9 55.0 67.8 13.1 23.3 Tele apparatus 0.8 1.6 0.8 -2.9 -52.3 Cement 0.41 0.08 0.08 -80.0 0.0 Others 282.9 451.6 290.5 2.7 -35.7 Total 1,237.3 1,244.6 1,180.4 -4.6 -5.2 Source: ERCA 5.2.3 Direction of Trade 5.2.3.1 Export of Goods Asia, Europe and Africa were the major export destinations for Ethiopian goods. Asia accounted for 41.2 percent of the total exports where China was the largest market for Ethiopia’s export with a 20.8 percent share followed by Saudi Arabia (16.8 percent), Israel (10.4 percent), India (9.6 percent), United Arab Emirates (8.0 percent), Japan (5.5 percent), South Korea (3.5 percent), Yemen (3.1 percent), Indonesia (2.8 percent), Pakistan (1.4 percent) and Hong Kong (1.2 percent). These countries accounted for 83.1 percent of Ethiopia’s total export to Asia.

Third Quarter 2017/18 39 National Bank of Ethiopia Quarterly Bulletin About 29.4 percent of Ethiopia’s total export went to Europe, with the Netherlands taking a 24.6 percent share, followed by Switzerland (21.3 percent), Germany (18.7 percent), Turkey (8.4 percent), Belgium (6.7 percent), Italy (5.0 percent), United Kingdom (4.0 percent), France (3.3 percent) and Greece (1.7 percent). These countries altogether had a 93.7 percent share of Ethiopia’s total exports to Europe. Ethiopia’s export to Africa constituted about 19.6 percent, mainly to Somalia (30.2 percent), Sudan (19.7 percent), Djibouti (18.5 percent), Kenya (6.3 percent) and Egypt (3.1 percent) which accounted for 77.8 percent of the total exports to Africa. America’s share in Ethiopia’s total export was 9.5 percent, of which 92.2 percent went to the United States and 5.4 percent to Canada. 19.6% 29.4% 9.5% 41.2% 0.3% Fig.V.7: Export By Destination Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.2.3.2. Import of Goods Regarding merchandise imports, Asia accounted for 66.3 percent of the total imports to Ethiopia. The major imports from Asia originated from China (45.4 percent), Kuwait (14.0 percent), India (10.2 percent), U.A.E (8.3 percent), Japan (5.8 percent), Malaysia (3.6 percent), Indonesia (2.4 percent), South Korea (1.7 percent), Saudi-Arabia (1.4 percent) and Thailand (1.1 percent) whose combined share was 94 percent of total imports. The share of Europe in Ethiopia’s total imports stood at 18.3 percent, the major countries, being Turkey (24.3 percent), Italy (17.0 percent), Germany (11.0 percent), United Kingdom (9.7 percent), France (8.3 percent), Russia (5.4 percent), the Netherlands (4.0 percent), Ukraine (2.3 percent), Belgium (2.2 percent), and Austria (2.1 percent). These countries jointly accounted for 86.5 percent of Ethiopia’s total imports from Europe. Imports from America constituted 8.1 percent of the total import bill, of which the share of United States was 86.4 percent followed by Canada (6.2 percent) and Brazil (5.8 percent). Africa comprised about 7.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (40.5 percent), Egypt (22.5 percent), South Africa (21.5 percent), Sudan (10.6 percent) and Kenya (3.5 percent), which altogether made up 98.6 percent of the total imports from the African continent. Source: NBE Staff Compilation 5.3. Services and Transfers Net services trade recorded a USD 163.0 million deficit million compared with USD 123.1 million deficit last year same period. The 32.4 percent increase in deficit in net services trade was attributed to a decline in surplus of government services (38.9 percent), increase in deficit of investment income (25.7 percent) and other services 56.3 percent.

40 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Investment Income (2+5) -139.3 -190.7 -175.1 25.7 -8.2 2 Interest, net (3-4) -119.6 -190.7 -175.1 46.4 -8.2 3 Credit 5.8 8.2 11.4 95.0 38.6 4 Debit 125.5 198.9 186.5 48.6 -6.2 5 Dividend, net -19.7 -100.0 6 NON-FACTOR SERVICES, net (7-8) 16.2 -56.3 12.1 -25.0 -121.5 7 Exports of non-factor services 790.5 989.4 1,064.4 34.6 7.6 8 Travel 83.6 145.5 210.5 151.8 44.7 9 Transport 1 511.0 710.0 693.5 35.7 -2.3 10 Gov’t 2 140.5 74.9 90.3 -35.7 20.5 11 Other 3 55.5 59.0 70.1 26.4 18.9 12 Imports of non-factor services 774.4 1,045.7 1,052.3 35.9 0.6 13 Travel 76.3 103.9 139.1 82.3 33.9 14 Transport 1 478.4 586.1 604.7 26.4 3.2 15 Gov’t 2 23.7 25.4 18.9 -20.3 -25.5 16 Other 3 195.9 330.3 289.6 47.8 -12.3 17 Net Services (18+19+20+21+22) -123.1 -247.0 -163.0 32.4 -34.0 18 Travel (8-13) 7.3 41.6 71.4 875.9 71.5 19 Transport (9-14) 32.5 123.9 88.9 173.0 -28.3 20 Gov’t (10-15) 116.7 49.5 71.4 -38.9 44.1 21 Other (11-16) -140.4 -271.3 -219.5 56.3 -19.1 22 Investment Income (2+5) -139.3 -190.7 -175.1 25.7 -8.2 Source: MoFEC, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation

Third Quarter 2017/18 41 National Bank of Ethiopia Quarterly Bulletin During the review period, total transfer receiptsrose 10.2 percent and reached USD 1.7 billion due to 27.1 percent increase in individual private transfers, which outweighed a 25.4 percent decline in NGO transfers. Meanwhile, officialtransfers (net) stood atUSD180.3 million showing a 26.9 percent slowdown over last year same period. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QIII % Share QII % Share QIII % Share A B C D=C/A E=C/B 1 Private transfers, net (2-5) 1,305.1 84.1 1,531.7 70.7 1,533.6 89.5 17.5 0.1 2 Credit (3+4) 1,318.9 84.1 1,554.9 70.7 1,541.3 89.2 16.9 -0.9 3 NGO’s 257.5 16.4 330.4 15.0 192.0 11.1 -25.4 -41.9 4 Private individuals 1,061.3 67.7 1,224.5 55.7 1,349.2 78.1 27.1 10.2 5 Debit 13.7 85.1 23.2 71.5 7.7 57.4 -44.1 -66.9 6 Official transfers, net (7-8) 246.7 15.9 635.1 29.3 180.3 10.5 -26.9 -71.6 7 Credit 249.1 15.9 644.3 29.3 186.0 10.8 -25.3 -71.1 8 Debit 2.4 14.9 9.2 28.5 5.7 42.6 136.6 -38.4 9 Total Receipts 1,568.0 100.0 2,199.2 100.0 1,727.3 100.0 10.2 -21.5 10 Total Payments 16.1 100.0 32.4 100.0 13.4 100.0 -17.1 -58.8 11 Net Transfers 1,551.8 100.0 2,166.8 100.0 1,713.9 100.0 10.4 -20.9 Source: NBE Staff Computation Source: NBE Staff Compilation

42 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.4. Current Account Balance Hence, the current account balance (including official transfers) registered USD 1.3 billion in deficit during the third quarter of 2017/18, compared with USD 1.5 billion deficit a year ago. (Table 5.1) 5.5. Capital Account In the review period, capital account recorded USD 1.5 billion surplus, which was 7.6 percent higher than that of a year earlier. This was attributed to a 143.7 percent surge in net official long term capital and 75.0 percent growth in private sector long term capital (Table 5.1). 5.6. Changes in Reserve Position Net foreign assets of the National Bank of Ethiopia showed a of USD 527.1 million, build up while net foreign assets of commercial banks registered a USD 20.1 million drawdown. Thus, foreign reserve coverage as of March 31, 2018 was 2.3 months of imports. 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of the Birr reached Birr 27.2250/USD in the third quarter of 2017/18, witnessing a 20.6 percent annual depreciation. The end period exchange rate of the Birr was 27.2399/ USD, indicating that the Birr lost ground against USD by 19.7 percent due to the devaluation of the Birr by 15 percent on October 11, 2017. 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 2016/17 23.1081 22.4137 12.6 0.0 Qtr. III C 22.7519 22.5832 3.15 0.00 January 22.5284 22.4721 1.05 0.00 February 22.6322 22.5828 1.00 0.00 March 22.7519 22.6948 1.10 0.00 2017/18 Qtr. II B 27.2051 26.7099 3.20 0.00 October 27.0234 25.8431 1.10 0.00 November 27.1657 27.0979 1.05 0.00 December 27.2051 27.1888 1.05 0.00 Qtr. III A 27.2399 27.2250 3.15 0.00 January 27.2229 27.2145 1.10 0.00 February 27.2285 27.2259 1.00 0.00 March 27.2399 27.2345 1.05 0.00 Percentage Changes A/B 0.13 1.93 -1.56 A/C 19.73 20.55 0.00 Source: National Bank of Ethiopia

Third Quarter 2017/18 43 National Bank of Ethiopia Quarterly Bulletin In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.2395/USD, while the selling rate was Birr 27.7618/USD, showing 20.7 percent and 20.6 percent respective depreciation over last year same quarter. Thus, the average spread between the buying and selling rates was 1.92 percent down from 1.94 percent a year ago (Table 5.11). 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 2016/17 2017/18 Percentage change Quarter III A Quarter II B Quarter III C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 61,942.1 17,271.0 55,804.6 38,839.5 72,669.9 61,244.7 30.22 57.69 17.32 254.61 2 Bank of Abyssinia 731.7 2,835.1 773.7 1,995.8 746.3 2,455.5 -3.53 23.03 2.00 -13.39 3 Dashen Bank 3,558.8 3,950.7 3,049.2 3,578.9 5,451.3 5,681.8 78.78 58.76 53.18 43.82 4 Awash International Bank 1,047.5 3,027.4 1,655.2 3,334.6 1,435.4 3,384.8 -13.28 1.51 37.04 11.81 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 700.4 974.0 1,446.9 1,462.8 1,780.3 1,371.2 23.04 -6.26 154.17 40.78 7 United Bank 1,359.0 3,011.3 1,646.3 2,560.7 2,813.5 3,049.5 70.90 19.09 107.03 1.27 8 Development Bank - 65.8 - 63.5 - 75.4 18.66 14.61 9 Nib International Bank 225.0 1,436.2 586.0 917.9 543.4 1,121.5 -7.26 22.18 141.53 -21.91 10 Lion International Bank 4,498.6 938.1 2,371.0 522.7 995.1 736.8 -58.03 40.95 -77.88 -21.46 11 Oromia International Bank 854.7 1,218.4 1,583.2 1,571.3 1,707.7 2,026.4 7.86 28.96 99.81 66.32 12 Zemen Bank 183.4 1,803.0 110.5 1,813.8 78.6 1,891.6 -28.84 4.29 -57.14 4.91 13 Cooperative Bank of Oromia 193.5 536.0 236.1 1,227.4 244.1 1,350.4 3.35 10.02 26.12 151.92 14 Buna International Bank 1,827.0 389.4 1,734.9 859.0 358.6 461.3 -79.33 -46.30 -80.37 18.46 15 Birhan International Bank 47.9 477.4 195.5 644.2 142.0 1,511.1 - 134.56 196.72 - 16 Abay Bank 56.7 261.1 341.9 239.0 331.4 263.4 -3.09 10.22 484.36 0.89 17 Addis International Bank 1,308.2 331.0 551.4 439.8 1,037.6 436.2 88.18 -0.83 -20.69 31.76 18 Debub Global Bank 37.0 51.8 7.6 30.7 60.7 94.7 699.23 208.10 63.82 82.63 19 Enat Bank 46.5 105.2 236.6 266.6 389.6 453.4 64.62 70.05 737.95 330.94 Total 78,617.9 38,683.1 72,330.7 60,368.4 90,785.5 87,609.5 25.51 45.12 15.48 126.48 Average Exchange Rate 22.5776 23.0161 26.8186 27.3288 27.2395 27.7618 1.57 1.58 20.65 20.62 Spread* 1.94 1.90 1.92 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

44 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar has depreciated both on quarterly and annual basis. On annual terms, USD depreciated against Euro (15.3 percent), Pound Sterling (12.4 percent), SDR (7.6 percent), Swiss Franc (5.9 percent) and Japanese Yen (4.9 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 2016/17 QIII C 1.0649 0.0088 1.3445 1.2377 0.9956 January 1.0608 0.0087 1.3500 1.2312 0.9898 February 1.0649 0.0088 1.3556 1.2483 0.9988 March 1.0690 0.0089 1.3278 1.2338 1.2337 1.2338 0.9980 2017/18 QII B 1.1772 0.0089 1.4070 1.3268 1.0131 October 1.1767 0.0089 1.4106 1.3208 1.0201 November 1.1720 0.0089 1.3959 1.3198 1.0073 December 1.1829 1.1828 1.1829 0.0089 1.4146 1.3397 1.0118 QIII A 1.2283 0.0092 1.4466 1.3906 1.0544 January 1.2163 0.0090 1.4344 1.3760 1.0375 February 1.2360 0.0093 1.4525 1.3986 1.3985 1.3985 1.0705 March 1.2325 0.0094 1.4531 1.3972 1.0551 Percentage Changes A/B 4.34 4.15 4.16 4.16 2.81 4.81 4.08 A/C 15.34 15.35 15.34 4.84 4.91 4.88 7.60 12.35 5.91 Source: National Bank of Ethiopia percent). Likewise, on quarterly basis, USD lost ground against Pound Sterling (4.8 percent), Euro (4.3 percent), JapaneseYen (4.2 percent), Swiss Franc (4.1 percent) and SDR (2.8 percent) (Table 5.12).

Third Quarter 2017/18 45 National Bank of Ethiopia Quarterly Bulletin Similarly, the Birr has depreciated against all major currencies both on quarterly and annual terms. Year-on-year basis, it depreciated by 39.1 percent against Euro, 35.4 percent against Pound Sterling, 29.7 percent against SDR, 27.7 percent against Swiss Franc, 26.5 percent against Japanese Yen and 20.6 percent against USD. It also lost ground on quarterly terms against Pound Sterling (6.8 percent), Euro (6.4 percent), Swiss Franc (6.1 percent), Japanese Yen (6.2 percent), SDR (4.8 percent) and USD (1.9 percent) (Table5.13). Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EUR O 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 2016/17 QIII C 22.5832 22.8091 22.6961 24.0478 24.2883 24.1680 0.1987 0.2005 0.1996 30.3613 30.6649 30.5131 27.9576 28.2372 28.0974 22.4822 22.7071 22.5947 January 22.4721 22.6969 22.5845 23.8341 24.0725 23.9533 0.1953 0.1969 0.1961 30.3355 30.6388 30.4871 27.6824 27.9592 27.8208 22.2403 22.4627 22.3515 February 22.5828 22.8087 22.6958 24.0484 24.2889 24.1686 0.1998 0.2018 0.2008 30.6134 30.9196 30.7665 28.1905 28.4724 28.3315 22.5561 22.7816 22.6688 March 22.6945 22.9217 22.8081 24.2608 24.5034 24.3821 0.2010 0.2030 0.2020 30.1350 30.4364 30.2857 27.9999 28.2799 28.1399 22.6504 22.8769 22.7637 2017/18 QII B 26.7099 26.9770 26.8435 31.4439 31.7583 31.6011 0.2366 0.2389 0.2378 37.5813 37.9571 37.7692 35.4405 35.7949 35.6177 27.0538 27.3243 27.1891 October 25.8431 26.1015 25.9723 30.4119 30.7160 30.5639 0.2290 0.2312 0.2301 36.4543 36.8188 36.6366 34.1312 34.4725 34.3018 26.3565 26.6200 26.4883 November 27.0979 27.3688 27.2334 31.7596 32.0772 31.9184 0.2400 0.2423 0.2411 37.8279 38.2062 38.0170 35.7653 36.1229 35.9441 27.2950 27.5679 27.4314 December 27.1888 27.4607 27.3247 32.1603 32.4818 32.3211 0.2408 0.2432 0.2420 38.4616 38.8462 38.6539 36.4252 36.7894 36.6073 27.5099 27.7850 27.6475 QIII A 27.2249 27.4972 27.3611 33.4406 33.7750 33.6078 0.2512 0.2537 0.2524 39.3847 39.7785 39.5816 37.8581 38.2367 38.0474 28.7050 28.9920 28.8485 January 27.2145 27.4866 27.3505 33.1023 33.4333 33.2678 0.2449 0.2473 0.2461 39.0354 39.4257 39.2305 37.4466 37.8211 37.6338 28.2356 28.5180 28.3768 February 27.2259 27.4982 27.3620 33.6522 33.9887 33.8204 0.2521 0.2546 0.2533 39.5454 39.9408 39.7431 38.0768 38.4575 38.2672 29.1455 29.4369 29.2912 March 27.2345 27.5068 27.3706 33.5674 33.9031 33.7352 0.2565 0.2591 0.2578 39.5734 39.9691 39.7712 38.0509 38.4314 38.2411 28.7338 29.0212 28.8775 Percentage Change A/B 1.93 6.35 6.16 6.17 6.17 4.80 6.82 6.10 A/C 20.55 39.06 26.41 26.49 26.45 29.72 35.41 27.68

46 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation T Table 5.14: Birr per able 5.14: Birr per Unit of Currency End Unit of Currency End Period mid Period mid-Market Rate -Market Rate Currency 17-Mar 17-Dec 17-Mar Percentage change C B A A/B A/C USD 22.8657 27.3412 27.3761 0.13 19.73 Pound 28.4998 36.7437 38.5045 4.79 35.10 Swedish Kroner 2.5699 3.3092 3.2746 -1.04 27.42 Djibouti Frank 0.1283 0.1534 0.1536 0.13 19.72 Swiss Frank 22.9760 27.8679 28.6271 2.72 24.60 Saudi Riyal 6.0972 7.2900 7.2999 0.14 19.73 UAE Dirhams 6.2247 7.4432 7.4525 0.12 19.73 Canadian Dollar 17.1523 21.6770 21.1988 -2.21 23.59 Japanese Yen 0.2059 0.2422 0.2571 6.15 24.90 Euro 24.5600 32.6071 33.7082 3.38 37.25 SDR 31.1408 38.7670 39.9034 2.93 28.14

Third Quarter 2017/18 47 National Bank of Ethiopia Quarterly Bulletin 5.7.2. Movements in the Real Effective Exchange Rate During the third quarter of 2017/18, the REERI of the Birr showed a 11.3 percent annual depreciation mainly due to the 15 percent devaluation of Birr in October 2017. On quarterly basis, however, REERI depicted a marginal (0.6 percent) appreciation owing to rising domestic inflation relative to that of Ethiopia’s major trading partners. In the same way, the NEERI depreciated by 17.3 percent on yearly and 0.3 percent on quarter basis surged by relative weakening of the Birr against US dollar, mainly due to the devaluation of the Birr and decline in the value of USD against some major currencies in recent quarters (Table 5.15). Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2016/17 2017/18 Percentage Q Change III QII QIII A B C C/B C/A REERI 171.7 151.4 152.3 0.6 -11.3 NEERI 43.0 35.7 35.6 -0.3 -17.3 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. 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 QII QIV QI QII QIII QIV QI QII QIII 2010/11 2011/12 2012/13 2013/14 2014/15 201516 2016/17 2017/18 NEERI REERI Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation

48 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Mill. USD) Total Amount Traded 5.7.3 Volume of Transactions In the third quarter of 2017/18, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.2 million, which was 1.6 percent lower than that of a year earlier albeit it remained the same compared to the preceding quarter. The total amount foreign exchange traded in the inter￾bank market was supplied exclusively by NBE with a view to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaux of commercial banks purchased USD 90.8 million which increased 15.5 percent while their sale at USD 87.6 million surged by 126.5 percent relative to last year same quarter (Table 5.11).

Third Quarter 2017/18 49 National Bank of Ethiopia Quarterly Bulletin VI. Federal Government Finance Total revenue and grants of the Federal government collected during third quarter of 2017/18 witnessed a 11.2 percent growth over last year same quarter and reached Birr 46.5 billion (Table 6.1). Likewise, its total expenditure went up by 13 percent. Consequently, the overall fiscal balance (including grants) recorded Birr 24.4 billion in deficit compared to Birr 21 billion deficit a year ago (Table 6.1). Table 6.1: Summary of Quarterly Federal Government Finance (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage changes Performance rate A B C D D/A D/C D/B QIII Budget QII QIII 1 Revenue and Grants 41,877.6 223,431.0 55,697.5 46,584.9 11.2 (16.4) 20.8 1.1 Total Revenue 41,877.6 221,167.7 53,150.7 46,584.9 11.2 (12.4) 21.1 Tax Revenue 35,133.0 196,382.7 48,544.5 42,657.6 21.4 (12.1) 21.7 Direct tax 7,494.4 52,729.6 16,392.1 14,003.4 86.9 (14.6) 26.6 Indirect tax 27,638.7 143,653.1 32,152.4 28,654.2 3.7 (10.9) 19.9 Non-Tax Revenue 6,744.6 24,785.0 4,606.2 3,927.3 (41.8) (14.7) 15.8 1.2 Grant & Relief - 2,263.3 2,546.8 - 2 Current Expenditure 15,472.0 76,922.5 20,316.6 17,023.7 10.0 (16.2) 22.1 3 Current Surplus/ Deficit - Including Grants 26,405.6 146,508.5 35,380.9 29,561.2 12.0 (16.4) 20.2 Excluding Grants 26,405.6 144,245.2 32,834.1 29,561.2 12.0 (10.0) 20.5 4 Capital Expenditure 20,559.3 100,361.3 19,990.6 24,029.5 16.9 20.2 23.9 5 Regional Transfers 26,867.0 122,104.1 31,378.8 30,010.2 11.7 (4.4) 24.6 6 Total Expenditure (2+4+5) 62,898.3 299,387.9 71,685.9 71,063.4 13.0 (0.9) 23.7 7 Overall Surplus/ Deficit - Including Grants (21,020.7) (75,956.9) (15,988.5) (24,478.6) 16.5 53.1 32.2 Excluding Grants (21,020.7) (78,220.3) (18,535.3) (24,478.6) 16.5 32.1 31.3 8 Total Financing 21,020.7 75,956.9 15,988.5 24,478.0 16.4 53.1 32.2 8.1 Net External Borrowings 6,586.5 22,673.1 4,080.1 16,090.3 144.3 294.4 71.0 External Borrowing 5,919.0 20,013.5 4,481.7 10,925.9 84.6 143.8 54.6 Amortization 501.3 4,321.4 1,009.1 1,131.7 125.7 12.2 26.2 8.2 Net Domestic Borrowings 12,383.9 53,283.8 16,200.1 5,773.5 (53.4) (64.4) 10.8 Banking System 8,050.9 - 10,401.1 510.5 (93.7) (95.1) Non-Bank Sources 4,333.0 - 5,799.0 5,263.0 21.5 (9.2) 8.3 Privatization receipts 5,454.1 - - 7,990.1 46.5 8.4 Others and Residuals (3,403.8) (0.0) (4,291.7) (5,375.9) 57.9 25.3 Source: Ministry of Finance and Economic Co-operation

50 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 6.1 Revenue and Grants Total revenue and grants collected during the third quarter of 2017/18; reached Birr 46.5 billion and all the revenue was derived from domestic sources. 0 10000 20000 30000 40000 50000 60000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Component wise 91.6 percent of the domestic revenue was from taxes and 8.4 percent from non￾taxes. Table 6.2: Summary of Federal Government Revenue by Component (Million Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QIII Budget QII QIII [D/A] [D/C] [D/B] A B C D Total Revenue and Grants 41,877.6 223,431.0 55,697.5 46,584.9 11.2 (16.4) 20.8 Total Domestic Revenue 41,877.6 221,167.7 53,150.7 46,584.9 11.2 (12.4) 21.1 1 Tax Revenue 35,133.0 196,382.7 48,544.5 42,657.6 21.4 (12.1) 21.7 1.1 Direct Tax Revenue 7,494.4 52,729.6 16,392.1 14,003.4 86.9 (14.6) 26.6 1.1.1 Income Taxes 6,128.5 45,925.7 14,621.3 7,830.8 27.8 (46.4) 17.1

• Personal 1,521.3 6,655.1 2,374.0 3,482.4 128.9 46.7 52.3
• Business 4,607.1 39,270.7 12,247.3 4,348.4 (5.6) (64.5) 11.1 1.1.2 Others1 1,365.9 6,803.9 1,770.8 6,172.6 351.9 248.6 90.7 1.2 Indirect Taxes 27,638.7 143,653.1

32,152.4

28,654.2 3.7 (10.9) 19.9 1.2.1 Domestic Taxes 12,103.6 57,315.4 12,526.1 12,342.9 2.0 (1.5) 21.5 1.2.2 Foreign Trade Taxes 15,535.1 86,337.7 19,626.3 16,311.3 5.0 (16.9) 18.9

• Import 15,535.1 86,337.7 19,626.3 16,311.3 5.0 (16.9) 18.9 2 Non-Tax Revenue 6,744.6 24,785.0 4,606.2 3,927.3 (41.8) (14.7) 15.8 3 Privatization 5,454.1 7,990.1 46.5 4 Grants and Relief - 2,263.3 2,546.8 - Source: Ministry of Finance and Economic Corporation 1/ includes withholding tax on import, tax on dividend, royalty and interest income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government

Third Quarter 2017/18 51 National Bank of Ethiopia Quarterly Bulletin Total tax revenue stood at Birr 42.6 billion about a 21.4 percent higher than a year ago due to the 86.9 percent growth in direct taxes and 3.7 percent increase in indirect taxes. Total tax revenue collection of the quarter was 21.7 percent of the annual plan (Table6.2). Fig.VI.2: Domestic Revenue by Major Components during the Third Quarter of 2017/18 Direct Tax Revenue 30.1% Indirect Taxes 61.5% Non-Tax Revenue 8.4% 6.2 Expenditure Total Federal government expenditure (including regional transfer) in the review period reached Birr 71 billion, showing 13 percent annual growth. (Table 6.3) Hence, total expenditure performance was 23.7 percent of the annual target. (Table 6.3) Current expenditure rose by 10 percent over last year same quarter and stood at Birr 17 billion, mainly on account of increased expenditure for general and social services. Likewise, capital expenditure showed a 16.9 percent growth and reached birr 24 billion while regional transfers increased 11.7 percent. Table 6.3 Summary of Federal Government Expenditure by Component (Million Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QIII Budget QII QIII A B C D [D/A] [D/C] [D/B] Total Expenditure 62,898.3 299,387.9 71,685.9 71,063.4 13.0 (0.9) 23.7 1 Current Expenditure 15,472.0 76,922.5 20,316.6 17,023.7 10.0 (16.2) 22.1

• General Services 5,603.6 24,212.3 6,434.5 6,221.1 11.0 (3.3) 25.7
• Economic Services 991.7 4,963.3 1,170.7 976.2 (1.6) (16.6) 19.7
• Social Services 6,867.4 24,189.1 8,620.6 8,053.9 17.3 (6.6) 33.3
• Debt Service 2,009.4 23,557.9 4,090.9 1,772.4 (11.8) (56.7) 7.5 2 Capital Expenditure 20,559.3 100,361.3 19,990.6 24,029.5 16.9 20.2 23.9
• Economic Development 13,154.0 68,110.4 12,328.5 15,110.3 14.9 22.6 22.2
• Social Development 6,749.4 23,959.2 6,534.1 7,606.7 12.7 16.4 31.7
• General Development 655.9 8,291.7 1,128.0 1,312.6 100.1 16.4 15.8 3 Regional Transfers 26,867.0 122,104.1 31,378.8 30,010.2 11.7 (4.4) 24.6 Source: Ministry of Finance and Economic Co-operation

52 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.VI.3: Major Components of Federal Governments Expenditure during the Third Quarter of 2017/18 Current Expenditure 24.0% Capital Expenditure 33.8% Regional Transfer 42.2% 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/162016/172017/18 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Hence, fiscal balance of the Federal government depicted Birr 24.4 billion deficit, compared to Birr 21 billion deficit a year ago. The deficit was financed from external borrowing, domestic borrowing and privatization receipts (Table 6.1).

Third Quarter 2017/18 53 National Bank of Ethiopia Quarterly Bulletin Fig.VI.5: Federal Government Finance during Third Quarter of F.Y 2017/18 0 20000 40000 60000 80000 100000 120000 2006/072007/082008/092009/102010/112011/12 2012/132013/142014/152015/162016/172017/18 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

54 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin VII. Investment During the third quarter of 2017/18, 557 investment projects having investment capital of Birr 6.4 billion became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed significant improvements. Virtually all of the investment projects were private domestic. In other words, there were no foreign and public investments during the review period. These investment projects have generated employment opportunities for 6,929 employees, about 39 percent lower than the previous year. Of the total employment created during the period, 74.8 percent was permanent and 25.2 percent casual (Table 7.1). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2016/17 2017/18 Percentage Changes QIII QII QIII A B C Share C/A C/B

1. Total Investment Number of projects 105 103 557 100 430.5 440.8 Capital 864.5 612.5 6,386.4 100 638.8 942.7 Permanent Employment 10,867 837 5,186 100 -52.3 519.6 Temporary Employment 510 967 1,743 100 241.8 80.2
2. Private Investment Number of projects 105 103 557 100 430.5 440.8 Capital 864.5 612.5 6,386.4 100 638.8 942.7 Permanent Employment 10,867 837 5,186 100 -52.3 519.6 Temporary Employment 510 967 1,743 100 241.8 80.2 2.1 Domestic Investment Number of projects 101 102 557 100 451.5 446.1 Capital 839.0 609.8 6,386.4 100 661.2 947.3 Permanent Employment 10,754 817 5,186 100 -51.8 534.8 Temporary Employment 498.0 967 1,743 100 250.0 80.2 2.2. Foreign Investment Number of projects 4 1 0 0 -100.0 -100.0 Capital 25.4 2.7 0.0 0.0 -100.0 -100.0 Permanent Employment 113 20 -100.0 -100.0 Temporary Employment 12 0 -100.0 #DIV/0!
3. Public Investment Number of projects Capital Permanent Employment Temporary Employment Source: Ethiopian Investment Commission.

Third Quarter 2017/18 55 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, real estate, renting & business activities accounted for 41.1 percent of the total investment projects followed by manufacturing (38.6 percent), construction (17.4 percent) and agriculture, hunting & forestry (1.6 percent). Of the total Birr 6.4 billion capital investment, the share of manufacturing sector was 45.4 percent followed by real estate, renting & business activities (45 percent), construction (7 percent), agriculture, hunting & forestry (1.6 percent). About 70.5 percent of the permanent employment was created by manufacturing, 16 percent by real estate, renting & business activities, 11.1 by construction and 1.8 by agriculture, hunting & forestry. Similarly, the manufacturing sector was the leading sector by employing 35.8 percent of temporary labor force followed by construction (26.7 percent), real estate, renting & business activities (22.3 percent), and agriculture, hunting & forestry (12.9 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2017/18 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 9 1.6 105.3 1.6 91 1.8 225 12.9 Construction 97 17.4 443.9 7.0 575 11.1 465 26.7 Education 2 0.4 16.0 0.3 7 0.1 5 0.3 Electricity, gas, steam and water supply Health and social work 2 0.4 24.3 0.4 4 0.1 0 0.0 Hotels and restaurants 2 0.4 19.8 0.3 21 0.4 35 2.0 Manufacturing 215 38.6 2,901.3 45.4 3,657 70.5 624 35.8 Mining and quarrying Other community, social and personal service activities Real estate, renting and business activities 229 41.1 2,873.7 45.0 829 16.0 389 22.3 Tour operation, transport, and communication Wholesale, retail trade & repair service 1 0.2 2.0 0.0 2 0.0.0 Others Grand Total 557 100 6,386.4 100 5,186 100 1,743 100 Source: Ethiopian Investment Commission. About 97.5 percent of the total projects with 97.7 percent of total investment capital were operational in Addis Ababa, about 2.3 percent of total projects with 2.3 percent of capital in Afar, 0.2 percent of the projects having insignificant percent of total capital in SNNPR. This pattern was similar to the regions’ job creation (Table 7.3).

56 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2016/17 2017/18 Growth Rate QIII QII QIII C/A C/B A B C Share In (%) No of Proj Capital Perm emp Tempemp No of Proj Capital Permemp Tempemp No of Proj Capital. Perm.emp Tempemp No of Proj Capital. Perm.emp Temp.emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 65 761.5 759 290 61 339.9 382 218 543 6,240 5,008 1,241 97.5 97.7 96.6 71.2 735.4 719.5 559.8 327.9 790.2 1,736 1,211 469.3 Afar 21 151.0 363 575 13 144.0 160 490 2.3 2.3 3.1 28.1 -38.1 -4.6 -55.9 -14.8 Amhara 29 67.8 9958 28 1 2.0 2 4 B.Gumuz Dire Dawa Oromia 2 16.6 101 10 SNNPR 1 2.5 18 12 0.2 0.0 0.3 0.7 Gamb Somali Harari Tigray 9 18.6 49 182 20 119.7 90 170 Multi￾regional Grand Total 105 864.5 10,867 510 103 612.5 837 967 557 6,386 5,186 1,743 100 430.5 638.8 -52.3 241.8 440.8 942.7 519.6 80.2 Source: Ethiopian Investment Commission

Third Quarter 2017/18 57 National Bank of Ethiopia Quarterly Bulletin VIII. International Economic Developments In the United Kingdom, economic activity slowed slightly during the second quarter of 2017/18. Real GDP increased by 0.4 percent, lower than the previous quarter, largely affected by the decline in consumption due to rising prices and low wage growth. In China, economic growth remained robust with a real GDP growth of 6.8 percent year on year during the third quarter of 2017/18, similar to the previous quarter. The growth was driven by both consumption and investment, while the contribution of net trade turned negative. However, overall, momentum in the third quarter of 2017/18 was weaker than in the previous quarter. 8.2. Inflation Developments Global inflation remained stable in February. Annual consumer price inflation in the member countries of the Organization for Economic Co-operation and Development (OECD) stood at 2.4 percent in February, similar to the rate recorded in the previous quarter. Excluding food and energy prices, OECD annual inflation edged up marginally to 1.9 percent. Inflation is expected to increase in the short run due to the increase in oil prices. Later, the slowly diminishing spare capacity at the global level is also expected to support underlying inflation. Annual CPI inflation in the United States rose to 2.4 percent in March due to considerable fall in mobile phone services prices last year pushed the annual figures higher, while inflation excluding food and energy was rising to 2.1 percent. In Japan, headline CPI inflation declined in February, standing at 1.1 percent, year on year, while inflation excluding food and energy remained stable at 0.5 percent. In U.K., inflation rose strongly in 2017, peaking at 3.0 percent in the previous quarter, mainly as a result of the pass-through to prices from the marked depreciation in the pound sterling following the referendum. The latest indications are that inflation has now peaked, with annual CPI inflation falling to 2.7 percent in the third quarter of 2017/18, following a strong decline in March. 8.1 Overview of the World Economy6 In the third quarter of 2017/18, survey indicators showed steady expansion of activities. During this period, the global composite output Purchasing Managers’ Index (PMI) remained slightly above the level recorded in the previous two quarters. The PMI was broadly unchanged in the United States during the third quarter, while it decreased in the United Kingdom and, to a lesser extent, in Japan, on the back of weaker outcomes in March. In emerging market economies, the quarterly PMI picked up in Brazil and China, while it edged down in India and Russia. In United States, real GDP growth is expected to have remained strong at annualized rate of 2.9 percent growth in the second quarter of 2017/18. Consumer spending and business investment increased strongly, despite the slight deceleration in activity compared with previous quarter. The large fiscal expansion, solid labour market conditions and robust foreign demand are expected to support the future outlook. In Japan, economic activity moderated. Real GDP increased by 0.4 percent quarter on quarter, in the second quarter of 2017/18 supported by domestic demand. However, contracting industrial production and slowing net exports, together with temporary factors such as unfavorable weather conditions, point to a deceleration in the pace of economic activity in the third quarter of 2017/18. The labour market remains tight, despite some recent easing in indicators. In Euro area real GDP continued to increase by 0.7 percent in the third quarter of 2017/18, due to the strong positive contributions from domestic demand and net trade. While, changes in inventories made neutral contribution to GDP growth. The latest economic indicators remain optimistic and confirm the expectation of continued robust growth in the second quarter of 2017/18, around the same rates as in the previous quarters. 6 Sections 8.1 – 8.4 are excerpted from European Central Bank monthly bulletin of 3/2018.

58 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 8.3 Commodity Price Oil prices showed upward trends due to increased geopolitical tensions concerning the US-Iran relationship, as well as by expectations of an extension of supply cuts by OPEC and non-OPEC countries. Non-oil commodity prices have decreased by 0.8 percent in USD terms since early March, driven particularly by fall in the price of iron ore and to a lesser extent by a decline in food prices on the back of ample supplies. On the other hand, aluminum price recorded higher. The increase aluminum prices are related to over protectionist measures implemented in the United States and a shutdown in Brazilian production due to an environmental accident. 8.4 Exchange Rate Developments In foreign exchange markets, the euro depreciated vis-à-vis the currencies of most important trading partners, including the US dollar in particular (by 1.9 percent), the Chinese renminbi (by 2.1 percent) and pound sterling (by 2.3 percent). On the other hand, the euro also mostly strengthened against the currencies of , the Japanese yen (by 0.9 percent) Swiss franc (by 2.2 percent), Russian rouble (by 7.2 percent, the Brazilian real (by 6.1 percent) and Turkish Lira (by 5.2 percent). 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of F.Y. 2017/18, global economic activities indicators pointed to a sustained momentum. The global composite output Purchasing Managers’ Index (PMI), which measures economic health of the manufacturing sector, slightly increased from the previous two quarters supported by robust expansion in advanced economies and a pick-up in emerging economies, specifically in Brazil and China. This could positively affect the performance of Ethiopian’s major export items. During same period, global inflation remained stable supported by the decline in non-oil commodity prices mainly iron ore and food prices. The decline in food prices in the global market due to excess supply could contribute to the fall in export revenue of Ethiopia by affecting major agricultural export items such as coffee, pulses and live-animals. However, oil prices showed upward trends due to expected supply cuts by OPEC and non-OPEC oil producing countries and geo political tensions. Thus, the increase in energy prices could increase the country’s import bills to have depressing effect on the current account deficit.

Third Quarter 2017/18 59 National Bank of Ethiopia Quarterly Bulletin

60 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Statistical Tables

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

62 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes

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

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

64 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) 1 Non-Central Gov’t Deposits Gov’t Depos. 6 Foreign Liab. 7 Capital Account Other Liab. 12 Total (3+4+5) 2 Demand 3 Time 4 Saving 5 Total (9+10+11) 8 Capital 9 Legal Reserve 10 Others 11 2007/08 Qtr.I 89728.2 45987.1 17473.8 3519.0 24994.4 8168.9 2113.1 7946.8 6022.7 695.1 1229.0 25512.3 Qtr.II 95673.9 47523.9 17472.9 3750.4 26300.7 9083.0 2221.8 8502.6 6230.9 715.9 1555.8 28342.6 Qtr.III 101744.6 49881.9 18402.8 3649.3 27829.8 9410.2 2384.4 9480.3 6372.3 755.1 2352.8 30587.9 Qtr.IV 106633.3 51175.4 18343.6 3354.1 29477.6 8978.3 2301.9 8692.7 6650.6 1160.1 882.0 35485.1 2008/09 Qtr.I 108674.6 56010.6 21545.8 3001.2 31463.7 8410.6 2315.5 9645.2 6733.5 1230.0 1681.7 32292.7 Qtr.II 121011.7 59279.8 23758.2 2977.8 32543.8 10336.0 2854.6 10537.1 7140.8 1251.8 2144.5 38004.2 Qtr.III 124182.0 62157.9 24447.5 3051.3 34659.0 11766.0 2801.5 11577.3 7188.2 1251.9 3137.2 35879.2 Qtr.IV 145083.9 64134.2 23737.1 3248.4 37148.7 10450.1 3076.5 10286.3 7289.9 1817.1 1179.3 57136.9 2009/10 Qtr.I 143172.1 69799.5 26482.9 3502.1 39814.5 10193.0 3856.6 11615.7 7351.5 1865.0 2399.3 47707.3 Qtr.II 153698.3 70853.0 25540.1 3498.8 41814.1 12446.7 3690.8 12382.9 7779.3 1999.4 2604.2 54325.0 Qtr.III 165187.4 76069.0 28137.8 3568.7 44362.5 14542.9 3960.9 13733.7 7988.5 1999.4 3745.8 56880.9 Qtr.IV 157925.8 81081.4 29083.6 3956.2 48041.6 13742.5 3254.3 12410.9 8104.2 2627.1 1679.6 47436.8 2010/11 Qtr.I 166997.0 85850.7 30488.1 3901.3 51461.4 13830.7 4246.1 16074.7 8251.8 2800.1 5022.8 46994.8 Qtr.II 181873.2 90753.8 33017.7 3860.1 53876.0 17847.5 4942.6 15372.0 8814.8 2875.6 3681.6 52957.3 Qtr.III 210324.6 101160.6 36557.4 4462.7 60140.4 22023.3 5595.2 17203.7 8993.7 2875.6 5334.4 64341.7 Qtr.IV 225905.3 114155.4 44949.5 4666.4 64539.6 20240.7 5715.5 15598.3 9352.3 3720.0 2526.0 70195.3 2011/12 Qtr.I 231095.7 119908.9 47241.2 4679.9 67987.8 20211.7 6441.2 18039.7 9463.9 3874.0 4701.8 66494.3 Qtr.II 255231.8 120849.5 44105.8 5165.3 71578.4 27669.1 8419.7 20118.9 10273.8 4083.0 5762.2 78174.6 Qtr.III 276293.8 135663.6 49133.4 10136.4 76393.8 30994.8 7392.2 23505.5 10588.9 4083.0 8833.7 78737.7 Qtr.IV 333219.2 152894.7 58345.8 12061.1 82487.8 28207.9 5484.2 26333.7 10766.2 4341.9 11225.7 120298.7 2012/13 Qtr.I 312287.4 154727.0 55112.8 12112.5 87501.8 29561.0 5874.0 22096.5 10848.5 5848.5 5399.6 100028.9 Qtr.II 328113.3 163882.2 57818.5 12930.1 93133.7 35693.3 6078.3 23819.5 11410.2 6095.9 6313.4 98640.0 Qtr.III 374030.3 181078.6 66836.5 13515.7 100726.5 34173.1 6038.1 26732.9 11848.3 6095.8 8788.7 126007.5 Qtr.IV 369381.2 189762.8 69253.3 14278.7 106230.8 39111.8 7515.2 23668.9 16207.7 3737.1 3724.1 109322.4 2013/14 Qtr.I 361868.0 196547.0 67873.9 15611.6 113061.5 30347.6 7787.7 27244.9 16648.3 4289.3 6307.3 99940.8 Qtr.II 375115.3 208389.3 69703.1 15928.7 122757.5 35196.6 7933.5 29890.4 18021.3 4432.1 7436.9 93705.5 Qtr.III 397656.6 223632.1 71185.4 17192.6 135254.1 41483.1 7843.1 34089.2 19040.2 4452.9 10596.1 90609.0 Qtr.IV 422868.0 244630.1 80947.3 17872.3 145810.5 39210.8 7995.1 28116.6 19412.6 4874.1 3829.9 102915.4 2014/15 Qtr.I 427229.9 253720.4 79404.6 18878.4 155437.5 34524.9 7599.6 33579.7 19576.2 6809.3 7194.2 97805.3 Qtr.II 453125.9 267761.4 82145.6 21324.7 164291.1 41958.4 7784.8 35980.6 20786.7 7102.8 8091.1 99640.7 Qtr.III 486381.0 288748.6 87992.9 37731.1 163024.6 39876.9 7985.8 41100.7 21089.1 7150.1 12861.6 108668.9 Qtr.IV 518500.4 310905.5 94282.9 41990.6 174632.0 47597.6 8326.6 46346.0 21607.2 7657.4 17081.4 105324.8 2015/16 Qtr.I 526676.4 321277.1 94511.0 44846.8 181919.2 44750.6 8351.7 40988.3 21854.9 10061.0 9072.4 111308.7 Qtr.II 566305.7 333108.0 95784.9 45039.0 192284.2 54814.9 9418.3 44605.5 22365.6 10260.6 11979.3 124359.0 Qtr.III 600722.0 346500.8 97666.7 47318.8 201515.3 55903.5 10021.1 50099.9 23925.7 10503.5 15670.6 138196.7 Qtr.IV 632985.6 378580.1 111923.5 49622.3 217034.3 48275.4 9880.5 54282.7 24742.0 11066.2 18474.5 141967.0 2016/17 Qtr.I 657560.8 395284.0 114563.3 52113.6 228607.1 48122.1 10224.6 48306.1 25430.7 13555.8 9319.6 155624.1 Qtr.II 686854.4 422592.7 122551.6 56019.1 244021.9 59973.0 9442.5 53837.7 25907.5 14058.7 13871.5 141008.4 Qtr.III 739896.0 459035.8 134885.3 59330.9 264819.7 59514.1 9775.1 58827.9 28022.7 14160.6 16644.6 152743.1 Qtr.IV 816370.8 499497.5 142883.0 63182.7 293431.7 57431.9 10818.8 91591.8 60893.9 9875.3 20822.6 157030.8 2017/18 Qtr.I 834576.4 528378.0 155588.0 65890.6 306899.4 57282.7 11920.7 82506.0 61439.6 11571.2 9495.3 154489.1 Qtr.II 872671.2 557368.9 161094.7 71726.8 324547.4 65662.5 15190.8 82934.7 62190.7 12080.5 8663.5 151514.2 Qtr.III 923402.8 605324.7 178222.2 74478.4 352624.1 66838.2 14436.5 88987.8 63762.9 12299.1 12925.8 147815.7

Third Quarter 2017/18 65 National Bank of Ethiopia Quarterly Bulletin Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (In Millions of Birr) End of Period Cash & Banks  Foreign Assets Claims on Central Gov’t Claims on Non-Central Gov’t Other Assets Total Assets Total Public Enterprise Cooper￾atives Private & Individuals 2007/08 Qtr.I 481.15 184.54 80.84 4,893.32 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 253.93 5,061.27 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 253.93 5,248.60 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 253.93 5,389.25 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.81 4,813.12 15,796.90 37,322.90 4,081.23 108.84 33,132.84 6,278.04 65,260.76

66 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov’t Foreign Advance & Loan Other Liability Total N.B.E Others Items 2007/08 Qtr.I 6464.2 16.5 477.5 1867.2 1888.3 381.4 1506.9 0.7 434.3 1779.7 Qtr.II 6867.0 37.1 400.4 1883.0 2087.5 381.4 1706.1 0.7 457.1 2001.1 Qtr.III 6855.3 46.5 369.3 1916.2 2091.1 381.4 1709.7 0.7 505.4 1926.2 Qtr.IV 6970.0 126.0 374.5 1910.0 2102.2 381.4 1720.8 0.0 506.1 1951.1 2008/09 Qtr.I 7388.0 187.0 379.1 1915.9 2338.6 381.4 1957.2 0.0 523.0 2044.5 Qtr.II 7643.5 141.7 381.3 1943.5 2340.0 381.4 1958.7 0.0 523.0 2314.0 Qtr.III 7724.8 102.0 385.1 1948.8 2341.2 381.4 1959.8 0.0 647.3 2300.4 Qtr.IV 7911.1 124.7 369.4 1934.2 2341.6 381.4 1960.2 0.0 647.3 2493.9 2009/10 Qtr.I 8830.1 123.4 372.5 2014.7 2571.3 424.3 2147.0 0.0 887.9 2860.3 Qtr.II 9893.0 75.2 368.9 1943.1 3028.7 424.3 2604.4 0.0 900.5 3576.6 Qtr.III 11151.8 85.6 369.1 2084.5 4228.3 424.3 3804.0 884.5 3499.9 Qtr.IV 11338.1 179.0 376.2 2124.7 4618.9 381.4 4237.5 0.0 978.7 3060.7 2010/11 Qtr.I 11842.1 141.5 382.4 2357.4 4799.2 381.4 4417.9 0.0 985.0 3176.6 Qtr.II 11669.9 235.2 384.0 2223.6 4951.9 381.4 4570.5 0.0 909.0 2966.2 Qtr.III 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.IV 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 2011/12 Qtr.I 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.II 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.III 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.IV 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 2012/13 Qtr.I 26891.2 374.8 384.1 2739.0 17154.1 642.5 16511.7 0.0 1209.7 5029.5 Qtr.II 27076.7 376.3 384.4 2856.4 16348.8 644.0 15704.8 0.0 1539.1 5571.7 Qtr.III 27799.9 355.7 375.8 3157.2 18741.4 740.0 18001.5 0.0 1771.2 4360.5 Qtr.IV 29959.9 347.3 380.8 3150.3 20889.9 610.1 20279.8 0.0 2301.2 2677.8 2013/14 Qtr.I 31004.7 299.0 390.5 3390.9 21434.5 17667.5 3767.0 0.0 2371.6 2922.9 Qtr.II 33628.9 248.0 377.3 3620.2 21340.4 17792.1 3548.2 0.0 2928.6 5114.4 Qtr.III 33319.2 348.3 378.0 3763.5 21746.5 18101.6 3645.0 0.0 3105.7 3977.5 Qtr.IV 37799.8 634.9 376.9 3567.6 27234.6 20851.6 6383.1 0.0 3409.4 2576.3 2014/15 Qtr.I 38583.3 656.7 380.5 3895.2 25430.9 22551.6 2879.4 0.0 3621.7 4598.2 Qtr.II 39460.9 298.6 377.5 4086.6 25618.8 22751.2 2867.6 0.0 3770.0 5309.4 Qtr.III 41002.7 300.4 376.1 4082.9 26599.7 23451.6 3148.2 0.0 3880.6 5762.9 Qtr.IV 44119.7 427.2 376.4 4255.6 27411.0 23951.6 3459.4 0.0 4031.0 7618.5 2014/15 Qtr.I 47977.8 445.9 375.4 7688.5 27369.2 23857.0 3512.2 0.0 4018.5 8080.3 Qtr.II 50132.2 436.7 375.3 7792.1 28428.5 24857.0 3571.5 0.0 4627.5 8472.2 Qtr.III 51587.2 1006.5 376.3 7858.8 28464.9 24935.9 3529.0 0.0 4727.4 9153.3 Qtr.IV 52696.4 1040.1 376.6 7968.7 29328.4 29251.5 76.9 0.0 4726.8 9255.8 2016/17 Qtr.I 54319.2 1251.8 381.9 7834.4 31771.8 31711.6 60.2 0.0 4795.7 8283.6 Qtr.II 54414.0 903.6 380.5 7876.9 33091.6 33033.9 57.7 0.0 4816.9 7344.5 Qtr.III 55895.4 868.2 120.0 7960.9 34190.1 34131.5 58.6 0.0 4826.3 7929.9 Qtr.IV 57089.2 948.4 122.2 7918.9 34984.4 34309.7 674.7 0.0 4822.2 8293.1 2017/18 Qrt.I 57213.3 915.8 126.0 8032.8 35365.3 35304.9 60.4 0.0 5096.4 7677.0 Qtr.II 59571.4 1130.5 125.9 7999.9 37888.6 37832.6 56.0 0.0 5226.4 7200.1 Qtr.III 65260.8 1102.0 125.9 8048.3 40102.1 40043.1 59.0 0.0 6292.0 9590.4

Third Quarter 2017/18 67 National Bank of Ethiopia Quarterly Bulletin Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 Quasi￾Money 4 Total Volume (3+4) 5 Total Credit (7+10) 6 Net Claims on Gov’t Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Claims on Non-Cen Gov’t 10 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 2007/08 Qtr.I 12997.4 16968.5 29966.0 28513.4 58479.4 61447.7 30118.0 22237.0 7881.0 31329.6 15229.2 10347.8 4881.4 18197.5 Qtr.II 14445.8 16652.0 31097.8 30051.0 61148.8 67400.1 32245.3 25254.4 6991.0 35154.8 14210.4 10067.4 4143.0 20461.7 Qtr.III 16772.6 17462.8 34235.3 31479.1 65714.4 73476.1 30718.4 27950.8 2767.6 42757.7 13000.1 7254.7 5745.4 20761.7 Qtr.IV 17654.1 17696.3 35350.4 32831.8 68182.1 79969.3 33075.7 35405.8 -2330.1 46893.6 11665.6 5940.7 5725.0 23452.7 2008/09 Qtr.I 16337.6 20633.9 36971.5 34464.8 71436.3 84088.6 34872.4 37048.0 -2175.7 49216.2 10387.8 4976.7 5411.1 23040.0 Qtr.II 17432.9 22949.2 40382.1 35521.6 75903.7 85327.7 31944.4 36733.1 -4788.8 53383.3 10233.5 6137.4 4096.0 19657.4 Qtr.III 19264.0 23589.2 42853.2 37710.3 80563.5 85281.6 29349.1 35566.2 -6217.1 55932.5 14863.6 9571.6 5292.0 19581.6 Qtr.IV 19715.0 22397.6 42112.7 40397.1 82509.8 89203.0 32786.5 37827.2 -5040.7 56416.5 17976.8 11833.7 6143.1 24670.1 2009/10 Qtr.I 18547.2 25572.4 44119.7 43316.6 87436.2 92006.9 32500.4 36953.3 -4452.9 59506.5 19529.0 14212.6 5316.3 24099.6 Qtr.II 21755.8 24372.3 46128.1 45312.9 91441.0 92946.2 28555.8 35824.9 -7269.1 64390.3 20793.0 14752.6 6040.4 22298.2 Qtr.III 23068.1 26271.8 49339.9 47931.1 97271.0 98671.9 30038.2 38953.2 -8915.0 68633.8 25278.6 16290.4 8988.2 26679.5 Qtr.IV 24206.8 27728.0 51934.8 51997.8 103932.6 104350.1 33013.1 39340.3 -6327.2 71337.0 27189.8 15383.3 11806.5 27607.3 2010/11 Qtr.I 23849.9 29249.4 53099.3 55362.7 108462.0 104929.6 31368.1 39718.0 -8349.9 73561.5 38003.2 23003.3 14999.9 34470.8 Qrt II 28312.3 31751.8 60064.2 57736.1 117800.2 110514.0 27374.2 41118.8 -13744.6 83139.7 40230.9 24979.3 15251.5 32944.6 Qtr.III 30534.7 35172.0 65706.7 64603.1 130309.8 121221.7 23583.8 40653.9 -17070.1 97638.0 45638.1 30084.5 15553.6 36550.1 Qtr.IV 32574.9 43596.1 76171.0 69206.0 145377.0 142320.4 28651.7 45323.7 -16672.1 113668.8 55534.7 32856.0 22678.7 52478.1 2011/12 Qtr.I 32073.6 46068.6 78142.2 72667.7 150809.9 143503.5 20343.1 36433.2 -16090.1 123160.3 55479.8 39355.7 16124.1 48173.4 Qtr.II 36274.6 42880.0 79154.6 76743.7 155898.2 157410.2 13443.6 38255.4 -24811.8 143966.6 49345.6 34675.7 14669.9 50857.5 Qtr.III 37727.7 47246.4 84974.1 86530.1 171504.3 182607.9 15673.9 43600.4 -27926.5 166934.0 45771.8 24524.1 21247.8 56875.5 Qtr.IV 38537.1 56312.7 94849.9 94548.9 189398.8 202149.0 21557.4 45344.1 -23786.7 180591.6 39787.7 21254.3 18533.4 52537.9 2012/13 Qtr.I 37917.5 54544.8 92462.3 99614.2 192076.5 198914.6 16480.8 37529.9 -21049.1 182433.8 39304.6 24995.8 14308.8 46142.7 Qtr.II 42677.0 57524.7 100201.7 106063.7 206265.4 213175.2 13732.0 42732.3 -29000.2 199443.2 39754.6 26357.6 13396.9 46664.4 Qtr.III 45142.4 66203.3 111345.7 114242.2 225587.9 233163.9 12792.2 41557.8 -28765.7 220371.7 46981.5 29607.5 17373.9 54557.5 Qtr.IV 45681.7 69052.4 114734.1 120509.5 235243.6 252247.9 21965.5 55377.3 -33411.8 230282.4 45639.6 24645.6 20994.0 62643.9 2013/14 Qtr.I 40872.5 67625.2 108497.7 128673.1 237170.8 257924.3 21574.8 47833.3 -26258.5 236349.5 38325.1 23406.7 14918.4 59078.5 Qtr.II 44085.7 69579.6 113665.3 138686.2 252351.5 280465.9 18308.9 50041.4 -31732.5 262157.1 33534.5 21297.0 12237.5 61648.9 Qtr.III 49975.3 71046.9 121022.2 152446.7 273468.9 302987.0 20844.6 60574.0 -39729.3 282142.3 36763.3 23444.0 13319.3 66281.3 Qtr.IV 53176.0 80887.8 134063.8 163682.8 297746.6 326066.9 26929.7 64510.9 -37581.2 299137.1 45972.3 26713.9 19258.4 74292.6 2014/15 Qtr.I 50782.7 79355.5 130138.2 174315.9 304454.1 336541.2 25470.0 58767.4 -33297.4 311071.2 39063.2 27065.8 11997.4 71150.4 Qtr.II 58128.9 82081.5 140210.4 185615.8 325826.2 367313.1 23581.1 64293.1 -40712.0 343732.0 39409.4 28393.5 11016.0 80896.4 Qtr.III 60465.0 87943.8 148408.8 200755.7 349164.5 397130.3 21242.0 59866.6 -38624.6 375888.3 35516.9 27640.6 7876.3 83482.7 Qtr.IV 60460.9 94245.4 154706.3 216622.6 371328.9 430840.4 30735.3 77076.8 -46341.6 400105.1 37570.9 29973.4 7597.6 97082.4 2015/16 Qtr.I 59407.7 94503.3 153911.1 226766.0 380677.1 436496.8 24072.0 67917.1 -43845.1 412424.8 36192.5 29081.2 7111.3 92012.2 Qtr.II 63507.1 95784.8 159291.9 237323.2 396615.0 469781.0 25008.5 78918.0 -53909.5 444772.6 31444.6 22494.7 8949.9 104610.6 Qtr.III 65623.8 97666.6 163290.4 248834.1 412124.5 498840.5 29582.0 84580.1 -54998.1 469258.5 25157.5 13862.2 11295.3 111873.5 Qtr.IV 66686.2 111923.5 178609.7 266656.6 445266.3 531957.9 47548.4 95038.1 -47489.7 484409.5 21524.2 10506.4 11017.8 108215.8 2016/17 Qtr.I 68485.1 114563.3 183048.4 280720.7 463769.0 547901.0 49852.8 97420.6 -47567.8 498048.1 14357.8 3466.4 10891.4 98489.8 Qtr.II 73702.5 122551.6 196254.2 300041.1 496295.2 577812.9 45594.0 105012.7 -59418.8 532219.0 16470.2 5541.9 10928.4 97987.9 Qtr.III 75177.9 134885.3 210063.2 324150.6 534213.8 618691.3596 51572.3 110556.0 -58983.8 567119.1 25495.2 14294.69936 11200.5 109972.8 QIV 73917.7 142883.0 216800.8 356614.4 573415.2 690,668.6 85441.8 120891.0 -35449.2 605226.7 38034.8 23,977.0 14057.8 155288.2 2017/18 Qtr.I 73927.0 155588.0 229515.0 372790.0 602305.0 712904.997 96221.3 131295.1 -35073.8 616683.7 30984.6 17651.8613 13332.7 141584.6 Qtr.II 86784.2 161094.7 247878.9 396274.2 644153.1 758,470.3 99972.0 143447.9 -43475.9 658498.3 22527.9 11,391.8 11136.1 136845.1 Qtr.III 90594.8 178222.2 268817.0 427102.4 695919.4 793412.622 96602.3 141253.9 -44651.6 696810.3 35993.3 25765.5933 10227.7 133486.5

68 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi￾Money  Total Volume Central Gov’t (Net) Non-Cent. Gov’t  Foreign Assets (Net) 2007/08 Qtr.I 13712.3 16510.4 30222.7 29425.8 59648.5 59174.1 33710.7 14665.8 Qtr.II 11480.1 16418.9 27898.9 29450.0 57349.0 67467.5 24608.4 14224.6 Qtr.III 16554.5 17986.7 34541.2 30912.4 65453.6 76782.5 32495.9 13585.1 Qtr.IV 20537.0 18123.4 38660.5 32831.8 71492.2 81092.0 65088.3 11829.4 2008/09 Qtr.I 17236.2 20076.8 37312.9 35567.7 72880.7 80977.3 52956.7 10003.4 Qtr.II 13853.9 22628.0 36481.9 34811.2 71293.0 85413.0 37368.3 10243.7 Qtr.III 19013.6 24296.9 43310.4 37031.6 80342.0 89119.2 42508.7 15532.5 Qtr.IV 22934.5 22938.3 45872.8 40397.1 86269.9 90455.4 78306.2 18229.2 2009/10 Qtr.I 19567.3 24882.0 44449.3 44486.1 88935.4 88602.6 64029.0 18806.4 Qtr.II 17289.4 24031.0 41320.4 44406.7 85727.1 93039.1 45073.2 20813.8 Qtr.III 21937.8 26455.7 48393.5 47835.2 96228.7 98671.9 52161.7 25278.6 Qtr.IV 28159.8 28397.3 56557.1 51997.8 108554.9 105815.2 99015.8 27571.5 2010/11 Qtr.I 25161.7 28459.7 53621.3 57134.3 110755.6 101047.2 79152.2 36597.1 Qrt.II 22499.8 31307.3 53807.1 56581.4 110388.5 110624.5 58197.8 40271.1 Qtr.III 30137.7 36227.1 66364.9 63440.3 129805.1 126676.7 74204.8 47691.8 Qtr.IV 37894.4 44648.5 82542.9 69206.0 151748.9 144318.6 157772.2 56314.4 2011/12 Qtr.I 33837.7 44824.7 78662.4 74993.0 153655.4 138193.8 132520.5 53427.1 Qtr.II 28827.4 42279.6 71107.1 75208.8 146315.9 157567.6 100776.6 49394.9 Qtr.III 37237.2 48663.8 85901.0 84972.6 170873.6 190825.3 126869.8 47831.6 Qtr.IV 44830.3 57672.1 102502.4 94548.9 197051.3 204987.1 250661.1 40346.3 2012/13 Qtr.I 40003.0 53072.0 93075.0 102801.9 195876.9 191554.8 196298.8 37850.3 Qtr.II 33915.4 56719.3 90634.7 103942.4 194577.2 213388.4 139610.2 39794.3 Qtr.III 44555.5 68189.4 112744.9 112185.8 224930.7 243656.3 167482.5 49095.7 Qtr.IV 53141.5 70719.3 123860.8 120509.5 244370.3 255789.4 319631.9 46280.4 2013/14 Qtr.I 43120.5 65799.3 108919.8 132790.7 241710.5 248381.1 254312.0 36907.1 Qtr.II 35034.9 68605.5 103640.4 135912.5 239552.8 280746.4 183509.9 33568.0 Qtr.III 49325.6 73178.3 122503.9 149702.7 272206.6 316621.4 214428.2 38417.7 Qtr.IV 61859.7 82840.4 144700.1 163682.8 308382.8 330644.9 415202.3 46617.8 2014/15 Qtr.I 53575.8 77212.9 130788.6 179894.0 310682.6 324089.2 334712.6 37617.9 Qtr.II 46195.0 80932.4 127127.4 181903.5 309030.9 367680.4 240612.4 39448.9 Qtr.III 59679.0 90582.1 150261.1 197142.1 347403.1 415001.2 285675.1 37115.2 Qtr.IV 70334.2 96520.5 166854.7 216622.6 383477.3 436889.4 555345.9 38098.4 2015/16 Qtr.I 62675.2 91951.7 154626.9 234022.6 388649.5 420346.5 443769.1 34853.4 Qtr.II 50469.1 94443.8 144912.9 232576.7 377489.6 470250.8 311340.8 31476.1 Qtr.III 64770.6 100596.6 165367.3 244355.1 409722.4 521288.3 356636.4 26289.6 Qtr.IV 77576.0 114625.3 192201.3 266656.6 458857.9 539426.6 672360.4 21826.4 2016/17 Qtr.I 72251.8 111470.1 183721.9 289703.7 473425.6 527628.6 535899.8 13826.6 Qtr.II 58571.4 120835.9 179407.3 294040.2 473447.6 578390.7 372553.3 16486.7 Qtr.III 74200.6 138931.8 213132.5 318315.8 531448.3 646532.5 431010.5 26642.5 Qtr.IV 85988.5 146332.2 232320.8 356614.4 588935.2 700365.6 840054.7 38568.8 2017/18 Qtr.I 77993.0 151387.1 229380.1 384719.3 614099.4 686527.5 663551.7 29838.2 Qtr.II 68967.4 158839.4 227806.8 388348.7 616155.5 759228.8 460948.8 22550.4 Qtr.III 89417.0 183568.9 272985.9 419414.6 692400.5 829116.2 529575.8 37613.0

Third Quarter 2017/18 69 National Bank of Ethiopia Quarterly Bulletin Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve National Bank of Ethiopia international Reserves Foreign Liabilities Net Foreign Assets Comm. Banks Reserve 6 Gross Reserves 1=2+6 NBE Total 2=3 to 5 Gold 3 Foreign Exc. 4 Others Reserve Tranche Posi. 5 Total Liab. 7=8+9 Comm. Banks 8 NBE 9 Total 10=11+12 NBE 11=2-9 Comm. Banks 12=6-8 2007/08 Qtr.I 20016.3 13021.8 375.8 12080.0 463.9 102.1 6994.5 4787.1 2113.1 2674.0 15229.2 10347.8 4881.4 Qtr.II 19194.1 12829.3 491.8 11759.6 472.2 105.7 6364.8 4983.7 2221.8 2761.9 14210.4 10067.4 4143.0 Qtr.III 19005.7 10875.9 502.5 9772.7 487.0 113.7 8129.8 6005.6 2384.4 3621.2 13000.1 7254.7 5745.4 Qtr.IV 16735.5 8708.7 5.5 8094.0 495.3 114.0 8026.8 5069.9 2301.9 2768.0 11665.6 5940.7 5725.0 2008/09 Qtr.I 16363.3 8636.7 15.0 8010.3 500.6 110.8 7726.6 5975.6 2315.5 3660.1 10387.8 4976.7 5411.1 Qtr.II 16211.1 9260.4 81.9 8551.4 515.0 112.1 6950.6 5977.6 2854.6 3123.0 10233.5 6137.4 4096.0 Qtr.III 21378.5 13284.9 8.6 12581.0 574.9 120.4 8093.6 6514.9 2801.5 3713.4 14863.6 9571.6 5292.0 Qtr.IV 26434.3 17214.6 18.2 16488.1 580.9 127.5 9219.7 8457.5 3076.5 5380.9 17976.8 11833.7 6143.1 2009/10 Qtr.I 31435.1 22262.1 120.3 21002.7 995.3 143.9 9173.0 11906.1 3856.6 8049.5 19529.0 14212.6 5316.3 Qtr.II 33176.9 23445.7 287.3 22018.3 995.8 144.3 9731.2 12383.9 3690.8 8693.1 20793.0 14752.6 6040.4 Qtr.III 40235.1 27286.0 267.7 24480.3 2389.8 148.2 12949.1 14956.5 3960.9 10995.5 25278.6 16290.4 8988.2 Qtr.IV 42350.1 27289.3 443.3 23490.2 3210.1 145.7 15060.8 15160.3 3254.3 11906.0 27189.8 15383.3 11806.5 2010/11 Qtr.I 55098.2 35852.2 490.5 31229.2 3948.2 184.3 19246.0 17095.0 4246.1 12848.9 38003.2 23003.3 14999.9 Qrt.II 60236.1 40042.0 444.2 34418.7 4994.5 184.6 20194.1 20005.2 4942.6 15062.7 40230.9 24979.3 15251.5 Qtr.III 66516.2 45367.3 1636.2 38413.9 5124.9 192.3 21148.9 20878.1 5595.2 15282.8 45638.1 30084.5 15553.6 Qtr.IV 79945.5 51551.4 1395.2 44738.8 5221.7 195.7 28394.2 24410.9 5715.5 18695.4 55534.7 32856.0 22678.7 2011/12 Qtr.I 82289.5 59724.2 1037.6 53248.9 5242.4 195.2 22565.3 26809.7 6441.2 20368.5 55479.8 39355.7 16124.1 Qtr.II 75055.0 51965.4 479.4 46056.2 5236.5 193.3 23089.6 25709.4 8419.7 17289.7 49345.6 34675.7 14669.9 Qtr.III 68989.9 40349.9 669.3 34192.4 5292.4 195.8 28640.0 23218.1 7392.2 15825.8 45771.8 24524.1 21247.8 Qtr.IV 64119.0 40101.4 2038.1 32528.8 5339.3 195.3 24017.6 24331.3 5484.2 18847.1 39787.7 21254.3 18533.4 2012/13 Qtr.I 64490.5 44307.7 -24.3 38671.9 5458.7 201.5 20182.7 25185.9 5874.0 19311.9 39304.6 24995.8 14308.8 Qtr.II 66096.2 46620.9 1964.3 38926.6 5526.1 204.0 19475.2 26341.6 6078.3 20263.3 39754.6 26357.6 13396.9 Qtr.III 73770.1 50358.0 1310.3 43334.3 5512.0 201.4 23412.0 26788.6 6038.1 20750.5 46981.5 29607.5 17373.9 Qtr.IV 72649.2 44140.0 2253.2 36078.4 5606.7 201.8 28509.2 27009.6 7515.2 19494.4 45639.6 24645.6 20994.0 2013/14 Qtr.I 69177.6 46471.5 2656.2 37900.3 5705.2 209.9 22706.1 30852.5 7787.7 23064.8 38325.1 23406.7 14918.4 Qtr.II 69684.0 49513.1 1522.5 41971.9 5804.4 214.3 20171.0 36149.5 7933.5 28216.0 33534.5 21297.0 12237.5 Qtr.III 67001.2 45838.7 1333.6 38439.6 5848.5 217.0 21162.5 30237.9 7843.1 22394.7 36763.3 23444.0 13319.3 Qtr.IV 77878.0 50624.5 1217.6 43237.4 5951.0 218.4 27253.5 31905.7 7995.1 23910.6 45972.3 26713.9 19258.4 2014/15 Qtr.I 72152.4 52555.4 1217.6 45256.5 5866.3 215.1 19597.0 33089.2 7599.6 25489.6 39063.2 27065.8 11997.4 Qtr.II 93641.4 74840.6 741.2 67914.1 5867.9 317.4 18800.8 54232.0 7784.8 46447.1 39409.4 28393.5 11016.0 Qtr.III 80014.2 64152.0 206.9 57837.7 5800.3 307.1 15862.1 44497.2 7985.8 36511.4 35516.9 27640.6 7876.3 Qtr.IV 82741.8 66817.7 79.3 60856.5 5566.6 315.3 15924.1 45170.9 8326.6 36844.3 37570.9 29973.4 7597.6 2015/16 Qtr.I 80548.6 65085.6 -101.7 59349.3 5519.3 318.7 15463.0 44356.1 8351.7 36004.4 36192.5 29081.2 7111.3 Qtr.II 102594.7 84226.5 222.9 78442.7 5241.8 319.1 18368.2 71150.1 9418.3 61731.8 31444.6 22494.7 8949.9 Qtr.III 94206.0 72889.5 1137.0 66362.7 5064.2 325.7 21316.4 69048.4 10021.1 59027.3 25157.5 13862.2 11295.3 Qtr.IV 95055.0 74156.7 1113.9 67851.7 4859.6 331.5 20898.3 73530.8 9880.5 63650.3 21524.2 10506.4 11017.8 2016/17 Qtr.I 96065.6 74949.6 8.4 69963.9 4641.2 336.0 21116.0 81707.8 10224.6 71483.2 14357.8 3466.4 10891.4 Qtr.III 92768.3 72397.4 1139.6 66561.1 4370.1 326.7 20370.8 76298.0 9442.5 66855.6 16470.2 5541.9 10928.4 Qtr.III 91850.2 70874.6 1135.4 61851.1 7550.5 337.7 20975.6 66355.0 9775.1 56579.9 25495.2 14294.7 11200.5 Qtr.IV 98750.9 73874.3 741.3 68851.8 3931.7 349.4 24876.5 60716.1 10818.8 49897.3 38034.8 23977.0 14057.8 2017/18 Qtr.I 93889.8 68636.4 0.0 64643.5 3633.4 359.5 25253.4 62905.2 11920.7 50984.6 30984.6 17651.9 13332.7 Qtr.II 108580.9 82254.0 0.0 77584.1 4249.6 420.4 26326.9 86053.0 15190.8 70862.2 22527.9 11391.8 11136.1 Qtr.III 109952.1 85287.9 81.4 80464.5 4309.3 432.7 24664.2 73958.8 14436.5 59522.3 35993.3 25765.6 10227.7

70 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit 1=2+5 Claims on Central Gov’t Claims on Non-Central Gov’t Total 2=3+4 NBE 3 Comm. Banks 4 Total 5=6+7 Loans & Advances 6 Invest￾ments 7 2007/08 Qtr.I 77648.8 46319.1 30269.3 16049.9 31329.6 22920.8 8408.8 Qtr.II 83224.0 48069.2 31995.3 16074.0 35154.8 25761.0 9393.8 Qtr.III 88852.8 46095.1 33917.3 12177.8 42757.7 31682.6 11075.1 Qtr.IV 95104.8 48211.2 41563.1 6648.2 46893.6 33600.7 13292.9 2008/09 Qtr.I 99722.1 50505.9 44271.0 6234.9 49216.2 34397.6 14818.6 Qtr.II 101879.5 48496.2 42949.0 5547.2 53383.3 35946.7 17436.6 Qtr.III 103730.4 47797.9 42249.0 5548.9 55932.5 37079.8 18852.7 Qtr.IV 106324.6 49908.1 44498.7 5409.4 56416.5 38802.0 17614.5 2009/10 Qtr.I 109573.2 50066.7 44326.6 5740.1 59506.5 39701.4 19805.1 Qtr.II 113178.7 48788.4 43610.8 5177.6 64390.3 44092.8 20297.5 Qtr.III 120251.3 51617.6 45989.7 5627.9 68633.8 46900.7 21733.1 Qtr.IV 124275.1 52938.0 45522.8 7415.3 71337.0 47540.2 23796.9 2010/11 Qtr.I 127025.9 53464.4 47983.7 5480.7 73561.5 48437.0 25124.5 Qrt.II 137731.2 54591.4 50488.6 4102.9 83139.7 55653.8 27485.9 Qtr.III 154521.7 56883.8 51930.6 4953.2 97638.0 62088.8 35549.1 Qtr.IV 172852.1 59183.3 55614.6 3568.7 113668.8 68121.3 45547.5 2011/12 Qtr.I 182848.5 59688.2 55566.5 4121.7 123160.3 72379.0 50781.3 Qtr.II 202386.3 58419.7 55562.5 2857.2 143966.6 85795.5 58171.1 Qrt.III 225564.8 58630.8 55562.5 3068.3 166934.0 100478.3 66455.7 Qtr.IV 240575.2 59983.7 55562.5 4421.2 180591.6 107119.0 73472.5 2012/13 Qtr.I 246456.1 64022.3 55510.4 8511.9 182433.8 106583.9 75849.9 Qtr.II 261646.6 62203.4 55510.4 6693.0 199443.2 115716.1 83727.1 Qtr.III 285289.6 64917.9 59510.4 5407.5 220371.7 128230.1 92141.6 Qtr.IV 300492.7 70210.4 64510.4 5700.0 230282.4 130885.4 99397.0 2013/14 Qtr.I 304819.9 68470.4 64381.3 4089.1 236349.5 129714.0 106635.5 Qtr.II 330002.4 67845.4 64381.3 3464.0 262157.1 144359.5 117797.6 Qtr.III 357277.5 75135.1 73381.3 1753.8 282142.3 155798.2 126344.1 Qtr.IV 374071.2 74934.1 73304.4 1629.7 299137.1 162232.8 136904.3 2014/15 Qtr.I 385474.1 74402.8 73175.3 1227.5 311071.2 166392.1 144679.2 Qtr.II 423153.7 79421.7 78175.3 1246.3 343732.0 184727.7 159004.3 Qtr.III 458316.0 82427.7 81175.3 1252.3 375888.3 202409.3 173479.0 Qtr.IV 493536.5 93431.4 92175.3 1256.0 400105.1 208858.9 191246.2 2015/16 Qtr.I 512987.6 100562.8 99657.3 905.4 412424.8 212528.0 199896.8 Qtr.II 550335.4 105562.8 104657.3 905.4 444772.6 231803.8 212968.8 Qtr.III 574821.3 105562.8 104657.3 905.4 469258.5 244256.6 225001.9 Qtr.IV 594275.6 109866.0 109080.4 785.7 484409.5 252456.2 231953.3 2016/17 Qtr.I 614243.3 116195.1 115640.8 554.3 498048.1 257176.1 240872.1 Qtr.II 653414.1 121195.1 120640.8 554.3 532219.0 279303.5 252915.4 Qtr.III 697290.2 130171.1 129640.8 530.3 567119.1 299213.1 267906.0 Qtr.IV 762842.3 157615.6 135632.8 21982.7 605226.7 311137.5 294089.2 2017/18 Qtr.I 789525.4 172841.7 150632.8 22208.8 616683.7 316104.5 300579.2 Qtr.II 840813.7 182315.5 160128.8 22186.6 658498.3 336105.8 322392.5 Qtr.III 879125.8 182315.5 160128.8 22186.6 696810.3 357928.6 338881.7

Third Quarter 2017/18 71 National Bank of Ethiopia Quarterly Bulletin Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits 1=2+6 Non-Central Gov’t Deposits with CBs Central Gov’t Dep. with Total 2=3 to 5 Net Demand Deposit 3 Savings Deposit 4 Time Dep. (30 days & over) 5 Total 6=7+8 National Bank 7 Comm. Banks 8 2007/08 Qtr.I 61683.1 45481.9 16968.5 24994.4 3519.0 16201.1 8032.3 8168.9 Qtr.II 62527.0 46703.1 16652.0 26300.7 3750.4 15823.9 6740.9 9083.0 Qtr.III 64318.5 48941.8 17462.8 27829.8 3649.3 15376.7 5966.5 9410.2 Qtr.IV 65663.6 50528.0 17696.3 29477.6 3354.1 15135.6 6157.3 8978.3 2008/09 Qtr.I 70732.3 55098.7 20633.9 31463.7 3001.2 15633.6 7223.0 8410.6 Qtr.II 75022.7 58470.9 22949.2 32543.8 2977.8 16551.8 6215.8 10336.0 Qtr.III 79748.3 61299.5 23589.2 34659.0 3051.3 18448.8 6682.8 11766.0 Qtr.IV 79916.4 62794.8 22397.6 37148.8 3248.4 17121.6 6671.5 10450.1 2009/10 Qtr.I 86456.0 68889.7 25572.4 39815.2 3502.1 17566.3 7373.3 10193.0 Qtr.II 89917.8 69685.2 24372.3 41814.2 3498.8 20232.6 7785.9 12446.7 Qtr.III 95782.4 74203.0 26271.8 44362.5 3568.7 21579.4 7036.6 14542.9 Qtr.IV 99652.9 79727.9 27728.0 48043.7 3956.2 19925.0 6182.5 13742.5 2010/11 Qtr.I 107047.1 84950.8 29584.5 51465.0 3901.3 22096.3 8265.6 13830.7 Qrt.II 116681.8 89464.6 31725.0 53879.5 3860.1 27217.2 9369.8 17847.5 Qtr.III 132852.1 99552.1 34948.6 60140.8 4462.7 33300.0 11276.7 22023.3 Qtr.IV 143339.3 112807.6 43596.1 64545.1 4666.4 30531.7 10290.9 20240.7 2011/12 Qtr.I 158086.9 118741.9 46068.6 67993.4 4679.9 39345.0 19133.3 20211.7 Qtr.II 164606.2 119630.0 42880.0 71584.8 5165.3 44976.1 17307.1 27669.1 Qrt.III 176742.1 133785.2 47246.4 76402.4 10136.4 42956.9 11962.1 30994.8 Qtr.IV 189288.8 150862.5 56312.7 82488.7 12061.1 38426.3 10218.4 28207.9 2012/13 Qtr.I 201701.3 154159.9 54544.8 87502.7 12112.5 47541.4 17980.5 29561.0 Qtr.II 212060.4 163589.0 57524.7 93134.3 12930.1 48471.4 12778.1 35693.3 Qtr.III 232572.1 180446.4 66203.3 100727.5 13515.7 52125.7 17952.5 34173.1 Qtr.IV 237807.9 189563.1 69052.4 106232.0 14278.7 48244.8 9133.0 39111.8 2013/14 Qtr.I 243194.1 196298.5 67625.2 113061.7 15611.6 46895.7 16548.0 30347.6 Qtr.II 257802.6 208266.1 69579.6 122757.7 15928.7 49536.5 14339.9 35196.6 Qtr.III 277784.2 223493.7 71046.9 135254.2 17192.6 54290.5 12807.4 41483.1 Qtr.IV 292574.9 244570.6 80887.8 145810.5 17872.3 48004.3 8793.5 39210.8 2014/15 Qtr.I 302604.2 253671.4 79355.5 155437.5 18878.4 48932.8 14408.0 34524.9 Qtr.II 323538.0 267697.4 82081.5 164291.2 21324.7 55840.6 13882.2 41958.4 Qtr.III 349885.3 288699.6 87943.8 163024.7 37731.1 61185.7 21308.8 39876.9 Qtr.IV 373564.1 310868.0 94245.4 174632.0 41990.6 62696.1 15098.5 47597.6 2015/16 Qtr.I 397760.2 321269.4 94503.3 181919.2 44846.8 76490.8 31740.2 44750.6 Qtr.II 413662.3 333108.0 95784.8 192284.2 45039.0 80554.3 25739.4 54814.9 Qtr.III 422481.5 346500.7 97666.6 201515.3 47318.8 75980.8 20077.3 55903.5 Qtr.IV 440897.8 378580.1 111923.5 217034.3 49622.3 62317.7 14042.3 48275.4 2016/17 Qtr.I 461626.2 395284.0 114563.3 228607.1 52113.6 66342.3 18220.2 48122.1 Qtr.II 498193.9 422592.7 122551.6 244022.0 56019.1 75601.2 15628.1 59973.0 Qtr.III 537634.7 459035.8 134885.3 264819.7 59330.9 78598.9 19084.8 59514.1 Qtr.IV 571671.2 499497.5 142883.0 293431.7 63182.7 72173.7 14741.8 57431.9 2017/18 Qtr.I 605014.1 528393.7 155588.0 306915.1 65890.6 76620.4 19337.8 57282.7 Qtr.II 639712.4 557369.0 161094.7 324547.4 71726.8 82343.4 16680.9 65662.5 Qtr.III 691047.4 605334.3 178222.2 352633.7 74478.4 85713.1 18874.9 66838.2

72 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

1. Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
2. Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
3. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. End of Period Reserve Requir￾ments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 Foreign Liabilities Actual Reserve+ Net For. Assets 7=2+4-5 Liqui￾dity Ratio

8 Ratio: Loans Adv.to Dep. 9 Debit Bal￾ance 10 Turn￾Over of Deposit

11 Total 5=6+7 Short Term 6  Long Term 7 2007/08 Qtr.I 5365.1 13865.3 8500.2 6994.5 2113.1 2113.1 0.0 18746.7 41.2 42.7 76830.1 2.3 Qtr.II 5578.6 14355.5 8776.9 6364.8 2221.8 2221.8 0.0 18498.6 39.6 46.2 82185.6 2.5 Qtr.III 5835.2 12463.6 6628.4 8129.8 2384.4 2384.4 0.0 18209.0 37.2 54.3 90495.3 2.8 Qtr.IV 8925.9 17795.3 8869.3 8026.8 2301.9 2301.9 0.0 23520.2 46.5 56.5 90493.5 2.8 2008/09 Qtr.I 9526.4 17673.9 8147.5 7726.6 2315.5 2315.5 0.0 23085.0 41.9 54.2 93429.4 2.6 Qtr.II 10321.0 20659.3 10338.2 6950.6 2854.6 2854.6 0.0 24755.3 42.3 52.2 102944.0 2.6 Qtr.III 10959.8 21886.7 10926.9 8093.6 2801.5 2801.5 0.0 27178.8 44.3 50.7 105249.6 2.5 Qtr.IV 10986.7 23690.7 12704.0 9219.7 3076.5 3076.5 0.0 29833.9 47.5 53.0 124300.7 3.1 2009/10 Qtr.I 11399.0 27119.0 15720.0 9173.0 3856.6 3856.6 0.0 32435.4 48.6 51.3 119082.5 2.9 Qtr.II 11983.8 24371.7 12387.9 9731.2 3690.8 3690.8 0.0 30412.1 44.6 53.6 131681.5 3.0 Qtr.III 12695.8 26921.1 14225.3 12949.1 3960.9 3960.9 0.0 35909.3 50.5 54.0 140393.6 3.0 Qtr.IV 13973.2 25217.1 11243.9 15060.8 3254.3 3254.3 0.0 37023.5 47.1 52.6 135342.1 2.7 2010/11 Qtr.I 14425.7 28768.1 14342.4 19246.0 4246.1 4246.1 0.0 43768.0 52.2 50.0 142217.2 2.9 Qrt.II 15192.5 27486.9 12294.5 20194.1 4942.6 4942.6 0.0 42738.5 49.3 51.1 157805.6 2.9 Qtr.III 17642.8 31482.2 13839.4 21148.9 5595.2 5595.2 0.0 47035.8 48.7 51.8 182812.2 2.7 Qtr.IV 19025.6 34283.0 15257.4 28394.2 5715.5 5715.5 0.0 56961.7 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 50638.5 43.7 52.7 -9492.7 -0.1 Qtr.II 21519.9 30154.5 8634.5 23089.6 8419.7 8419.7 0.0 44824.4 37.9 55.2 -2172.3 0.0 Qrt.III 23815.7 17652.5 -6163.2 28640.0 7392.2 7392.2 0.0 38900.2 29.9 60.5 17694.8 0.2 Qtr.IV 25253.9 29039.9 3786.0 24017.6 5484.2 5484.2 0.0 47573.3 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 42191.2 27.9 59.2 1243.9 0.0 Qtr.II 28886.9 33108.1 4221.3 19475.2 6078.3 6078.3 0.0 46505.0 29.5 58.1 -393.1 0.0 Qtr.III 31682.7 32417.5 734.9 23412.0 6038.1 6038.1 0.0 49791.5 28.6 59.2 9287.2 0.1 Qtr.IV 33194.0 30375.3 -2818.7 28509.2 7515.2 7515.2 0.0 51369.3 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 46666.1 23.8 57.7 9229.0 0.1 Qtr.II 11623.5 29413.2 17789.7 20171.0 7933.5 7933.5 0.0 41650.7 20.9 59.2 5710.6 0.0 Qtr.III 12841.0 34921.8 22080.7 21162.5 7843.1 7843.1 0.0 48241.1 22.3 59.3 175.8 0.0 Qtr.IV 13653.8 35672.3 22018.5 27253.5 7995.1 7995.1 0.0 54930.7 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 50688.1 19.9 57.3 2953.3 0.0 Qtr.II 14936.1 35148.8 20212.7 18800.8 7784.8 7784.8 0.0 46164.8 17.8 59.3 6009.6 0.0 Qtr.III 16089.2 35280.7 19191.4 15862.1 7985.8 7985.8 0.0 43157.0 15.5 61.6 18712.0 0.1 Qtr.IV 17277.4 42342.4 25064.9 15924.1 8326.6 8326.6 0.0 49939.9 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 46920.9 14.7 58.0 12689.1 0.1 Qtr.II 18915.6 37943.4 19027.8 18368.2 9418.3 9418.3 0.0 46893.3 14.4 59.7 21979.3 0.1 Qtr.III 19737.1 40401.9 20664.9 21316.4 10021.1 10021.1 0.0 51697.2 15.4 60.8 21123.2 0.1 Qtr.IV 21091.1 50905.9 29814.8 20898.3 9880.5 9880.5 0.0 61923.7 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 64620.2 16.6 59.1 9035.9 0.1 Qtr.II 23442.0 54499.8 31057.7 20370.8 9442.5 9442.5 0.0 65428.1 15.9 57.1 1283.9 0.0 Qtr.III 25206.4 64854.5 39648.1 20975.6 9775.1 9775.1 0.0 76055.0 17.2 57.4 6627.2 0.0 Qtr.IV 26950.8 75305.7 48354.8 24876.5 10818.8 10818.8 0.0 89363.5 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 95016.7 18.3 54.9 -15668.4 -0.1 Qtr.II 30398.5 68091.4 37692.9 26326.9 15190.8 15190.8 0.0 79227.5 14.7 54.2 -443.6 0.0 Qtr.III 32735.9 74352.1 41616.1 24664.2 14436.5 14436.5 0.0 84579.8 14.4 53.8 -1452.4 0.0

Third Quarter 2017/18 73 National Bank of Ethiopia Quarterly Bulletin Table 10: Circulating Notes and Coins by Denomination (In Millions of Birr) End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 Total Value (Coins) 1 5 10 25 50 100(coin) 2007/08 Qtr.I 15130.3 14953.0 414.2 122.2 1809.0 2612.7 9994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17852.4 17673.6 454.4 189.8 2415.8 2974.2 11639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19492.3 19309.5 437.6 210.3 2697.2 3519.6 12444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 19780.8 19591.5 414.9 188.2 2574.3 3459.4 12954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20388.5 20191.0 417.0 162.8 2456.7 3554.5 13600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22129.9 21926.0 441.7 259.8 2514.7 3757.7 14952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24028.8 23818.7 459.8 268.9 2581.7 3931.9 16576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 24133.9 23918.2 449.0 245.7 2227.0 3897.3 17099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23036.3 22815.5 426.3 231.8 2023.7 3521.7 16612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26011.3 25786.8 458.5 258.6 2023.7 3724.2 19321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28333.2 28103.5 466.2 364.7 2943.1 3723.9 20605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 28812.7 28576.9 462.6 356.9 2842.9 3383.9 21530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30620.0 30277.1 482.3 366.6 2618.5 3493.4 23316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qrt.II 34074.7 33731.2 404.1 223.3 3124.9 4082.8 25896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37477.8 37199.9 471.9 310.0 4012.5 4601.5 27803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39144.3 38848.3 482.9 293.4 3425.0 4283.8 30363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38781.8 38475.2 486.5 287.1 3526.7 4612.6 29562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42056.0 41736.3 496.5 287.4 3563.9 5885.1 31503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qrt.III 44718.0 44390.7 661.5 659.5 4605.1 7134.5 31330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45802.1 45468.4 626.3 514.8 1144.0 2482.0 40701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46238.6 45991.0 677.6 626.9 1545.6 3113.7 40027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50982.9 50727.7 700.2 465.3 2533.4 5065.1 41963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54337.6 54065.5 614.7 513.6 3368.2 6488.9 43080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54993.7 54632.8 659.6 533.0 3430.7 6602.4 43407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50591.9 50222.6 683.6 589.5 3222.9 6397.1 39329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52495.9 52121.9 692.6 609.2 3321.6 6475.1 41023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64642.3 64230.3 659.9 867.2 2421.4 6669.2 53612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64472.9 64048.1 634.9 906.9 2368.8 6773.2 53364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63846.6 63406.6 618.3 964.8 2339.5 6555.3 52928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70841.5 70384.8 602.5 1097.3 2550.7 7607.6 58526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74470.2 73989.1 589.0 1161.0 2695.0 7767.3 61776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75358.8 74846.9 557.8 1177.8 2675.6 7459.8 62975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74863.5 74313.7 538.9 1209.0 2725.7 7304.0 62536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77947.8 77357.4 507.3 1306.8 2885.2 7573.2 65084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80376.2 79731.9 479.6 1325.7 2807.1 7367.4 67752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 82,765.0 82,067.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 85,984.2 85,243.1 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 90,418.9 89,629.2 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 Qtr.IV 94,415.6 93,527.6 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 95,132.8 94,206.5 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 Qtr.II 106,106.9 105,137.4 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 Qtr.III 112,608.7 111,589.8 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5

74 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin A. Lending rates (by CBE and specialized banks) Table 11: NTEREST RATE STRUCTURE B. Deposit rates C. Minimum and Maximum Interest Rates Sector Through September 30, 1992 Oct. 1, 1992- Sept.1,1994- Cooperatives State Private Aug 31, 1994 Jan. 1, 1995 Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov’t 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 Deposit rates Through September 30, 1992 Oct. 1, 1992- Sept.1,1994- Aug 31, 1994 Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov’nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 10 10 ownership and maturity Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 Minimum and Maximum Interest Rates Jan. 2, 1995- Dec. 1, 1995- June 1, 1996- Sep.16,1996- Jan. 1,1998- Mar. 4,2002- Aug. 2002 to 8-Feb-05 04-Jul-07 01-Dec-10 11-Oct-17 Nov. 30, 1995 May 30, 1996 Sep. 15, 1996 Dec. 31,1997 Mar. 3, 2002 August-02 7-Feb-05 04-Jul-07 30-Nov-10 to 10-Oct -2017 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3

Third Quarter 2017/18 75 National Bank of Ethiopia Quarterly Bulletin Table 12: Government Internal Debt by Holder (In Millions of Birr) End of Period Total Gov’t Indebt￾edness 1=2+6+9 National Bank of Ethiopia Comm. Banks Total 6=7+8 Commercial Banks Others NBE Total 2=3 to 5 Direct Advance 3 Gov’t Bonds Noninterest bearing 4 Interest bearing 5 Gov’t Bonds 7 Treasury Bills 8  Others Total 9=10+11 Gov’t Bonds 10 Treasury Bills 11 2007/08 Qtr.I 48586.6 30269.3 20370.0 9417.1 482.2 16049.9 4070.5 11979.4 2267.4 282.4 1985.0 Qtr.II 50558.8 31995.3 22096.0 9417.1 482.2 16074.0 4059.4 12014.6 2489.5 274.5 2215.0 Qtr.III 50549.4 33917.3 24018.0 9417.1 482.2 12177.8 4058.3 8119.5 4454.3 430.3 4024.0 Qtr.IV 54229.6 41563.1 31818.0 9270.9 474.2 6648.2 3914.0 2734.1 6018.3 430.3 5588.0 2008/09 Qtr.I 56674.5 44271.0 34578.0 9270.9 422.1 6234.9 3891.8 2343.1 6168.5 430.3 5738.2 Qtr.II 54951.3 42949.0 33256.0 9270.9 422.1 5547.2 3879.3 1668.0 6455.1 413.9 6041.2 Qtr.III 54449.5 42249.0 32556.0 9270.9 422.1 5548.9 3878.2 1670.7 6651.6 370.6 6281.0 Qtr.IV 56589.9 44498.7 34891.0 9193.6 414.1 5409.4 3741.6 1667.7 6681.8 370.6 6311.2 2009/10 Qtr.I 56667.5 44326.6 34771.0 9193.6 362.0 5740.1 3469.4 2270.7 6600.8 370.6 6230.2 Qtr.II 55892.6 43610.8 34055.2 9193.6 362.0 5177.6 3456.8 1720.7 7104.2 354.2 6750.0 Qtr.III 58880.0 45989.7 36434.1 9193.6 362.0 5627.9 3456.8 2171.0 7262.4 310.9 6951.5 Qtr.IV 59921.2 45522.8 36044.1 9124.7 354.0 7415.3 3319.4 4095.8 6983.1 310.9 6672.2 2010/11 Qtr.I 60527.5 47983.7 38557.1 9124.7 301.9 5480.7 3047.2 2433.5 7063.1 310.9 6752.2 Qtr.II 61613.2 50488.6 41062.0 9124.7 301.9 4102.9 2784.7 1318.2 7021.7 269.3 6752.4 Qtr.III 64015.5 51930.6 42504.0 9124.7 301.9 4953.2 2784.5 2168.7 7131.7 269.3 6862.4 Qtr.IV 69415.2 55614.6 46265.0 9055.7 293.9 3568.7 2670.3 898.4 10231.9 269.3 9962.6 2011/12 Qtr.I 71052.0 55566.5 46264.9 9055.7 245.8 4121.7 2424.6 1697.1 11363.8 251.2 11112.6 Qrt.II 71122.3 55562.5 46264.9 9055.7 241.8 2857.2 2423.2 434.0 12702.6 251.2 12451.4 Qrt.III 75502.2 55562.5 46264.9 9055.7 241.8 3068.3 2419.2 649.1 16871.4 200.0 16671.4 Qtr.IV 77812.0 55562.5 46264.9 9055.7 241.8 4421.2 2419.2 2002.0 17828.4 200.0 17628.4 2012/13 Qtr.I 82079.1 55510.4 46264.9 9055.7 189.7 8511.9 2455.9 6056.0 18056.8 200.0 17856.8 Qtr.II 81380.8 55510.4 46264.9 9055.7 189.7 6693.0 2397.6 4295.5 19177.4 200.0 18977.4 Qtr.III 85794.0 59510.4 50264.9 9055.7 189.7 5407.5 2419.7 2987.7 20876.1 200.0 20676.1 Qtr.IV 93019.2 64510.4 55264.9 9055.7 189.7 5700.0 2380.4 3319.6 22808.9 200.0 22608.9 2013/14 Qtr.I 91279.3 64381.3 55264.9 8986.8 129.6 4089.1 1753.9 2335.2 22808.9 200.0 22608.9 Qtr.II 90654.2 64381.3 55264.9 8986.8 129.6 3464.0 1753.8 1710.2 22808.9 200.0 22608.9 Qtr.III 97944.0 73381.3 64264.9 8986.8 129.6 1753.8 1753.8 0.0 22808.9 200.0 22608.9 Qtr.IV 107318.5 73304.4 64264.9 8917.8 121.6 1629.7 1629.7 0.0 32384.5 97.6 32286.9 2014/15 Qtr.I 109794.8 73175.3 64264.9 8848.9 61.5 1227.5 1227.5 0.0 35392.0 97.6 35294.4 Qtr.II 116383.3 78175.3 69264.9 8848.9 61.5 1246.3 1246.3 0.0 36961.7 54.3 36907.4 Qtr.III 121824.8 81175.3 72264.9 8848.9 61.5 1252.3 1252.3 0.0 39397.2 54.3 39342.9 Qtr.IV 135190.4 92175.3 83264.9 8848.9 61.5 1256.0 1256.0 0.0 41759.1 54.3 41704.8 2015/16 Qtr.I 144937.8 99657.3 91264.9 8344.4 48.0 905.4 905.4 0.0 44375.1 54.3 44320.8 Qtr.II 154426.6 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 48863.9 54.3 48809.6 Qtr.III 159157.7 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 53595.0 72.4 53522.6 Qtr.IV 163461.0 109080.4 100764.9 8275.5 40.0 785.7 785.7 0.0 53595.0 72.4 53522.6 2016/17 Qtr.I 161914.2 107764.9 107764.9 0.0 0.0 554.3 554.3 0.0 53595.0 72.4 53522.6 Qtr.II 171344.9 120640.8 112764.9 7839.9 36.0 554.3 554.3 0.0 50149.8 36.2 50113.6 Qtr.III 184406.9 129640.8 121764.9 7839.9 36.0 530.3 530.3 0.0 54235.8 36.2 54199.6 Qtr.IV 230923.3 135632.8 127764.9 7839.9 28.0 21982.7 21982.7 0.0 73307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79101.7 18.1 79083.6 Qtr.II 264416.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 82100.7 18.1 82082.6 Qtr.III 270410.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 88094.7 18.1 88076.6

76 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 13. General Government Quarterly Revenue (In million Birr) Ethiopian fiscal year Fiscal year ending July 7 2009 2009 2010 2016-17 2016-17 2017/18 pre actual Pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III Tax revenue 226,894.4 50,826.0 103,832.8 53,006.8 152,466.0 48,633.2 210,135.9 57,669.8 262,309.4 53,367.7 119,446.2 66,078.5 177,027.8 57,581.6 Direct taxes 87,618.8 19,335.1 42,807.8 23,472.7 59,610.1 16,802.4 81,410.4 21,800.3 97,468.6 19,902.6 50,054.4 30,151.8 74,130.6 24,076.3 Income and profits tax 84,652.7 18,664.0 41,644.0 22,980.0 57,410.6 15,766.6 78,321.7 20,911.2 94,332.1 19,320.1 48,693.0 29,373.0 72,068.6 23,375.5 Personal income 26,618.5 5,517.1 11,247.9 5,730.8 18375.8 7,127.9 26,577.5 8,201.7 30,896.0 6,759.0 15,302.6 8,543.6 24,487.7 9,185.1 Rental income tax 1,767.4 823.5 1,372.6 549.2 1504.6 132.0 1,675.2 170.6 2,354.3 782.1 1,362.6 580.5 1,610.5 248.0 Business profits 48,148.4 10,789.9 25,674.3 14,884.4 32335.9 6,661.6 42,260.2 9,924.4 52,146.7 9,931.1 28,118.6 18,187.6 35,219.0 7,100.3 Withholding income tax on imports 3,440.1 813.0 1,596.8 783.7 2353.7 757.0 3,169.7 816.0 4,005.8 919.7 1,782.1 862.4 2,528.0 745.9 Agriculture income 548.9 12.6 127.4 114.8 331.8 204.3 423.1 91.3 617.8 9.3 103.1 93.8 272.0 168.9 Other income 3,345.4 378.8 1,160.9 782.1 1771.8 610.8 3,220.8 1,449.0 3,420.2 637.9 1,408.7 770.8 6,851.0 5,442.3 Interest income tax 676.4 287.6 375.7 88.1 584.8 209.1 792.1 207.3 799.9 247.3 517.0 269.7 957.2 440.1 Capital gains tax 107.6 41.4 88.3 46.9 152.2 63.9 203.1 50.9 91.4 33.7 98.2 64.5 143.2 45.0 Rural land use fee 437.8 14.2 113.8 99.6 297.6 183.7 410.9 113.3 486.1 10.6 85.9 75.3 243.2 157.3 Urban land lease fee 2,528.2 656.9 1,050.0 393.0 1902.0 852.1 2,677.8 775.8 2,650.4 572.0 1,275.4 703.5 1,818.8 543.4 Domestic indirect taxes 67,594.2 13,821.3 27,248.8 13,427.5 43,544.5 16,295.7 62,523.1 18,978.5 78,503.1 14,524.3 30,824.7 16,300.4 48,018.7 17,194.0 Sales/TOT/excise taxes 33,586.8 5,294.3 10,764.6 5,470.3 17258.7 6,494.1 24,768.1 7,509.4 39,788.0 6,120.2 12,739.3 6,619.2 20,821.0 8,081.7 Petroleum products 662.9 61.7 165.2 103.5 331.4 166.3 463.5 132.1 763.9 190.0 348.1 158.1 491.0 142.9 Alcohol and tobacco 6,163.0 1,109.9 2,591.5 1,481.7 3938.9 1,347.3 5,588.1 1,649.2 7,092.6 1,207.8 2,827.8 1,620.0 4,634.2 1,806.4 Other goods 26,760.9 4,122.8 8,007.9 3,885.2 12988.4 4,980.5 18,716.5 5,728.1 31,931.4 4,722.3 9,563.5 4,841.2 15,695.8 6,132.3 Services TOT/ sales tax 32,087.3 8,135.2 15,732.0 7,596.8 25224.5 9,492.5 36,190.3 10,965.9 36,303.7 8,052.1 17,319.3 9,267.3 26,043.7 8,724.3 Stamp duties 1,920.2 391.8 752.2 360.4 1061.3 309.1 1,564.6 503.3 2,411.4 352.0 766.0 414.0 1,154.0 388.0 Import duties and taxes 71,681.4 17,669.7 33,776.3 16,106.6 49,311.3 15,535.1 66,202.4 16,891.0 86,337.7 18,940.9 38,567.2 19,626.3 54,878.4 16,311.3 Custom duties 23,782.2 6,013.4 11,418.7 5,405.2 16884.2 5,465.6 22,655.0 5,770.7 28,644.8 6,471.8 13,382.6 6,910.8 19,136.6 5,754.0 Sales/excise taxes 33,915.1 8,246.6 15,811.9 7,565.3 22934.6 7,122.7 30,890.1 7,955.5 40,849.5 8,805.4 17,699.3 8,893.9 25,013.2 7,313.8 Petroleum products 2,385.2 513.2 931.1 417.9 1362.4 431.3 1,824.7 462.4 2,872.9 384.8 477.6 92.8 944.2 466.6 Alcohol and tobacco 663.5 115.1 215.4 100.2 267.4 52.0 346.5 79.1 603.0 90.8 151.4 60.6 225.0 73.5 Other imports 30,866.5 7,618.3 14,665.5 7,047.2 21304.9 6,639.4 28,718.9 7,414.1 37,373.6 8,329.8 17,070.3 8,740.5 23,844.0 6,773.7 Surtax on imports 13,984.1 3,409.6 6,545.7 3,136.0 9492.5 2,946.8 12,657.3 3,164.7 16,843.4 3,663.7 7,485.2 3,821.5 10,728.6 3,243.4 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 40,794.8 8,688.0 20,414.7 11,726.7 30,146.7 9,732.0 46,493.2 16,346.5 44,793.9 10,085.4 18,164.4 8,079.0 25,210.0 7,045.7 Charges and fees 2,046.7 1,032.2 1,559.7 527.4 2178.0 618.3 3,567.8 1,389.8 2,697.3 478.5 1,730.5 1,252.0 3,086.9 1,356.4 Sales of goods & services 6,515.0 867.4 1,757.2 889.8 2962.8 1,205.6 4,956.9 1,994.1 5,679.5 665.2 2,071.7 1,406.5 3,145.6 1,074.0 Residual surplus, capital charge, interest 0.0 payments and state dividend 15,419.1 4,750.4 9,405.5 4,655.0 14724.1 5,318.7 14,746.0 21.8 17,210.9 6,498.8 8,776.8 2,278.0 10,956.4 2,179.5 Reimbursement & property sales 253.2 35.6 54.8 19.2 82.0 27.2 145.9 63.9 286.6 15.6 40.8 25.2 86.5 45.6 Miscellaneous 8,489.9 982.7 5,679.0 4,696.2 6699.5 1,020.6 17,886.0 11,186.5 9,722.9 1,503.1 3,018.0 1,514.9 3,828.4 810.4 Other extraordinary 0.0 Privatization proceeds 6,000.0 5454.1 5,454.1 8,883.3 3,429.2 0.0 7,990.2 7,990.2 Other revenue 8,070.8 1,019.7 1,958.7 939.0 3500.2 1,541.6 5,190.6 1,690.3 9,196.8 924.1 2,526.6 1,602.5 4,106.3 1,579.7 Total revenue 267,689.2 59,514.1 124,247.5 64,733.5 182,612.7 58,365.2 256,629.0 74,016.3 307,103.3 63,453.1 137,610.6 74,157.5 202,237.8 64,627.2 External grants 16,108.4 2,238.0 6,182.5 3,944.5 10,378.8 4,196.3 12,476.9 2,098.1 17,176.7 2,386.1 8,512.2 6,126.0 13,732.4 5,220.3 Grants in kind/earmarked 13,987.5 2,238.0 5,595.0 3,357.0 9791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 Untied cash & CPF/grants 2,120.9 0.0 587.5 0.0 587.5 0.0 2,263.3 0.0 2,546.8 2,546.8 2,547.4 0.6 Total revenue and grants 283,797.6 61,752.1 130,430.1 68,678.0 192,991.5 62,561.4 269,105.9 76,114.5 324,280.0 65,839.2 146,122.7 80,283.5 215,970.2 69,847.5

Third Quarter 2017/18 77 National Bank of Ethiopia Quarterly Bulletin Table 14. General Government Quarterly Expenditure Fiscal year ending July 7 2009 2010 2016-17 2017-18 pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III A. Capital Expenditure Economic development 110,301.9 12,557.2 35,728.8 23,171.5 57553.1 21,824.4 98,781.3 41,228.2 119,557.6 16,678.3 38,346.6 21,668.2 63,472.9 25,126.3 Agriculture 13,732.1 3,605.3 9,675.4 6,070.0 11288.2 1,612.8 17,589.5 6,301.3 17544.3 2128.7 5,415.9 3,287.2 10,687.3 5,271.4 Natural Resource 21,342.1 2,378.3 6,669.5 4,291.2 9465.6 2,796.1 18,351.3 8,885.6 21,455.7 1,832.6 7,453.5 5,620.9 12,748.3 5,294.8 o/w: Water 20,586.1 2,187.5 #VALUE! 9335.4 #VALUE! 17,652.4 8,317.0 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 1,914.4 Mines & Energy 398.5 360.3 1,268.3 908.0 1036.4 -231.9 1,143.5 107.2 97.0 598.1 1,541.5 943.4 2,279.3 737.8 Trade, Industry & Tourism 4,287.0 196.5 612.9 416.4 1738.7 1,125.8 3,625.8 1,887.1 5,823.5 343.2 1,548.7 1,205.5 2,233.5 684.8 Urban dev’t & housing 9,183.8 878.5 2,165.4 1,286.9 8869.2 6,703.8 8,502.4 -366.8 12,943.4 531.2 2,725.2 2,193.9 4,922.6 2,197.4 Road construction 60,017.1 4,843.2 14,281.3 9,438.1 23271.3 8,990.0 40,990.4 17,719.1 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 10,565.0 Transport & communication 1,341.4 295.0 1,056.0 761.0 1883.8 827.7 8,578.5 6,694.7 2,893.2 610.9 1,513.0 902.1 1,888.0 375.0 Social Development 47,032.6 7,076.5 17,416.3 10,339.8 28,919.9 11,503.6 39,869.0 10,949.1 45,711.1 9,405.2 19481.8 10,076.6 31,345.6 11,863.8 Education 31,511.0 5,156.6 12,521.0 7,364.4 20899.9 8,378.9 28,078.3 7,178.4 28,662.7 7,346.5 14613.9 7,267.4 20,897.5 6,283.6 Health 11,805.7 1,407.9 3,722.7 2,314.8 5911.8 2,189.1 8,906.5 2,994.7 12,508.4 1,479.2 3,812.3 2,333.0 8,531.4 4,719.1 Socail welfare 448.3 13.7 175.5 161.8 200.5 25.0 369.1 168.6 1,229.8 228.3 93.1 -135.2 203.3 110.1 Culture & sport 3,267.6 498.2 997.0 498.7 1907.7 910.7 2,515.1 607.4 3,310.2 351.1 962.4 611.4 1,713.4 750.9 General Development 19,389.4 1,521.9 3,933.9 2,412.0 7049.8 3,115.9 13,933.6 6,883.8 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 Compensation payments 0.0 External assistance 13,987.5 2,238.0 5,595.0 3,357.0 9791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 Sub Total Capital Expenditure 176,723.8 21,155.6 57,078.9 35,923.3 93,522.8 36,443.9 152,583.8 59,061.1 189,012.8 28,575.4 63,945.7 35,370.3 104,306.2 40,360.5 B. Current Expenditure General Services 43,459.0 9,718.8 22,477.9 12,759.1 35313.8 12,835.9 53,697.4 18,383.6 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 Organ of the State 5,113.4 1,300.2 3,166.6 1,866.4 5260.7 2,094.1 8,748.2 3,487.5 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 Justice 6,722.8 929.4 2,241.3 1,311.9 3843.2 1,601.9 5,807.6 1,964.4 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 Defence 11,000.0 2,484.3 6,148.1 3,663.7 9415.4 3,267.4 11,939.9 2,524.5 12,000.0 3164.7 6,411.3 3,246.7 9,570.9 6,411.3 Public order & security 8,829.0 2,142.6 4,856.5 2,713.9 7739.3 2,882.8 13,322.2 5,582.8 12,688.3 2944.1 6,439.5 3,495.4 9,988.7 6,439.5 Other General services 11,793.8 2,862.2 6,065.5 3,203.2 9055.2 2,989.7 13,879.6 4,824.4 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 Economic Services 22,551.9 3,446.2 8,593.8 5,147.6 14,542.9 5,949.2 23,536.3 8,993.3 30,787.4 4,903.3 12,602.1 7,698.8 19,463.6 6,861.5 Agriculture&natural resource 11,381.8 1,483.1 3,553.5 2,070.4 5,838.6 2,285.1 10,045.6 4,206.9 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 Natural resource 3,322.1 509.9 1,249.3 739.4 2,559.5 1,310.2 3,846.7 1,287.2 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 o/w: Water 2,781.4 371.7 926.3 554.6 2025.6 1,099.3 3,423.5 1,397.9 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 Trade, Industry & Tourism 3,615.2 757.3 1,932.5 1,175.2 3340.4 1,407.9 5,294.4 1,954.1 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 Mines & Energy 181.3 22.0 58.5 36.5 94.7 36.3 136.1 41.4 214.8 28.5 64.8 36.3 112.7 47.9 Tourism 0.0 Transport & communication 1,276.7 125.5 602.2 476.7 543.4 -58.7 696.8 153.3 1,193.7 83.6 278.1 194.4 667.0 388.9 Urban devt. & construction 2,388.5 477.4 1,078.1 600.7 1884.5 806.4 3,049.8 1,165.3 2,982.8 638.4 1,416.6 778.2 2,224.9 808.3 o/w: Road Construction 1,005.9 206.0 392.6 186.6 874.4 481.8 1,379.8 505.4 1,205.3 292.3 651.6 359.3 1,039.2 387.6 Economic development studies 386.4 71.1 119.7 48.7 281.8 162.1 466.9 185.1 531.6 136.8 270.9 134.1 375.1 104.2 Social Services 70,690.4 16,060.2 37,375.1 21,314.9 58,584.6 21,209.5 86,659.4 28,074.8 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 Education & training 49,629.5 10,616.6 25,313.5 14,696.9 39539.5 14,225.9 57,901.0 18,361.5 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 Culture & sports 2,308.5 531.1 1,242.7 711.6 1880.7 638.0 2,878.2 997.5 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 Public health 16,898.5 2,333.4 6,094.9 3,761.5 9987.0 3,892.1 16,832.9 6,845.9 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 Labour & social welfare 1,487.1 136.3 328.6 192.3 539.5 211.0 843.4 303.8 778.5 161.3 432.7 271.5 686.9 254.2 Rehabilitation 366.8 2,442.8 4,395.4 1,952.6 6637.9 2,242.5 8,203.9 1,566.1 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 Interest & Charges 9,808.5 1,203.5 4,224.7 3,021.2 6,096.7 1,872.0 8,248.1 2,151.3 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 Internal debt 5,302.9 724.9 2,245.5 1,520.6 3376.8 1,131.3 4,125.8 749.0 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 External debt 4,505.6 478.6 1,979.2 1,500.6 2720.0 740.8 4,122.3 1,402.3 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 O/w: defence commercial Miscellaneous 23,214.3 373.5 1,089.2 715.7 2193.7 1,104.5 4,561.9 2,368.2 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 External assistance * 0.0 Sub Total Expenditure 169,724.2 30,802.2 73,760.7 42,958.5 116,731.8 42,971.0 176,703.0 59,971.3 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 Grand Total Expenditure 346,448.0 51,957.8 130,839.6 78,881.8 210,254.5 79,414.9 329,286.8 119,032.3 402,120.8 66,852.6 156,720.2 89,867.6 247,221.8 90,501.6

78 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons) End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 QI 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 QII 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5

Third Quarter 2017/18 79 National Bank of Ethiopia Quarterly Bulletin Table 16: GDP By Economic Activity at Constant Prices (In million Birr) Source:MoFED Sectors/Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry 98,109 114,884 130,614 145,042 158,646 170,428 181,074 194,869 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 535,674.7 571,718.2 Crop 55,555 69,752 83,361 95,838 106,406 114,904 122,343 133,040 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,292.7 374,386.0 Animal Farming and Hunting 26,980 29,142 30,872 32,385 34,936 37,494 40,137 42,619 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 138,553.0 144,763.2 Forestry 15,575 15,990 16,381 16,819 17,303 18,030 18,594 19,210 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,179.6 Fishing 148 111 120 110 119 159 202 205 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 Mining and Quarrying 2,271 2,317 2,413 2,585 2,187 2,656 2,995 4,317 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 Manufacturing 8,436 8,979 10,141 11,176 12,092 13,302 14,487 16,127 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 85,971.3 100,939.6 Large and Medium Scale Manufacturing 5,117 5,512 6,152 6,992 7,655 8,618 9,504 10,797 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 75,983.6 Small Scale and Cottage Industries 3,318 3,467 3,989 4,184 4,436 4,684 4,983 5,330 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 24,283.9 24,956.0 Electricity and Water 2,872 3,061 3,303 3,595 4,084 4,282 4,497 4,609 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,011.7 12,262.2 Construction 7,797 9,319 10,023 11,074 12,282 13,675 15,272 16,935 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.1 286,789.9 Whole Sale and Retail Trade 29,030 30,498 34,483 40,530 47,344 54,847 61,280 66,974 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 199,277.2 214,463.0 Hotels and Restaurants 3,987 4,235 4,724 5,647 7,198 8,876 10,994 13,664 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 30,074.8 33,407.5 Transport and Communications 8,646 9,470 11,293 11,935 13,049 14,545 15,842 18,130 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 69,350.8 77,743.6 Financial Intermediation 2,942 3,523 4,376 5,632 6,482 8,305 9,673 9,646 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 49,624.6 56,581.1 Real Estate, Renting and Business Activities 14,953 15,625 16,779 19,215 22,139 25,966 30,090 36,097 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 64,756.3 67,384.9 Public Administration and Defense 8,262 8,278 9,243 9,832 10,992 12,368 14,640 15,944 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 63,354.2 77,360.2 Education 3,840 4,281 4,820 5,235 6,347 7,284 8,230 9,626 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 39,379.5 43,701.2 Health and Social Work 1,279 1,482 1,732 1,902 2,202 2,544 3,064 3,494 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 13,899.3 15,988.3 Other Community , Social & Personal Services 6,484 6,796 7,343 8,016 8,697 9,714 10,331 11,164 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 16,472.5 17,090.7 Private Households with Employed Persons 802 815 841 896 932 981 1,018 1,067 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,091.1 16,495.4 Total 199,057 222,860 251,406 281,527 313,859 348,952 382,670 421,801 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,439,981.7 1,597,612.1 Less : FISIM 837 992 1,156 16,216 1,841 2,394 2,694 2,898 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 17,380.2 20,505.1 Gross Value Added at Constant Basic Prices 197,331 220,477 248,355 277,013 309,687 344,332 378,907 418,947 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,422,601.5 1,577,107.0 Taxes on Products 16,527 22,744 23,444 24,072 25,804 27,239 24,975 36,322 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,675.7 122,086.5 GDP at Constant Market Prices 213,859 243,221 271,799 301,085 335,490 371,571 403,883 455,269 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,541,277.2 1,699,193.6

80 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin T Source:MoFED able 17: Growth Rate Of GDP By Economic Activity at Constant Prices (%) Industry/Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry (10.5) 17.1 13.7 11.0 9.4 7.4 6.2 7.6 8.9 4.9 7.1 5.4 6.3 2.3 6.7 Crop (16.5) 25.6 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.1 Animal Farming and Hunting (3.6) 8.0 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.5 Forestry 2.9 2.7 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.5 Fishing (20.1) (25.1) 8.6 (8.2) 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 Mining and Quarrying 4.1 2.0 4.1 7.2 (15.4) 21.4 12.8 44.2 57.7 12.7 6.3 (3.2) (25.6) -3.3 -29.8 Manufacturing 0.7 6.4 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 17.4 Large and Medium Scale Manufacturing 1.4 7.7 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 23.2 Small Scale and Cottage Industries (0.4) 4.5 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 2.8 Electricity and Water 4.8 6.6 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 11.4 Construction 13.6 19.5 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 Whole Sale and Retail Trade 3.1 5.1 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 7.6 Hotels and Restaurants 6.3 6.2 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 11.1 Transport and Communications 10.5 9.5 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 12.1 Financial Intermediation 10.8 19.7 24.2 28.7 15.1 28.1 16.5 (0.3) 23.7 23.6 (12.2) 14.3 7.5 9.6 14 Real Estate, Renting and Business Activities 9.7 4.5 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.1 Public Administration and Defense 1.4 0.2 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 22.1 Education 11.6 11.5 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 11 Health and Social Work (4.2) 15.9 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 15 Other Community , Social & Personal Services 1.5 4.8 8.0 9.2 8.5 11.7 6.4 8.1 (1.1) 12.4 18.4 3.8 3.7 3.0 3.8 Private Households with Employed Persons 4.5 1.6 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 2.5 Total (3.1) 12.0 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.9 Less : FISIM 14.7 18.5 16.5 1,303.2 (88.6) 30.0 12.5 7.6 11.1 (10.6) 6.4 19.4 17.9 16.9 18 Gross Value Added at Constant Basic Prices (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.9 Taxes on Products (3.0) 37.6 3.1 2.7 7.2 5.6 (8.3) 45.4 8.6 8.0 18.3 9.9 10.2 3.1 2.9 GDP at Constant Market Prices (2.2) 13.7 11.7 10.8 11.4 10.8 8.7 12.7 13.1 8.6 10.6 10.3 10.4 7.6 10.2

Third Quarter 2017/18 81 National Bank of Ethiopia Quarterly Bulletin Table 18: GDP by Economic Activity at Current Prices (In million Birr) Source:MoFED Industry/Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry 29,986 29,010 25,935 27,581 33,754 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 535,675 614,210 Crop 18,065 16,657 13,396 15,252 20,125 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,293 399,577 Animal Farming and Hunting 7,432 7,411 7,297 7,151 7,984 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 138,553 153,616 Forestry 4,581 5,126 5,350 5,460 6,185 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,757 Fishing 26 28 28 21 41 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 Mining and Quarrying 248 325 346 394 410 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 Manufacturing 3,674 3,858 3,751 4,135 4,508 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 85,971 102,920 Large and Medium Scale Manufacturing 2,592 2,691 2,517 2,920 3,228 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 77,447 Small Scale and Cottage Industries 1,096 1,176 1,226 1,231 1,304 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 24,284 25,473 Electricity and Water 1,400 1,462 1,543 1,650 1,901 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,012 13,105 Construction 2,516 2,702 3,053 3,518 4,407 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 292,902 Whole Sale and Retail Trade 8,086 8,056 7,734 9,173 10,465 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 199,277 224,851 Hotels and Restaurants 1,054 1,094 1,199 1,287 1,428 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 30,075 35,456 Transport and Communications 2,364 2,815 3,001 3,366 4,030 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 69,351 78,927 Financial Intermediation 1,527 1,618 1,178 1,633 1,445 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 49,625 57,080 Real Estate, Renting and Business Activities 3,404 3,869 4,958 5,561 5,859 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 64,756 68,077 Public Administration and Defense 4,497 4,247 4,250 4,523 4,501 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 63,354 90,125 Education 1,431 1,655 1,942 2,466 2,610 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 39,380 57,138 Health and Social Work 686 779 802 780 909 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 13,899 18,375 Other Community , Social & Personal Services 1,827 1,798 1,755 2,049 2,332 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 16,472 18,311 Private Households with Employed Persons 194 210 224 242 266 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,091 18,714 Total 61,817 62,564 61,075 67,522 78,396 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,439,982 1,697,292 Less : FISIM 530 522 326 444 518 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 17,380 20,444 Gross Value Added at Current Basic Prices 61,273 62,030 60,761 67,081 77,880 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833 1,422,602 1,676,848 Taxes on Products 4,349 4,958 4,778 5,228 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,676 129,808 GDP at Current Market Prices 65,986 67,351 65,895 72,703 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,541,277 1,806,656

82 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Source:MoFED 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Sectors/Year 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry -3.3 -10.6 6.3 22.4 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 14.7 Crop -7.8 -19.6 13.9 32.0 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 15.4 Animal Farming and Hunting -0.3 -1.5 -2.0 11.6 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 10.9 Forestry 11.9 4.4 2.0 13.3 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.8 Fishing 6.1 -0.1 -25.3 97.2 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 Mining and Quarrying 31.2 6.5 13.8 4.1 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 Manufacturing 5.0 -2.8 10.2 9.0 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 19.7 Large and Medium Scale Manufacturing 3.8 -6.5 16.0 10.5 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 25.5 Small Scale and Cottage Industries 7.3 4.2 0.4 6.0 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 4.9 Electricity and Water 4.4 5.6 6.9 15.2 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 19.0 Construction 7.4 13.0 15.2 25.3 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 23.3 Whole Sale and Retail Trade -0.4 -4.0 18.6 14.1 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 12.8 Hotels and Restaurants 3.8 9.5 7.4 11.0 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 17.9 Transport and Communications 19.1 6.6 12.2 19.7 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 13.8 Financial Intermediation 5.9 -27.2 38.6 -11.5 56.0 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 15.0 Real Estate, Renting and Business Activities 13.7 28.2 12.2 5.4 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.1 Public Administration and Defense -5.6 0.1 6.4 -0.5 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 42.3 Education 15.7 17.3 27.0 5.9 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 45.1 Health and Social Work 13.5 3.0 -2.7 16.5 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 32.2 Other Community , Social & Personal Services -1.6 -2.4 16.7 13.8 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 11.2 Private Households with Employed Persons 8.6 6.4 8.1 10.0 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 16.3 Total 1 (2) 11 16 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.9 Less : FISIM (2) (37) 36 17 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 17.6 Gross Value Added at Current Basic Prices 1 (2) 10 16 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.9 Taxes on Products 14 (4) 9 43 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 9.4 GDP at Current Market Prices 2 (2) 10 18 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 17.2

Third Quarter 2017/18 83 National Bank of Ethiopia Quarterly Bulletin Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) Description / Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 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 Gross Value Added at Current Basic Prices 77,880 96,391 119,934 157,170 227,703 311,073 348,686 475,648 690,445 796,303 974,727.0 1192833 1,422,602.0 1676848 Taxes on Products, net 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86098 105129 118,676.0 129808 GDP at Current Market Prices 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,327 866,921 1,060,825 1,297,962 1,541,277.0 1806656 Incomes from ROW, net (562) 180 399 697 724 (57) (615) (1,120) (1,660) (1,943) (2,915) (5,275) (5,122.0) -11162 Gross National Income at Current Basic Prices 77,546 96,498 119,925 157,434 228,020 310,714 347,973 474,527 688,785 794,360 971813 1187558 1,417,479.0 1665686.4 Gross National Income at Current Market Prices 85,466 105,522 130,324 170,544 246,152 331,731 378,422 513,958 745,667 864,978 1057911 1292686 1,536,154.8 1795494.1 Current Transfers from ROW, net 9,436 15,335 18,163 25,444 34,194 44,191 59,485 74,261 86,850 93,355 106357.3 128401 155,964.0 154567 Gross National Disposable Income 94,901 120,857 148,487 195,989 280,346 375,922 437,907 588,220 832,517 958,333 1164268 1421087 1,692,119.0 1950061 Government Final Consumption Expenditure 11,973 13,971 17,016 19,123 25,782 31,544 34,801 53,147 62,045 77,637 98121 116995 174,120.0 222865 Private Final Consumption Expenditure 60,866 81,445 102,537 130,118 197,461 268,002 309,132 373,089 541,536 636,901 744978 896208 1,022,281.0 1147628 Gross Capital Formation (Investment) 24,902 27,409 35,952 41,227 60,156 82,560 102,403 165,380 277,243 295,456 402922 511618 585,665.0 704596 Exports of Goods and Services 12,914 16,077 18,205 21,854 28,317 35,233 52,168 85,950 102,887 108,227 123496 121532.2 122,501.0 139805 Imports of Goods and Services 27,367 37,776 48,092 55,089 76,564 96,285 126,319 162,487 236,384 251,301 308691.3 393189 424,750.0 428400 Resource Balance (14,453) (21,699) (29,887) (33,234) (48,247) (61,052) (74,151) (76,537) (133,497) (143,074) (185,195) (271,656) (302,249.0) -288594 Gross Domestic Savings 12,961 9,999 10,781 21,040 22,593 32,514 35,202 88,843 143,746 152,383 217726 284759 344,876.0 436163 Gross National Savings 22,062 25,441 28,934 46,748 57,103 76,376 93,973 161,984 228,936 243,795 321169 407884 495,718.0 579568 Mid-year Population (In Million) 67 68 70 72 75 77 79 81 83 85 87 89.1 91.2 93.4 Per Capita Nominal GDP (In Birr) 1,228 1,475 1,783 2,302 3,282 4,318 4,803 6,384 9,032 10,219 12,200 14571 16,898.0 19353 Per Capita Real GDP (In Birr) 3,315 3,636 3,957 4,277 4,597 4,934 5,317 6,384 6,763 7,295 7,848 8,456 16,898.0 18192.65044 Average Exchange Rate (Birr/USD) 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.2 18.3 19.1 20.1 21.1 22.4 Real GDP (In USD) 9,975 11,201 12,390 13,108 15,280 16,666 18,754 29,543 30,007 31,096 32,878 34,439 73,026.0 76042.5 Nominal GDP (In USD) 9,942 12,184 15,014 19,363 26,606 31,868 29,413 29,543 40,072 43,561 51,113 59,345 73,026.0 80605 Per Capita Nominal GDP (In USD) 142 171 205 262 355 414 373 396 524 559 640 725 801.0 863 Per Capita Real GDP (In USD) 150 164 177 181 204 217 238 396 392 399 411 421 801.0 814.2 GDP Deflator 35.3 38.8 43.3 50.8 66.2 82.2 83.3 100 134 140 155 172 100.0 106

84 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (A): National Non-Food Consumer Price Index, December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation. Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 41.5 39.7 39.2 33.5 47.6 38.1 57.9 49.7 49.7 46.5 46.5 41.5 43.2 43.3 Q.II 43.1 42.0 39.5 34.7 48.5 40.0 58.6 49.7 49.7 47.7 47.7 41.6 43.8 44.2 Q.III 46.4 46.0 42.9 36.3 51.6 43.9 60.4 53.4 53.4 49.2 49.2 43.9 45.7 46.9 Q.IV 54.2 57.5 47.0 38.5 56.6 47.8 63.2 55.5 55.5 50.6 50.6 47.8 48.6 50.7 2008/09 Q.I 64.4 73.7 57.2 41.4 60.4 51.1 65.8 55.6 55.6 53.5 53.5 52.6 51.6 54.5 Q.II 62.3 67.5 58.8 44.5 62.4 53.0 67.3 58.9 58.9 55.8 55.8 54.8 52.4 56.7 Q.III 60.2 62.6 61.7 47.4 62.3 54.9 68.9 53.4 53.4 57.4 57.4 56.7 54.0 57.5 Q.IV 61.4 63.2 63.7 49.9 63.9 57.2 72.9 55.2 55.2 59.9 59.9 58.3 57.2 59.6 2009/10 Q.I 63.6 64.2 65.2 52.9 67.8 60.1 75.4 61.3 61.3 63.1 63.1 60.9 60.6 63.0 Q.II 64.5 62.8 66.1 55.8 71.7 62.7 77.9 66.2 66.2 64.6 64.6 63.7 63.4 66.2 Q.III 65.8 62.7 68.5 59.7 74.3 66.4 82.4 68.2 68.2 66.4 66.4 65.3 65.9 69.0 Q.IV 67.0 63.0 71.7 62.1 76.4 69.1 84.8 70.8 70.8 68.3 68.3 67.1 67.3 71.2 2010/11 Q.I 68.5 63.9 72.61864193 65.0 78.8 71.6 84.9 71.0 71.0 71.6 71.6 68.5 69.1 73.3 Q.II 72.8 67.0 80.1 70.4 84.1 77.7 89.0 77.5 77.5 82.4 82.4 73.3 75.6 79.0 Q.III 79.0 73.5 83.2 77.5 91.0 81.5 91.3 88.5 88.5 84.7 84.7 75.9 80.7 84.9 Q.IV 89.0 87.9 91.6 83.4 94.5 86.7 93.9 100.7 100.7 87.1 87.1 84.4 84.6 90.2 2011/12 Q.I 94.6 95.6 98.2 87.2 95.6 92.1 96.1 101.0 101.0 92.5 92.5 91.7 90.8 93.5 Q.II 98.8 100.2 99.5 95.0 97.6 97.1 98.6 98.4 98.4 97.8 97.8 97.3 97.5 97.3 Q.III 105.1 106.4 105.8 103.6 104.3 103.8 100.9 100.5 100.0 101.6 100.0 102.9 102.6 103.6 Q.IV 111.3 115.4 104.7 109.1 106.8 108.5 102.8 101.1 100.0 103.6 103.1 108.9 105.0 106.6 2012/13 Q.I 114.8 118.9 103.9 112.5 113.2 110.8 105.3 100.7 100.0 106.7 101.9 114.5 108.2 110.3 Q.II 115.7 116.8 108.8 113.4 117.9 116.6 124.8 102.2 100.1 107.0 101.9 119.0 110.5 114.4 Q.III 116.0 116.0 113.3 116.6 118.0 118.3 126.1 99.1 100.0 106.7 103.3 121.9 113.8 115.9 Q.IV 118.5 118.7 113.1 119.9 120.5 122.2 130.0 98.5 100.0 108.2 105.0 126.0 115.3 118.3 2013/14 Q.I 123.5 124.4 115.0 124.4 126.2 124.2 127.8 98.1 100.0 118.3 105.0 131.5 122.4 122.4 Q.II 125.0 124.8 123.0 127.8 128.2 126.4 137.9 100.2 100.0 121.7 105.0 134.9 119.0 125.3 Q.III 125.5 122.1 131.0 130.3 133.7 130.7 142.3 102.1 100.0 119.6 105.0 136.1 119.2 129.2 Q.IV 129.0 126.9 131.3 132.9 136.9 133.1 147.0 102.9 100.0 115.9 105.2 138.7 119.4 131.4 2014/15 Q.I 131.4 130.4 135.9 135.6 137.0 134.3 146.3 102.7 100.2 117.4 106.2 139.0 120.6 132.5 Q.II 132.7 130.6 137.9 140.3 139.7 136.5 148.7 103.0 100.0 119.0 105.4 141.2 122.4 135.0 Q.III 135.7 133.1 148.6 144.1 143.7 139.2 153.9 99.9 100.5 119.7 105.5 144.0 124.1 138.7 Q.IV 141.6 141.1 154.0 145.4 149.3 142.1 152.8 98.3 102.1 120.4 105.6 147.6 125.6 142.1 2015/16 Q.I 147.1 149.9 149.7 148.2 151.0 144.6 155.4 100.1 104.8 128.4 110.7 152.0 126.8 143.9 Q.II 146.8 148.0 151.3 149.1 151.1 147.4 163.1 101.9 102.2 135.4 120.8 157.0 127.9 145.6 Q.III 147.8 145.8 162.1 150.7 157.0 152.1 166.4 100.8 101.2 139.8 120.9 160.1 129.1 150.0 Q.IV 152.4 151.3 151.9 152.2 167.1 153.6 172.8 100.6 102.4 141.7 121.0 164.1 130.9 153.5 2016/17 QI 156.3 157.2 146.3 152.3 172.1 154.9 168.2 101.7 100.5 143.9 121.1 168.7 131.8 155.4 QII 156.3 155.2 155.6 152.8 172.5 157.2 175.3 103.0 100.8 151.0 121.1 171.3 132.4 157.5 QIII 158.4 156.7 166.8 156.0 173.8 159.2 181.6 107.6 102.2 152.9 121.1 170.8 136.1 160.4 QIV 165.6 170.0 152.8 156.6 174.0 167.3 181.3 113.8 109.4 157.6 121.2 176.9 139.2 161.5 2017/18 QI 172.3 177.6 173.5 160.0 176.4 171.5 172.0 116.4 108.9 160.2 121.2 185.1 140.1 166.3 QII 176.8 181.9 180.7 164.8 180.3 177.8 179.8 119.5 109.2 160.7 121.2 191.0 144.4 171.1 QIII 181.9 187.5 189.9 172.5 180.2 187.5 187.5 117.4 109.4 165.2 121.2 199.2 150.3 175.6

Third Quarter 2017/18 85 National Bank of Ethiopia Quarterly Bulletin Table 21 (B): National Food Consumer Price Index, December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation. Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 39.7 38.3 42.9 39.0 40.1 37.3 37.3 40.8 74.8 26.6 Q.II 42.0 41.0 43.9 40.3 44.6 40.9 40.9 39.8 77.4 28.4 Q.III 46.0 45.5 46.7 44.3 49.9 47.9 47.9 44.6 75.3 29.9 Q.IV 57.5 60.5 51.5 50.2 56.5 58.5 58.5 49.8 87.0 32.1 2008/09 Q.I 73.7 85.6 56.6 55.3 56.3 70.2 70.2 60.5 98.1 32.8 Q.II 67.5 80.6 57.1 57.1 53.9 65.2 65.2 64.1 75.8 33.0 Q.III 62.6 74.0 57.0 59.5 51.1 66.3 66.3 73.8 49.4 33.9 Q.IV 63.2 73.5 59.8 63.7 51.9 70.1 70.1 76.9 39.1 35.0 2009/10 Q.I 64.2 75.7 61.2 65.5 51.5 66.2 66.2 78.3 40.8 38.0 Q.II 62.8 73.1 61.4 66.8 51.3 64.8 64.8 80.0 46.3 41.8 QIII 62.7 71.7 63.2 69.5 52.0 65.8 65.8 84.1 52.8 42.6 QIV 63.0 70.1 65.6 70.2 54.9 65.2 65.2 86.3 69.9 42.3 2010/11 QI 63.9 69.0 67.9 73.2 58.5 68.0 68.0 85.7 79.4 47.3 Q.II 67.0 68.2 68.7 78.3 70.5 75.3 75.3 90.0 71.6 57.6 Q.III 73.5 71.5 63.0 85.5 77.5 85.0 85.0 87.5 74.6 77.3 Q.IV 87.9 83.1 71.0 91.8 105.7 93.4 93.4 91.6 107.5 90.9 2011/12 Q.I 95.6 92.3 88.8 95.7 106.0 90.9 90.9 93.5 122.5 91.9 Q.II 100.2 98.4 96.5 98.5 101.1 97.6 97.6 97.8 122.8 97.2 Q.III 106.4 104.3 107.9 110.0 104.6 104.1 111.8 101.0 107.4 97.9 Q.IV 115.4 113.8 127.9 119.8 112.9 105.0 122.9 104.3 116.9 90.3 2012/13 Q.I 118.9 121.0 137.3 120.8 109.0 117.4 123.6 105.3 120.1 88.2 Q.II 116.8 118.8 138.4 126.0 105.7 132.7 120.3 107.3 116.6 84.7 Q.III 116.0 116.4 142.5 131.6 106.3 128.6 120.3 111.3 113.9 80.2 Q.IV 118.7 121.4 145.7 132.9 109.7 123.1 121.3 111.8 117.5 78.7 2013/14 Q.I 124.4 130.5 151.0 136.2 108.5 121.3 127.8 113.5 120.0 79.4 Q.II 124.8 134.1 153.5 138.2 108.0 124.8 123.3 112.7 121.0 79.0 Q.III 122.1 120.0 155.3 143.4 111.1 127.8 130.6 111.6 119.0 79.1 Q.IV 126.9 125.3 159.2 145.5 116.1 124.1 130.1 113.2 129.4 94.3 2014/15 Q.I 130.4 130.7 161.1 150.4 123.9 129.6 127.5 112.8 140.1 99.3 Q.II 130.6 126.1 161.2 152.4 127.2 133.7 133.7 115.2 135.5 101.7 Q.III 133.1 121.6 164.8 160.9 134.2 143.7 144.5 114.7 142.2 95.9 Q.IV 141.1 126.0 171.3 175.4 144.4 141.3 153.6 116.8 172.4 91.1 2015/16 Q.I 149.9 133.0 179.7 176.6 146.6 148.4 157.3 116.5 226.6 87.2 QII 148.0 132.7 182.0 180.8 141.8 160.0 157.2 117.5 208.0 85.1 QIII 145.8 135.1 183.5 189.9 137.6 165.2 157.2 124.7 174.3 81.1 QIV 151.3 138.5 190.6 196.2 142.0 160.7 167.8 128.1 175.3 84.1 2016/17 Q.I 157.2 145.3 199.1 195.1 142.4 165.1 174.1 132.3 180.2 92.3 Q.II 155.2 144.8 198.9 197.7 141.4 166.6 162.9 144.4 181.9 99.3 Q.III 156.7 141.6 200.9 203.6 147.4 173.0 170.2 144.9 181.4 98.2 Q.IV 170.0 157.4 217.0 215.3 155.2 180.8 186.1 141.7 198.5 96.7 2017/18 QI 177.6 175.2 226.9 214.7 152.7 201.4 183.1 142.8 209.9 101.8 QII 181.9 179.1 233.1 220.7 149.9 214.6 189.8 142.2 209.4 109.2 QIII 187.5 174.4 241.6 230.9 153.2 225.1 204.8 141.9 236.6 105.1

86 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (C): Addis Ababa Non-Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation. Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 43.7 42.9 38.3 31.9 57.5 38.4 57.4 44.1 44.1 49.9 49.9 36.3 38.6 44.4 Q.II 44.5 43.2 39.6 35.9 56.1 42.0 60.4 43.9 43.9 51.5 51.5 38.3 39.6 45.6 Q.III 48.2 47.0 43.6 38.1 60.1 48.2 63.6 47.1 47.1 53.6 53.6 39.0 41.7 49.2 Q.IV 55.1 58.0 46.7 39.8 66.4 52.0 65.8 48.7 48.7 55.6 55.6 44.8 45.1 52.6 2008/09 Q.I 61.6 69.9 54.2 43.2 67.3 53.8 70.9 48.6 48.6 55.5 55.5 48.5 48.0 54.6 Q.II 62.3 68.1 57.4 45.7 69.6 55.9 72.4 54.2 54.2 60.3 60.3 50.6 48.7 57.5 Q.III 60.9 65.1 63.3 48.1 67.2 57.3 72.3 50.7 50.7 63.8 63.8 51.3 49.9 57.4 Q.IV 63.0 67.3 63.5 50.3 68.6 59.1 74.7 52.7 52.7 65.9 65.9 54.5 53.9 59.3 2009/10 Q.I 65.8 69.5 64.0 52.5 72.2 60.4 78.4 60.6 60.6 66.5 66.5 58.0 57.4 62.7 Q.II 67.8 70.5 64.8 53.6 74.9 64.4 79.3 65.7 65.7 68.9 68.9 63.4 60.9 65.6 Q.III 68.0 68.9 66.1 55.5 75.8 67.1 79.3 67.1 67.1 71.1 71.1 68.2 62.9 67.2 Q.IV 71.1 72.5 69.7 57.7 78.5 70.4 82.4 70.8 70.8 71.3 71.3 72.0 63.9 69.8 2010/11 Q.I 74.2 76.9 72.7 63.1 79.0 73.2 82.9 70.4 70.4 75.0 75.0 76.2 66.3 72.0 Q.II 79.1 78.8 81.8 70.6 86.8 79.5 85.2 78.3 78.3 86.2 86.2 79.4 71.6 79.4 Q.III 82.5 79.0 79.5 75.4 95.2 84.6 86.0 86.5 86.5 87.4 87.4 80.8 81.5 85.4 Q.IV 89.8 88.4 84.8 81.5 98.9 91.0 90.3 96.6 96.6 87.2 87.2 85.9 87.4 91.0 2011/12 Q.I 94.9 95.9 91.8 86.8 101.0 92.4 93.3 96.5 96.5 90.9 90.9 92.3 92.8 94.1 Q.II 99.0 102.4 96.1 95.1 100.5 97.0 98.0 97.1 97.1 99.6 99.6 97.1 97.9 97.8 Q.III 103.8 106.9 104.5 104.0 102.5 102.6 100.7 100.0 100.0 100.2 100.0 100.0 103.8 101.7 Q.IV 108.8 116.9 105.0 106.2 104.2 104.6 104.5 100.1 100.0 101.6 107.7 100.0 106.8 103.3 2012/13 Q.I 112.4 121.0 105.3 111.7 112.3 107.2 106.9 99.2 100.0 103.7 104.6 100.0 110.0 106.7 Q.II 113.8 118.8 106.1 119.2 116.3 108.9 109.7 99.2 100.0 107.3 104.6 109.9 114.0 110.5 Q.III 114.4 116.8 115.6 121.7 118.2 112.7 114.8 99.2 100.0 109.1 108.2 113.3 118.9 112.8 Q.IV 116.9 120.8 118.7 125.0 118.3 115.9 121.3 99.1 100.0 111.3 111.9 116.7 120.9 114.4 2013/14 Q.I 121.7 126.0 122.9 127.0 124.3 118.2 112.3 99.3 100.0 115.1 111.9 132.8 123.4 118.9 Q.II 123.3 124.4 130.8 129.4 128.8 120.2 115.2 102.6 100.0 123.6 111.9 140.0 126.6 122.6 Q.III 124.3 122.4 128.2 133.1 132.7 125.2 119.4 107.9 100.0 127.7 111.9 139.6 126.9 125.6 Q.IV 127.4 127.1 135.3 137.5 133.3 128.6 128.2 108.1 100.0 130.2 111.9 145.4 126.3 127.6 2014/15 Q.I 130.3 133.8 137.6 137.8 132.3 127.6 136.1 108.0 100.0 133.7 111.9 147.4 130.9 127.9 Q.II 130.6 134.4 137.7 138.5 132.5 128.3 141.5 107.3 100.0 129.8 111.9 147.6 131.8 128.2 Q.III 133.6 140.0 140.3 139.8 134.7 131.9 142.9 99.1 100.0 130.0 111.9 154.7 138.4 129.4 Q.IV 139.7 152.3 138.7 143.5 138.2 135.4 144.0 96.7 100.0 129.0 111.9 157.4 142.1 131.4 2015/16 Q.I 149.0 171.4 140.0 147.0 141.8 136.2 145.3 97.6 100.0 129.8 124.3 159.3 144.8 134.1 QII 150.6 174.4 141.8 148.2 140.6 136.2 147.4 97.7 100.0 130.4 136.7 161.2 145.0 134.7 QIII 146.0 158.5 145.5 148.1 142.4 141.6 151.2 97.9 100.0 132.2 149.1 169.0 147.1 137.7 QIV 145.4 156.3 145.3 148.6 142.2 144.9 151.7 97.1 100.0 132.6 149.1 170.5 148.5 138.1 2016/17 QI 144.5 154.8 144.1 149.4 140.0 147.1 153.5 96.2 100.0 134.2 149.1 170.1 149.8 137.6 QII 149.5 163.4 155.0 156.0 141.2 152.6 154.2 95.4 100.0 141.6 149.1 176.0 152.0 140.3 QIII 150.4 160.7 156.5 157.3 144.6 156.2 160.8 101.5 100.0 141.7 149.1 178.9 161.8 161.5 QIV 154.2 166.5 150.5 146.8 148.4 163.1 172.0 104.9 111.6 148.1 149.1 179.4 161.8 146.0 2017/18 QI 157.4 173.8 156.5 150.1 142.9 174.9 168.3 104.7 111.4 150.3 149.1 186.6 160.5 146.5 QII 161.8 175.9 155.5 153.1 145.7 183.4 172.5 104.9 112.2 149.0 149.1 212.2 171.4 152.4 QIII 165.6 180.8 166.1 157.3 146.6 193.8 179.0 105.5 111.2 151.1 149.1 216.2 181.1 155.5

Third Quarter 2017/18 87 National Bank of Ethiopia Quarterly Bulletin Table 21(D): Addis Ababa Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE staff computation. Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2007/08 47.8 50.1 45.3 42.0 47.2 53.0 53.0 48.9 85.7 28.0 Q.I 42.9 42.7 42.7 39.3 40.1 39.5 39.5 46.5 90.3 24.8 Q.II 43.2 43.7 43.3 39.9 43.2 44.6 44.6 44.5 78.9 27.6 Q.III 47.0 48.1 44.4 41.6 48.0 60.7 60.7 51.3 79.3 29.2 Q.IV 58.0 65.8 50.8 47.1 57.7 67.0 67.0 53.3 94.4 30.6 2008/09 67.6 84.0 58.6 59.1 54.0 73.3 73.3 73.8 67.5 29.9 Q.I 69.9 84.6 58.4 56.0 56.3 70.7 70.7 65.3 100.8 30.4 Q.II 68.1 85.8 58.9 58.8 53.8 67.2 67.2 64.8 76.9 29.8 Q.III 65.1 82.1 57.2 59.2 51.1 73.5 73.5 79.6 51.8 29.6 Q.IV 67.3 83.6 59.9 62.4 55.0 81.8 81.8 85.6 40.4 29.8 2009/10 70.4 84.8 64.5 68.6 54.8 71.4 71.4 93.2 58.7 39.6 Q.I 69.5 87.4 62.8 68.7 54.5 71.2 71.2 87.4 42.1 36.3 Q.II 70.5 86.9 62.8 68.1 54.1 68.8 68.8 95.8 57.0 41.5 Q.III 68.9 81.9 63.7 67.5 54.9 69.6 69.6 94.0 56.9 41.0 QIV 72.5 82.8 68.7 70.2 55.8 76.1 76.1 95.4 78.8 39.6 2010/11 80.8 83.4 72.9 75.9 76.5 98.1 98.1 99.2 86.3 64.9 Q.I 76.9 82.3 71.8 72.4 59.1 90.7 90.7 101.6 88.5 44.1 Q.II 78.8 82.2 72.8 74.3 69.8 95.6 95.6 106.1 69.9 56.3 Q.III 79.0 80.2 72.4 77.0 74.6 101.5 101.5 93.6 76.1 72.5 Q.IV 88.4 89.0 74.7 80.2 102.3 104.4 104.4 95.6 110.6 86.7 2011/12 105.5 103.6 104.9 100.2 105.2 100.9 106.2 98.2 121.1 96.0 Q.I 95.9 94.5 88.3 88.2 106.0 91.0 91.0 96.1 129.2 90.0 Q.II 102.4 99.5 97.5 97.7 101.9 96.5 96.5 97.6 120.4 98.1 Q.III 106.9 104.1 106.1 105.0 103.8 106.6 114.0 98.9 115.3 99.6 Q.IV 116.9 116.4 127.7 109.9 109.1 109.5 123.4 100.2 119.7 96.2 2012/13 119.3 128.1 133.8 127.0 108.7 130.1 119.9 100.1 97.2 89.8 Q.I 121.0 125.5 132.0 119.2 107.1 120.8 129.4 100.2 111.5 93.9 Q.II 118.8 129.6 128.5 126.5 106.7 123.0 120.3 100.1 96.4 91.7 Q.III 116.8 127.5 136.3 130.5 108.7 135.4 107.7 100.1 91.8 88.5 Q.IV 120.8 129.6 138.2 131.8 112.2 141.3 122.2 100.2 89.2 84.8 2013/14 125.0 131.6 144.2 135.8 112.6 141.6 127.2 102.0 102.7 90.6 Q.I 126.0 133.7 140.8 135.0 112.2 140.6 136.3 100.2 96.0 86.6 Q.II 124.4 137.9 140.7 135.4 111.6 133.8 119.8 100.3 102.1 87.4 Q.III 122.4 126.8 144.3 134.6 111.7 145.3 126.9 100.6 92.4 89.1 Q.IV 127.1 128.2 151.0 138.0 114.9 146.8 125.9 106.7 120.3 99.4 2014/15 140.1 132.6 151.6 152.5 135.2 156.9 147.6 106.3 170.1 103.4 Q.I 133.8 133.6 151.5 142.5 122.4 141.9 129.9 106.6 160.8 101.1 Q.II 134.4 133.9 146.2 149.1 129.2 141.6 140.5 106.7 130.8 105.4 Q.III 140.0 129.7 151.3 151.9 137.5 173.6 155.8 104.8 152.2 105.1 Q.IV 152.3 133.4 157.5 166.5 151.9 170.6 164.1 107.3 236.8 101.8 2015/16 165.2 140.1 178.0 179.2 147.6 174.9 177.9 109.5 305.0 96.7 Q.I 171.4 137.1 174.6 177.4 152.1 171.5 178.4 107.8 399.1 98.2 Q.II 174.4 137.7 179.2 179.8 151.9 169.1 183.9 108.0 410.7 97.8 QIII 158.5 142.9 179.2 179.9 145.2 176.0 176.0 108.0 212.4 96.1 QIV 156.3 142.5 178.9 180.0 141.0 183.1 173.3 114.3 197.6 94.8 2016/17 161.4 158.9 186.3 187.9 141.2 188.7 184.6 125.9 136.1 103.8 QI 154.8 144.4 178.2 179.9 136.9 191.3 171.8 121.3 178.4 95.3 QII 163.4 166.2 187.6 187.6 140.4 163.0 181.7 124.5 140.9 108.0 QIII 160.7 159.8 181.7 192.3 141.5 194.5 187.6 129.2 117.5 108.0 QIV 166.5 165.3 197.7 192.0 146.1 205.9 197.3 128.5 107.5 104.0 2017/18 QI 173.8 179.9 212.9 197.6 150.7 231.7 192.0 129.5 107.6 111.6 QII 175.9 185.2 213.5 198.9 150.1 217.3 185.2 129.5 128.6 117.7 QIII 180.8 182.1 217.8 207.5 150.2 241.8 184.8 129.8 193.0 116.8

88 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index AFAR 2007/08 Q.I 43.1 36.6 44.8 46.6 43.7 42.1 63.2 58.1 58.1 50.3 50.3 39.8 69.9 46.4 Q.II 44.2 37.8 44.8 46.8 45.1 42.1 63.5 58.4 58.4 52.7 52.7 39.9 73.3 47.2 Q.III 45.9 39.6 45.4 48.8 46.2 45.9 64.6 62.3 62.3 54.4 54.4 42.1 73.7 49.1 Q.IV 52.0 48.0 47.2 50.5 46.8 51.2 66.1 63.7 63.7 54.3 54.3 49.2 74.7 50.9 2008/09 Q.I 61.0 60.5 55.4 54.3 47.5 54.6 63.5 63.7 63.7 56.5 56.5 58.3 78.2 53.2 Q.II 59.1 58.7 56.5 54.0 46.6 55.8 71.7 58.0 58.0 60.0 60.0 59.9 79.2 52.8 Q.III 57.2 56.6 58.0 56.0 45.7 56.9 70.2 47.6 47.6 65.2 65.2 60.5 80.8 52.9 Q.IV 58.7 58.8 60.4 56.0 46.7 61.1 75.4 50.2 50.2 65.7 65.7 61.8 82.4 54.4 2009/10 Q.I 62.2 61.7 62.3 59.8 52.7 62.3 79.6 57.8 57.8 64.1 64.1 63.8 84.0 58.6 Q.II 66.6 64.7 63.5 62.9 60.5 70.7 79.4 64.0 64.0 64.2 64.2 69.6 84.7 64.5 Q.III 67.8 64.6 65.8 66.2 64.2 74.8 83.0 67.3 67.3 62.7 62.7 70.2 85.1 67.8 Q.IV 69.5 65.0 70.1 66.0 68.2 75.5 82.9 69.4 69.4 66.3 66.3 71.8 87.0 70.0 2010/11 Q.I 71.5 66.3 71.3 66.2 74.2 76.7 77.1 67.3 67.3 69.1 69.1 73.6 86.5 72.7 Q.II 75.9 69.7 80.7 71.9 82.7 79.7 77.8 76.8 76.8 78.4 78.4 81.3 91.0 79.3 Q.III 81.6 74.9 87.4 75.4 92.0 84.9 85.7 89.1 89.1 78.4 78.4 84.8 92.2 86.0 Q.IV 89.2 80.4 88.9 80.6 105.7 83.3 94.3 107.0 107.0 80.4 80.4 92.2 94.2 93.9 2011/12 Q.I 95.9 86.7 98.3 90.8 106.6 94.2 89.0 110.4 110.4 83.8 83.8 100.4 98.1 99.4 Q.II 99.9 95.4 100.9 99.8 99.5 99.9 92.2 97.7 97.7 92.4 92.4 103.0 98.7 99.3 Q.III 104.4 105.1 108.6 102.7 101.7 105.0 99.7 103.8 100.0 98.9 0.0 103.0 101.7 103.4 Q.IV 110.7 111.8 111.6 107.1 114.5 100.4 106.6 109.4 100.0 98.3 0.0 113.6 106.7 109.0 2012/13 Q.I 115.9 117.9 107.6 116.3 125.4 94.8 109.6 118.0 100.0 101.5 0.0 117.7 107.3 113.1 Q.II 120.8 117.9 106.0 147.7 139.8 102.2 112.6 125.8 100.0 105.3 0.0 125.4 108.5 125.0 Q.III 121.0 113.8 98.2 158.0 159.3 104.6 117.2 125.8 100.0 104.2 0.0 125.4 109.4 131.2 Q.IV 127.0 116.0 90.8 164.3 199.6 108.7 124.1 125.8 100.0 105.1 0.0 130.7 112.7 142.9 2013/14 Q.I 136.1 124.8 107.6 171.6 210.0 114.1 144.2 144.0 100.0 107.5 0.0 136.3 117.3 152.3 Q.II 138.5 126.0 117.4 172.7 217.0 114.5 149.9 144.0 100.0 116.2 0.0 135.3 120.8 156.4 Q.III 133.9 122.6 105.2 179.2 189.5 115.7 162.4 144.0 100.0 121.4 0.0 141.3 123.9 150.1 Q.IV 130.1 126.9 94.1 179.8 130.5 118.1 161.4 150.9 100.0 120.4 0.0 149.1 127.7 134.7 2014/15 Q.I 131.6 129.7 97.0 179.4 120.3 121.5 165.3 167.0 100.0 123.7 0.0 147.7 145.7 134.4 Q.II 132.9 129.1 96.3 185.1 132.9 124.8 171.6 166.6 100.0 124.8 0.0 149.6 125.1 138.4 Q.III 138.2 129.5 117.1 179.2 171.1 124.1 170.3 171.8 100.0 123.4 0.0 153.2 127.1 150.7 Q.IV 148.9 139.0 138.9 180.0 195.7 138.7 175.1 173.9 100.0 122.7 0.0 158.7 125.8 163.1 2015/16 Q.I 157.4 153.3 143.2 189.4 179.1 143.7 176.7 169.2 100.0 134.3 0.0 166.5 130.2 163.3 Q.II 160.0 155.9 140.6 190.6 184.8 145.5 178.1 171.0 100.0 137.5 0.0 175.7 130.8 165.8 Q.III 157.3 147.3 144.0 186.9 203.3 152.2 190.1 183.6 100.0 135.5 0.0 173.3 132.2 171.7 Q.IV 161.1 147.3 161.8 182.4 230.8 153.6 191.3 184.1 100.0 137.3 0.0 173.3 131.3 180.9 2016/17 QI 166.0 147.3 170.1 182.4 270.6 157.6 191.8 174.6 100.0 139.7 0.0 175.7 130.8 192.9 QII 173.8 153.6 166.1 191.1 301.9 160.4 161.8 179.2 100.0 137.6 0.0 187.4 132.9 202.9 QIII 173.7 148.7 157.0 193.2 330.5 160.5 165.6 173.3 100.0 141.9 0.0 192.0 133.9 209.6 QIV 180.8 151.2 163.2 188.5 380.8 163.9 165.0 190.7 100.0 149.4 0.0 191.5 129.5 223.3 2017/18 QI 187.6 159.6 188.9 186.3 383.8 161.5 151.9 204.9 100.0 150.6 0.0 191.4 132.9 227.8 QII 194.0 168.6 192.8 190.6 382.5 165.4 152.4 223.7 100.0 148.8 0.0 197.2 133.0 230.6 QIII 202.9 175.6 250.8 196.5 378.5 168.4 156.3 223.7 100.0 144.5 0.0 212.0 137.9 242.2

Third Quarter 2017/18 89 National Bank of Ethiopia Quarterly Bulletin Table 21 (E2): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index AMHARA 2007/08 Q.I 44.1 43.6 41.8 35.9 49.9 40.1 64.2 59.9 59.9 46.8 46.8 42.1 45.4 45.3 Q.II 46.0 46.3 41.5 35.4 49.6 42.5 65.7 60.4 60.4 47.9 47.9 44.1 47.1 45.4 Q.III 47.9 48.1 45.4 36.9 51.2 46.1 70.7 66.9 66.9 49.6 49.6 46.8 50.0 47.4 Q.IV 55.5 58.7 51.4 37.8 52.1 49.9 74.8 70.3 70.3 51.5 51.5 50.5 53.0 49.2 2008/09 Q.I 69.2 77.0 67.4 39.8 55.9 53.7 73.2 70.3 70.3 53.5 53.5 56.9 55.2 53.5 Q.II 67.1 73.3 68.9 42.9 56.3 55.4 72.2 71.3 71.3 55.6 55.6 59.7 54.5 54.7 Q.III 62.2 65.5 69.3 45.3 56.3 59.4 76.6 65.3 65.3 58.3 58.3 61.2 56.1 55.7 Q.IV 62.2 64.3 73.0 48.4 58.6 62.1 81.1 66.5 66.5 63.1 63.1 62.0 58.5 58.1 2009/10 Q.I 65.0 66.5 73.1 51.1 63.8 64.7 83.6 70.2 70.2 65.8 65.8 64.9 62.1 62.1 Q.II 65.4 65.1 72.8 54.5 68.9 67.2 90.8 70.5 70.5 68.1 68.1 67.7 65.2 65.9 Q.III 65.5 64.1 73.9 58.7 70.9 69.7 96.0 73.6 73.6 68.7 68.7 69.5 67.4 68.4 Q.IV 66.7 65.1 80.5 61.9 71.7 71.9 98.3 76.6 76.6 70.8 70.8 69.6 68.1 69.9 2010/11 Q.I 68.5 66.3 82.2 64.4 75.6 73.9 99.5 75.1 75.1 76.3 76.3 71.2 70.1 73.0 Q.II 72.2 68.1 88.3 71.1 84.5 79.2 102.1 79.2 79.2 87.1 87.1 75.3 77.0 80.4 Q.III 76.5 71.4 89.9 78.1 91.8 83.7 102.4 98.7 98.7 87.6 87.6 78.1 81.5 86.8 Q.IV 87.3 85.9 98.8 84.3 93.2 89.1 104.1 108.9 108.9 91.0 91.0 83.8 84.2 90.2 2011/12 Q.I 95.2 95.7 107.6 89.9 95.3 94.9 105.0 109.5 109.5 95.3 95.3 91.2 93.9 94.1 Q.II 100.0 101.4 100.6 96.5 97.1 98.5 102.6 100.2 100.2 99.1 99.1 97.0 98.5 97.4 Q.III 103.3 104.3 104.1 101.1 102.6 102.2 104.2 101.5 100.0 103.7 100.0 102.0 100.0 102.2 Q.IV 109.0 113.0 112.2 103.5 102.9 105.8 106.5 101.3 100.0 109.9 100.0 106.6 102.1 105.0 2012/13 Q.I 114.1 120.1 117.6 104.9 105.0 107.6 109.1 102.9 100.0 109.9 100.0 111.9 103.5 107.8 Q.II 116.2 119.2 120.5 106.4 110.0 124.7 112.2 106.9 100.0 105.9 100.0 115.3 112.9 113.0 Q.III 116.9 118.6 122.4 107.4 109.9 130.8 121.9 104.6 100.0 107.5 100.0 120.8 114.6 115.2 Q.IV 120.0 122.0 126.4 111.1 111.5 133.7 129.9 100.5 100.0 110.1 100.0 125.8 116.6 118.0 2013/14 Q.I 123.4 127.0 130.4 112.6 112.1 134.7 134.6 95.0 100.0 109.8 100.0 129.6 117.6 119.6 Q.II 125.5 126.0 139.7 112.7 119.3 138.3 146.2 98.7 100.0 113.0 100.0 135.2 120.1 124.9207219 Q.III 126.2 123.9 144.1 115.9 125.0 142.2 151.6 101.2 100.0 114.6 100.0 136.5 121.0 128.5669712 Q.IV 128.2 125.6 143.4 116.9 128.9 149.1 155.2 101.6 100.0 114.6 100.0 137.5 121.9 130.8991904 2014/15 Q.I 129.6 127.3 145.9 119.1 128.3 150.0 157.6 101.8 101.7 115.1 108.3 140.0 122.3 132.0 Q.II 130.8 127.6 147.5 125.7 129.7 151.5 163.9 103.8 100.0 114.9 100.0 141.6 122.7 134.1 Q.III 132.9 128.7 149.1 129.4 134.8 154.8 165.5 103.9 103.5 116.4 100.0 143.6 123.7 137.3 Q.IV 136.2 131.1 154.9 128.6 141.3 159.6 158.5 103.3 114.4 117.3 100.0 148.1 124.7 141.4 2015/16 Q.I 142.4 139.0 154.1 131.3 148.2 163.2 159.4 114.0 125.0 113.1 100.0 152.7 123.8 145.8 Q.II 143.8 141.6 153.3 130.3 147.6 163.7 158.9 120.8 128.9 115.8 100.0 154.0 125.0 146.1 Q.III 145.1 140.6 156.5 127.8 153.5 169.3 162.8 122.6 112.8 125.1 100.0 160.4 123.7 149.9 Q.IV 146.4 141.1 159.7 128.9 156.9 171.1 166.2 119.9 112.9 125.9 100.0 162.0 125.3 152.0 2016/17 QI 146.7 141.2 159.8 129.7 157.3 171.9 172.3 116.3 113.0 125.6 100.0 162.7 125.6 152.4 QIII 160.5 155.4 159.7 126.9 185.0 180.7 176.7 122.9 114.3 128.6 100.0 177.8 131.0 165.8 QII 160.3 156.7 158.5 130.3 179.6 183.8 180.4 126.3 115.0 130.7 100.0 173.2 134.2 164.1 QIV 168.8 168.6 170.6 141.9 177.1 186.9 166.0 161.5 118.3 143.2 100.0 179.3 135.2 169.0 2017/18 QI 180.0 181.9 219.8 146.5 179.3 189.9 149.3 159.9 125.0 148.7 100.0 191.5 136.2 178.0 QII 182.4 181.9 223.6 151.5 186.9 193.9 162.8 154.2 125.0 146.1 100.0 195.8 139.9 182.9 QIII 187.2 186.9 228.0 158.7 189.8 203.0 161.9 136.1 125.0 151.6 100.0 203.7 144.9 187.4

90 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (E3): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index BENISHANGUL GUMUZ 2007/08 Q.I 41.0 35.6 46.1 28.1 81.1 33.7 69.8 68.5 68.5 47.4 47.4 39.7 42.7 48.2 Q.II 43.9 39.2 47.2 29.8 84.5 34.4 74.9 67.8 67.8 48.2 48.2 42.2 44.0 50.0 Q.III 47.6 44.3 50.4 32.6 84.1 36.4 77.8 67.4 67.4 52.0 52.0 45.1 47.1 51.9 Q.IV 52.7 51.2 53.6 34.7 87.4 39.5 83.0 67.4 67.4 53.6 53.6 49.3 50.0 54.7 2008/09 Q.I 68.6 75.0 63.4 36.3 92.5 46.8 93.0 67.4 67.4 67.7 67.7 53.7 52.6 60.1 Q.II 64.9 67.0 63.0 39.7 93.3 49.3 96.1 71.7 71.7 71.0 71.0 54.6 53.8 62.2 Q.III 60.5 58.2 65.9 41.3 94.7 51.1 103.4 65.4 65.4 71.6 71.6 57.9 55.2 63.5 Q.IV 61.9 59.6 69.9 40.7 99.7 51.3 102.4 65.8 65.8 74.0 74.0 59.6 56.1 65.0 2009/10 Q.I 66.1 65.0 70.5 41.6 101.9 57.7 104.2 70.6 70.6 74.5 74.5 63.2 58.9 67.6 Q.II 64.5 59.2 70.0 47.1 108.2 60.1 103.7 75.8 75.8 76.7 76.7 66.5 61.0 71.5 Q.III 61.9 53.5 75.0 52.8 103.2 62.5 109.3 78.9 78.9 77.9 77.9 71.1 63.4 72.9 Q.IV 61.8 51.8 82.0 53.7 107.0 64.2 106.4 80.8 80.8 79.2 79.2 78.4 64.9 75.1 2010/11 Q.I 61.5 50.0 81.9 59.2 102.3 70.0 104.6 79.9 79.9 81.7 81.7 81.1 64.8 76.9 Q.II 65.6 51.5 88.9 67.9 109.5 80.1 109.4 85.3 85.3 88.1 88.1 82.9 72.9 84.3 Q.III 70.1 57.8 90.7 74.3 104.2 82.7 111.3 91.9 91.9 88.9 88.9 75.2 78.0 86.4 Q.IV 84.3 79.4 104.3 78.5 106.1 87.4 109.0 105.0 105.0 92.0 92.0 94.8 85.9 90.8 2011/12 Q.I 93.2 93.1 102.1 82.9 99.1 95.3 95.2 105.0 105.0 95.7 95.7 103.2 94.2 93.4 Q.II 99.3 100.4 100.6 94.7 98.2 98.7 100.2 98.3 98.3 99.3 99.3 101.3 98.9 97.8 Q.III 102.7 99.8 108.0 103.4 114.3 107.0 100.8 104.2 100.0 101.3 0.0 103.2 102.6 107.0 Q.IV 109.3 106.4 119.1 110.8 123.4 112.4 101.6 112.7 100.0 100.4 0.0 105.6 108.2 113.6 2012/13 Q.I 113.6 110.9 125.8 110.6 133.9 112.7 102.7 112.8 100.0 102.8 0.0 108.3 108.7 117.5 Q.II 113.7 109.5 141.8 120.2 132.2 114.6 108.3 105.4 100.0 105.2 0.0 109.7 110.9 120.1 Q.III 112.5 104.9 144.9 121.2 146.0 112.5 110.7 102.1 100.0 107.3 0.0 111.2 111.3 124.1 Q.IV 113.0 104.4 140.7 121.4 150.9 113.3 121.0 102.8 100.0 108.7 0.0 113.1 110.9 125.9 2013/14 Q.I 119.8 114.4 141.0 123.3 152.1 116.4 124.7 103.6 100.0 109.4 0.0 117.9 113.9 128.1 Q.II 126.2 121.6 162.1 124.6 158.0 119.7 138.9 106.7 100.0 109.5 0.0 120.6 115.5 133.2 Q.III 123.4 111.5 177.1 134.0 176.6 119.5 140.8 109.0 100.0 110.1 0.0 120.7 116.3 141.1 Q.IV 124.4 112.1 190.5 139.2 173.3 120.3 140.9 109.3 100.0 110.3 0.0 125.2 117.6 143.0 2014/15 Q.I 121.8 110.0 181.3 140.4 161.5 125.0 139.8 107.9 100.0 110.2 0.0 123.3 116.7 139.5 Q.II 122.3 111.3 170.1 142.6 160.5 125.5 127.3 106.5 100.0 111.3 0.0 128.3 115.7 138.9 Q.III 123.3 115.6 173.4 146.8 139.6 130.0 128.0 106.3 100.0 111.8 0.0 128.5 116.6 134.9 Q.IV 126.1 118.9 177.9 148.0 143.1 131.0 128.9 105.4 100.0 112.6 0.0 131.2 115.8 136.9 2015/16 Q.I 134.5 131.0 170.6 150.4 152.4 135.6 131.0 105.7 100.0 113.5 0.0 128.8 116.7 139.7 Q.II 135.2 132.8 171.9 150.9 146.7 137.6 134.4 105.8 100.0 113.7 0.0 129.0 117.2 138.8 Q.III 136.3 129.8 179.7 153.3 166.4 138.4 144.8 109.8 100.0 114.5 0.0 129.1 120.5 146.1 Q.IV 135.5 128.4 182.7 153.3 163.2 140.6 145.1 109.9 100.0 115.4 0.0 131.2 121.7 146.2 2016/17 QI 134.2 126.2 187.6 152.7 159.5 142.5 147.8 109.4 100.0 116.3 0.0 133.1 120.2 146.1 QII 138.1 131.7 186.9 150.7 161.3 142.2 156.3 113.2 100.0 121.1 0.0 136.3 124.5 147.5 QIII 140.3 132.7 198.3 152.3 171.4 144.2 150.6 111.2 100.0 120.8 0.0 138.7 125.4 151.8 QIV 150.1 145.1 193.5 145.2 184.8 153.6 141.6 112.9 100.0 141.6 0.0 152.7 125.1 157.8 2017/18 QI 162.6 162.2 189.1 152.5 184.5 156.2 148.4 120.8 100.0 154.7 0.0 174.9 126.9 163.2 QII 165.1 164.2 189.6 150.0 184.0 169.0 150.9 133.5 100.0 142.1 0.0 181.9 129.8 166.4 QIII 164.2 157.4 216.8 155.1 187.8 174.7 174.8 144.5 100.0 156.9 0.0 188.3 134.5 174.4

Third Quarter 2017/18 91 National Bank of Ethiopia Quarterly Bulletin Table 21 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index DIRE DAWA 2007/08 Q.I 46.0 40.5 40.4 50.7 56.6 46.5 44.9 76.7 76.7 60.1 60.1 32.7 66.6 54.4 Q.II 47.4 41.5 41.0 52.9 57.5 51.8 50.7 76.7 76.7 61.3 61.3 37.0 67.2 56.5 Q.III 51.4 46.6 42.5 54.9 58.2 55.9 53.7 80.0 80.0 64.5 64.5 36.7 69.1 58.6 Q.IV 58.1 55.6 43.9 57.9 63.8 58.9 53.9 80.4 80.4 66.1 66.1 37.7 69.1 61.9 2008/09 Q.I 66.8 68.2 51.8 58.1 68.8 61.7 59.3 78.4 78.4 69.3 69.3 46.3 71.5 64.8 Q.II 67.8 68.4 52.5 62.9 68.7 65.8 60.6 76.2 76.2 72.9 72.9 58.2 72.3 66.8 Q.III 67.4 67.3 53.0 65.3 67.6 68.8 61.9 74.2 74.2 75.6 75.6 59.9 73.0 67.7 Q.IV 68.6 67.4 55.3 67.8 70.4 73.9 61.6 75.5 75.5 75.9 75.9 66.1 75.9 70.4 2009/10 Q.I 70.1 68.6 57.5 69.3 73.7 73.9 63.4 77.0 77.0 76.8 76.8 65.0 79.2 72.3 Q.II 70.5 67.3 60.0 73.6 74.8 78.9 65.5 79.0 79.0 85.0 85.0 64.0 80.3 75.4 Q.III 71.9 68.5 60.2 75.0 75.2 83.4 67.1 80.3 80.3 85.8 85.8 67.8 82.8 77.0 Q.IV 72.9 69.7 65.5 72.9 76.5 87.0 66.0 80.8 80.8 86.4 86.4 69.8 84.6 77.9 2010/11 Q.I 74.0 69.6 70.5 75.5 79.6 93.1 69.0 81.1 81.1 82.0 82.0 67.5 86.8 80.7 Q.II 79.0 73.5 75.1 80.5 88.4 100.2 69.3 85.0 85.0 94.1 94.1 76.5 87.8 87.4 Q.III 82.6 77.2 85.5 87.2 95.6 94.8 72.1 89.4 89.4 91.9 91.9 81.3 89.1 90.9 Q.IV 91.7 90.0 87.5 90.3 100.4 92.9 80.1 104.5 104.5 88.0 88.0 93.05114638 90.7 94.2 2011/12 Q.I 97.3 98.1 98.8 93.4 101.8 96.1 76.5 100.8 100.8 88.3 88.3 103.5390947 93.7 96.2 Q.II 99.6 100.4 100.8 96.2 100.3 98.5 88.3 100.2 100.2 99.5 99.5 100.3762493 98.3 98.4 Q.III 103.6 103.1 98.8 109.5 103.6 101.1 99.9 103.9 100.0 99.5 100.0 114.8065848 104.4 104.0 Q.IV 107.0 108.6 86.9 117.0 107.6 103.5 100.2 111.8 100.0 101.3 100.0 129.4831501 107.0 105.6 2012/13 Q.I 109.3 112.3 75.8 120.0 117.4 107.4 99.7 111.8 100.0 101.2 100.0 134.4056178 107.2 106.9 Q.II 113.8 112.1 103.3 132.2 118.1 107.8 102.2 114.2 100.0 103.9 100.0 135.4456624 107.5 115.1 Q.III 115.0 109.6 110.9 133.8 121.7 112.4 109.8 121.3 100.0 102.7 100.0 139.2705834 108.8 119.4 Q.IV 115.2 113.0 75.3 142.2 136.0 113.5 110.9 122.5 100.0 106.7 100.0 147.3758518 111.5 117.1 2013/14 Q.I 123.9 122.1 79.2 143.4 164.6 114.9 113.9 120.6 100.0 107.6 100.0 142.7333333 115.3 125.5 Q.II 134.7 121.8 121.8 156.1 187.8 117.5 116.8 122.5 100.0 113.2 100.0 156.3920107 119.1 145.3060448 Q.III 135.2 117.4 141.7 158.6 179.0 128.8 117.2 119.3 100.0 115.6 100.0 161.0333333 127.0 149.7666667 Q.IV 136.1 117.7 149.0 158.1 177.5 131.3 118.1 117.9 100.0 115.7 100.0 161.3 127.9 151.2666667 2014/15 Q.I 142.6 127.0 153.9 160.5 181.2 133.3 125.1 121.9 100.0 123.2 100.0 168.7 132.6 155.3666667 Q.II 141.4 129.4 140.6 161.8 181.5 134.6 125.3 126.2 100.0 123.2 100.0 155 134.8 151.2 Q.III 147.8 129.4 183.0 169.0 182.2 136.4 120.6 121.2 100.0 123.6 100.0 159.3 141.7 162.9 Q.IV 156.3 130.9 246.6 168.6 183.2 138.4 119.8 117.9 100.0 125.7 100.0 150.6 144.0 177.2 2015/16 Q.I 152.7 130.4 192.6 181.6 188.3 146.3 120.7 117.3 100.0 130.9 100.0 175.2 146.6 171.0 Q.II 153.5 129.7 196.8 183.6 187.1 146.1 120.7 117.3 100.0 130.9 100.0 184.8 145.7 173.0 Q.III 151.5 132.0 168.3 192.0 184.3 146.4 120.6 115.6 100.0 130.9 100.0 193.5 147.1 167.5 Q.IV 157.7 134.4 206.1 192.5 185.4 143.9 119.9 115.6 100.0 130.9 100.0 194.0 150.1 176.8 2016/17 QI 165.3 133.5 267.1 190.4 185.3 145.2 122.0 115.6 100.0 130.9 100.0 193.7 155.3 191.3 QII 168.2 146.5 216.3 205.0 190.0 153.8 123.3 122.5 100.0 131.8 100.0 210.3 168.3 186.2 QIII 175.2 143.8 274.3 210.4 193.1 157.9 121.5 124.3 100.0 135.5 100.0 205.0 171.7 201.0 QIV 174.9 151.1 240.8 211.4 193.9 153.2 123.5 115.6 115.0 133.8 100.0 214.5 172.5 194.4 2017/18 QI 176.1 156.5 192.2 217.5 221.8 192.4 162.7 134.4 117.9 115.0 130.9 100.0 224.8 192.2 QII 184.0 162.1 256.9 226.4 188.9 168.4 129.7 125.5 115.0 136.1 100.0 223.9 181.3 201.9 QIII 189.0 167.3 260.1 233.0 188.8 189.5 124.0 139.0 115.0 183.3 100.0 227.0 186.3 206.8

92 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: Central Statistical Agency Table 21 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Period General Index Food & Non-alcoholic 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 Non-Food Index GAMBELLA 2007/08 Q.I 39.7 35.7 42.5 48.6 55.7 36.9 59.9 55.6 55.6 33.8 33.8 47.4 65.4 47.2 Q.II 41.1 37.6 41.6 51.0 56.0 38.3 60.2 55.6 55.6 34.0 34.0 49.5 66.2 47.7 Q.III 43.3 39.5 44.1 54.6 57.5 43.4 61.1 60.9 60.9 35.2 35.2 52.6 65.8 50.3 Q.IV 49.5 47.0 45.1 57.3 63.6 51.2 63.7 63.5 63.5 36.0 36.0 55.2 66.5 54.0 2008/09 Q.I 74.0 79.1 57.0 66.2 75.4 60.7 65.9 63.5 63.5 37.7 37.7 64.4 72.8 64.6 Q.II 69.6 69.3 63.2 71.1 82.7 60.1 68.3 62.8 62.8 44.6 44.6 64.2 72.8 70.0 Q.III 62.2 59.2 63.0 68.5 77.2 59.5 68.2 61.6 61.6 46.2 46.2 64.1 72.1 67.7 Q.IV 65.3 63.2 65.1 69.0 79.4 58.9 72.6 62.3 62.3 49.2 49.2 64.2 73.0 69.1 2009/10 Q.I 69.2 68.1 66.3 69.5 85.4 57.7 77.7 63.3 63.3 51.9 51.9 64.5 74.8 71.4 Q.II 64.5 60.9 67.9 71.2 79.3 62.1 80.9 73.2 73.2 51.7 51.7 65.8 76.7 71.1 Q.III 64.1 58.8 70.5 72.1 84.4 64.3 82.0 78.1 78.1 56.1 56.1 69.8 77.1 74.1 Q.IV 64.4 57.6 74.0 71.6 90.2 66.6 85.2 78.7 78.7 60.8 60.8 70.0 77.9 77.2 2010/11 Q.I 65.8 59.1 71.3 74.8 91.8 70.7 85.8 79.7 79.7 68.2 68.2 73.4 78.0 78.2 Q.II 69.6 62.3 75.9 81.6 97.3 74.7 90.2 81.6 81.6 73.2 73.2 84.6 81.0 83.0 Q.III 72.7 65.0 82.0 84.3 99.1 82.5 95.9 81.9 81.9 78.7 78.7 76.2 83.5 87.1 Q.IV 83.8 79.4 90.0 89.9 100.4 90.4 97.9 89.1 89.1 83.7 83.7 85.6 86.3 92.1 2011/12 Q.I 93.6 91.0 102.9 94.8 100.3 97.7 97.1 92.7 92.7 88.6 88.6 89.6 93.1 98.4 Q.II 100.1 99.5 100.3 98.1 105.4 100.0 99.0 95.5 95.5 95.1 95.1 96.4 98.3 101.2 Q.III 105.4 107.0 101.5 106.7 100.7 104.4 101.5 102.8 100.0 99.6 0.0 105.4 104.1 102.9 Q.IV 112.2 115.4 103.2 118.4 102.4 107.4 101.5 109.1 100.0 101.4 0.0 114.1 108.8 106.8 2012/13 Q.I 115.5 118.1 115.1 121.7 106.6 111.6 105.6 111.3 100.0 101.7 0.0 116.9 107.4 111.1 Q.II 113.1 112.5 116.7 130.5 104.6 115.5 113.9 112.7 100.0 109.9 0.0 122.2 118.7 114.1 Q.III 113.1 111.2 112.8 133.1 106.0 116.6 118.6 114.0 100.0 119.1 0.0 123.9 136.7 116.3 Q.IV 117.8 117.2 107.1 135.9 105.5 127.8 129.1 115.4 100.0 127.1 0.0 125.1 143.7 118.9 2013/14 Q.I 122.9 122.1 111.7 145.3 118.5 126.7 132.3 116.8 100.0 134.1 0.0 125.6 143.8 124.2 Q.II 124.6 123.4 116.6 151.6 119.1 128.3 136.8 117.5 100.0 133.6 0.0 130.3 144.6 126.6 Q.III 124.7 122.6 116.8 153.8 117.3 134.6 140.8 117.5 100.0 135.7 0.0 132.4 149.3 128.2 Q.IV 129.4 128.8 118.6 153.4 124.7 132.3 149.0 114.6 100.0 133.8 0.0 138.0 149.7 130.6 2014/15 Q.I 131.3 129.9 121.4 147.6 137.6 130.6 150.0 119.9 100.0 136.7 0.0 134.8 148.8 133.7 Q.II 126.8 126.0 121.3 149.3 115.8 130.6 151.7 121.9 100.0 138.1 0.0 139.3 144.1 128.1 Q.III 129.8 130.6 118.9 156.9 110.0 132.3 159.6 124.1 100.0 140.9 0.0 142.1 151.0 128.4 Q.IV 132.7 132.9 127.6 162.0 117.1 134.6 158.2 124.5 100.0 133.3 0.0 140.3 152.9 132.2 2015/16 Q.I 142.2 145.2 142.6 173.9 117.2 136.3 163.7 125.0 100.0 141.4 0.0 146.8 158.7 137.1 QII 140.5 142.3 139.0 171.0 120.7 134.4 160.6 125.2 100.0 143.5 0.0 148.4 162.7 137.3 QIII 139.8 139.1 133.4 176.3 120.0 141.2 172.4 150.9 100.0 145.8 0.0 159.2 158.7 140.9 QIV 140.4 139.4 134.3 177.0 120.5 142.2 172.3 159.8 100.0 145.8 0.0 162.1 154.7 142.0 2016/17 QI 139.6 139.6 130.8 170.2 119.7 142.7 170.1 145.6 100.0 145.8 0.0 162.6 151.5 139.6 QII 147.0 149.2 137.7 181.4 114.6 147.0 190.2 144.3 100.0 158.2 0.0 171.4 160.2 143.2 QIII 146.6 151.1 121.3 181.2 113.1 141.6 189.4 144.7 85.0 154.9 0.0 172.2 158.9 139.1 QIV 153.1 160.0 134.8 170.0 114.5 146.6 168.6 145.1 115.0 166.3 0.0 173.3 154.4 141.5 2017/18 QI 160.7 169.7 147.1 181.2 115.5 150.0 162.3 146.0 115.0 169.7 0.0 173.8 161.7 145.7 QII 160.0 165.7 156.4 194.3 116.8 153.6 146.7 148.8 115.0 173.1 0.0 187.5 165.5 150.5 QIII 164.3 168.1 162.5 205.3 118.3 161.4 163.7 182.0 115.0 173.7 0.0 198.7 165.8 158.0

Third Quarter 2017/18 93 National Bank of Ethiopia Quarterly Bulletin Table 21 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index HARARI 2007/08 Q.I 38.3 32.3 39.2 40.4 54.6 50.1 35.3 60.6 60.6 51.4 51.4 36.9 38.9 45.7 Q.II 39.2 33.2 39.6 44.2 54.0 51.9 35.8 60.6 60.6 51.7 51.7 37.5 39.7 46.6 Q.III 42.0 36.1 39.3 46.5 58.1 54.4 35.1 69.1 69.1 51.3 51.3 40.7 40.1 49.4 Q.IV 51.1 47.7 41.7 50.9 67.5 59.4 33.6 73.4 73.4 54.0 54.0 47.1 43.0 54.8 2008/09 Q.I 60.4 60.0 52.1 56.8 70.1 62.5 34.6 79.0 79.0 56.0 56.0 55.8 45.8 58.6 Q.II 60.8 59.1 54.5 59.4 72.8 65.0 37.6 79.1 79.1 58.8 58.8 59.4 47.7 60.8 Q.III 60.2 57.3 65.6 63.6 69.7 68.0 37.7 71.9 71.9 60.6 60.6 59.4 48.0 61.2 Q.IV 61.6 58.3 69.6 66.3 69.5 71.7 37.1 72.3 72.3 64.0 64.0 59.9 48.4 62.8 2009/10 Q.I 63.2 58.7 70.6 69.3 73.0 75.1 70.8 77.6 77.6 67.7 67.7 61.3 49.6 66.2 Q.II 63.9 58.9 72.3 71.1 71.4 80.3 88.2 79.3 79.3 71.8 71.8 61.9 49.9 67.5 Q.III 65.7 61.1 73.3 70.9 74.0 82.3 89.1 77.5 77.5 72.3 72.3 63.9 50.6 68.6 Q.IV 66.9 61.9 73.1 72.4 77.8 83.0 88.7 77.7 77.7 77.0 77.0 66.5 50.3 70.6 2010/11 Q.I 69.1 64.2 76.7 75.5 79.6 83.9 89.6 77.5 77.5 79.5 79.5 69.3 50.9 72.4 Q.II 74.0 68.5 84.4 81.6 86.9 87.7 92.2 86.0 86.0 84.3 84.3 71.4 53.5 78.2 Q.III 79.8 75.3 87.7 83.1 95.2 85.1 101.7 86.3 86.3 88.0 88.0 72.6 64.2 81.9 Q.IV 86.6 82.0 91.8 87.1 104.0 94.1 97.9 91.3 91.3 93.4 93.4 79.8 80.6 88.3 2011/12 Q.I 91.2 88.0 98.5 91.3 100.5 97.2 100.3 99.1 99.1 95.9 95.9 96.1 88.3 89.9 Q.II 94.8 92.0 98.5 97.1 100.3 99.4 100.3 99.6 99.6 99.0 99.0 98.3 100.0 94.4 Q.III 102.3 102.8 103.0 103.0 100.2 103.7 108.1 100.0 100.0 94.3 100.0 102.7 105.8 102.0 Q.IV 107.9 114.0 101.3 105.4 100.5 106.0 102.2 103.0 100.0 92.3 100.0 111.0 106.3 102.3 2012/13 Q.I 109.0 117.8 94.6 108.7 100.1 105.4 101.4 105.2 100.0 95.9 100.0 118.4 111.2 100.8 Q.II 110.9 119.4 97.6 115.6 100.2 111.3 112.0 111.1 100.0 97.4 100.0 118.3 110.9 103.2 Q.III 113.3 116.0 117.4 120.8 100.0 114.7 121.7 111.1 100.0 100.2 100.0 121.3 112.4 110.7 Q.IV 110.8 122.9 81.0 125.4 99.8 120.0 146.0 107.1 100.0 105.4 100.0 122.8 114.3 99.7 2013/14 Q.I 118.5 132.3 95.7 126.4 101.9 123.5 111.0 107.1 100.0 114.0 100.0 132.2 116.2 105.8 Q.II 121.0 131.6 103.7 130.1 108.8 125.8 105.4 107.1 100.0 117.4 100.0 133.3 118.7 111.3 Q.III 126.2 129.1 133.9 133.4 113.2 127.2 105.4 109.3 100.0 117.4 100.0 136.3 123.7 123.6 Q.IV 125.5 133.0 115.1 136.2 114.9 133.9 98.4 105.8 100.0 116.8 100.0 139.8 124.0 118.6 2014/15 Q.I 128.6 142.4 105.9 136.0 115.9 135.9 105.4 107.1 100.0 113.1 100.0 138.3 124.7 116.0 Q.II 129.4 144.1 106.8 137.7 114.2 134.7 91.3 107.1 100.0 113.5 100.0 143.0 126.9 116.0 Q.III 135.8 144.8 144.1 143.7 109.5 133.5 84.3 107.1 100.0 113.8 100.0 147.2 128.1 127.5 Q.IV 136.6 151.2 131.6 144.9 107.7 137.8 84.3 107.1 100.0 116.0 100.0 146.6 130.6 123.2 2015/16 Q.I 136.2 152.1 121.7 147.9 107.7 145.9 84.3 107.1 100.0 153.3 100.0 153.3 133.4 121.6 Q.II 137.7 153.9 123.9 148.6 107.8 148.8 95.5 107.1 100.0 141.0 100.0 156.3 135.0 122.8 QIII 147.4 155.1 175.2 148.0 107.6 152.9 114.2 107.1 100.0 137.7 100.0 150.1 149.1 140.4 QIV 156.9 156.6 227.0 149.7 105.0 154.9 117.3 107.1 100.0 161.1 100 149.9 148.0 157.2 2016/17 QI 164.1 155.7 271.7 151.3 102.5 156.5 126.7 107.1 100.0 185.3 100 150.5 148.1 171.9 QIII 151.5 169.1 159.8 166.2 99.8 159.6 110.0 107.1 100.0 188.5 100 154.1 143.1 135.3 QII 163.5 165.8 227.1 160.5 111.1 161.7 110.5 107.1 100.0 190.0 100 162.3 144.0 161.3 QIV 160.3 175.8 174.8 163.2 117.9 165.1 81.9 88.9 100.0 201.8 115 155.8 142.6 146.0 2017/18 QI 161.6 185.6 156.7 164.2 117.9 160.3 80.3 88.9 115.0 194.1 100 152.7 143.0 139.5 QII 164.9 186.4 167.2 168.8 118.2 174.9 84.3 88.4 115.0 202.0 100 156.9 147.7 145.1 QIII 179.6 183.1 247.8 176.9 117.9 188.5 87.5 95.9 153.3 207.2 100 186.2 151.4 176.4

94 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index OROMIA 2007/08 Q.I 38.8 37.8 39.0 32.8 47.5 37.5 50.2 50.0 50.0 40.4 40.4 40.9 40.0 40.5 Q.II 40.8 40.4 39.3 34.4 47.7 38.9 51.6 50.7 50.7 42.1 42.1 41.2 40.1 41.4 Q.III 44.9 45.2 42.9 36.0 51.8 43.2 54.5 52.5 52.5 43.5 43.5 43.7 41.8 44.4 Q.IV 54.2 57.5 48.0 38.3 57.7 46.8 57.7 54.1 54.1 44.9 44.9 47.7 45.8 48.8 2008/09 Q.I 65.8 73.3 57.3 40.9 61.7 49.6 62.1 54.2 54.2 48.9 48.9 51.5 49.5 53.0 Q.II 61.9 65.9 59.5 43.7 63.6 51.3 64.5 57.1 57.1 50.1 50.1 53.6 50.5 55.1 Q.III 59.9 61.8 63.8 47.1 64.7 52.9 65.9 50.0 50.0 50.3 50.3 56.8 52.0 56.8 Q.IV 61.1 62.5 65.3 49.5 66.5 54.6 70.7 52.2 52.2 52.1 52.1 59.0 55.4 58.8 2009/10 Q.I 62.3 62.8 66.1 52.6 69.2 57.7 72.5 56.9 56.9 55.5 55.5 61.1 58.8 61.6 Q.II 61.6 60.2 66.9 55.3 72.4 59.9 73.8 61.9 61.9 56.9 56.9 63.8 59.3 63.9 Q.III 63.3 60.9 69.1 59.8 76.2 64.1 78.4 65.4 65.4 60.5 60.5 64.5 61.9 67.4 Q.IV 64.3 61.2 71.0 61.9 78.6 67.2 80.9 66.4 66.4 62.3 62.3 67.2 64.3 69.6 2010/11 Q.I 65.9 62.2 72.3 64.4 81.6 69.5 81.4 67.2 67.2 64.7 64.7 68.4 66.5 72.0 Q.II 70.1 66.1 80.6 68.4 85.0 76.9 85.8 73.4 73.4 77.8 77.8 74.3 72.8 76.8 Q.III 77.3 73.8 84.5 76.7 92.1 79.4 89.1 88.5 88.5 81.2 81.2 76.9 77.8 83.2 Q.IV 88.0 88.0 92.1 81.5 95.8 85.1 90.7 102.6 102.6 83.4 83.4 84.8 81.5 88.2 2011/12 Q.I 93.7 95.1 96.1 84.2 96.4 91.4 94.6 103.4 103.4 90.4 90.4 91.7 87.5 91.5 Q.II 98.4 99.6 98.8 93.0 97.6 96.5 97.7 99.0 99.0 96.4 96.4 97.6 96.6 96.2 Q.III 106.1 107.6 107.1 104.4 105.6 105.6 99.5 100.5 100.0 99.1 100.0 101.9 102.7 104.3 Q.IV 112.8 116.5 102.0 112.1 110.8 111.3 101.3 101.1 100.0 99.9 100.0 112.2 104.6 108.5 2012/13 Q.I 114.0 117.0 95.4 114.4 115.0 111.8 102.4 100.3 100.0 102.7 100.0 118.5 109.8 110.5 Q.II 113.7 114.9 102.5 110.0 116.2 115.9 115.6 101.2 100.0 93.5 100.0 122.1 112.0 112.3 Q.III 114.1 114.5 107.9 114.6 116.9 116.3 120.5 93.7 100.0 89.6 100.0 122.8 114.0 113.7 Q.IV 115.8 116.0 103.3 116.8 120.3 119.4 125.1 94.0 100.0 89.4 100.0 126.8 114.4 115.6 2013/14 Q.I 120.6 121.3 103.5 123.6 126.5 122.1 119.5 93.8 100.0 111.7 100.0 131.8 117.0 119.8 Q.II 122.7 124.6 112.3 128.9 121.1 123.7 132.3 94.0 100.0 116.5 100.0 132.6 118.1 120.6 Q.III 123.0 121.0 123.5 130.9 128.0 128.4 136.0 95.8 100.0 110.6 100.0 133.8 117.9 125.2 Q.IV 127.3 126.2 120.3 133.8 135.8 130.2 141.7 96.5 100.0 100.7 100.0 137.8 118.7 128.6 2014/15 Q.I 131.9 133.3 127.8 137.8 135.2 132.6 137.5 96.5 100.0 99.9 100.0 139.0 119.5 130.4 Q.II 133.9 134.3 132.7 142.9 139.6 135.3 138.1 96.1 100.0 100.9 100.0 139.6 121.1 133.7 Q.III 139.5 139.8 147.9 146.9 147.3 138.5 143.5 94.8 100.0 102.5 100.0 143.3 122.7 139.5 Q.IV 147.2 150.6 149.6 149.4 155.8 140.9 143.0 94.0 100.0 103.6 100.0 147.5 124.4 143.6 2015/16 Q.I 153.5 161.8 144.5 152.0 154.5 143.2 148.3 94.1 102.4 123.8 100.0 152.4 125.4 144.0 Q.II 155.4 164.5 143.8 153.1 155.6 144.2 150.7 94.1 102.4 127.2 100.0 154.3 125.6 145.6 QIII 150.6 154.7 148.7 153.5 153.1 147.8 163.0 94.0 100.0 132.3 100.0 158.3 127.8 149.0 QIV 150.6 153.9 152.3 153.8 153.1 150.1 160.5 94.5 100.0 134.4 100.0 159.5 128.6 151.3 2016/17 QI 151.6 154.0 155.1 155.6 157.0 151.3 159.9 94.1 100.0 136.5 100.0 160.1 128.8 151.5 QII 154.8 156.0 144.9 157.3 167.3 153.1 168.6 94.6 100.0 148.6 100.0 171.9 131.7 153.4 QIII 157.5 155.6 157.0 161.4 177.6 153.7 176.3 95.7 100.0 148.6 100.0 174.4 135.7 159.6 QIV 164.2 166.7 142.7 159.9 182.9 159.9 176.9 96.4 104.3 152.8 100.0 181.1 140.6 161.4 2017/18 QI 169.1 173.7 163.9 148.0 161.3 188.0 163.8 163.1 99.3 104.3 154.7 100.0 176.7 163.9 QII 174.4 179.4 168.8 151.7 166.0 193.4 171.6 168.7 104.7 104.3 157.6 100.0 179.1 168.8 QIII 180.4 186.8 173.1 164.6 173.8 190.7 181.2 175.5 104.2 104.3 162.2 100.0 189.1 173.1

Third Quarter 2017/18 95 National Bank of Ethiopia Quarterly Bulletin Table 21 (E8): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index SNNPR 2007/08 Q.I 38.1 37.0 38.7 34.0 40.4 37.9 62.8 54.9 54.9 58.7 58.7 44.1 45.4 39.9 Q.II 39.9 38.6 39.2 35.6 43.5 40.3 60.9 54.3 54.3 58.8 58.8 39.0 46.4 41.9 Q.III 43.9 43.4 43.1 37.2 46.8 43.0 62.2 63.4 63.4 59.9 59.9 41.1 47.7 44.6 Q.IV 53.9 56.7 46.8 40.2 53.8 48.3 65.6 67.2 67.2 60.9 60.9 44.6 49.4 49.6 2008/09 Q.I 65.0 71.9 56.9 43.9 57.6 51.8 65.5 67.2 67.2 62.2 62.2 48.1 51.7 54.4 Q.II 60.5 62.6 58.3 47.6 60.6 54.3 67.0 68.7 68.7 66.3 66.3 49.5 52.9 57.2 Q.III 58.1 58.4 58.7 50.9 58.9 55.9 69.4 62.5 62.5 71.8 71.8 51.0 54.3 57.5 Q.IV 60.0 60.6 61.1 53.1 59.6 59.6 73.1 63.9 63.9 73.6 73.6 52.0 56.0 59.1 2009/10 Q.I 61.9 61.2 62.8 56.4 64.3 62.5 74.5 68.9 68.9 77.7 77.7 54.2 59.4 62.8 Q.II 63.3 60.9 64.0 59.4 69.8 64.9 76.9 74.3 74.3 79.8 79.8 57.2 67.9 67.0 Q.III 64.1 60.6 67.5 63.3 71.5 68.6 82.0 77.3 58.7 72.5 69.4 Q.IV 64.1 58.9 74.3 65.8 74.0 71.3 85.5 79.1 60.9 73.1 72.0 2010/11 Q.I 65.0 59.1 72.2 69.7 75.8 74.5 83.9 78.9 78.9 82.6 82.6 61.9 74.0 74.2 Q.II 69.3 63.0 81.1 74.9 81.3 78.4 88.8 83.7 83.7 89.0 89.0 67.1 80.0 79.1 Q.III 78.0 73.5 83.3 81.3 88.6 84.5 90.6 90.0 70.7 84.6 84.8 Q.IV 91.0 91.5 94.7 88.1 93.0 88.3 94.5 102.7 102.7 91.4 91.4 82.8 89.5 90.3 2011/12 Q.I 99.0 98.0 106.5 91.4 92.3 92.8 97.1 413.3 413.3 95.7 95.7 90.0 93.6 100.6 Q.II 99.2 100.5 103.3 97.0 96.5 97.8 98.6 99.7 99.7 99.1 99.1 96.5 97.5 97.2 Q.III 107.1 109.3 105.8 103.7 104.8 102.5 100.3 99.4 100.0 105.1 100.0 104.9 103.1 104.0 Q.IV 113.9 120.1 106.6 108.1 104.4 106.6 103.2 99.7 100.0 106.8 100.0 111.1 105.6 105.6 2012/13 Q.I 118.6 123.1 112.3 114.6 115.0 111.4 108.7 97.6 100.1 112.8 100.0 115.9 107.1 112.7 Q.II 120.8 121.7 114.5 120.3 124.4 113.9 168.7 101.3 100.3 117.8 100.0 118.4 102.2 119.6 Q.III 121.6 122.6 118.4 123.1 122.8 115.7 153.2 104.7 100.2 122.2 100.0 119.6 109.3 120.2 Q.IV 124.0 125.5 122.6 127.0 123.4 118.2 150.1 106.1 100.0 124.0 101.0 123.2 112.2 122.0 2013/14 Q.I 129.4 130.6 125.5 130.6 133.2 120.3 153.3 111.0 100.0 125.2 101.0 126.9 113.5 127.9 Q.II 130.6 129.7 126.5 132.8 140.3 121.2 160.4 108.8 100.0 127.3 101.0 128.9 114.6 131.8 Q.III 132.4 131.2 128.9 135.4 142.9 124.9 165.2 105.2 100.0 124.2 101.0 131.0 115.5 134.1 Q.IV 135.1 134.5 133.6 143.3 128.4 166.5 107.6 100.0 126.4 101.0 132.4 116.0 116.0 136.0 2014/15 Q.I 135.6 134.9 136.7 141.8 129.2 170.1 104.1 100.0 134.4 101.0 134.5 116.4 116.4 136.3 Q.II 135.2 134.0 137.3 145.3 139.0 131.2 172.1 106.8 100.0 140.3 101.0 135.2 118.3 136.1 Q.III 137.9 138.0 142.1 149.2 140.2 131.9 180.1 100.0 100.0 137.3 101.0 136.2 118.9 137.8 Q.IV 142.0 149.2 145.6 150.0 135.7 133.2 182.7 94.9 100.3 136.6 101.0 138.1 119.5 136.6 2015/16 Q.I 144.4 152.3 144.8 150.1 137.9 136.0 180.2 99.2 101.2 149.9 101.0 145.6 120.3 138.4 Q.II 143.1 150.3 146.1 150.8 135.0 136.7 182.2 99.8 101.3 148.7 101.0 148.3 120.9 137.8 QIII 145.1 148.1 150.2 153.4 143.2 140.5 187.7 101.9 100.0 143.1 101.0 149.8 121.7 142.9 QIV 145.4 148.9 150.5 153.7 142.4 140.9 189.4 102.5 96.6 144.3 101.0 150.3 122.9 142.7 2016/17 QII 154.0 162.6 159.7 157.2 145.3 146.1 205.9 114.2 89.0 155.5 101.0 160.4 124.0 147.6 QIII 159.3 172.5 171.1 162.6 140.9 149.3 213.5 132.6 98.1 155.3 101.0 165.1 126.4 149.5 QIV 168.9 193.0 147.2 165.3 142.5 168.4 226.6 136.0 102.7 166.6 101.0 174.4 129.3 151.1 2017/18 QI 174.1 197.5 173.7 169.0 143.1 172.4 226.8 147.2 102.7 169.2 101.0 184.9 130.5 156.6 QII 177.3 201.0 176.8 174.0 143.8 177.4 241.5 157.2 103.4 169.2 101.0 190.5 133.2 159.7 QIII 185.1 211.9 185.0 183.4 145.2 187.5 258.0 157.6 105.0 172.1 101.0 203.5 139.8 165.1

96 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index SOMALI 2007/08 Q.I 37.0 34.1 45.5 41.9 42.6 36.7 50.6 49.9 49.9 50.9 50.9 37.1 47.3 43.3 Q.II 38.2 35.3 47.1 43.8 43.6 37.4 53.7 49.4 49.4 51.2 51.2 36.0 48.4 44.5 Q.III 41.7 39.5 47.0 45.9 46.0 39.2 53.9 52.4 52.4 54.0 54.0 37.3 49.2 46.4 Q.IV 48.2 47.9 46.4 49.7 47.9 45.1 55.5 54.5 54.5 53.7 53.7 41.0 50.2 48.9 2008/09 Q.I 60.5 65.0 52.0 49.5 48.7 49.7 60.5 56.2 56.2 52.9 52.9 47.9 56.9 50.8 Q.II 58.1 59.4 55.7 51.5 55.3 52.6 64.1 58.0 58.0 56.1 56.1 48.6 60.4 55.0 Q.III 58.5 59.9 56.0 53.5 54.2 57.3 52.3 58.1 58.1 55.7 55.7 49.1 62.1 55.4 Q.IV 60.9 62.4 58.8 55.4 56.1 61.7 55.2 58.3 58.3 59.7 59.7 53.2 63.2 57.7 2009/10 Q.I 62.3 63.3 64.6 57.3 57.2 62.1 61.6 59.4 59.4 66.1 66.1 55.4 63.4 60.0 Q.II 63.9 63.9 65.4 62.8 61.2 64.4 72.2 61.8 61.8 68.8 68.8 61.0 66.8 63.8 Q.III 65.7 64.4 66.8 65.3 68.7 67.2 83.3 65.5 65.5 70.5 70.5 62.4 72.2 68.6 Q.IV 65.8 64.2 71.0 66.0 69.6 67.0 85.6 67.5 67.5 71.7 71.7 63.6 73.0 69.5 2010/11 Q.I 67.0 64.8 72.6 68.6 72.4 68.7 84.5 68.8 68.8 72.7 72.7 65.0 74.2 71.6 Q.II 75.4 75.1 74.7 75.0 75.8 73.7 87.0 71.6 71.6 85.2 85.2 68.3 84.2 76.1 Q.III 80.3 80.7 75.4 79.0 78.0 78.8 93.1 78.7 78.7 94.8 94.8 72.2 88.1 79.4 Q.IV 88.5 89.5 78.2 86.0 86.6 85.9 99.7 95.7 95.7 95.9 95.9 80.4 87.8 86.2 2011/12 Q.I 92.7 93.4 93.1 90.1 89.8 87.1 104.0 98.1 98.1 99.9 99.9 83.2 90.8 91.1 Q.II 96.6 96.5 97.0 95.1 97.8 96.4 97.2 97.9 97.9 96.3 96.3 93.5 92.9 96.8 Q.III 105.1 105.1 110.4 105.1 103.8 101.2 100.8 100.0 100.0 101.6 100.0 100.5 108.4 105.1 Q.IV 107.5 109.9 97.4 109.4 105.2 113.2 104.0 100.0 100.0 101.3 100.0 103.1 107.7 104.5 2012/13 Q.I 110.8 111.5 91.9 116.1 119.3 121.6 105.6 100.0 100.0 111.7 100.0 105.6 114.5 110.0 Q.II 117.5 116.7 94.7 121.6 135.4 127.7 121.6 110.3 100.0 136.7 100.0 112.2 117.8 118.5 Q.III 116.7 115.9 96.8 122.2 130.6 126.9 127.4 110.0 100.0 142.2 100.0 112.4 124.3 117.8 Q.IV 120.8 117.8 117.5 125.9 130.9 128.6 129.5 113.8 100.0 147.9 100.0 119.4 129.3 124.5 2013/14 Q.I 122.3 120.1 112.9 123.7 136.8 127.7 132.9 112.5 100.0 153.0 100.0 120.9 137.0 125.1 Q.II 128.5 122.9 129.5 124.6 150.2 137.6 133.5 126.0 100.0 149.1 100.0 121.9 134.9 135.5 Q.III 132.9 124.9 151.0 122.4 159.8 131.6 140.5 130.0 100.0 143.8 100.0 122.0 134.2 143.1 Q.IV 134.0 124.2 160.5 122.7 163.5 128.7 153.9 122.5 100.0 146.3 100.0 127.7 135.6 146.3 2014/15 Q.I 136.7 128.4 162.0 122.5 164.6 128.2 148.2 126.0 100.0 148.0 100.0 127.7 136.2 147.1 Q.II 137.1 129.1 156.6 127.1 165.9 129.2 160.9 126.0 100.0 157.0 100.0 129.8 135.7 147.2 Q.III 142.5 130.2 181.0 131.7 179.1 125.9 163.1 126.0 100.0 159.8 100.0 130.3 141.2 158.0 Q.IV 152.6 134.1 212.1 134.1 208.0 126.1 169.4 131.8 100.0 157.3 100.0 132.3 143.4 175.8 2015/16 Q.I 152.8 133.6 201.6 139.6 214.6 134.3 192.1 120.2 100.0 163.8 100.0 132.5 149.6 177.0 Q.II 150.8 134.9 188.4 141.4 204.3 134.1 197.3 120.2 100.0 163.8 100.0 131.5 151.9 170.8 QIII 149.6 136.7 200.1 144.4 177.6 131.0 181.1 126.0 100.0 161.4 100.0 134.1 157.7 165.8 QIV 153.7 138.1 224.1 144.7 182.4 131.2 178.4 126.0 100.0 162.7 100.0 134.6 155.4 173.3 2016/17 QI 155.1 139.8 228.5 145.6 181.6 132.0 181.8 126.0 100.0 162.7 100.0 134.4 156.0 174.4 QII 163.0 148.8 196.9 148.9 219.8 141.4 174.8 126.0 100.0 196.6 100.0 145.1 160.1 180.9 QIII 178.1 156.6 229.6 147.0 270.6 140.7 174.8 126.0 100.0 198.2 100.0 148.1 161.8 205.0 QIV 178.8 163.1 184.3 152.1 281.0 144.9 174.8 124.9 100.0 260.9 100.0 155.7 158.6 198.6 2017/18 QI 180.3 160.1 209.6 154.4 279.4 148.8 185.2 124.8 100.0 243.1 100.0 169.8 157.6 205.7 QII 195.1 175.4 258.3 161.8 281.6 150.1 185.3 124.8 100.0 287.7 100.0 158.8 166.6 219.9 QIII 197.7 176.9 259.9 167.2 283.9 153.6 182.9 124.8 100.0 327.4 100.0 177.7 185.7 223.9

Third Quarter 2017/18 97 National Bank of Ethiopia Quarterly Bulletin Table 21 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index TIGRAY 2007/08 Q.I 44.8 46.4 33.9 30.8 56.4 38.2 70.1 53.3 53.3 54.2 54.2 38.8 42.6 42.5 Q.II 47.3 49.6 32.8 31.3 60.2 40.4 67.5 52.0 52.0 55.6 55.6 42.4 41.8 43.9 Q.III 50.1 53.6 35.7 31.6 59.9 42.9 67.0 56.8 56.8 55.6 55.6 44.3 43.6 44.8 Q.IV 59.3 66.6 40.5 34.8 64.1 47.8 68.3 58.9 58.9 57.0 57.0 48.1 45.3 48.4 2008/09 Q.I 74.8 89.5 50.3 39.1 70.7 50.9 68.0 58.9 58.9 58.7 58.7 54.1 47.8 53.2 Q.II 72.8 84.3 49.1 42.6 74.1 53.0 67.8 61.2 61.2 60.0 60.0 55.6 48.9 55.9 Q.III 67.9 75.9 49.9 44.6 72.8 53.3 69.7 53.2 53.2 58.8 58.8 57.1 50.5 56.1 Q.IV 68.0 74.1 55.5 47.0 75.0 56.6 71.9 53.1 53.1 62.5 62.5 57.6 56.8 59.0 2009/10 Q.I 70.2 74.9 62.5 51.1 79.0 60.0 73.2 62.4 62.4 67.2 67.2 62.7 62.6 63.3 Q.II 71.5 75.4 62.9 54.2 81.1 63.4 76.7 68.7 68.7 64.7 64.7 64.6 64.7 65.8 Q.III 71.1 73.5 66.9 55.9 81.4 67.9 82.1 72.1 72.1 67.3 67.3 66.2 65.4 67.7 Q.IV 73.3 75.8 66.7 59.0 83.3 69.1 85.7 74.8 74.8 70.2 70.2 68.0 65.7 69.7 2010/11 Q.I 73.5 75.8 69.0 61.8 80.6 69.7 83.4 74.3 74.3 74.7 74.7 68.8 67.1 70.2 Q.II 74.7 74.3 70.4 68.1 83.5 72.9 88.6 80.3 80.3 82.9 82.9 71.6 76.3 75.2 Q.III 77.9 76.6 70.2 73.4 88.1 77.0 89.8 88.2 88.2 84.3 84.3 74.1 78.9 79.7 Q.IV 87.8 88.8 77.2 82.2 93.1 82.0 95.2 102.5 102.5 91.3 91.3 85.4 83.6 86.4 2011/12 Q.I 95.3 98.1 91.3 87.3 97.3 87.4 92.1 102.9 102.9 94.3 94.3 94.2 88.9 91.2 Q.II 100.1 101.7 97.5 96.3 100.4 95.4 99.8 98.9 98.9 100.3 100.3 99.0 97.8 97.8 Q.III 104.8 106.0 99.4 103.7 102.9 102.8 108.9 100.0 100.0 103.8 100.0 110.3 103.7 103.7 Q.IV 111.4 115.6 101.4 110.3 105.2 107.6 105.3 102.7 100.0 104.9 100.0 114.3 107.9 107.2 2012/13 Q.I 118.7 122.9 103.6 115.7 117.9 113.0 111.3 103.5 100.0 110.9 100.0 125.5 109.4 114.5 Q.II 119.5 119.8 106.1 121.3 123.3 113.5 110.7 103.4 100.0 141.1 100.0 135.8 110.2 119.3 Q.III 119.5 118.2 113.9 126.4 123.4 111.6 108.1 103.4 100.0 140.9 100.0 136.9 113.4 120.8 Q.IV 125.5 124.3 116.6 133.5 132.0 126.3 115.9 98.6 100.0 144.5 100.0 138.0 115.0 126.7 2013/14 Q.I 132.5 136.2 120.7 137.4 132.2 126.8 112.5 94.6 100.0 148.7 100.0 144.5 119.2 128.8 Q.II 131.3 131.9 122.2 141.2 133.1 129.4 116.7 105.8 100.0 146.2 100.0 143.5 119.2 130.6 Q.III 130.1 124.6 121.8 144.4 144.0 136.4 123.1 104.8 100.0 147.8 100.0 145.6 118.0 135.4 Q.IV 130.5 128.1 128.7 145.3 135.3 130.3 128.2 107.8 100.0 145.2 103.3 147.9 114.1 132.9 2014/15 Q.I 133.3 130.4 134.6 148.5 149.2 129.9 126.6 109.2 100.0 145.3 106.0 130.7 119.8 136.1 Q.II 139.2 131.3 137.6 151.9 173.5 133.1 136.5 110.3 100.0 149.4 107.4 145.9 123.6 147.0 Q.III 136.4 127.2 139.8 155.5 162.1 137.6 149.0 109.2 100.0 151.8 109.2 147.5 123.8 145.4 Q.IV 140.5 129.2 137.8 154.7 181.1 143.5 136.1 106.7 100.0 154.3 111.1 148.6 125.5 151.5 2015/16 Q.I 145.7 139.6 131.7 162.0 178.3 140.8 133.9 106.7 102.9 156.7 112.5 149.9 128.4 151.6 Q.II 147.2 143.3 132.5 161.9 176.5 139.2 135.6 107.3 104.1 158.1 112.9 150.3 128.6 151.1 QIII 151.6 146.7 138.7 165.7 189.2 144.2 139.6 106.1 105.7 163.3 114.7 151.6 124.7 156.4 QIV 156.3 146.4 144.0 164.5 220.1 146.5 138.1 105.7 106.4 168.6 115.5 151.2 125.3 166.0 2016/17 QI 158.7 145.7 143.0 164.4 238.4 146.2 139.8 105.9 105.9 169.0 115.9 151.6 126.7 171.4 QII 174.4 156.9 138.9 173.8 293.8 161.8 159.9 103.9 105.7 200.3 119.0 149.3 129.9 191.6 QIII 168.2 153.9 143.3 170.7 258.5 166.6 157.4 107.6 106.1 214.3 119.6 148.0 132.0 182.3 QIV 165.8 163.9 110.9 160.7 216.0 175.1 114.6 109.7 124.9 190.1 120.0 152.5 136.0 167.8 2017/18 QI 174.8 171.4 149.5 170.4 222.7 177.0 122.1 112.2 105.9 189.9 120.8 184.4 134.4 178.0 QII 179.6 177.6 163.9 176.6 221.4 182.9 117.7 114.8 105.9 189.1 120.8 190.4 138.7 181.6 QIII 179.0 174.6 142.6 185.4 218.8 195.4 125.2 114.9 105.9 190.8 120.8 191.6 144.3 183.4

98 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F1): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 36.6 33.7 39.5 41.2 56.0 42.4 42.4 42.5 83.6 26.1 Q.II 37.8 34.7 41.2 42.7 61.7 45.7 45.7 40.4 81.4 26.4 Q.III 39.6 37.0 43.6 41.7 68.1 55.5 55.5 41.8 76.8 27.7 Q.IV 48.0 51.5 48.5 51.0 77.7 56.8 56.8 47.5 87.3 30.3 2008/09 Q.I 60.5 70.8 53.8 58.0 79.2 72.1 72.1 53.0 99.0 35.6 Q.II 58.7 68.7 51.2 55.9 74.5 69.0 69.0 56.3 75.4 36.4 Q.III 56.6 65.1 51.4 57.5 75.3 69.7 69.7 65.7 53.1 35.9 Q.IV 58.8 67.2 63.7 56.1 73.6 83.2 83.2 73.8 38.4 41.7 2009/10 Q.I 61.7 70.3 59.7 63.3 72.7 79.2 79.2 80.2 39.4 43.2 Q.II 64.7 71.0 60.2 74.0 71.6 73.6 73.6 83.5 48.2 45.3 Q.III 64.6 69.5 65.9 72.6 74.1 68.8 68.8 89.3 49.4 49.9 Q.IV 65.0 68.0 69.5 72.6 80.7 79.6 79.6 91.6 69.5 49.6 2010/11 Q.I 66.3 69.5 76.5 72.9 81.4 93.4 93.4 87.2 74.0 48.9 Q.II 69.7 67.6 81.5 76.1 94.6 96.0 96.0 91.5 63.4 57.9 Q.III 74.9 72.6 80.7 87.4 101.8 95.2 95.2 84.8 60.6 72.7 Q.IV 80.4 83.6 89.7 79.7 104.4 103.2 103.2 89.0 98.7 77.8 2011/12 Q.I 86.7 90.6 102.3 81.2 99.7 104.9 104.9 95.4 121.3 79.4 Q.II 95.4 99.8 101.6 99.3 100.1 99.9 99.9 104.5 118.3 88.8 Q.III 105.1 104.3 110.9 102.1 100.0 102.9 115.4 104.3 109.7 104.2 Q.IV 111.8 108.7 140.2 109.2 101.7 102.7 138.0 112.0 123.3 97.6 2012/13 Q.I 117.9 114.3 159.9 123.7 102.2 109.4 142.6 118.2 111.6 100.2 Q.II 117.9 115.2 154.4 133.7 101.6 111.6 128.2 112.9 106.3 96.1 Q.III 113.8 110.8 165.4 132.5 101.1 117.5 107.0 117.5 110.2 90.5 Q.IV 116.0 113.8 187.6 133.1 105.3 130.5 119.2 119.6 94.5 87.4 2013/14 Q.I 124.8 122.8 186.2 139.7 104.2 129.5 158.4 120.9 96.3 85.1 Q.II 126.0 131.4 185.4 145.4 104.2 129.3 117.9 119.5 104.4 85.4 Q.III 122.6 122.3 189.1 143.0 105.8 138.8 119.9 120.9 101.4 91.7 Q.IV 126.9 120.9 197.0 144.4 112.2 140.9 136.9 118.2 125.2 101.8 2014/15 Q.I 129.7 120.9 195.0 141.3 119.4 154.2 137.2 132.9 161.8 104.9 Q.II 129.1 118.7 201.3 140.5 110.8 151.3 146.6 148.3 144.1 108.9 Q.III 129.5 119.5 204.9 142.8 121.8 155.4 144.3 143.4 141.0 103.7 Q.IV 139.0 117.5 206.7 155.1 136.5 159.7 157.9 134.3 241.0 103.2 2015/16 Q.I 153.3 123.3 214.5 156.2 147.3 177.0 186.7 121.5 384.7 102.1 Q.II 155.9 124.6 204.4 156.2 143.3 171.2 195.4 119.5 412.6 102.7 Q.III 147.3 126.9 207.7 161.6 133.8 178.8 197.9 114.1 243.5 100.5 Q.IV 147.3 129.0 208.9 164.5 129.6 179.9 192.8 117.1 227.3 101.2 2016/17 QI 147.3 131.8 211.3 166.8 128.1 184.9 187.7 118.9 206.7 100.9 QII 153.6 135.3 244.0 189.5 141.9 181.1 198.8 130.1 149.6 107.0 QIII 148.7 130.7 235.7 183.1 153.0 183.8 187.8 141.2 126.1 106.8 QIV 151.2 137.1 267.7 169.5 169.9 191.8 196.3 143.3 129.3 107.4 2017/18 QI 159.6 154.5 285.6 169.2 171.3 209.5 204.5 144.1 124.3 109.3 QII 168.6 166.0 306.0 169.9 165.2 229.5 206.6 161.4 155.6 120.3 QIII 175.6 167.4 296.6 175.6 168.4 252.7 200.4 175.7 241.8 119.2

Third Quarter 2017/18 99 National Bank of Ethiopia Quarterly Bulletin Table 21 (F2): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 43.6 42.6 40.4 40.6 42.5 37.3 37.3 44.6 74.8 24.0 Q.II 46.3 45.7 42.8 42.1 47.2 42.9 75.6 28.3 Q.III 48.1 48.6 45.4 42.5 52.0 46.5 46.5 47.1 69.9 31.1 Q.IV 58.7 62.2 47.6 47.9 59.0 49.0 49.0 55.6 83.7 31.6 2008/09 Q.I 77.0 87.2 50.6 58.7 58.9 57.7 57.7 69.5 94.6 31.4 Q.II 73.3 86.0 52.9 59.8 57.2 53.6 53.6 77.3 74.8 32.5 Q.III 65.5 79.6 54.2 62.4 55.4 61.8 61.8 90.3 48.0 32.2 Q.IV 64.3 78.7 58.6 65.6 56.2 69.8 69.8 92.1 36.9 32.5 2009/10 Q.I 66.5 80.6 57.8 68.5 55.6 66.7 66.7 92.8 41.1 35.1 Q.II 65.1 78.8 59.8 71.0 52.4 62.6 62.6 94.9 45.7 43.2 Q.III 64.1 74.7 63.3 72.2 53.3 67.3 67.3 95.7 50.5 46.1 Q.IV 65.1 74.3 64.8 73.2 48.8 68.9 68.9 97.9 67.0 45.5 2010/11 Q.I 66.3 73.5 65.5 74.4 60.9 76.0 76.0 96.6 76.1 46.5 Q.II 68.1 72.1 66.7 81.0 72.9 86.2 86.2 98.2 73.4 52.2 Q.III 71.4 74.4 62.7 82.9 79.2 91.7 91.7 95.0 75.4 69.1 Q.IV 85.9 83.1 72.1 88.1 108.7 92.6 92.6 99.1 107.9 89.7 2011/12 Q.I 95.7 91.1 87.3 93.1 112.1 90.8 90.8 98.1 126.5 92.4 Q.II 101.4 98.7 96.4 98.5 103.7 94.4 94.4 99.4 127.8 97.9 Q.III 104.3 104.8 106.0 104.5 102.2 106.5 105.2 99.9 102.9 101.6 Q.IV 113.0 114.7 124.8 110.2 108.7 108.6 109.6 100.3 118.3 95.3 2012/13 Q.I 120.1 122.7 135.6 113.2 108.3 114.3 113.6 99.7 135.7 89.8 Q.II 119.2 123.7 136.5 130.8 105.7 135.1 106.8 99.5 138.5 86.6 Q.III 118.6 122.0 139.3 137.9 105.3 138.5 104.9 99.4 139.6 83.4 Q.IV 122.0 126.8 141.3 142.3 110.7 137.8 104.7 99.4 148.9 81.5 2013/14 Q.I 127.0 135.1 145.4 143.6 110.4 144.2 109.4 99.4 153.2 81.5 Q.II 126.0 137.6 145.0 146.4 109.9 152.1 103.2 99.3 151.5 82.7 Q.III 123.9 123.5 147.7 147.3 109.5 151.6 112.3 100.0 150.1 82.5 Q.IV 125.6 126.2 147.9 149.2 114.0 152.6 107.6 100.6 156.9 90.5 2014/15 Q.I 127.3 131.3 150.5 154.7 120.3 160.1 105.7 99.7 152.5 98.1 Q.II 127.6 128.9 149.6 155.4 122.6 152.4 110.0 99.9 150.3 101.8 Q.III 128.7 124.3 154.4 161.4 132.9 164.4 115.6 100.5 149.3 102.0 Q.IV 131.1 128.0 159.8 176.8 143.2 169.3 113.5 100.3 153.6 97.1 2015/16 Q.I 139.0 134.8 163.9 174.4 153.1 181.3 129.9 100.3 158.6 94.8 Q.II 141.6 137.3 165.5 172.8 152.6 187.8 135.2 100.3 160.6 93.9 Q.III 140.6 138.8 167.0 177.0 144.1 192.7 131.1 100.2 160.5 91.8 Q.IV 141.1 139.7 168.6 180.6 141.6 194.4 131.4 108.4 160.8 90.4 2016/17 QI 141.2 139.3 169.1 185.0 139.4 198.3 131.5 116.7 161.8 90.4 QII 155.4 143.2 192.6 197.9 140.7 211.2 134.1 118.2 215.9 102.0 QIII 156.7 141.8 195.6 204.4 145.0 217.8 133.4 125.2 221.3 104.3 QIV 168.6 154.5 218.3 224.9 148.3 231.5 131.1 125.0 256.7 101.4 2017/18 QI 181.9 175.5 223.4 229.1 147.6 266.5 135.4 125.0 285.7 104.7 QII 181.9 176.8 228.2 237.4 150.2 267.0 136.9 125.1 274.3 107.6 QIII 186.9 178.5 239.6 260.5 154.9 277.8 137.0 123.7 288.2 111.6

100 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F3): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 35.6 35.5 49.9 34.6 33.5 39.7 39.7 43.3 65.2 24.4 Q.II 39.2 38.8 48.7 35.1 35.8 39.7 39.7 41.9 81.1 24.9 Q.III 44.3 45.6 50.4 36.0 39.9 44.7 44.7 47.4 83.2 25.8 Q.IV 51.2 55.3 57.0 38.9 44.4 45.9 45.9 49.7 82.7 27.0 2008/09 Q.I 75.0 85.7 67.5 49.2 45.9 58.2 58.2 62.5 99.3 28.2 Q.II 67.0 81.3 69.4 52.1 47.9 62.3 62.3 68.1 76.2 27.0 Q.III 58.2 72.5 67.3 54.4 45.9 62.6 62.6 77.2 61.3 25.1 Q.IV 59.6 73.8 66.7 55.7 51.0 60.8 60.8 80.6 47.1 26.6 2009/10 Q.I 65.0 78.3 70.9 60.8 47.8 61.4 61.4 81.3 44.1 31.9 Q.II 59.2 70.4 64.1 63.3 46.4 58.9 58.9 83.8 47.8 41.7 Q.III 53.5 61.7 62.7 69.7 49.1 57.9 57.9 88.7 60.5 39.5 Q.IV 51.8 55.5 68.6 67.2 52.3 61.8 61.8 90.9 81.3 39.2 2010/11 Q.I 50.0 53.2 69.0 70.6 49.8 68.7 68.7 88.1 69.1 45.7 Q.II 51.5 51.4 76.5 73.6 52.4 67.7 67.7 92.4 73.3 55.3 Q.III 57.8 57.3 68.0 75.8 78.7 78.9 78.9 84.6 74.6 68.5 Q.IV 79.4 74.7 77.0 80.4 99.5 89.9 89.9 96.6 107.5 96.2 2011/12 Q.I 93.1 91.7 91.8 86.3 87.6 85.5 85.5 94.8 114.6 102.1 Q.II 100.4 99.3 97.8 96.1 99.9 91.7 91.7 98.5 144.5 101.6 Q.III 99.8 95.2 102.2 101.1 103.6 129.7 106.5 100.6 110.4 81.4 Q.IV 106.4 102.3 118.8 105.7 103.2 169.7 107.9 106.5 128.7 77.0 2012/13 Q.I 110.9 105.6 131.9 107.9 107.3 170.1 115.6 110.1 127.4 77.1 Q.II 109.5 106.8 133.0 116.5 112.2 179.8 103.6 110.2 130.0 76.5 Q.III 104.9 98.8 139.7 137.4 118.2 178.6 92.3 108.3 129.1 74.4 Q.IV 104.4 100.0 134.0 145.8 110.9 169.9 93.1 105.6 128.9 73.7 2013/14 Q.I 114.4 122.1 137.6 148.8 109.6 151.1 102.8 105.3 122.3 72.7 Q.II 121.6 139.1 141.6 144.1 110.4 177.1 98.8 105.3 129.3 77.6 Q.III 111.5 110.9 136.8 142.6 113.7 199.6 101.4 102.5 127.6 81.7 Q.IV 112.1 106.5 141.0 149.3 111.4 164.9 104.2 106.6 132.9 90.6 2014/15 Q.I 110.0 104.6 141.6 130.6 108.6 138.9 102.1 100.5 129.3 93.0 Q.II 111.3 98.8 138.9 136.9 113.1 162.6 110.0 99.1 138.6 97.5 Q.III 115.6 101.3 145.5 138.0 113.3 172.1 123.3 102.6 145.9 82.7 Q.IV 118.9 95.5 155.7 142.8 119.8 169.0 125.8 100.0 177.8 80.3 2015/16 Q.I 131.0 102.7 167.7 142.9 114.9 169.9 139.6 102.7 227.9 80.3 Q.II 132.8 101.4 167.7 140.7 113.5 205.7 146.5 104.2 234.6 78.6 Q.III 129.8 103.8 174.8 129.4 111.0 217.3 137.4 105.3 215.1 76.6 Q.IV 128.4 103.8 172.4 130.5 112.5 201.8 136.6 106.8 206.4 76.7 2016/17 QI 126.2 101.2 175.3 131.6 113.7 209.3 133.6 112.7 196.6 76.7 QII 131.7 104.1 182.4 159.5 115.1 226.9 133.1 112.3 211.5 95.8 QIII 132.7 102.1 183.0 164.3 124.6 228.3 135.3 119.2 227.6 79.3 QIV 145.1 118.1 204.6 172.8 124.8 229.4 148.8 120.6 233.5 83.0 2017/18 QI 162.2 155.4 220.5 173.9 122.9 212.6 151.7 121.5 241.8 84.7 QII 164.2 163.4 223.1 210.3 124.2 237.7 147.5 123.1 227.4 90.0 QIII 157.4 142.2 235.1 194.2 127.5 190.3 151.3 124.2 225.2 86.9

Third Quarter 2017/18 101 National Bank of Ethiopia Quarterly Bulletin Table 21 (F4): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 40.5 39.5 45.3 34.7 41.9 38.1 38.1 71.1 93.4 33.5 Q.II 41.5 40.2 46.0 36.1 48.8 39.9 39.9 71.5 86.2 34.8 Q.III 46.6 47.7 47.3 39.2 55.9 60.7 60.7 78.8 87.5 36.2 Q.IV 55.6 61.5 53.1 49.6 62.8 69.8 69.8 86.1 108.2 37.6 2008/09 Q.I 68.2 81.6 57.3 54.5 66.4 68.9 68.9 90.0 114.4 39.9 Q.II 68.4 86.2 57.4 59.2 62.4 63.4 63.4 90.9 90.2 43.3 Q.III 67.3 83.8 57.3 60.7 62.4 75.0 75.0 92.5 67.4 44.9 Q.IV 67.4 83.5 59.2 65.3 62.1 73.7 73.7 93.9 45.1 43.5 2009/10 Q.I 68.6 84.1 63.1 68.0 60.9 75.6 75.6 93.9 48.6 45.3 Q.II 67.3 81.7 58.9 72.8 60.2 57.3 57.3 94.2 52.3 51.0 Q.III 68.5 80.9 61.7 72.8 62.0 67.6 67.6 94.5 56.2 53.9 Q.IV 69.7 79.2 69.8 65.4 64.4 78.7 78.7 94.5 83.7 53.8 2010/11 Q.I 69.6 78.8 71.8 66.8 66.5 91.4 91.4 94.5 85.3 47.9 Q.II 73.5 79.9 72.6 73.0 78.9 102.5 102.5 95.7 74.6 48.9 Q.III 77.2 81.7 63.2 80.1 85.9 110.2 110.2 95.6 71.9 61.2 Q.IV 90.0 91.1 71.1 87.2 104.5 109.3 109.3 98.0 121.7 79.1 2011/12 Q.I 98.1 96.6 92.4 95.7 104.5 108.0 108.0 97.3 148.4 89.0 Q.II 100.4 100.6 100.2 94.7 96.7 101.4 101.4 100.2 133.8 94.7 Q.III 103.1 99.9 101.8 110.2 97.4 103.4 114.6 100.5 107.9 103.3 Q.IV 108.6 104.2 128.1 117.9 89.5 104.0 129.4 101.4 114.6 117.0 2012/13 Q.I 112.3 108.8 149.3 128.7 84.1 113.2 128.6 102.5 124.6 125.5 Q.II 112.1 110.7 147.8 129.3 86.0 123.8 117.5 101.4 126.2 129.7 Q.III 109.6 109.6 150.6 129.9 90.2 129.5 101.2 101.0 129.8 129.0 Q.IV 113.0 109.7 150.1 120.6 90.3 135.4 122.1 103.3 141.2 127.0 2013/14 Q.I 122.1 116.6 151.2 130.5 86.5 131.3 151.9 104.4 147.8 133.1 Q.II 121.8 122.9 149.8 126.7 89.6 128.5 125.9 106.8 147.9 137.3 Q.III 117.4 116.8 149.0 129.6 85.2 134.7 121.9 106.6 148.1 132.1 Q.IV 117.7 115.8 153.8 136.2 86.5 136.2 123.2 106.9 150.0 132.0 2014/15 Q.I 127.0 121.7 152.0 148.5 114.6 130.0 141.7 107.0 146.9 135.6 Q.II 129.4 124.0 163.6 149.0 114.7 142.1 144.7 113.6 148.1 135.2 Q.III 129.4 122.4 173.2 150.1 114.9 153.5 150.9 107.3 150.5 129.3 Q.IV 130.9 123.2 185.8 172.4 91.4 149.6 164.3 107.3 149.2 128.1 2015/16 Q.I 130.4 123.7 200.1 182.2 91.2 155.7 154.6 108.5 150.4 126.3 Q.II 129.7 123.2 200.0 173.1 91.2 154.9 154.6 110.6 149.9 127.1 Q.III 132.9 124.0 202.8 175.3 91.3 164.6 170.1 113.4 151.0 123.4 Q.IV 133.6 125.9 204.6 176.2 91.3 168.0 167.9 113.3 150.1 122.8 2016/17 QI 133.4 127.6 205.9 177.9 91.2 169.3 156.9 120.0 152.7 123.8 QII 146.5 130.7 228.2 199.6 101.4 163.7 196.3 134.0 194.8 139.4 QIII 143.8 127.8 228.0 198.8 101.6 182.9 178.6 141.4 217.7 143.6 QIV 151.1 131.8 234.8 197.5 102.3 198.7 194.3 144.3 271.4 147.6 2017/18 QI 156.5 138.0 244.1 208.8 102.4 238.0 187.0 146.3 304.4 157.5 QII 162.1 146.1 249.8 203.3 102.3 235.6 196.6 148.6 298.9 161.4 QIII 167.3 148.6 255.1 209.3 102.5 246.9 208.1 166.3 313.5 162.9

102 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F5): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 35.7 33.6 45.9 35.3 135.0 28.7 28.7 40.9 85.7 26.6 Q.II 37.6 35.0 45.5 35.6 144.3 30.7 30.7 41.8 100.0 30.7 Q.III 39.5 35.6 46.1 35.4 154.5 40.6 40.6 48.3 100.0 31.7 Q.IV 47.0 57.1 49.6 34.2 166.6 42.5 42.5 54.2 100.6 32.7 2008/09 Q.I 79.1 95.5 50.9 40.9 169.4 54.7 54.7 64.6 101.9 32.8 Q.II 69.3 86.2 55.3 58.5 167.6 59.0 59.0 67.3 91.7 31.9 Q.III 59.2 76.7 56.6 57.5 169.4 55.3 55.3 69.9 51.4 28.3 Q.IV 63.2 80.6 55.1 58.0 165.4 56.4 56.4 71.2 49.4 27.5 2009/10 Q.I 68.1 85.6 58.1 61.1 159.5 56.0 56.0 75.1 39.9 34.3 Q.II 60.9 78.2 58.9 63.8 165.2 59.0 59.0 77.4 41.0 40.9 Q.III 58.8 75.5 59.3 69.2 166.2 57.7 57.7 78.3 45.7 36.6 Q.IV 57.6 72.6 67.0 72.3 173.5 60.6 60.6 81.3 66.7 37.5 2010/11 Q.I 59.1 69.6 67.2 78.1 175.8 62.9 62.9 79.2 82.8 46.7 Q.II 62.3 69.3 68.0 75.1 195.8 71.6 71.6 82.7 85.7 64.6 Q.III 65.0 71.5 66.9 77.5 219.8 70.2 70.2 82.9 86.0 81.3 Q.IV 79.4 83.1 67.6 79.7 266.2 74.6 74.6 90.3 117.8 97.1 2011/2012 Q.I 91.0 94.2 75.8 86.1 281.1 79.4 79.4 101.4 126.0 100.8 Q.II 99.5 100.2 94.0 94.7 304.2 95.0 95.0 98.2 130.2 108.7 Q.III 107.0 106.3 108.7 112.1 102.6 100.4 115.9 103.0 102.4 93.9 Q.IV 115.4 114.4 118.6 119.1 106.3 107.9 135.6 108.7 106.7 87.2 2012/13 Q.I 118.1 120.0 122.4 119.2 104.0 121.2 133.4 108.4 121.3 79.5 Q.II 112.5 100.1 130.8 117.8 104.4 125.9 127.7 108.0 131.4 77.4 Q.III 111.2 92.9 138.0 124.1 104.0 132.6 121.2 107.3 134.5 77.8 Q.IV 117.2 104.7 140.0 140.1 103.7 143.1 124.0 107.6 135.3 76.8 2013/14 Q.I 122.1 118.0 141.5 144.0 103.6 103.8 127.8 109.6 135.4 74.7 Q.II 123.4 119.8 142.0 147.7 103.6 76.1 131.3 111.2 136.5 77.6 Q.III 122.6 107.6 149.3 148.5 104.1 109.6 139.3 112.2 137.6 75.9 Q.IV 128.8 114.9 153.1 148.5 105.5 140.9 140.6 115.4 136.0 100.8 2014/15 Q.I 129.9 125.1 149.5 145.2 104.2 127.0 132.2 110.5 141.8 99.2 Q.II 126.0 106.7 152.4 144.8 101.5 137.2 137.1 115.8 142.5 111.5 Q.III 130.6 102.9 155.1 182.8 95.8 132.5 167.3 118.5 140.5 102.4 Q.IV 132.9 110.9 165.9 182.7 97.9 130.3 157.8 120.7 139.6 84.9 2015/16 Q.I 145.2 120.0 182.9 195.9 100.0 144.1 180.8 124.1 148.4 89.0 Q.II 142.3 114.1 181.6 196.2 100.4 145.8 179.6 123.3 147.0 85.0 QIII 140.9 110.5 179.8 200.3 101.0 145.5 182.2 122.1 141.3 84.3 QIV 139.8 108.7 179.2 202.9 100.9 145.0 180.0 122.8 140.5 83.0 2016/17 QI 139.1 109.8 177.8 203.9 100.3 145.3 175.9 123.5 143.6 79.2 QII 149.2 120.0 191.1 226.0 93.2 146.2 171.5 162.6 164.2 97.8 QIII 151.1 120.2 192.6 218.5 93.8 143.2 176.0 153.2 192.2 97.3 QIV 160.0 140.8 194.9 217.6 99.9 143.4 182.8 154.4 196.3 92.1 2017/18 QI 169.7 172.3 196.7 225.5 96.9 138.4 174.3 154.2 184.4 93.0 QII 165.7 146.4 205.0 230.5 100.5 140.5 181.4 179.2 190.4 103.5 QIII 168.1 148.6 211.3 236.9 105.1 145.0 180.7 165.3 197.2 99.0

Third Quarter 2017/18 103 National Bank of Ethiopia Quarterly Bulletin Table 21 (F6): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 32.3 39.5 41.5 43.9 51.2 54.9 54.9 74.0 91.5 12.6 Q.II 33.2 40.7 40.5 43.7 56.1 56.6 56.6 74.8 86.0 13.2 Q.III 36.1 45.9 41.9 44.8 64.6 83.2 83.2 78.7 93.7 14.0 Q.IV 47.7 64.4 48.2 54.6 73.7 70.9 70.9 85.6 108.5 25.5 2008/09 Q.I 60.0 91.6 55.1 67.3 78.3 83.3 83.3 90.0 120.8 27.8 Q.II 59.1 92.0 55.0 61.5 72.8 75.7 75.7 92.8 98.3 28.3 Q.III 57.3 87.8 52.5 51.6 72.8 78.5 78.5 94.4 74.6 29.6 Q.IV 58.3 85.6 53.8 59.7 69.0 76.6 76.6 94.8 53.0 32.8 2009/10 Q.I 58.7 85.1 56.4 61.7 66.8 71.4 71.4 95.4 49.8 33.5 Q.II 58.9 81.9 56.6 61.8 68.0 69.4 69.4 94.4 49.7 36.8 Q.III 61.1 80.6 57.8 61.0 72.4 74.1 74.1 94.8 57.6 42.4 Q.IV 61.9 78.0 59.7 62.1 75.9 81.1 81.1 95.4 71.4 43.3 2010/11 Q.I 64.2 78.3 66.0 67.6 77.1 99.6 99.6 95.0 72.2 44.0 Q.II 68.5 78.2 70.4 69.7 89.3 111.6 111.6 95.8 67.2 50.1 Q.III 75.3 78.4 62.5 74.1 103.2 125.0 125.0 96.9 73.2 66.4 Q.IV 82.0 90.5 81.8 91.5 130.4 115.5 115.5 99.2 109.0 66.4 2011/12 Q.I 88.0 94.0 95.9 101.0 98.3 111.3 111.3 99.4 135.5 72.2 Q.II 92.0 99.9 98.6 101.2 100.2 102.5 102.5 99.8 137.7 78.4 Q.III 102.8 101.6 100.1 101.0 100.9 111.2 114.2 100.4 101.9 101.3 Q.IV 114.0 107.3 128.5 103.7 130.3 108.2 134.6 101.2 117.1 105.6 2012/13 Q.I 117.8 115.1 141.7 106.5 99.8 117.8 130.8 101.7 124.1 114.7 Q.II 119.4 118.1 144.4 114.0 98.7 109.1 127.1 101.2 113.9 115.3 Q.III 116.0 115.6 143.7 118.6 93.9 117.0 109.6 100.5 116.8 108.3 Q.IV 122.9 118.1 165.2 120.1 94.0 118.1 141.5 101.7 116.0 100.2 2013/14 Q.I 132.3 125.4 176.4 129.4 94.7 121.2 170.3 101.5 117.2 110.2 Q.II 131.6 132.9 168.5 120.6 94.8 107.6 146.3 100.7 115.3 104.0 Q.III 129.1 127.1 169.9 129.3 94.5 120.6 142.5 100.6 118.6 100.7 Q.IV 133.0 128.0 179.7 135.3 94.9 139.3 159.4 100.9 115.6 100.0 2014/15 Q.I 142.4 138.0 194.2 144.7 96.0 131.1 176.6 100.5 112.5 103.8 Q.II 144.1 142.3 187.7 137.9 96.1 128.2 182.4 101.4 117.6 100.7 Q.III 144.8 141.3 187.8 143.3 96.5 178.0 183.9 101.0 134.3 91.5 Q.IV 151.2 145.7 205.2 146.8 97.6 170.8 190.7 99.9 167.8 88.2 2015/16 Q.I 152.1 144.4 206.3 155.6 96.7 142.1 185.0 99.0 214.2 85.1 Q.II 153.9 146.1 206.4 156.3 97.6 137.1 190.8 99.9 216.5 85.8 QIII 155.1 142.1 208.1 165.2 98.4 137.7 209.6 99.4 224.1 85.83333333 QIV 156.6 144.0 207.6 165.1 98.4 146.5 214.8 108.2333333 218.4666667 83.9 2016/17 QI 155.7 143.8 206.7 165.4 98.4 151.3 207.7 116.6 211.9 83.7 QII 169.1 150.0 244.0 200.9 96.4 153.4 241.1 124.0 167.1 118.4 QIII 165.8 139.5 253.1 202.5 97.8 164.8 237.6 122.0 193.2 123.8 QIV 175.8 152.5 267.2 207.8 117.7 184.2 229.1 130.1 215.6 114.0 2017/18 QI 185.6 166.7 258.1 219.6 126.7 198.6 236.2 136.0 224.6 124.7 QII 186.4 174.6 253.9 217.0 105.2 201.4 239.3 130.7 191.8 121.4 QIII 184.1 168.7 248.3 249.5 104.3 219.3 223.0 125.4 209.7 117.9

104 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F7): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 37.8 37.0 44.7 39.7 37.4 35.0 35.0 40.1 77.8 27.1 Q.II 40.4 40.0 44.7 40.8 42.2 39.1 39.1 39.3 79.9 28.5 Q.III 45.2 45.5 48.6 46.3 46.0 49.4 49.4 43.9 81.7 29.3 Q.IV 57.5 60.8 54.8 52.3 52.0 54.9 54.9 48.2 93.0 31.6 2008/09 Q.I 73.3 85.7 60.5 56.3 52.1 54.2 54.2 59.2 103.7 32.0 Q.II 65.9 79.2 60.6 58.0 49.1 53.2 53.2 61.8 77.9 33.0 Q.III 61.8 72.8 60.7 59.7 45.5 63.8 63.8 72.3 51.6 34.9 Q.IV 62.5 71.4 62.5 64.8 44.5 69.8 69.8 76.5 41.9 35.9 2009/10 Q.I 62.8 73.7 63.9 65.6 45.6 59.5 59.5 78.2 43.1 37.8 Q.II 60.2 70.5 63.3 65.6 46.0 58.9 58.9 78.3 48.4 41.4 Q.III 60.9 70.6 64.9 68.6 46.3 64.4 64.4 85.5 56.8 42.4 Q.IV 61.2 68.3 67.0 70.3 49.7 67.3 67.3 87.6 73.8 41.8 2010/11 Q.I 62.2 67.6 70.3 74.2 54.1 70.0 70.0 85.2 83.5 47.8 Q.II 66.1 67.1 70.1 78.3 66.5 83.3 83.3 88.8 74.5 59.0 Q.III 73.8 70.2 63.2 87.0 72.4 98.6 98.6 85.7 77.2 77.3 Q.IV 88.0 82.5 70.6 94.4 101.9 101.8 101.8 88.9 111.9 86.3 2011/12 Q.I 95.1 91.5 89.2 98.3 105.9 90.2 90.2 90.7 124.4 85.4 Q.II 99.6 98.3 95.6 99.3 100.8 94.8 94.8 97.2 123.4 94.3 Q.III 107.6 104.6 109.7 113.3 105.0 103.6 112.3 100.4 111.3 93.3 Q.IV 116.5 112.4 132.5 128.6 114.1 101.7 126.8 100.1 117.1 84.6 2012/13 Q.I 117.0 118.5 141.4 126.9 110.5 120.3 124.6 103.5 105.5 85.1 Q.II 114.9 118.2 143.6 128.4 105.5 138.4 114.6 108.2 97.9 81.7 Q.III 114.5 114.9 149.0 135.2 105.6 129.3 114.7 117.2 91.0 77.9 Q.IV 116.0 117.1 149.2 136.1 109.6 126.7 118.5 116.4 91.1 75.9 2013/14 Q.I 121.3 127.0 156.5 139.8 108.3 132.8 121.8 124.6 92.4 75.4 Q.II 124.6 134.4 159.5 140.3 107.2 130.7 118.4 123.4 94.3 76.3 Q.III 121.0 117.2 161.7 146.9 112.1 136.7 124.1 121.4 90.8 77.5 Q.IV 126.2 123.1 165.8 152.5 118.7 127.8 128.1 123.8 107.7 91.2 2014/15 Q.I 133.3 130.1 170.9 155.8 131.6 137.4 126.6 122.4 137.8 93.9 Q.II 134.3 127.8 172.3 158.0 134.7 135.0 134.5 127.4 126.8 95.9 Q.III 139.8 122.6 176.5 169.1 140.6 140.3 151.4 124.1 138.4 88.5 Q.IV 150.6 127.2 183.9 188.1 153.9 139.9 160.0 129.7 193.6 81.7 2015/16 Q.I 161.8 134.5 194.7 189.3 154.9 149.6 159.7 126.7 296.2 79.1 Q.II 164.5 134.7 197.9 189.8 154.2 153.6 163.2 127.7 318.8 79.4 QIII 154.7 135.1 199.6 196.8 148.1 159.5 158.0 127.4 202.6 78.1 QIV 153.9 135.5 200.0 199.7 147.2 159.9 156.3 129.7 188.0 77.0 2016/17 QI 154.0 135.4 200.1 203.6 146.3 161.5 159.1 134.6 175.4 75.2 QII 156.0 146.0 210.7 206.4 152.4 159.2 160.7 159.1 137.4 98.9 QIII 155.6 139.5 213.5 212.5 156.9 165.8 165.0 153.0 127.1 95.8 QIV 166.7 154.4 227.1 228.5 164.0 174.5 187.3 147.2 128.3 92.6 2017/18 QI 173.7 172.2 239.5 227.6 160.4 197.8 183.2 148.9 127.9 97.3 QII 179.4 182.0 246.7 230.0 155.8 215.0 186.3 141.0 138.2 106.3 QIII 186.8 173.6 261.2 242.2 158.9 223.0 199.3 134.7 198.9 99.3

Third Quarter 2017/18 105 National Bank of Ethiopia Quarterly Bulletin Table 21 (F8): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 37.0 35.4 42.9 38.6 45.5 33.1 33.1 39.0 49.8 28.3 Q.II 38.6 36.9 44.1 40.7 49.9 36.5 36.5 38.5 57.7 29.8 Q.III 43.4 40.3 46.2 42.7 58.7 46.1 46.1 43.9 57.4 31.6 Q.IV 56.7 58.3 52.8 48.2 64.6 55.4 55.4 50.5 65.9 34.6 2008/09 Q.I 71.9 84.6 60.2 52.1 63.0 49.1 49.1 59.6 73.9 36.9 Q.II 62.6 75.7 59.4 54.7 63.0 49.9 49.9 64.3 55.7 34.4 Q.III 58.4 67.6 55.6 58.9 61.4 55.0 55.0 71.9 38.8 31.9 Q.IV 60.6 69.4 58.5 61.4 67.3 59.9 59.9 73.3 30.4 33.0 2009/10 Q.I 61.2 71.6 62.1 64.9 63.5 54.7 54.7 74.2 29.8 40.7 Q.II 60.9 68.0 62.6 68.7 64.6 60.6 60.6 76.8 37.1 40.4 QIII 60.6 66.7 62.9 71.7 64.4 61.7 61.7 79.8 44.2 37.8 Q.IV 58.9 65.4 66.1 71.4 65.5 57.6 57.6 81.2 58.1 38.9 2010/11 Q.I 59.1 62.2 67.3 72.5 66.7 64.3 64.3 81.3 73.9 46.7 Q.II 63.0 62.9 68.7 79.0 78.6 74.1 74.1 86.2 58.3 56.9 Q.III 73.5 71.2 59.7 84.6 89.3 92.2 92.2 86.7 65.2 86.0 Q.IV 91.5 85.6 67.1 90.0 118.4 102.3 102.3 91.4 91.6 107.3 2011/12 Q.I 98.0 98.6 87.5 93.4 102.7 80.0 80.0 94.5 98.6 113.5 Q.II 100.5 99.6 97.1 98.0 98.9 96.9 96.9 97.4 102.1 107.3 Q.III 109.3 103.5 110.1 109.6 107.3 103.6 115.3 101.1 103.9 105.1 Q.IV 120.1 116.6 129.6 112.8 121.5 102.6 127.6 102.1 109.0 96.1 2012/13 Q.I 123.1 126.9 139.8 114.1 109.5 113.1 127.7 97.9 108.3 92.1 Q.II 121.7 111.2 140.9 118.6 107.2 132.6 136.0 99.5 105.1 87.5 Q.III 122.6 109.1 144.5 124.0 108.9 120.4 140.5 102.0 102.9 78.8 Q.IV 125.5 120.7 153.1 129.5 110.8 109.9 136.8 102.7 104.3 79.2 2013/14 Q.I 130.6 128.5 155.7 131.3 108.5 107.7 142.8 100.3 104.0 82.7 Q.II 129.7 123.5 164.1 134.5 109.9 119.8 142.3 100.1 108.0 78.1 Q.III 131.2 115.2 165.5 140.8 113.5 114.4 151.2 100.4 110.2 74.0 Q.IV 135.9 126.0 169.9 140.6 118.1 108.2 148.1 100.9 112.4 102.6 2014/15 Q.I 134.9 129.6 171.6 149.1 115.1 112.3 141.2 101.8 104.8 112.5 Q.II 134.0 115.0 174.1 152.5 120.9 128.5 146.0 105.1 116.5 113.8 Q.III 138.0 112.9 176.3 160.2 129.9 135.6 154.9 104.4 129.3 105.4 Q.IV 149.2 121.2 183.7 166.1 137.1 124.0 171.4 103.3 155.0 103.9 2015/16 Q.I 152.3 128.5 193.5 167.7 134.3 138.1 168.9 104.2 190.3 97.9 Q.II 150.3 124.4 196.0 168.4 135.0 143.8 165.3 105.5 202.1 95.1 QIII 148.1 123.9 194.5 172.6 132.3 151.9 163.7 102.3 193.6 82.8 QIV 148.9 126.3 195.3 175.8 130.5 152.7 165.3 101.5 183.1 81.2 2016/17 QI 150.8 127.5 195.3 180.6 129.7 151.3 168.4 104.8 187.5 81.4 QII 162.6 140.8 207.3 191.9 130.0 164.7 179.4 112.1 203.5 96.2 QIII 172.5 144.7 212.6 198.3 142.8 163.8 196.7 114.1 215.2 94.9 QIV 193.0 173.5 224.1 207.8 158.7 168.8 218.4 115.3 233.3 99.8 2017/18 QI 197.5 191.9 234.7 212.7 151.9 191.1 211.7 115.3 242.7 108.9 QII 201.0 179.1 244.0 228.1 148.0 222.6 225.9 110.1 231.7 117.0 QIII 211.9 171.8 246.4 239.7 154.3 235.5 256.3 108.3 233.1 111.2

106 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F9): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 34.1 34.9 30.6 29.6 37.6 40.4 40.4 30.6 72.7 37.3 Q.II 35.3 36.8 34.8 30.3 45.6 40.4 40.4 29.2 66.7 36.3 Q.III 39.5 40.6 35.4 35.0 50.0 56.0 56.0 32.9 57.0 42.7 Q.IV 47.9 51.3 38.2 42.2 58.3 64.0 64.0 38.4 65.3 46.9 2008/09 Q.I 65.0 78.9 44.4 51.2 63.7 71.1 71.1 43.8 79.4 42.8 Q.II 59.4 71.6 43.4 52.3 60.6 66.5 66.5 50.0 60.0 44.6 Q.III 59.9 69.4 46.1 58.7 59.0 69.9 69.9 50.0 53.7 58.3 Q.IV 62.4 69.8 50.2 66.3 58.7 75.0 75.0 50.1 44.2 64.1 2009/10 Q.I 63.3 71.0 51.3 64.9 57.0 71.8 71.8 50.3 36.4 62.3 Q.II 63.9 72.2 55.1 64.9 58.4 68.0 68.0 50.2 40.0 62.8 Q.III 64.4 73.8 55.1 69.6 60.0 63.3 63.3 50.4 40.6 71.0 Q.IV 64.2 72.7 61.1 59.5 63.0 71.2 71.2 52.8 52.9 68.5 2010/11 Q.I 64.8 67.9 68.0 64.1 65.4 83.2 83.2 60.4 71.5 69.3 Q.II 75.1 69.3 73.6 78.1 77.0 98.3 98.3 72.7 58.4 106.3 Q.III 80.7 75.1 63.7 85.0 89.9 99.0 99.0 78.2 61.0 111.9 Q.IV 89.5 83.8 74.8 89.7 98.2 114.0 114.0 83.0 86.3 108.0 2011/12 Q.I 93.4 94.1 93.5 89.7 105.5 106.4 106.4 94.7 114.5 81.1 Q.II 96.5 97.9 94.4 91.4 98.3 101.2 101.2 98.8 109.7 90.4 Q.III 105.1 104.1 110.4 106.1 100.9 126.5 112.5 102.8 110.0 118.7 Q.IV 109.9 104.9 127.3 106.5 100.5 119.0 133.7 115.8 119.4 123.0 2012/13 Q.I 111.5 105.2 137.0 108.5 102.0 127.3 136.1 114.9 119.1 161.1 Q.II 116.7 111.7 136.2 121.3 100.5 139.2 125.7 115.3 126.4 183.2 Q.III 115.9 110.4 144.9 124.0 101.2 145.5 105.4 115.5 127.4 181.0 Q.IV 117.8 111.9 150.3 116.5 100.6 130.3 134.4 118.3 133.9 192.2 2013/14 Q.I 120.1 115.1 157.9 118.2 96.5 154.9 157.7 113.4 139.5 200.2 Q.II 122.9 122.4 151.0 125.8 98.0 160.2 131.6 111.7 145.4 191.0 Q.III 124.9 123.2 141.5 133.3 97.7 178.1 139.0 110.2 155.3 203.8 Q.IV 124.2 123.5 146.3 123.5 97.6 183.7 144.6 110.8 156.1 208.8 2014/15 Q.I 128.4 128.0 151.9 131.3 104.9 224.5 152.9 110.7 154.2 203.7 Q.II 129.1 130.0 152.2 128.8 106.5 182.9 151.6 110.7 157.7 209.2 Q.III 130.2 127.1 156.7 135.4 106.1 210.9 158.2 114.4 156.8 214.4 Q.IV 134.1 129.9 154.3 147.7 107.2 227.2 166.6 114.1 163.8 217.9 2015/16 Q.I 133.6 129.3 165.3 142.0 109.5 202.5 153.1 117.7 164.8 223.4 Q.II 134.9 131.8 160.1 147.0 109.4 208.5 147.9 117.9 160.8 221.8 QIII 136.7 131.9 155.8 155.3 107.1 253.4 160.7 119.8 154.5 213.6 QIV 138.1 132.9 160.2 158.9 105.9 257.6 160.6 120.7 160.4 213.4 2016/17 QI 139.8 134.1 163.7 165.3 105.4 256.7 154.3 122.3 160.4 213.4 QII 148.8 132.4 179.9 177.3 109.2 210.8 176.9 151.9 176.6 218.3 QIII 156.6 138.5 173.6 190.4 129.2 235.3 171.1 159.6 187.4 222.3 QIV 163.1 146.0 220.9 194.4 140.0 256.3 185.7 154.8 206.9 206.7 2017/18 QI 160.1 147.0 217.6 173.3 141.9 240.9 191.7 153.5 208.3 200.7 QII 175.4 165.6 244.6 182.0 146.6 233.7 225.1 165.9 220.3 210.1 QIII 176.9 168.5 249.8 176.9 146.0 274.9 198.3 175.8 227.6 209.6

Third Quarter 2017/18 107 National Bank of Ethiopia Quarterly Bulletin Table 21(F10): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 46.4 37.8 43.3 38.6 43.2 42.9 42.9 45.6 105.0 21.7 Q.II 49.6 40.6 43.5 39.2 47.7 48.6 48.6 45.0 113.3 25.1 Q.III 53.6 45.5 43.8 40.6 58.2 49.6 49.6 49.8 103.9 26.8 Q.IV 66.6 58.7 47.4 44.9 65.3 55.8 55.8 54.6 115.3 29.2 2008/09 Q.I 89.5 83.5 51.1 53.5 64.7 64.8 64.8 66.6 136.5 30.4 Q.II 84.3 80.5 50.2 57.4 60.5 65.1 65.1 66.6 110.7 28.7 Q.III 75.9 74.1 50.1 56.5 58.1 65.9 65.9 78.0 65.7 29.5 Q.IV 74.1 75.4 52.2 58.5 56.9 73.3 73.3 81.6 51.2 30.6 2009/10 QI 74.9 76.8 56.8 63.7 53.0 74.2 74.2 84.7 49.9 31.6 QII 75.4 76.3 55.3 65.9 54.8 61.6 61.6 90.6 51.3 39.6 QIII 73.5 75.1 54.5 63.3 57.3 63.4 63.4 94.2 59.5 41.1 Q.IV 75.8 75.7 59.1 68.4 61.5 68.7 68.7 99.3 82.1 41.3 2010/11 Q.I 75.8 75.8 62.7 70.9 64.2 78.1 78.1 93.4 85.2 41.0 Q.II 74.3 71.9 64.3 79.3 79.2 82.9 82.9 95.8 79.4 46.3 Q.III 76.6 72.5 64.2 78.3 84.6 82.6 82.6 92.8 79.2 66.0 Q.IV 88.8 81.3 72.5 81.4 107.8 94.0 94.0 100.9 117.0 91.6 2011/12 Q.I 98.1 87.3 92.7 95.3 102.0 103.6 103.6 95.0 141.6 92.6 Q.II 101.7 94.4 99.7 99.8 99.9 100.0 100.0 97.2 135.4 96.9 Q.III 106.0 105.9 105.0 102.4 106.4 94.1 107.0 100.4 111.1 102.6 Q.IV 115.6 119.1 122.1 114.2 107.4 100.3 113.6 98.5 117.5 100.1 2012/13 Q.I 122.9 127.3 133.2 122.7 110.1 113.0 119.0 99.9 139.3 85.3 Q.II 119.8 131.4 134.9 132.5 105.6 121.0 98.1 99.2 128.6 79.1 Q.III 118.2 132.4 135.0 130.1 107.0 121.0 87.5 102.4 126.4 77.4 Q.IV 124.3 143.3 138.3 131.2 109.2 98.2 94.0 102.7 128.3 75.5 2013/14 Q.I 136.2 155.4 150.2 141.1 108.8 68.0 123.1 99.1 132.5 76.5 Q.II 131.9 154.2 149.6 143.4 106.7 74.1 103.3 99.7 130.5 73.7 Q.III 124.6 137.3 148.8 137.5 111.7 74.1 102.1 99.2 128.5 75.3 Q.IV 128.1 140.3 156.2 132.4 113.1 74.1 104.9 99.1 130.8 83.3 2014/15 Q.I 130.4 142.1 150.4 146.6 116.4 83.5 109.8 99.9 134.8 90.2 Q.II 131.3 137.3 149.0 154.4 113.5 96.0 126.7 98.1 134.6 93.5 Q.III 127.2 127.8 149.8 142.7 117.3 102.7 123.3 99.5 138.3 91.8 Q.IV 129.2 127.2 153.6 148.2 112.6 102.7 129.9 99.5 147.4 91.3 2015/16 Q.I 139.6 138.2 153.8 159.5 120.3 93.4 146.8 99.6 174.1 87.0 Q.II 143.3 140.4 154.9 161.4 123.9 101.6 151.0 99.6 191.5 85.2 QIII 146.7 144.5 153.5 160.1 118.3 125.7 156.0 103.3 204.3 82.4 QIV 146.6 145.1 154.9 161.0 116.6 125.7 154.0 107.8 204.8 79.8 2016/17 QI 147.0 145.5 155.9 148.1 114.1 125.7 158.4 122.3 199.3 79.3 QII 156.9 155.6 176.7 168.6 118.6 125.7 152.8 129.9 224.9 85.0 QIII 153.9 148.4 176.2 162.7 123.3 125.7 145.1 125.5 230.9 94.0 QIV 163.9 157.1 191.5 168.7 132.4 125.7 153.7 127.3 254.8 91.5 2017/18 QI 171.4 171.4 202.1 178.2 131.1 125.7 155.4 136.3 252.1 90.3 QII 177.6 181.3 205.4 187.3 120.0 125.7 164.1 126.7 255.4 95.6 QIII 174.6 186.2 210.1 182.3 119.8 125.7 159.3 123.2 206.5 97.9

108 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 22 A1: Ethiopia: Direction of External Trade: EXPORT In thousands of Birr Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia Country of Destination 2010 2011 2012 2013 2014 2015 2016 Djibouti 849144.8 1172260.1 2313228.9 1380433.1 3747193.9 1941788.5 2350936.7 Egypt 585058.5 764013.2 768260.3 818229.2 1012133.0 684520.9 315108.1 Ghana 2094.8 1117.1 9582.3 4292.2 136.8 6863.1 832.1 Kenya 54434.1 176485.4 190932.3 269555.1 431754.9 656490.8 625147.6 Libia 1834.5 2297.5 68040.2 0.0 4163.4 0.0 0.0 Morocco 10976.1 28363.6 11632.6 15895.1 3746.1 2040.4 6841.3 Nigeria 2215.0 2990.0 10297.6 2735.2 47617.8 63719.5 90565.5 Ruwanda 569.9 1114.0 993.9 9793.9 28670.2 42368.3 57909.1 Somali Land 0.0 Somalia 3139271.5 4061406.4 5989640.7 5798201.3 6371904.9 6240561.4 5827108.7 South Africa 1030363.9 89326.4 194964.0 218061.1 257504.8 226770.4 260057.5 Sudan 2053243.9 2983061.3 2008904.2 1707190.9 1629734.3 1595427.4 993600.1 Tanzania 5959.6 3084.1 969.4 1045.6 15211.2 255.9 401.9 Uganda 24333.6 14963.0 7044.1 2765.9 10051.8 4295.5 5913.3 Zambia 369.2 20.4 119.4 503.8 110.0 2398.8 10974.8 Zembabwe 1147.8 3549.5 788.6 3632.8 4272.4 6716.0 4025.0 Others 146791.5 171537.0 289802.8 514287.0 792557.5 341524.6 477440.0 Total 7907808.6 9475589.2 11865201.5 10746622.1 14328992.6 11815745.3 11026861.7 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 Austria 365.7 1297.4 1644.6 1735.5 4310.4 2931.2 22747.8 Belgium 766865.8 1129952.5 1206977.6 1025131.4 1087850.9 1182982.5 1436499.1 Bulgaria 9100.7 17775.7 40564.4 82919.2 99420.1 86949.0 43611.4 Cyprus 1208.7 29.6 2392.2 3217.3 5007.8 640.5 151.2 Czech Republic 5564.4 3925.4 7320.4 5569.1 13779.0 21577.7 22939.8 Slovakia 0.0 1897.5 4395.7 1466.6 4072.5 Denmark 18362.4 14816.2 35758.1 32455.9 17723.0 20802.4 30025.0 Finland 38401.9 157776.1 87678.9 51661.1 80304.0 90939.5 90178.8 France 505675.0 823513.2 812971.3 530534.4 877613.3 682717.6 807422.0 Germany 3676129.0 5412655.7 5190387.9 3730991.2 3754508.5 4271155.2 3486254.3 Greece 104335.8 161358.8 136034.9 260072.5 235797.7 214131.5 209499.8 Hungary 4664.1 6030.5 29465.0 34564.1 18858.6 15129.0 18955.3 Ireland 225.2 4981.1 1335.4 4968.8 4393.8 11865.0 10363.8 Italy 767672.2 1830342.8 1265069.2 1127453.5 1244816.9 1071373.1 1101650.8 Netherlands 2325158.7 3589200.5 3513356.8 3160616.3 3899530.0 3910613.0 3911035.2 Norway 83421.5 114266.4 152810.3 141325.7 202256.0 193648.3 190592.2 Poland 20903.7 10005.3 2097.0 17660.3 23192.2 18930.3 9048.4 Portugal 13224.5 10264.5 58441.4 58595.2 107108.4 70872.1 127631.2 Rumania 26297.6 64555.6 79944.9 62136.7 63661.9 35255.4 12665.6 Spain 82768.8 202110.6 278937.8 188107.6 157484.0 312381.6 266256.9 Sweden 345076.1 631746.6 435154.5 264471.8 307877.4 333582.0 266867.3 Switzerland 4876617.7 8672031.8 9644798.9 9439555.7 7895981.9 6490540.8 5266886.0 Turkey 448459.6 793508.0 918743.3 1460875.2 1267997.9 854569.2 463675.1 Ukraine 1647.3 549.2 3605.7 1288.6 1569.6 9366.3 14853.7 United Kingdom 790362.3 1036992.2 804000.1 916862.0 888555.1 806313.4 1069053.4 Russia 87990.9 170085.7 210565.2 289418.9 405160.0 283476.8 289381.7 Yugoslavia 0.0 Others 32888.7 129769.9 228751.3 106316.3 121332.5 270792.0 639646.5 Total 15033388.3 24988711.1 25148807.1 23000401.7 22790486.7 21265002.1 19811964.8 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 Brazil 0.0 50.0 0.0 8764.8 9178.4 Canada 115069.8 173658.6 167388.9 166782.8 214767.3 216338.4 268404.1 Cuba 0.0 325.5 15043.2 0.0 0.0 Mexico 15924.2 41359.7 21189.4 15661.3 12529.3 37776.3 40458.2 United States 1387899.5 1571684.8 1741318.4 2223193.5 2413259.7 3913895.0 3733304.1 Others 40185.0 165850.0 147274.5 66745.5 886388.5 189789.5 231818.7 Total 1559078.4 1952553.1 2076859.0 2472758.7 3541988.1 4366563.9 4283163.5 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 China, Mainland 3330807.6 4764263.2 5167985.4 5682920.3 8071388.2 6145483.9 7498265.1 China, Taiwan 34908.6 34265.7 44820.6 114825.8 86264.9 134753.6 242155.2 Hong Kong 98715.7 378664.7 523566.5 655428.0 342188.3 434907.0 390835.7 India 401662.3 553031.3 667923.1 659101.4 947722.2 1323550.6 1440185.8 Indonesia 131343.7 219306.2 260365.2 442638.8 579643.5 419364.5 581396.8 Israel 752915.3 1079551.0 1112383.2 1822061.3 2016939.4 1697745.0 1366387.4 Japan 535178.4 596903.3 1260749.0 1423109.6 1884123.0 1388756.3 1541929.9 N.Korea, Pdrk 16724.9 54732.0 24451.6 40602.6 223.3 10146.1 31494.6 S.Korea 132137.3 235899.3 336747.5 428910.5 660360.4 902688.1 1114526.1 Kuwait 9424.2 45894.4 38566.8 53491.8 54954.6 59591.3 28418.5 Lebanon 10467.2 79992.5 41232.7 104309.0 90398.2 15787.8 16460.4 Malaysia 9871.6 5929.0 12398.4 57837.7 45580.5 5556.5 107335.2 Pakistan 333743.0 192626.5 768074.1 896279.3 678817.2 855052.2 1441769.4 Saudi Arabia 2057646.6 2837432.3 3085698.2 3075268.7 3836761.6 4028128.5 3981781.2 Singapore 90801.2 46255.1 27476.5 14236.7 22061.2 204215.6 128152.6 Yemen 263614.8 342272.8 379117.3 571866.5 734790.4 439271.6 362192.6 Thailand 35140.8 155088.6 140299.9 147971.0 111444.1 105215.7 94324.3 UAE 1119157.4 1284684.7 1340649.8 1395130.2 1931357.2 1791062.6 1982406.3 Others 370393.0 846426.7 1644761.6 1320681.0 1550549.5 1160854.1 1879038.7 Total 9737177.2 13654330.2 16785231.9 18906670.1 23645567.4 21122130.8 24229055.8 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 Australia 100714.1 199586.8 332554.2 246875.7 379097.3 417653.3 330080.8 Others 15655.1 55913.1 67670.3 127756.1 77090.7 84325.8 157422.4 Total 116369.2 255499.9 400224.5 374631.7 455711.7 501979.2 487503.3 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 Unspecified 0.0 Grand Total 34353821.8 50326683.5 56276324.1 55501084.2 64762746.5 59071421.3 59838549.1

Third Quarter 2017/18 109 National Bank of Ethiopia Quarterly Bulletin Table 22 A2: Ethiopia: Direction of External Trade: IMPORT In thousands of Birr Source: Ethiopian Customs Authority Continents Country 2010 2011 2012 2013 2014 2015 2016 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 Czech republic 1,012,206.1 236,047.0 441,959.6 Slovakia 118,520.7 40,796.1 89,981.4 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 Asia China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 Others 24,577,996.2 22,785,237.8 27,142,763.8 26,822,535.1 23,474,859.5 23,206,536.4 25,379,978.4 Total 82,600,681.2 98,800,401.1 146,401,883.6 140,643,557.9 212,305,178.3 229,899,884.7 218,753,773.5 Oceania Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 Unspecified 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 Grand total 121,889,145.3 150,434,677.4 211,124,145.4 201,848,232.5 303,076,356.2 343,504,673.4 355,911,369.3

110 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 22 B: Direction of Trade* (in millions of USD) Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Revenues and Customs Authority, while export data includes electricity export Continents Country of Origin 2016/17 2017/18 Percentage change QI QII QIII QIV QI QII QIII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import I J K L M N O P Q R S U U V W=U/M X=V/N Africa: Djibouti 43.1 - 27.5 - 31.1 - 31.27 - 29.6 0.0 32.8 0.0 26.8 0.1 (13.8) - Egypt 3.6 47.8 0.6 50.2 2.4 50.2 2.45 51.3 1.75 44.8 0.66 51.3 4.5 58.5 89.4 16.5 Ghana 0.0 0.00 0.2 0.03 0.0 0.02 0.1 0.1 0.0 381.8 1,453.4 Kenya 4.4 11.0 7.5 6.1 13.3 6.1 25.70 10.3 15.45 9.2 8.91 8.4 9.1 9.1 (31.8) 50.9 Libia - 0.0 - - - - - - - - - - - - - Morocco 0.0 0.2 0.1 35.7 0.2 35.7 0.07 141.5 0.13 0.0 0.06 75.8 0.1 105.5 (73.1) 195.4 Nigeria 0.3 - 1.3 0.0 2.4 0.0 10.39 1.9 1.48 32.2 9.43 3.7 2.1 1.4 (12.7) 47,627.2 Ruwanda 0.5 0.0 0.4 3.0 1.1 3.0 2.19 0.0 0.47 0.0 1.74 0.0 1.0 0.0 (8.4) (99.8) Somali Land - - - - - - - 0.5 - 0.3 - 0.2 - 0.0 - Somalia 79.5 0.4 61.9 0.6 60.9 0.6 63.53 - 63.46 - 55.95 - 43.7 - (28.3) (100.0) South Africa 2.9 48.0 1.8 38.9 5.2 38.9 3.07 61.8 1.54 59.3 1.00 51.2 2.7 56.0 (47.8) 44.0 Sudan 15.2 30.9 16.7 19.4 28.5 19.4 28.98 30.4 19.81 8.2 18.41 23.8 28.5 27.6 0.2 42.1 Tanzania 0.0 0.7 0.0 0.3 0.0 0.3 - 0.0 0.00 0.2 0.01 0.6 0.1 0.8 145.7 Uganda 0.0 0.2 0.0 0.0 0.1 0.0 0.06 0.0 0.11 0.1 0.14 0.1 0.1 0.0 13.1 (5.9) Zambia 0.1 0.3 0.2 0.0 0.2 0.0 0.15 0.3 0.12 0.0 0.11 0.1 0.2 0.0 32.7 1,033.1 Zembabwe 0.1 0.0 0.01 0.0 0.05 0.0 0.06 0.0 (77.4) 281.6 Others 7.9 4.5 13.2 7.3 6.3 7.3 17.71 2.0 9.68 1.1 10.22 22.3 25.8 1.2 311.0 (83.5) Total 157.8 144.2 131.4 161.5 151.6 161.5 183.21 300.1 143.73 155.5 139.51 237.7 144.7 260.3 (4.6) 61.2 %Share Of Continent 23.9 3.6 22.9 4.1 19.7 4.1 20.23 7.4 21.18 3.9 20.84 6.0 19.6 7.3 (0.86) 78.24 Europe: Austria 0.1 17.9 0.0 8.1 0.0 8.1 0.02 10.1 1.74 18.5 0.01 23.4 0.1 13.5 402.4 68.0 Belgium 17.7 50.5 10.9 57.5 26.8 57.5 31.79 46.3 22.69 42.7 15.02 32.9 14.6 14.7 (45.5) (74.5) Bulgaria 0.3 12.4 0.4 12.9 0.8 12.9 0.41 1.2 0.29 25.0 0.88 1.6 0.9 1.0 22.8 (92.3) Cyprus - 1.2 0.0 1.5 - 1.5 0.05 2.1 0.17 1.4 - 1.0 0.2 1.5 5.6 Czech Republic 0.3 6.3 0.3 4.0 0.2 4.0 0.13 8.5 0.07 4.5 0.13 2.6 0.0 4.9 (89.8) 21.0 Slovakia 0.0 2.3 0.1 0.5 0.1 0.5 0.10 0.2 0.10 0.3 0.02 0.4 0.0 3.6 (91.2) 669.6 Denmark 0.3 8.1 0.3 9.5 0.4 9.5 0.31 4.9 0.43 9.0 0.21 4.6 0.1 4.2 (81.1) (55.6) Finland 1.0 3.8 0.0 3.7 1.9 3.7 2.54 7.8 0.37 6.1 0.64 5.0 0.8 1.5 (56.9) (59.8) France 8.9 49.6 6.6 54.6 9.1 54.6 12.03 45.7 9.87 46.1 5.26 43.3 7.2 54.0 (20.6) (1.1) Germany 33.6 83.8 27.2 58.4 44.8 58.4 61.76 52.1 43.38 69.3 39.31 59.6 40.7 71.5 (9.1) 22.5 Greece 2.1 3.3 2.4 5.5 1.8 5.5 4.17 4.1 3.55 3.5 1.85 5.5 3.7 2.1 101.7 (61.6) Hungary 0.3 5.3 0.2 8.5 0.1 8.5 0.14 2.8 0.15 4.8 0.11 2.2 0.0 5.2 (80.3) (38.8) Ireland 0.0 8.7 0.1 8.1 0.1 8.1 0.43 16.4 0.02 8.3 0.11 5.5 0.1 7.5 (29.1) (7.7) Italy 12.2 144.8 9.3 203.9 17.0 203.9 20.36 209.9 14.59 143.9 8.22 167.2 10.9 110.2 (35.7) (46.0) Netherlands 43.2 16.2 38.8 16.2 51.2 16.2 52.34 147.4 47.56 29.9 40.17 24.0 53.6 26.2 4.7 62.2 Norway 2.2 4.6 1.6 1.0 1.7 1.0 2.45 1.0 1.73 0.9 1.18 0.7 1.3 1.4 (26.2) 38.9 Poland 0.1 5.5 0.1 48.6 0.0 48.6 0.39 11.5 0.11 5.2 0.01 10.4 0.1 6.4 107.7 (86.7) Portugal 1.3 4.4 1.7 2.1 2.8 2.1 1.23 4.3 1.43 3.6 1.22 2.8 1.7 2.5 (38.4) 19.6 Rumania 0.5 34.1 0.0 12.7 0.2 12.7 0.38 0.9 0.05 46.0 0.13 10.1 0.2 1.7 0.7 (86.8) Spain 2.0 41.5 2.0 42.5 4.1 42.5 3.08 40.3 4.22 42.1 3.23 22.0 2.4 12.7 (41.6) (70.2) Sweden 3.7 356.0 3.0 34.2 2.5 34.2 2.36 8.9 3.94 12.5 1.81 13.3 1.6 10.1 (36.8) (70.4) Switzerland 65.8 13.2 34.5 15.4 45.2 15.4 64.56 7.1 28.92 25.5 15.02 15.0 46.3 5.9 2.5 (61.6) Turkey 1.6 123.1 5.5 125.0 10.5 125.0 9.13 147.2 7.89 176.4 14.03 133.6 18.2 157.2 73.5 25.7 Ukraine 0.4 19.0 0.1 48.7 0.3 48.7 0.27 26.3 0.34 37.5 0.51 39.4 0.1 14.8 (54.7) (69.7) United Kingdom 13.9 36.4 11.7 47.9 14.4 47.9 16.75 54.2 15.13 85.0 8.25 31.8 8.6 63.2 (40.3) 32.0 Russia 3.9 11.8 3.3 17.2 4.9 17.2 5.07 11.9 5.48 2.6 5.83 33.3 3.1 35.2 (36.6) 104.6 Yugoslavia - - - - - - - 0.0 - - - 0.0 - - - Others 15.4 39.3 6.5 10.8 7.1 10.8 5.18 6.3 0.82 3.2 3.48 25.5 0.9 15.3 (87.3) 41.7 Total 230.8 1,103.3 166.3 858.9 248.2 858.9 297.43 879.3 215.05 853.7 170.43 716.6 217.6 648.1 (12.3) (24.5) %Share Of Continent 35.0 27.4 28.9 21.9 32.3 21.9 32.85 21.6 31.70 21.4 25.46 18.1 29.4 18.3 (8.89) (16.55) America: Brazil 0.4 6.8 - 40.3 - 40.3 0.00 16.7 0.07 58.0 - 54.0 - 16.7 (58.6) Canada 2.8 27.1 1.9 14.1 3.5 14.1 3.51 14.6 4.33 15.8 3.10 16.7 3.8 17.8 8.1 25.9 Cuba - 0.0 - 0.0 - 0.0 - 0.5 - 0.1 - 0.0 - 0.0 (35.4) Mexico 0.7 0.8 0.4 0.8 0.94 3.2 0.41 5.3 0.84 1.2 1.0 1.2 29.7 49.5 United States 35.4 229.6 19.3 291.0 49.4 291.0 77.34 247.4 60.79 301.1 35.82 438.9 65.0 247.0 31.5 (15.1) Others 7.3 3.2 7.6 2.1 5.0 2.1 2.98 1.9 0.37 1.9 3.16 2.6 0.7 3.2 (86.8) 49.6 Total 46.7 267.4 29.2 348.5 58.7 348.5 84.77 284.4 65.98 382.1 42.92 513.4 70.5 285.9 20.0 (17.9) %Share Of Continent 7.1 6.6 5.1 8.9 7.6 8.9 9.36 7.0 9.72 9.6 6.41 13.0 9.5 8.1 24.71 (9.25) Asia: China, Mainland 44.6 1,272.2 36.9 1,253.8 74.6 1,253.8 65.89 1,326.1 54.32 829.6 89.47 1,090.2 63.4 1,066.8 (15.1) (14.9) China, Taiwan 4.4 15.4 3.7 12.7 2.0 12.7 5.77 14.8 3.57 17.0 1.87 11.6 1.3 8.9 (35.8) (29.8) Hong Kong 4.2 1.7 3.8 2.0 3.9 2.0 6.54 1.8 4.65 104.1 4.34 2.2 3.5 0.7 (9.3) (64.4) India 19.0 346.6 7.6 329.1 15.4 329.1 10.11 263.4 9.73 240.6 11.23 258.7 29.3 238.8 90.7 (27.4) Indonesia 8.9 84.1 6.6 76.2 3.2 76.2 7.08 73.6 13.25 53.0 8.01 62.0 8.4 57.0 166.1 (25.2) Israel 13.5 9.0 15.3 3.4 17.7 3.4 19.56 12.2 17.88 53.2 25.26 7.1 31.8 3.3 79.5 (5.1) Japan 19.6 171.9 18.2 191.2 17.7 191.2 43.27 159.0 17.50 115.5 25.15 169.0 16.7 135.1 (5.7) (29.3) N.Korea, Pdrk 0.4 1.9 0.0 0.8 0.1 0.8 0.32 0.9 0.19 18.4 0.13 0.7 0.2 0.6 149.2 (27.8) S.Korea 9.4 41.8 12.0 37.8 14.7 37.8 18.31 49.8 12.37 107.8 10.27 41.1 10.7 40.2 (26.7) 6.4 Kuwait 0.4 192.4 0.2 212.4 0.4 212.4 0.64 111.3 0.64 125.6 0.68 422.9 0.4 329.2 (4.4) 55.0 Lebanon 0.1 1.4 0.2 0.6 0.3 0.6 0.74 1.3 0.50 34.6 0.48 0.2 0.8 0.3 125.9 (37.0) Malaysia 2.2 68.4 0.7 79.0 0.2 79.0 0.43 88.6 0.04 67.3 0.06 92.4 0.5 84.1 113.7 6.5 Pakistan 10.6 5.5 20.9 10.0 15.7 10.0 1.47 10.0 3.56 55.6 6.10 10.3 4.1 23.2 (73.9) 131.5 Saudi Arabia 39.2 68.9 44.7 100.5 50.3 100.5 61.23 150.8 39.06 141.2 56.57 93.8 51.2 32.9 1.7 (67.2) Singapore 0.5 9.9 0.6 3.5 0.8 3.5 2.29 6.2 2.56 3.6 6.57 6.2 2.6 3.9 244.5 11.7 Yemen 3.4 1.3 5.7 0.5 4.5 0.5 6.68 1.1 17.44 16.0 7.19 0.2 9.4 0.1 107.3 (74.1) Thailand 1.4 30.4 0.7 33.3 0.6 33.3 1.28 44.9 1.13 59.9 1.40 64.9 1.6 26.8 158.5 (19.5) UAE 22.0 99.7 21.7 103.7 39.9 103.7 35.92 90.6 30.81 52.0 22.52 64.6 24.2 195.3 (39.3) 88.4 Others 14.2 90.7 44.8 94.1 42.5 94.1 41.77 189.7 16.37 498.0 35.72 93.9 44.2 102.2 3.9 8.6 Total 218.0 2,513.2 244.4 2,544.4 304.6 2,544.4 329.32 2,596.1 245.59 2,593.1 313.37 2,492.0 304.3 2,349.4 (0.1) (7.7) %Share Of Continent 33.1 62.3 42.5 64.9 39.7 64.9 36.37 63.8 36.20 65.0 46.81 62.9 41.2 66.3 3.78 2.12 Oceania: Australia 4.3 1.8 2.5 6.0 4.6 6.0 9.52 7.8 5.57 4.5 3.25 2.7 1.8 0.8 (60.6) (87.2) Others 1.4 1.8 1.1 1.9 0.4 1.9 1.27 1.3 2.56 1.8 0.01 1.2 0.5 1.0 7.4 (46.9) Total 5.6 3.6 3.7 7.9 5.0 7.9 10.79 9.0 8.14 6.4 3.26 4.0 2.3 1.8 (54.7) (77.7) % Share Of Continent 0.9 0.1 0.6 0.2 0.7 0.2 1.19 0.2 1.20 0.2 0.49 0.1 0.3 0.0 (52.97) (75.32) Unspecified Unspecified - - - - - - - - - - - Grand Total Grand Total 658.9 4,031.7 575.0 3,921.2 768.1 3,921.2 905.5 4,069.0 678.5 3,990.8 669.5 3,963.7 739.3 3,545.5 (3.7) (9.6)

Third Quarter 2017/18 111 National Bank of Ethiopia Quarterly Bulletin Table 23: Volume of Exports, by major commodity groups (In metric tone) Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 23 continued: Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in ‘1000’ kwh) others* Re￾Exports Grand Total* 2013/14 Qtr I 798.7 868.9 - - - 149.9 - 9,122.6 739.7 4,173.4 26,276.4 231,466.1 227,486.9 - 473,315.4 Qtr II 544.4 1,119.3 - - - 204.7 - 10,208.7 681.5 5,194.0 31,560.3 180,250.5 167,731.1 - 415,252.9 Qtr III 1,510.2 785.6 - - - 207.3 - 12,670.2 387.4 6,663.8 47,816.9 154,391.3 193,582.5 - 564,581.0 Qtr IV 16,794.7 629.2 - - - 180.5 - 12,719.0 393.2 5,230.0 65,437.2 216,445.6 243,120.7 - 558,834.9 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 - 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 - 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 - 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 - 452,218.5 2015/16 Qtr I 3,078.6 510.0 - - - 250.0 - 12,506.6 1,177.3 2,397.0 42,680.0 90,814.7 65,804.0 - 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 - 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 - 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 - 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0

112 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 24: Value of Exports, by Major Commodity Groups Table 24 continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re￾Exports Grand Total 2013/14 Qtr I 27,777.7 56,608.7 - - - 9,910.9 - 739,115.1 19,556.9 98,147.1 232,015.9 246,301.2 556,261.1 - 10,642,011.4 Qtr II 12,120.4 65,847.1 - - - 12,728.3 - 854,266.7 19,129.7 127,691.9 281,688.8 195,216.0 573,782.6 - 11,531,915.6 Qtr III 25,020.0 60,823.9 - - - 13,211.0 - 1,144,376.3 10,384.1 178,127.8 338,092.0 177,870.4 534,380.4 - 16,944,978.8 Qtr IV 148,196.5 48,180.1 - - - 11,376.5 - 1,079,625.9 10,824.2 157,185.1 503,732.9 244,529.2 542,971.1 - 16,838,332.5 2014/15 Qtr I 150,602.4 48,948.6 - - - 9,515.4 - 863,071.8 17,535.0 139,740.1 478,824.0 301,877.0 495,271.3 - 12,505,517.4 Qtr II 45,667.0 50,931.2 - - - 18,480.8 - 941,129.2 19,768.7 214,032.2 317,035.8 205,459.1 447,126.3 - 11,429,479.3 Qtr III 56,976.5 61,952.4 - - 250.9 12,177.2 - 1,114,876.6 17,489.8 166,314.2 352,692.1 213,847.8 803,366.5 - 14,596,391.3 Qtr IV 66,311.1 69,121.8 - - - 5,966.7 - 1,167,788.6 25,107.6 127,762.9 308,093.4 136,269.2 426,440.1 - 14,460,828.7 2015/16 Qtr I 46,093.6 34,858.5 - - - 18,622.2 - 1,112,635.2 27,384.6 81,105.8 315,695.1 114,332.7 505,958.6 - 12,471,120.4 Qtr II 38,982.5 43,255.5 - - - 6,606.4 - 1,106,521.3 23,434.3 136,724.0 399,943.1 163,153.9 440,254.6 - 10,598,336.7 Qtr III 66,187.9 47,327.0 - - - 11,996.9 - 1,336,078.8 26,837.9 208,123.7 464,528.4 116,892.4 429,090.0 - 13,961,929.1 Qtr IV 33,947.1 50,557.3 - - - 4,703.2 - 1,182,616.7 32,124.9 140,268.6 366,561.1 322,189.2 410,267.5 - 15,331,192.7 2016/17 Qtr I 15,454.2 41,522.2 - - - 10,707.8 - 1,105,141.9 20,112.7 131,608.9 399,219.0 394,411.6 502,863.3 - 12,323,039.3 Qtr II 38,022.8 56,872.0 - - - 3,649.7 - 1,045,226.3 20,345.6 111,679.5 500,765.3 300,236.0 486,887.7 10,698,282.9 Qtr III 102,075.8 64,418.2 - - - 13,778.9 - 1,366,378.5 22,716.2 176,613.4 593,113.2 384,298,139.3 550,664.1 14,634,359.9 Qtr.IV 195,142.1 118,724.1 - - - 22,421.8 - 2,287,106.8 36,930.9 302,310.0 1,015,628.9 671,946,659.6 940,887.8 - 25,243,562.2 2017/18 Qtr I 64,616.7 38,735.4 - - - 10,124.9 - 1,266,346.4 22,799.0 101,110.0 443,307.7 517,682.4 778,105.2 - 13,216,142.3 Qtr II 29,613.6 86,712.0 - - - 5,137.4 - 1,322,830.2 35,531.9 106,985.8 296,197.1 399,594.9 2,908,926.4 17,347,128.9 Qtr III 42,778.3 52,128.3 - - - 3,808.2 - 1,776,936.7 22,194.7 101,646.7 326,520.6 500,366.8 763,186.5 16,873,256.8 Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 2,571,879.0 1,368,355.6 599,030.0 888,604.3 376,049.1 185,036.5 - 1,465,413.1 - 1,196,022.7 1,427,123.2 - 8,236.9 3,479.0 16,932.1 535,850.0 Qtr II 1,613,907.4 2,590,227.1 665,155.3 1,129,528.2 298,628.0 262,105.3 - 2,225,243.1 - 788,435.1 1,370,729.0 - 14,174.6 20,383.5 - 553,399.1 Qtr III 3,166,700.9 5,770,739.3 614,057.6 1,569,048.7 331,095.2 237,001.3 - 2,407,850.1 - 874,204.6 1,425,240.4 - 14,660.4 34,634.0 2,026.1 497,720.3 Qtr IV 6,355,627.0 2,747,887.4 596,407.4 1,203,261.5 418,241.3 235,010.3 - 2,623,684.5 - 694,613.6 1,405,654.3 - 14,974.1 27,925.5 1,097.7 513,947.9 2014/15 Qtr I 3,601,606.6 1,782,898.7 650,939.8 1,231,102.4 472,079.6 202,646.3 - 1,548,672.6 - 1,182,546.9 1,316,314.0 - 21,439.2 74,818.5 4.7 420,448.1 Qtr II 2,518,466.4 2,455,328.1 599,692.0 1,157,023.0 416,795.9 256,407.2 - 1,283,486.7 - 615,036.7 1,658,532.6 - 21,584.3 82,407.5 - 364,718.9 Qtr III 3,450,896.6 3,515,303.7 693,219.4 1,243,523.4 473,887.8 245,897.6 - 2,365,432.6 - 462,946.5 1,325,665.8 - 16,251.3 23,524.2 231.2 779,611.1 Qtr IV 6,163,963.7 2,515,767.2 700,896.3 777,563.1 503,104.9 251,662.8 - 1,201,434.5 - 716,026.0 1,167,518.1 - 36,452.2 21,895.9 - 404,544.2 2015/16 Qtr I 3,833,482.6 1,117,113.7 611,869.3 1,008,591.8 536,437.9 284,426.1 - 1,533,270.3 - 1,513,932.1 1,513,299.6 - 12,738.4 43,474.1 - 462,484.5 Qtr II 2,483,305.9 1,744,207.0 599,845.6 1,270,029.4 461,902.7 285,570.3 - 1,353,852.9 - 562,849.1 1,382,213.4 - 14,306.0 40,780.4 - 399,474.2 Qtr III 3,468,404.8 4,246,993.0 565,811.7 1,296,829.9 503,926.1 283,215.6 - 1,428,736.5 - 444,847.3 1,286,804.4 - 7,269.8 44,244.5 11.6 384,833.8 Qtr IV 5,482,069.8 2,968,529.5 646,580.3 1,311,552.3 524,281.7 274,857.8 - 1,797,371.7 - 568,958.9 1,329,711.3 - 17,011.9 23,065.2 - 387,202.4 2016/17 Qtr I 3,967,681.8 1,566,890.8 568,470.1 1,122,225.5 481,858.7 294,980.9 - 1,429,988.7 - 729,289.6 1,646,044.2 - 12,745.7 41,717.5 - 461,145.8 Qtr II 2,947,226.4 1,545,549.7 642,588.0 1,736,431.3 533,074.7 325,785.5 - 751,520.3 - 214,348.9 1,504,475.1 - 10,395.4 29,485.2 - 457,402.5 Qtr III 5,262,982.6 2,447,326.6 570,064.3 2,162,962.1 562,140.8 305,094.6 59,869.5 1,020,138.3 - 212,897.5 1,460,530.3 - 19,689.2 33,777.3 - 516,886.8 Qtr IV 7,719,668.1 2,331,595.4 777,873.3 1,254,944.0 637,647.6 331,887.5 55,562.2 1,482,343.4 - 349,972.8 1,502,640.1 - 17,736.4 32,881.4 - 568,850.6 2017/18 Qtr I 5,011,278.9 1,744,858.8 769,892.0 1,067,855.7 562,830.8 362,770.1 73,122.1 665,027.0 - 698,508.0 1,478,336.7 - 3,557.0 32,525.6 35,581.4 709,998.2 Qtr II 4,443,198.4 3,834,235.8 949,826.1 1,839,139.4 563,485.9 417,619.4 7,754.8 501,643.7 - 212,460.2 1,641,071.6 - 27,767.3 73,565.6 44,337.8 508,420.2 Qtr III 4,861,307.1 3,706,619.5 788,275.5 2,307,768.0 684,152.8 386,724.1 27,284.5 1,256,940.4 - 217,174.2 1,846,728.6 - 27,095.5 35,121.5 49,980.0 678,085.1

Third Quarter 2017/18 113 National Bank of Ethiopia Quarterly Bulletin Table 25: Value of Imports, by Major Commodity Groups** (In 000 birr) Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 25: (continued) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 1,215 163 19 0 11,978 674 1,534 690 467 1,446 512 Qtr II 3,913 124 27 0 10,006 899 3,728 747 580 1,625 564 Qtr III 2,581 139 32 - 12,565 899 1,062 421 601 1,361 502 Qtr IV 1,458 108 15 0 13,071 1,174 1,485 531 539 1,426 414 2014/15 Qtr I 3,614,064 169,116 18,366 45 11,125,318 929,302 1,310,143 242,236 483,501 1,587,620 522,434 Qtr II 3,357,999 148,421 22,050 71 11,793,269 954,461 1,081,713 1,269,710 607,792 1,426,216 514,790 Qtr III 3,352,714 165,580 29,315 - 7,415,455 899,651 2,045,870 209,194 582,277 1,477,470 578,833 Qtr IV 2,830,621 86,928 25,046 84 9,488,497 968,581 4,204,046 847,847 513,167 1,488,362 446,776 2015/16 Qtr I 2,723,464 177,134 37,401 47 7,269,778 910,225 1,649,390 328,325 582,691 1,649,379 495,802 Qtr II 5,738,333 204,992 48,584 50 7,186,215 723,846 1,859,882 1,191,311 680,624 1,572,598 567,087 Qtr II 9,814,431 198,590 31,413 5 5,534,198 816,529 1,861,968 292,866 692,295 1,603,370 691,583 Qtr IV 6,316,660 165,606 36,197,015,302 1,166,104 5,120,080 719,231 738,846 1,525,275 771,085 2016/17 Qtr.I 5,174,484 178,486 25,900 25 7,812,912 981,066 1,535,843 645,674 921,470 1,676,917 638,321 Qtr.II 2,903,309 161,168 32,573 7 9,779,325 668,951 3,447,434 897,417 664,975 1,619,764 666,069 Qtr.III 4,038,531 155,586 27,239 84 11,196,395 610,163 2,208,577 279,284 585,677 1,659,964 602,408 Qtr.IV 2,714,657 204,161 36,574 3,613 10,354,648 1,063,782 5,087,230 269,118 917,879 1,751,928 550,387 2017/18 Qtr. I 5,097,596 242,383 22,093 - 10,217,553 964,874 2,132,654 332,193 714,235 1,687,081 657,329 Qtr.II 6,544,508 216,136 26,897 172 14,481,837 1,094,307 1,784,113 651,619 975,471 1,786,643 614,351 Qtr.III 3,875,159 231,936 25,794 1,527 15,362,850 1,045,727 3,158,363 200,846 734,633 1,431,496 476,604 Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 Qtr I 898 1,449 512 6,152 6,034 5,872 3,262 979 120 11,695 54,693 Qtr II 1,598 1,403 511 6,757 9,088 6,467 4,629 3,057 44 13,375 66,084 Qtr III 1,116 1,246 441 6,679 10,214 5,181 9,587 1,014 60 16,004 70,690 Qtr IV 1,010 1,345 478 10,351 11,438 6,300 5,256 553 126 13,843 70,370 2014/15 Qtr I 1,382,449 1,854,400 607,650 11,404,893 9,246,269 5,960,021 6,591,109 689,775 68,975 15,229,957 72,347,869 Qtr II 1,413,409 1,762,478 648,320 12,737,671 12,380,955 8,060,575 11,072,288 610,477 452,791 17,934,138 87,639,117 Qtr III 1,543,161 1,637,457 641,197 12,771,367 12,115,191 8,753,874 12,305,462 791,821 473,791 17,664,885 84,662,746 Qtr IV 1,480,110 1,548,163 580,113 8,717,207 11,964,849 8,697,385 13,282,677 879,719 493,615 18,480,428 86,144,501 2015/16 Qtr. I 1,398,135 2,064,413 627,591 12,299,464 11,948,027 8,470,542 15,447,371 818,473 149,425 17,180,363 85,408,968 Qtr.II 1,579,650 2,135,932 729,110 11,408,166 13,931,995 11,836,615 8,447,821 905,411 757,068 16,688,579 87,288,459 Qtr. III 1,460,601 1,806,638 616,393 12,441,279 19,369,129 6,876,924 6,173,385 1,067,599 190,054 22,173,067 92,644,720 Qtr. IV 1,230,856 1,983,777 758,872 10,601,333 12,881,820 6,575,215 7,347,648 825,910 115,616 22,602,181 87,671,709 2016/17 Qtr.I 1,383,978 2,192,374 808,926 10,290,955 12,737,311 7,965,263 7,595,439 988,419 7,308,290 19,005,059 88,878,692 Qtr.II 1,645,039 2,105,322 833,900 11,428,967 13,511,699 9,629,018 7,410,779 926,544 223,723 19,981,624 87,611,064 Qtr. III 1,150,448 1,981,457 935,599 9,347,851 14,717,861 8,580,209 5,905,610 1,009,261 59,694 19,971,213 84,013,849 Qtr. IV 1,237,227 2,250,547 798,397 10,504,708 16,014,724 7,324,469 9,174,224 923,184 138,938 23,370,095 93,767,307 2017/18 Qtr.I 1,317,775 2,341,556 851,532 10,705,075 17,029,020 7,851,355 7,957,574 1,406,934 131,105 22,507,995 92,760,976 Qtr.II 1,264,948 2,349,149 1,033,330 9,463,471 16,898,937 8,663,856 7,197,524 1,375,593 115,803 30,611,664 105,774,738 Qtr.III 1,169,718 3,120,985 695,758 8,974,972 16,948,824 6,542,352 6,975,499 1,409,797 98,565 25,455,731 69,982,404

114 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: Ethiopian Revenues and Customs Authority.

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 26: Value Of Imports, bY End-Use** (In Millions of Birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 121,419 4,143 261 0 669,540 31,795 2,685 286 9,055 21,554 24,016 Qtr II 508,511 3,898 382 0 554,646 45,722 3,144 250 10,969 23,532 29,789 Qtr III 337,836 4,057 411 - 692,867 44,244 3,006 198 10,497 18,732 38,045 Qtr IV 130,551 3,630 205 0 706,398 61,678 2,929 190 12,990 20,568 21,271 2014/15 Qtr I 452,242 5,510 192 0 623,917 43,704 2,961 137 11,429 23,016 24,093 Qtr II 405,413 4,881 292 0 706,967 46,958 3,034 396 14,814 20,773 27,105 Qtr III 414,382 5,317 353 - 685,107 40,989 4,505 159 13,203 21,346 24,651 Qtr IV 284,718 3,349 312 7 806,068 50,393 3,304 258 12,106 22,484 20,575 2015/16 Qtr I 309,617 5,615 383 1 714,115 49,882 2,719 246 14,931 61,333 23,395 Qtr II 755,321 5,770 562 0 762,331 39,561 3,064 351 16,198 74,484 27,056 Qtr III 1,372,229 5,430 399 0 808,630 39,509 3,017 199 15,933 52,628 31,506 Qtr IV 725,765 5,419 375 0 758,484 56,525 5,355 485 19,263 53,955 38,983 2016/17 Qtr I 656,575 7,189 257 1 775,800 52,454 4,200 147 19,567 27,537 30,827 Qtr II 377,203 5,792 494 0 871,156 47,715 5,384 322 16,095 27,204 30,786 QIII 450,363 5909.05859 352 0.4621 915,650 31761.66576 5,462 183.12774 12,043 25729.27817 28,015 QIV 243,404 7731.98879 403 71.145 876,711 41864.5013 7,640 199.93632 17,801 27886.63827 24,745 2017/18 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 QII 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 QIII 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 Qtr I 13,707 10,318 53,282 317,009 43,314 46,562 25,334 110,004 164 466,234 1,860,679 Qtr II 23,042 9,809 50,784 311,230 54,693 49,887 29,905 448,984 112 745,746 2,456,050 Qtr III 15,687 9,395 39,812 386,366 213,629 42,278 90,219 122,596 117 934,526 2,881,923 Qtr IV 13,877 11,992 44,725 378,224 55,737 47,373 28,411 53,879 141 629,374 2,170,263 2014/15 Qtr I 18,944 13,854 57,150 446,523 132,764 43,686 31,154 64,668 71 546,488 2,477,835 Qtr II 21,253 73,876 57,016 391,995 57,415 57,023 36,316 56,541 125 867,567 2,793,218 Qtr III 21,377 11,655 50,110 385,687 52,948 49,581 40,602 63,652 119 796,687 2,618,778 Qtr IV 20,196 10,964 51,224 422,486 45,408 61,239 122,576 73,993 189 794,714 2,732,570 2015/16 Qtr I 20,088 16,100 54,112 607,536 56,640 61,333 33,241 68,343 181 726,416 2,757,885 Qtr II 26,322 15,053 62,474 440,523 63,679 74,484 30,871 74,409 114 681,956 3,080,173 Qtr III 24,294 12,265 57,804 597,514 73,222 52,628 33,303 88,324 144 982,143 4,162,797 Qtr IV 20,960 11,995 63,517 526,856 64,956 53,955 30,962 67,109 67 1,383,463 3,821,341 2016/17 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 Qtr IV 23,505 13512.66092 73,709 429517.7858 62,441 56958.21949 34,794 84698.61926 84 1204838.776 3,147,818 2017/18 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 Qtr.III 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 Table 26: (continued)

Third Quarter 2017/18 115 National Bank of Ethiopia Quarterly Bulletin Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Categories 2015/16 2016/17 2017/18 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Raw Materials 932.9 711.3 722.6 780.4 836.6 761.6 516.9 694.1 727.4 751.6 1,059.7 Semi-finished Goods 14,553.3 11,787.6 17,132.8 17,734.1 13,774.4 13,368.5 12,979.4 18,718.2 16,492.8 15,732.0 13,722.9 Chemicals 1,742.8 1,520.0 1,718.6 2,408.6 2,290.0 1,383.8 1,426.1 2,424.3 2,476.7 2,038.5 1,807.5 Fertilizers 199.3 474.7 4,787.4 3,706.2 88.8 1,509.9 2,406.3 4,349.9 132.0 2,157.1 3,446.6 Textile Materials 283.7 403.7 309.8 338.4 339.8 424.8 370.7 445.5 338.4 380.9 335.9 Others 12,327.5 9,389.3 10,317.0 11,280.8 11,055.8 10,050.0 8,776.3 11,498.4 13,545.7 11,155.5 8,132.8 Fuel 7,692.8 7,531.0 5,667.1 7,355.4 8,174.6 10,378.0 11,462.2 10,925.4 10,727.1 15,290.9 15,824.7 Crude petroleum 0.0 0.1 3.6 - 0.2 1.5 Petroleum Products 7,269.8 7,186.2 5,534.2 7,015.3 7,812.9 9,779.3 11,196.4 10,354.6 10,217.6 14,481.8 15,362.8 Others 422.9 344.7 132.9 340.1 361.7 598.6 265.7 567.2 509.5 808.9 460.4 Capital Goods 38,414.8 38,285.7 36,607.9 30,635.0 31,112.0 35,495.5 33,157.4 35,520.3 34,396.8 39,709.9 33,914.6 Transport 7,998.0 11,079.7 6,546.5 6,738.7 7,642.3 9,673.6 7,953.1 6,736.6 6,837.7 12,695.3 4,821.6 Tyres for Heavy Vehicles 662.8 685.1 732.4 738.6 816.1 871.2 745.4 753.9 710.8 752.6 511.4 Heavy Road Motor Veh. 6,110.9 5,748.5 4,131.5 4,529.1 5,587.4 6,029.6 5,627.3 5,155.9 5,442.6 5,819.5 3,537.4 Aircraft 451.9 295.7 1,500.1 1,215.3 828.2 1,142.1 815.8 576.7 628.4 5,990.6 536.6 Others 772.5 4,350.4 182.5 255.7 410.6 1,630.6 764.7 250.1 55.9 132.7 236.2 Agricultural 485.4 399.6 321.7 554.7 477.0 553.5 353.0 307.9 230.8 611.6 239.4 Industrial 29,931.4 26,806.4 29,739.8 23,341.6 22,992.8 25,268.4 24,851.3 28,475.8 27,328.3 26,402.9 28,853.6 Consumer Goods 22,567.0 27,915.5 31,306.8 29,439.4 33,084.5 25,949.6 24,413.5 26,177.4 28,081.7 32,276.2 30,435.7 Durables 7,625.4 8,908.6 9,214.2 7,314.1 14,574.9 7,774.6 7,950.5 7,846.7 9,037.1 9,825.5 8,803.0 Radio & T.V. 682.4 1,162.8 596.1 628.2 7,770.0 713.6 490.7 582.5 960.2 710.4 663.1 Tyres for cars & Other Veh. 274.2 295.5 327.4 314.4 319.3 344.4 382.7 388.7 371.4 462.2 372.8 Cars & Other Veh. 2,161.2 2,556.3 2,615.2 2,009.6 2,355.9 2,770.7 2,373.2 2,417.9 2,778.9 3,592.5 3,021.8 Others 4,507.5 4,894.1 5,675.5 4,361.9 4,129.8 3,946.0 4,703.9 4,457.6 4,926.6 5,060.4 4,745.4 Non-durables 14,941.6 19,006.9 22,092.6 22,125.4 18,509.6 18,175.0 16,463.0 18,330.7 19,044.6 22,450.7 21,632.7 Cereals 2,475.9 5,020.7 9,251.2 5,108.9 4,545.5 2,686.9 3,355.9 1,775.4 4,570.4 5,866.1 3,368.7 Other Food 2,848.8 3,175.3 3,517.6 3,710.6 3,600.4 3,167.2 3,440.9 2,798.5 2,881.5 4,369.3 4,895.4 Medical & Pharmaceuticals 2,127.9 3,284.7 2,286.8 5,936.6 2,280.2 4,501.9 2,691.5 5,554.6 2,662.0 2,756.4 3,617.9 Textile Fabrics 3,443.0 3,381.4 3,029.5 3,202.3 3,328.0 3,166.6 3,068.7 3,416.1 3,714.8 3,687.9 4,518.5 Others 4,046.0 4,144.8 4,007.5 4,166.9 4,755.5 4,652.3 3,906.1 4,786.1 5,215.9 5,770.9 5,232.2 Miscellaneous 1,248.2 1,057.4 1,207.5 1,727.3 1,896.6 1,658.1 1,484.5 1,731.8 2,335.2 2,014.2 1,569.8 Total Imports 85,409.0 87,288.5 92,644.7 87,671.7 88,878.7 87,611.3 84,013.8 93,767.3 92,761.0 105,774.7 96,527.3

116 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 28: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (capital in millions of Birr) Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector 2009(2016/17) 2010(2017/18) QI QII QIII QIV QI QII QIII No of Investment No of Investment No of Investment No of Investment No of projects Investment Capital No of Investment No of Investment projects capital projects capital projects capital projects capital projects capital projects capital Manufacturing 49 552.409489 47 550.3 17 177.346146 18 247.079545 25 361.4 21 261.7 215 2901.3 Agriculture, hunting and forestry 5 43.295 2 10.5 2 5.43 4 34.3 1 2.0 9 105.3 Real estate, renting and business activities 26 5115.36854 11 46.2 33 535.254 8 29.6245 17 55.2 24 117.1 229 2873.7 Hotels and restaurants 1 6.54 2 19.8 Education 4 6.121112 2 1.8 2 16.0 Health and social work 2 13.41 1 0.3 1 40.0 4 11.2 2 24.3 Construction 67 436.746625 60 347.6 44 126.306234 27 81.2485 53 171.8 47 196.4 97 443.9 Wholesale, retail trade and repair service 1 2.0 Transport, storage and communication 1 3.325 1 4.4 1 2.0 Mining and Quarrying 2 7.1505 4 9.59836 2 2 1 40.0 2 19.2 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 2 1.53 3 8.1.0 Others 1 1.9 Grand Total 156 6181.7 124 962.9749009 105.0 864.5 394.292545 97 668.5 103 612.5 557 6,386.4

Third Quarter 2017/18 117 National Bank of Ethiopia Quarterly Bulletin Table 29: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector 2009(2016/17) 2010(2017/18) QI QII QIII QIV QI QII QIII Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Manufacturing 1760 1521 1921 1055 417 150 490 286 852 339 309 73 3657 624 Agriculture, hunting and forestry 87 190 21 525 5430 18 99 76 10 20 91 225 Real estate, renting and business activities 256 69 69 24 4569 44 62 40 150 82 136 151 829 389 Hotels and restaurants 10 25 21 35 Education 89 9 12 7 5 Health and social work 15 4 6 36 11 4 Construction 1125 2619 1617 2291 324 161 250 111 518 522 314 614 575 465 Wholesale, retail trade and repair service 2 Transport, storage and communication 15 15 3 2 2 4 Mining and Quarrying 16 44 35 135 23 120 25 150 19 80 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 16 7 22 1 2 2 Others 12 4 Grand Total 3,312 4,499 3,655 3,896 510 924 633 1,549 1,093 837 967 5,186 1,743

118 Third Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 41

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National Bank of Ethiopia Quarterly Bulletin Third Quarter 2017/18 Fiscal Year Series Volume 34 No. 3 Addis Ababa 2018 N ational Bank of Ethiopia Quart erly Bulletin Volume 34, N o. 1