National Bank of Ethiopia Quarterly Bulletin Third Quarter 2018/19

National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin NatioNal BaNk of Ethiopia Quarterly Bulletin Volume 35, No. 3 third Quarter 2018/19 fiscal Year Series addis ababa 2019

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin table of Contents pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i i. overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia ----------------------------------------------------------------2 ii. Energy production and processing------------------------------------------------------------------------7 2.1: Import of Petroleum Products---------------------------------------------------------------------------------7 2.2: Electric Power Generation--------------------------------------------------------------------------------------11 iii. Quarterly price Developments---------------------------------------------------------------------------- 12 3.1: Developments in National CPI------------------------------------------------------------------------------- 12 3.2: Developments in Regional Inflation------------------------------------------------------------------------- 15 4. Monetary Developments----------------------------------------------------------------------------------- 17 4.1: Money Supply and Credit---------------------------------------------------------------------------------------17 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------19 4.3: Interest Rate Developments -----------------------------------------------------------------------------------21 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 23 4.5: Activities of the Banking System------------------------------------------------------------------------------25 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------------25 4.5.1.1: Deposit Mobilization----------------------------------------------------------------------------------------27 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------28 4.5.1.3: Borrowing --------------------------------------------------------------------------------------------------28 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------28 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------29 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------31 4.7: Developments in Financial Markets ----------------------------------------------------------------------31 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------31 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------34 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------34

National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments ----------------------------------------------------------------------------35 5.1: Balance of Payments -----------------------------------------------------------------------------------35 5.2: Balance of Trade-------------------------------------------------------------------------------------------37 5.2.1: Exports of Goods -------------------------------------------------------------------------------38 5.2.2: Imports of Goods --------------------------------------------------------------------------------------42 5.2.3: Direction of Trade -------------------------------------------------------------------------------------45 5.2.3.1: Exports of goods --------------------------------------------------------------------------45 5.2.3.2: Imports of goods-------------------------------------------------------------------------------------46 5.3: Services and Transfers ----------------------------------------------------------------------------------47 5.4: Current Account Balance ------------------------------------------------------------------------------50 5.5: Capital Account-------------------------------------------------------------------------------------------50 5.6: Changes in Reserve Position -------------------------------------------------------------------------50 5.7: Developments in Foreign Exchange Market------------------------------------------------------50 5.7.1: Exchange Rate Movements --------------------------------------------------------------50 5.7.2: Movements in the Real Effective Exchange Rate --------------------------------57 5.7.3: Volume of Transactions -------------------------------------------------------------58 Vi. federal Government finance---------------------------------------------------------------------------60 6.1: Revenue and Grants------------------------------------------------------------------------------------62 6.2: Expenditure-----------------------------------------------------------------------------------------------64 6.3: Deficit Financing---------------------------------------------------------------------------------------66 Vii. Developments in investment-------------------------------------------------------------------------67 Viii. international Economic Developments --------------------------------------------------------72 8.1: Overview of the World Economy ------------------------------------------------------------------72 8.2: Inflation Developments-------------------------------------------------------------------------------74 8.3: Commodity Price --------------------------------------------------------------------------------------75 8.4: Exchange Rate Developments -------------------------------------------------------------------75 8.5: Impact of Global Economic Development on Ethiopian Economy------------------75 StatiStiCal taBlES---------------------------------------------------------------------------------------------76

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

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 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 95.5 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 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 9 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 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 57 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 Life Expectancy at Birth ( Male

• Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27.0:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.3:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 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 53.3:1000 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 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 43:1 43:1 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 26:1 26:1 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 11:1 15:1 Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 560:1 573:1 580:1 567;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 1033:1 994:1 857:1 744.90 :1 767.2:1 754:1 741:1 Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 331:1 329:1 318:1

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 2,202,373.0 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 20.2 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 26.1 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 84,356.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 883.0 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 19,217.5 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 5.3 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 12.5

II Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) 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 1,719,491.3 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 1,834,066.5 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 7.7 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 600.9 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 86.5 103.7 125.0 404.3 464.4 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 673.9 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 34.9 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 27.0 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 39.2 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 1,441,581.0 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 98,121.0 116,995.0 148,837.0 222,865.0 225,523.0 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 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 751,626.0 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 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 184,282.0 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 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 502,113.0 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) (317,831.0) 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 65.5 Gross Government Cosump￾tion (% 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 10.2 Gross Domestic Fixed Invest￾ment (% 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 34.1 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) (14.4) 3.2 Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 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 13.50 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 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,156.20 784,633.10 Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 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 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,714.40 682,630.30 Continued….

Third Quarter 2018/19 III National Bank of Ethiopia Quarterly Bulletin Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) 3.3 Average annual inflation rate (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 13.1 -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 16.5 -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 8 8.1 1.1 9.2 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 8.3 -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 8.8 -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 7.9 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 6,077.3 6,257.2 7,099.7 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 20,556.2 19,710.0 19,653.4 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 -14,478.9 -13,452.9 -12,553.7 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 -6,659.3 -6,539.2 -5,227.3 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 6,577.7 6,895.1 6,397.3 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) -830.9 658.6 -201.6 3.5 Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 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 12.2 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 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 16.1 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 77,091.9 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) (66,643.2) 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 -3.0 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) (84,557.1) 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 -3.8 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082
• 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 273761 Continued….

IV Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) 2010 3.7 Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 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 73,271.56 111,213.56 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 4,757.00 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 22164:1 20286.5:1 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 95 101 105 121 133 139 146 172 194 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 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 181396:1 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30 30.00 31.00 35.00 38.00 Source : 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. The GDP data series is revised on basis of 2010/11=100 base year
3. Inflation data is calculated using the new base year (December 2011=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED Continued…. I. OVERVIEW 1.1. International Economic Developments  The global survey indicators point to some deceleration in global activity in the third quarter of 2018/19. The Purchasing Managers’ Index (PMI) recorded during the quarter was below the level in 2017 and the first half of 2018, consistent with some deceleration in the global growth momentum. Across advanced economies, the all -industry survey indicator in the US market declined from rather high levels during the third quarter. PMIs also decreased in the United Kingdom and Japan due to weaker readings in March. In emerging market economies, the quarterly PMI picked up strongly in Brazil, while declining in India and Russia. The PMI remained unchanged in China in the third quarter, although it recorded a strong increase in March. Global inflation remained stable in February. Annual consumer price inflation in the Organization for Economic Co

operation and Development (OECD) countries remained unchanged in February at 2.1 percent, following a sequence of declines since the peak registered in October last year. Excluding food and energy prices, annual inflation in the OECD countries slowed marginally to 2.1 percent. Tight labor market conditions across major advanced economies have so far translated into only moderate wage increases, suggesting that the underlying inflation pressures remain subdued. In the United States, real GDP growth expanded at an annualized rate of 2.2 percent in the second quarter of 2018 /19 supported by the contributions from private consumption and non-residential fixed investment, despite the negative contributions of government spending and net exports. While overall GDP growth remains supported by strong fundamentals, economic activity is expected to decelerate in the third quarter of 2018/19. Annual headline inflation declined to 1.5 percent in February, 2019 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In the United Kingdom, growth of GDP slowed to 0.2 percent in the second quarter of 2018/19. Short-term indicators suggest continued subdued GDP growth in the third

Third Quarter 2018/19 1 National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1. International Economic Developments  The global survey indicators point to some deceleration in global activity in the third quarter of 2018/19. The Purchasing Managers’ Index (PMI) recorded during the quarter was below the level in 2017 and the first half of 2018, consistent with some deceleration in the global growth momentum. Across advanced economies, the all-industry survey indicator in the US market declined from rather high levels during the third quarter. PMIs also decreased in the United Kingdom and Japan due to weaker readings in March. In emerging market economies, the quarterly PMI picked up strongly in Brazil, while declining in India and Russia. The PMI remained unchanged in China in the third quarter, although it recorded a strong increase in March. Global inflation remained stable in February. Annual consumer price inflation in the Organization for Economic Co￾operation and Development (OECD) countries remained unchanged in February at 2.1 percent, following a sequence of declines since the peak registered in October last year. Excluding food and energy prices, annual inflation in the OECD countries slowed marginally to 2.1 percent. Tight labor market conditions across major advanced economies have so far translated into only moderate wage increases, suggesting that the underlying inflation pressures remain subdued. In the United States, real GDP growth expanded at an annualized rate of 2.2 percent in the second quarter of 2018/19 supported by the contributions from private consumption and non-residential fixed investment, despite the negative contributions of government spending and net exports. While overall GDP growth remains supported by strong fundamentals, economic activity is expected to decelerate in the third quarter of 2018/19. Annual headline inflation declined to 1.5 percent in February, 2019 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In the United Kingdom, growth of GDP slowed to 0.2 percent in the second quarter of 2018/19. Short-term indicators suggest continued subdued GDP growth in the third

2 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin quarter of 2018/19, as elevated Brexit￾related uncertainty dampens consumption and investment. Annual CPI inflation continued to decline, falling to 1.8 percent in the first two months of 2019. This is well below the depreciation-induced peak at 3.0 percent seen one year earlier and reflects both the waning impact of earlier strong rises in import prices and rapid declines in energy prices. In Japan, economic activity slowed in early 2019, following a rebound towards the end of last year. Real GDP increased by 0.5 percent, quarter on quarter, in the second quarter of 2018/19, mainly supported by domestic demand, particularly non￾residential investment. However, high frequency indicators point to a slowdown in underlying momentum at the start of the year. Annual headline inflation declined to 0.2 percent in both January and February 2019, mostly reflecting the decline in energy price and strong fall in fresh food prices. Core inflation picked up slightly to 0.3 percent. In China, growth was stabilizing and the weakening in manufacturing sector was partly offset by resilience in services. During January and February 2019, industrial production further softened and fixed-asset investment growth recovered slightly, while growth in nominal retail sales remained robust. In Euro area, annual HICP inflation declined to 1.4 percent in March 2019 from 1.5 percent in February, despite higher energy price inflation and reflected lower food price inflation. 1.2. Macroeconomic Developments in  Ethiopia A. Inflation                                                     During the third quarter of 2018/19, headline inflation climbed to 3.1 percent from 0.3 percent in the preceding quarter and 2.7 percent last year same period. The rise in quarterly headline inflation rate was ascribed to 2.9 percentage point increase in non-food inflation and 2.7 percentage point food & non-alcoholic beverages inflation. The year-on-year increment in headline inflation was due to 1.0 percentage point rise in food & non- alcoholic beverages despite 0.3 percentage point decline in non-food inflation. Consequently, food & non￾alcoholic beverages and non-food inflations contributed 1.5 and 1.6 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments At the end of third quarter of 2018/19, broad money supply (M2) reached Birr 832.0 billion, depicting 19.6 percent growth over last year same quarter. This was wholly driven by 22.1 percent expansion of domestic credit against 23.8 percent contraction of net foreign assets (NFA). The increase in domestic credit resulted mainly from 18.3 percent upsurge in credit to non-central government despite 13.5 percent reduction in that of central government due to the government’s measure to raise CBE’s capital by issuing non-interest bearing bond. Likewise, reserve money amounted to Birr 177.8 billion indicating 9.6 percent growth over last year same quarter owing to a 11.4 percent increase in currency in circulation and 5.3 percent rise in banks’ deposits at NBE. C. Interest rate  In the third quarter of 2018/19, the average savings deposit and lending rates remained constant at 8.0 percent and 13.5 percent, respectively, while weighted average time deposit rate slightly declined by 0.01 percentage points on annual basis. In contrast, weighted average yield on T-bills increased by 0.27 percentage point. Hence, considering the 11.1 percent inflation in March 2019, all deposit rates and T-bills yield remained negative in real terms whereas average real lending rate was positive. D. Financial Sector Developments 1. Banks The number of banks operating in Ethiopia remained at 18, of which 16 were private and 2 state owned banks. These banks opened 274 new branches during the review period, raising the total number of bank branches to 5,389 of which 69.5 percent were that of private banks. Consequently, one branch on average serves 18,308.6 1 people. About 34.1 percent of the total bank branches were located in Addis Ababa. At the same time, the total capital of the banking system reached Birr 99 billion, of which, private banks accounted for 42.4 percent, while that of state owned banks, namely Commercial Bank of Ethiopia and 1 Total population is 98,665,000 as CSA estimation for 2018/19

Third Quarter 2018/19 3 National Bank of Ethiopia Quarterly Bulletin quarter of 2018/19, as elevated Brexit￾related uncertainty dampens consumption and investment. Annual CPI inflation continued to decline, falling to 1.8 percent in the first two months of 2019. This is well below the depreciation-induced peak at 3.0 percent seen one year earlier and reflects both the waning impact of earlier strong rises in import prices and rapid declines in energy prices. In Japan, economic activity slowed in early 2019, following a rebound towards the end of last year. Real GDP increased by 0.5 percent, quarter on quarter, in the second quarter of 2018/19, mainly supported by domestic demand, particularly non￾residential investment. However, high frequency indicators point to a slowdown in underlying momentum at the start of the year. Annual headline inflation declined to 0.2 percent in both January and February 2019, mostly reflecting the decline in energy price and strong fall in fresh food prices. Core inflation picked up slightly to 0.3 percent. In China, growth was stabilizing and the weakening in manufacturing sector was partly offset by resilience in services. During January and February 2019, industrial production further softened and fixed-asset investment growth recovered slightly, while growth in nominal retail sales remained robust. In Euro area, annual HICP inflation declined to 1.4 percent in March 2019 from 1.5 percent in February, despite higher energy price inflation and reflected lower food price inflation. 1.2. Macroeconomic Developments in  Ethiopia A. Inflation                                                     During the third quarter of 2018/19, headline inflation climbed to 3.1 percent from 0.3 percent in the preceding quarter and 2.7 percent last year same period. The rise in quarterly headline inflation rate was ascribed to 2.9 percentage point increase in non-food inflation and 2.7 percentage point food & non-alcoholic beverages inflation. The year-on-year increment in headline inflation was due to 1.0 percentage point rise in food & non- alcoholic beverages despite 0.3 percentage point decline in non-food inflation. Consequently, food & non￾alcoholic beverages and non-food inflations contributed 1.5 and 1.6 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments At the end of third quarter of 2018/19, broad money supply (M2) reached Birr 832.0 billion, depicting 19.6 percent growth over last year same quarter. This was wholly driven by 22.1 percent expansion of domestic credit against 23.8 percent contraction of net foreign assets (NFA). The increase in domestic credit resulted mainly from 18.3 percent upsurge in credit to non-central government despite 13.5 percent reduction in that of central government due to the government’s measure to raise CBE’s capital by issuing non-interest bearing bond. Likewise, reserve money amounted to Birr 177.8 billion indicating 9.6 percent growth over last year same quarter owing to a 11.4 percent increase in currency in circulation and 5.3 percent rise in banks’ deposits at NBE. C. Interest rate  In the third quarter of 2018/19, the average savings deposit and lending rates remained constant at 8.0 percent and 13.5 percent, respectively, while weighted average time deposit rate slightly declined by 0.01 percentage points on annual basis. In contrast, weighted average yield on T-bills increased by 0.27 percentage point. Hence, considering the 11.1 percent inflation in March 2019, all deposit rates and T-bills yield remained negative in real terms whereas average real lending rate was positive. D. Financial Sector Developments 1. Banks The number of banks operating in Ethiopia remained at 18, of which 16 were private and 2 state owned banks. These banks opened 274 new branches during the review period, raising the total number of bank branches to 5,389 of which 69.5 percent were that of private banks. Consequently, one branch on average serves 18,308.6 1 people. About 34.1 percent of the total bank branches were located in Addis Ababa. At the same time, the total capital of the banking system reached Birr 99 billion, of which, private banks accounted for 42.4 percent, while that of state owned banks, namely Commercial Bank of Ethiopia and 1 Total population is 98,665,000 as CSA estimation for 2019 2018/19

4 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Development Bank of Ethiopia constituted 49.9 percent and 7.8 percent, respectively. The banking sector disbursed Birr 37 billion in new loans during the review quarter indicating a 30.3 percent annual growth. Of the total new loans, public banks took a 33.5 percent share while that of private banks was 66.5 percent. Of the total fresh loans, domestic trade was the largest beneficiary, accounting for 21.2 percent followed by industry (18.9 percent), international trade (17 percent), housing & construction (15.2 percent), agriculture (9.3 percent) and hotel & tourism (3.6 percent), the remaining balance being taken by other economic sectors. During the same period, the banking sector collected loans to the tune of Birr 27.7 billion which was about 4.8 percent higher than a year earlier. Of the total loan, 70.9 percent was collected by private banks and 29.1 percent by public banks. Meanwhile, total outstanding credit of the banking system (excluding credit to government) increased to Birr 472.4 billion, showing a 27.4 percent year-on￾year growth. About 100 percent of private banks’ and 79 percent of state owned, banks’ loans went to finance the private sector. 2. Insurance Sector  The number of insurance companies stood at 17, of which 16 were private owned. Their branches increased to 558 from 524 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. Similarly, their total capital reached Birr 6.8 billion, of which about 76.7 percent was that of private insurance companies. 3. Microfinance Institutions  The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 38.4 billion in saving deposit by end of the third quarter which was 27.1 percent higher than last year same period. Their total outstanding credit also increased 31.6 percent and reached Birr 51.7 billion. Similarly, their total asset grew 26 percent to reach Birr 76.5 billion at the end of March, 2019. E. External Sector and Foreign  Exchange Developments 1. External Sector Development  In the third quarter of 2018/19, total merchandise export earnings amounted to USD 678.5 million, showing 7 percent reduction relative to last year same quarter. This was largely attributed to lower earnings from export of coffee (7.5 percent), oilseeds (4.3 percent), gold (92.5 percent), leather and leather products (16 percent), meat & meat products (13.7 percent), fruits & vegetables (2 percent), flower (2.1 percent) and electricity (12.3 percent). In contrast, total merchandise import bill slightly increased (0.5 percent) to USD 3.6 billion, on account of higher import values of semi-finished goods (67.5 percent) and fuel (8.8 percent) outweighing lower import values of capital goods (10.4 percent), consumer goods (21.4 percent) and raw materials (24.1 percent). The average price of Brent crude oil, which is used as a point of reference for international oil price, depicted a 5.7 percent slowdown to USD 67.7 per barrel vis-à-vis USD 67 a year ago. It also showed a 6.7 percent reduction relative to the preceding quarter. Accordingly, the average retail prices of fuel in Addis Ababa dropped to Birr 17.3 per liter from Birr 17.6 per liter owing to the decline in retail price of jet fuel (33.3 percent) and kerosene (4.7 percent). During the review period, total transfer receipts slightly increased by 0.9 percent to about USD 1.8 billion, wholly on account of the rise in private transfer receipts (7.8 percent) against lower official transfers (44.5 percent). Meanwhile, total transfer payments depicted 114.6 percent increment largely owing to 273.9 percent reduction in official transfer payments Consequently, the current account balance (including official transfers) recorded USD 1.4 billion in deficit compared with USD 1.1 billion deficit a year ago. In contrast, capital account registered USD 831 million surplus, but 48.4 percent lower than that of a year earlier. This was attributed to the decrease in net official long term capital (52 percent), other public sector long term capital (259.9 percent), private sector long term capital (53.2 percent) and foreign direct investment (23.4 percent). As a result, the overall balance of payments registered USD 124.1 million surplus, compared to USD 507.1 million surplus a year ago.

Third Quarter 2018/19 5 National Bank of Ethiopia Quarterly Bulletin Development Bank of Ethiopia constituted 49.9 percent and 7.8 percent, respectively. The banking sector disbursed Birr 37 billion in new loans during the review quarter indicating a 30.3 percent annual growth. Of the total new loans, public banks took a 33.5 percent share while that of private banks was 66.5 percent. Of the total fresh loans, domestic trade was the largest beneficiary, accounting for 21.2 percent followed by industry (18.9 percent), international trade (17 percent), housing & construction (15.2 percent), agriculture (9.3 percent) and hotel & tourism (3.6 percent), the remaining balance being taken by other economic sectors. During the same period, the banking sector collected loans to the tune of Birr 27.7 billion which was about 4.8 percent higher than a year earlier. Of the total loan, 70.9 percent was collected by private banks and 29.1 percent by public banks. Meanwhile, total outstanding credit of the banking system (excluding credit to government) increased to Birr 472.4 billion, showing a 27.4 percent year-on￾year growth. About 100 percent of private banks’ and 79 percent of state owned, banks’ loans went to finance the private sector. 2. Insurance Sector  The number of insurance companies stood at 17, of which 16 were private owned. Their branches increased to 558 from 524 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. Similarly, their total capital reached Birr 6.8 billion, of which about 76.7 percent was that of private insurance companies. 3. Microfinance Institutions  The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 38.4 billion in saving deposit by end of the third quarter which was 27.1 percent higher than last year same period. Their total outstanding credit also increased 31.6 percent and reached Birr 51.7 billion. Similarly, their total asset grew 26 percent to reach Birr 76.5 billion at the end of March, 2019. E. External Sector and Foreign  Exchange Developments 1. External Sector Development  In the third quarter of 2018/19, total merchandise export earnings amounted to USD 678.5 million, showing 7 percent reduction relative to last year same quarter. This was largely attributed to lower earnings from export of coffee (7.5 percent), oilseeds (4.3 percent), gold (92.5 percent), leather and leather products (16 percent), meat & meat products (13.7 percent), fruits & vegetables (2 percent), flower (2.1 percent) and electricity (12.3 percent). In contrast, total merchandise import bill slightly increased (0.5 percent) to USD 3.6 billion, on account of higher import values of semi-finished goods (67.5 percent) and fuel (8.8 percent) outweighing lower import values of capital goods (10.4 percent), consumer goods (21.4 percent) and raw materials (24.1 percent). The average price of Brent crude oil, which is used as a point of reference for international oil price, depicted a 5.7 percent slowdown to USD 67.7 per barrel vis-à-vis USD 67 a year ago. It also showed a 6.7 percent reduction relative to the preceding quarter. Accordingly, the average retail prices of fuel in Addis Ababa dropped to Birr 17.3 per liter from Birr 17.6 per liter owing to the decline in retail price of jet fuel (33.3 percent) and kerosene (4.7 percent). During the review period, total transfer receipts slightly increased by 0.9 percent to about USD 1.8 billion, wholly on account of the rise in private transfer receipts (7.8 percent) against lower official transfers (44.5 percent). Meanwhile, total transfer payments depicted 114.6 percent increment largely owing to 273.9 percent reduction in official transfer payments Consequently, the current account balance (including official transfers) recorded USD 1.4 billion in deficit compared with USD 1.1 billion deficit a year ago. In contrast, capital account registered USD 831 million surplus, but 48.4 percent lower than that of a year earlier. This was attributed to the decrease in net official long term capital (52 percent), other public sector long term capital (259.9 percent), private sector long term capital (53.2 percent) and foreign direct investment (23.4 percent). As a result, the overall balance of payments registered USD 124.1 million surplus, compared to USD 507.1 million surplus a year ago.

6 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 2. Exchange Rate Development  During the third quarter of 2018/19, weighted average official exchange rate of the Birr showed a 2.2 percent annual depreciation and reached Birr 27.8139/USD. Meanwhile, Real Effective Exchange Rate Index (REERI) of the Birr appreciated 23.3 percent on annual basis mainly due to the strengthening of the US dollar against Ethiopia’s major trading partners’ currencies. Similarly, the Nominal Effective Exchange Rate Index (NEERI) appreciated 20.1 percent over last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the third quarter of 2018/19 showed 32.3 percent annual growth and reached Birr 61.6 billion. Similarly, total Federal government expenditure stood at Birr 74.9 billion, depicting a 5.5 percent increase relative to last year same period. As a result, the overall fiscal deficit (including grants) was Birr 13.3 billion compared to Birr 24.5 billion deficit a year ago. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the third quarter of 2018/19 amounted to 1.1 million metric tons showing a 14.8 percent annual increase due to higher import of regular gasoline (18.2 percent), jet fuel (39.1 percent) and gas oil (9.8 percent). Fuel oil however depicted a 26.8 percent decline. The volume of imported petroleum products also increased by 9 percent compared to the previous quarter due to higher imports of regular gasoline (11 percent) and gas oil (15 percent). Of the total petroleum product imported, gas oil accounted for 65.7 percent, jet fuel 19.8 percent, regular gasoline 12.9 percent and fuel oil 1.5 percent (Table 2.1). 2. Exchange Rate Development  During the third quarter of 2018/19, weighted average official exchange rate of the Birr showed a 2.2 percent annual depreciation and reached Birr 27.8139/USD. Meanwhile, Real Effective Exchange Rate Index (REERI) of the Birr appreciated 23.3 percent on annual basis mainly due to the strengthening of the US dollar against Ethiopia’s major trading partners’ currencies. Similarly, the Nominal Effective Exchange Rate Index (NEERI) appreciated 20.1 percent over last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the third quarter of 2018/19 showed 32.3 percent annual growth and reached Birr 61.6 billion. Similarly, total Federal government expenditure stood at Birr 74.9 billion, depicting a 5.5 percent increase relative to last year same period. As a result, the overall fiscal deficit (including grants) was Birr 13.3 billion compared to Birr 24.5 billion deficit a year ago. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the third quarter of 2018/19 amounted to 1.1 million metric tons showing a 14.8 percent annual increase due to higher import of regular gasoline (18.2 percent), jet fuel (39.1 percent) and gas oil (9.8 percent). Fuel oil however depicted a 26.8 percent decline. The volume of imported petroleum products also increased by 9 percent compared to the previous quarter due to higher imports of regular gasoline (11 percent) and gas oil (15 percent). Of the total petroleum product imported, gas oil accounted for 65.7 percent, jet fuel 19.8 percent, regular gasoline 12.9 percent and fuel oil 1.5 percent (Table 2.1).

Third Quarter 2018/19 7 National Bank of Ethiopia Quarterly Bulletin 2. Exchange Rate Development  During the third quarter of 2018/19, weighted average official exchange rate of the Birr showed a 2.2 percent annual depreciation and reached Birr 27.8139/USD. Meanwhile, Real Effective Exchange Rate Index (REERI) of the Birr appreciated 23.3 percent on annual basis mainly due to the strengthening of the US dollar against Ethiopia’s major trading partners’ currencies. Similarly, the Nominal Effective Exchange Rate Index (NEERI) appreciated 20.1 percent over last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the third quarter of 2018/19 showed 32.3 percent annual growth and reached Birr 61.6 billion. Similarly, total Federal government expenditure stood at Birr 74.9 billion, depicting a 5.5 percent increase relative to last year same period. As a result, the overall fiscal deficit (including grants) was Birr 13.3 billion compared to Birr 24.5 billion deficit a year ago. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the third quarter of 2018/19 amounted to 1.1 million metric tons showing a 14.8 percent annual increase due to higher import of regular gasoline (18.2 percent), jet fuel (39.1 percent) and gas oil (9.8 percent). Fuel oil however depicted a 26.8 percent decline. The volume of imported petroleum products also increased by 9 percent compared to the previous quarter due to higher imports of regular gasoline (11 percent) and gas oil (15 percent). Of the total petroleum product imported, gas oil accounted for 65.7 percent, jet fuel 19.8 percent, regular gasoline 12.9 percent and fuel oil 1.5 percent (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR)

114,839.2

12.5

122,357.9

12.7

135,787.6

12.9

18.2

11.0 Jet Fuel

149,872.7

16.4

221,894.3

23.0

208,436.3

19.8

39.1

(6.1) Fuel Oil

21,698.1

2.4

19,348.6

2.0

15,882.1

1.5

(26.8)

(17.9) Gas Oil (ADO)

629,025.2

68.7

600,552.3

62.3

690,546.5

65.7

9.8

15.0 Total

915,435.2

100.0

964,153.1

100.0

1,050,652.6

100.0

14.8

9.0 Source: Ethiopian Petroleum Enterprise

Table 2.1: Volume of Petroleum Products Imported  (In Metric Ton) Petroleum  Products  2017/18 2018/19 Percentage  Qtr. III Qtr. II Qtr. III Change A Share  (In %) B Share  (In  %)  C Share (In  %)  C/A C/B Regular Gasoline (MGR)

114,839.2

12.5

122,357.9

12.7

135,787.6

12.9

18.2

11.0 Jet Fuel 149,872.7

16.4

221,894.3

23.0

208,436.3

19.8

39.1

(6.1) Fuel Oil 21,698.1

2.4

19,348.6

2.0

15,882.1

1.5

(26.8)

(17.9) Gas Oil (ADO) 629,025.2

68.7

600,552.3

62.3

690,546.5

65.7

9.8

15.0 Total           915,435.2                      100.0                964,153.1                 100.0              1,050,652.6                     100.0            14.8                     9.0  Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil   Source: Ethiopian Petroleum Enterprise Total petroleum import bill reached Birr 17.5 billion, showing a 14.1 percent growth over last year same quarter due to a higher import volume. With the exception of fuel oil, all types of petroleum product saw higher import bill during the review II. Energy Production and Processing

8 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

quarter, where jet fuel registered a 34.6 percent increase followed by regular gasoline (11.3 percent) and gas oil (10 percent). Relative to the preceding quarter, the values of petroleum import depicted a 0.6 percent slight decline as a result of 16.2 and 13.3 percent reduction in the value of imported jet fuel and fuel oil, respectively. Yet, the price of regular gasoline rose by 8 percent and that of gas oil 4.2 percent (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum  Products  2017/18 2018/19 Percentage  Qtr. III Qtr. II Qtr. III Change A Share  (In %) B Share  (In %) C Share  (In %) C/A C/B Regular Gasoline (MGR)

2,077,427.2

13.5

2,140,196.1

12.1

2,312,342.0

13.2

11.3

8.0 Jet Fuel

2,696,248.0

17.6

4,332,286.3

24.6

3,628,926.8

20.7

34.6

(16.2) Fuel Oil

277,158.8

1.8

276,323.7

1.6

239,624.2

1.4

(13.5)

(13.3) Gas Oil (ADO)

10,312,015.8

67.1

10,884,033.7

61.7

11,343,475.7

64.7

10.0

4.2 Total      15,362,849.8                      100.0           17,632,839.9                 100.0            17,524,368.7           100.0            14.1                   (0.6) Source: Ethiopian Petroleum Enterprise

Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products showed 4.3 percent reduction over last year same quarter owing to lower FOB prices of all petroleum products except fuel oil which increased by 7.9 percent. Similarly, the average FOB price of petroleum products dropped by 6.5 percent vis – a- vis the previous quarter due to the decline in FOB prices of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 640.9

588.0 563.3 -12.1 -4.2 Jet Fuel 620.8

641.5 591.5 -4.7 -7.8 Fuel Oil 365.0

421.3 393.8 7.9 -6.5 Gas Oil (ADO) 575.2

602.0 557.9 -3.0 -7.3 Average 550.5                                       -4.3 -6.5

Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products showed 4.3 percent reduction over last year same quarter owing to lower FOB prices of all petroleum products except fuel oil which increased by 7.9 percent. Similarly, the average FOB price of petroleum products dropped by 6.5 percent vis – a- vis the previous quarter due to the decline in FOB prices of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 640.9

588.0 563.3 -12.1 -4.2 Jet Fuel 620.8

641.5 591.5 -4.7 -7.8 Fuel Oil 365.0

421.3 393.8 7.9 -6.5 Gas Oil (ADO) 575.2

602.0 557.9 -3.0 -7.3 Average 550.5                                       -4.3 -6.5 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2017/18 2018/19 Percentage Qtr. III Qtr. III Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR)

2,077,427.2

13.5

2,140,196.1

12.1

2,312,342.0

13.2

11.3

8.0 Jet Fuel

2,696,248.0

17.6

4,332,286.3

24.6

3,628,926.8

20.7

34.6

(16.2) Fuel Oil 277,158.8

1.8

276,323.7

1.6

239,624.2

1.4

(13.5)

(13.3) Gas Oil (ADO)

10,312,015.8

67.1

10,884,033.7

61.7

11,343,475.7

64.7

10.0

4.2 Total

15,362,849.8

100.0

17,632,839.9

100.0

17,524,368.7

100.0

14.1

(0.6) Source: Ethiopian Petroleum Enterprise

Third Quarter 2018/19 9 National Bank of Ethiopia Quarterly Bulletin Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 640.9

588.0 563.3 -12.1 -4.2 Jet Fuel 620.8

641.5 591.5 -4.7 -7.8 Fuel Oil 365.0

421.3 393.8 7.9 -6.5 Gas Oil (ADO) 575.2

602.0 557.9 -3.0 -7.3 Average 550.5

563.2

526.6 -4.3 -6.5 Brent Crude Oil (USD/Barrel) 67.0 67.7 63.2 -5.7 -6.7 Source: Ethiopian Petroleum Enterprise

563.2  526.6  Brent Crude Oil (USD/Barrel) 67.0 67.7 63.2 -5.7 -6.7 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products  0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the third quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 5.7 percent and reached USD 63.2 per barrel compared with USD 67/barrel a year ago. It also dropped by 6.7 percent relative to the preceding quarter (Table 2.3). In line with movements in international oil prices and domestic macroeconomic considerations, the retail prices of petroleum products were adjusted downward against last year same quarter. As a result, the average retail price of fuel in Addis Ababa marginally decreased by 1.4 percent to Birr 17.3 per liter from Birr 17.6 a year ago on account of lower retail price of jet fuel (33.3 percent) and kerosene (4.7 percent). However, the retail price of fuel in Addis Ababa increased 3.9 percent on quarterly basis due to higher retail price of all petroleum products. (Table 2.4)

10 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

563.2  526.6  Brent Crude Oil (USD/Barrel) 67.0 67.7 63.2 -5.7 -6.7 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products  0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the third quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 5.7 percent and reached USD 63.2 per barrel compared with USD 67/barrel a year ago. It also dropped by 6.7 percent relative to the preceding quarter (Table 2.3). In line with movements in international oil prices and domestic macroeconomic considerations, the retail prices of petroleum products were adjusted downward against last year same quarter. As a result, the average retail price of fuel in Addis Ababa marginally decreased by 1.4 percent to Birr 17.3 per liter from Birr 17.6 a year ago on account of lower retail price of jet fuel (33.3 percent) and kerosene (4.7 percent). However, the retail price of fuel in Addis Ababa increased 3.9 percent on quarterly basis due to higher retail price of all petroleum products. (Table 2.4)

Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 18.8 19.4 20.0 6.7 3.3 Fuel Oil 13.7 17.3 17.9 31.1 3.7 Gas Oil (ADO) 16.4 17.3 17.9 9.8 3.7 Kerosene 16.4 14.9 15.6 -4.7 4.2 Jet fuel 22.6 14.4 15.1 -33.3 4.7 Average 17.6 16.7 17.3 -1.4 3.9 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 18.8 19.4 20.0 6.7 3.3 Fuel Oil 13.7 17.3 17.9 31.1 3.7 Gas Oil (ADO) 16.4 17.3 17.9 9.8 3.7 Kerosene 16.4 14.9 15.6 -4.7 4.2 Jet fuel 22.6 14.4 15.1 -33.3 4.7 Average 17.6 16.7 17.3 -1.4 3.9 Source: Ministry of Trade and Industry

2.2. Electric Power Generation About 3.6 billion KWH electric power was generated during the third quarter of 2018/19 which was 3.8 percent higher than last year same quarter. This was attributed to 2.7 percent increment in electric production from hydropower and 36.6 percent surge from wind sources. Of the total energy generated, about 95.3 percent was from hydropower and 4.7 percent from wind source (Table 2.5). By system of generation, virtually all power was generated through inter-connected system (ICS)2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution Source: Ministry of Trade and Industry

Third Quarter 2018/19 11 National Bank of Ethiopia Quarterly Bulletin

2.2. Electric Power Generation About 3.6 billion KWH electric power was generated during the third quarter of 2018/19 which was 3.8 percent higher than last year same quarter. This was attributed to 2.7 percent increment in electric production from hydropower and 36.6 percent surge from wind sources. Of the total energy generated, about 95.3 percent was from hydropower and 4.7 percent from wind source (Table 2.5). By system of generation, virtually all power was generated through inter-connected system (ICS)2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution

2.2. Electric Power Generation About 3.6 billion KWH electric power was generated during the third quarter of 2018/19 which was 3.8 percent higher than last year same quarter. This was attributed to 2.7 percent increment in electric production from hydropower and 36.6 percent surge from wind sources. Of the total energy generated, about 95.3 percent was from hydropower and 4.7 percent from wind source (Table 2.5). By system of generation, virtually all power was generated through inter-connected system (ICS)2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2017/18 2018/19 Percentage Change Qtr. III Qtr. II Qtr. III A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydro￾power

3,371,569.1

96.4

3,768,573.6

90.3

3,461,447.3

95.3 2.7 (8.1) Thermal Power

1,311.2

---

Geother￾mal - -

225,890.8

5.4 -

---

wind

125,241.2

3.6

177,375.3

4.3

171,018.7

4.7 36.6 (3.6) Total

3,498,121.5

100.0 4,171,839.7

100.0

3,632,466.0

100.0 3.8 (12.9) Source: Ethiopian Electric Power Table 2.5: Electricity Generation by Sources  (In '000 of K.W.H) Power  Source 2017/18 2018/19 Qtr. III Qtr. II Qtr. III Percentage Change A Share  (In %) B Share  (In %) C Share  (In %) C/A C/B Hydropower

3,371,569.1

96.4

3,768,573.6

90.3

3,461,447.3

95.3

2.7

(8.1) Thermal Power

1,311.2

Geothermal

• • 225,890.8

5.4 -

wind

125,241.2

3.6 177,375.3

4.3

171,018.7

4.7

36.6

(3.6) Total      3,498,121.5                  100.0   4,171,839.7                  100.0     3,632,466.0             100.0              3.8           (12.9) Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII QIII Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Source: Ethiopian Electric Power

12 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin III. Quarterly Price Developments 3.1 Developments in National CPI During the third quarter of 2018/19, headline inflation rate rose to 3.1 percent from 0.3 percent in the preceding quarter and 2.7 percent a year ago. The rise in quarterly headline inflation rate was attributed to 2.7 percentage point increase in food & non-alcoholic beverages inflation and 2.9 percentage point in non-food inflation. The 0.4 percentage point year-on￾year rise in headline inflation was due to 1.0 percentage point increase in food & non￾alcoholic beverages inflation despite 0.3 percentage point decline in non-food inflation. Food & non-alcoholic beverages contributed 1.5 percent while non-food inflation contributed 1.6 percent to the 3.1 percent headline inflation rate recorded in the quarter. In relative terms, 51.6 percent of the quarterly inflation originated from non￾food inflation and 48.4 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1:  Quarterly National Inflation (in %)        December 2016=100 2017/18 2018/19 Change in  %age Points Contributions in (%) to Weights QIII QII QIII A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  Over  QII￾2018/19 QIII-2018/19  Headline Inflation  Absolute Relativ e Headline  100% 2.7 0.3 3.1 0.4 2.8 0.4 2.8 3.1 100 Food &  Non￾alcoholic  beverage 54% 1.8 0.1 2.8 1.0 2.7 0.5 1.5 1.5 48.4 Non￾food 46% 3.8 0.6 3.5 -0.3 2.9 -0.1 1.3 1.6 51.6 Source: Central Statistical Agency(CSA) & National Bank of Ethiopia(NBE) Staff computation Table 3.1: Quarterly National Inflation (in %) December 2016=100 Weights 2017/18 2018/19 Change in % age Points Contributions in (%) to QIII QII QIII A B C C-A C-B Headline Infla￾tion Change over QIII￾2017/18 Headline Inflation Change Over QII￾2018/19 QIII-2018/19 Head￾line Inflation Absolute Relative Headline 100% 2.7 0.3 3.1 0.4 2.8 0.4 2.8 3.1 100 Food & Non￾alcoholic beverage 54% 1.8 0.1 2.8 1.0 2.7 0.5 1.5 1.5 48.4 Non-food 46% 3.8 0.6 3.5 -0.3 2.9 -0.1 1.3 1.6 51.6 Source: Central Statistical Agency(CSA) & National Bank of Ethiopia(NBE) Staff computation Source: CSA & NBE Staff Compilation Food & Non￾alcoholic beverage; 48.4% Non-food; 51.6% Fig 3.1: Contribution of Food and Non-food Inflation to the Headline Inflation in 3rd Quarter 2018/19 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.2: Quarterly Movement in National Inflation On quarterly bases, food & non-alcoholic beverages inflation accelerated to 2.8 percent from 0.1 percent as CPI inflation for bread & cereals, meat, vegetables, food products and milk, cheese & egg tended to rise. In contrast, the inflation rates for fruits, non-alcoholic beverages, oils & fats, sugar jam, honey & chocolate declined (Table 3.2). Non-food inflation increased to 3.5 percent in the third quarter of 2018/19 compared to 0.6 percent in the preceding quarter. This was due to the rise in inflation of housing, water, electricity, gas & other fuel, alcoholic beverages & tobacco, clothing and foot wear, furnishings, household equipment & routine maintenance of houses, communication, transport, health and miscellaneous goods. Meanwhile, CPI inflation for restaurant & hotel, education and recreation & culture decreased during the review period (Table 3.3). Table 3.2: Quarterly National Inflation of Food & Non-alcoholic Beverages (in %)                                                             December 2016=100 Item Weights 2017/18 2018/19 Change in  QIII QII QIII %age points Contribution to A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  over QII￾2018/19 Food and Non-alcoholic  Beverages  0.54 1.8 0.1 2.8 1.0 2.7 0.01 0.01 Bread and Cereals 0.17 -1.6 0.2 1.5 3.1 1.3 0.01 0.00 Meat 0.04 6.3 0.1 3.5 -2.7 3.4 0.00 0.00 Fish and Sea food 0.00 -3.0 1.9 0.9 Milk, cheese and egg 0.03 2.9 1.6 4.2 1.3 2.6 0.00 0.00 Oils & Fats 0.04 -1.8 1.6 0.6 2.4 -1.0 0.00 0.00 Fruit 0.00 4.3 6.0 4.9 0.6 -1.0 0.00 0.00 Vegetables 0.12 5.8 -0.4 7.5 1.8 7.9 0.00 0.01 Sugar jam, honey, chocolate 0.01 1.3 3.1 1.4 0.1 -1.7 0.00 0.00 Food products n.e.c 0.06 6.7 0.7 3.9 -2.9 3.2 0.00 0.00 Non-alcoholic beverages 0.05 -3.0 -3.3 -5.0 -2.0 -1.7 0.00 0.00 Source: CSA and NBE Staff Compilation

Third Quarter 2018/19 13 National Bank of Ethiopia Quarterly Bulletin III. Quarterly Price Developments 3.1 Developments in National CPI During the third quarter of 2018/19, headline inflation rate rose to 3.1 percent from 0.3 percent in the preceding quarter and 2.7 percent a year ago. The rise in quarterly headline inflation rate was attributed to 2.7 percentage point increase in food & non-alcoholic beverages inflation and 2.9 percentage point in non-food inflation. The 0.4 percentage point year-on￾year rise in headline inflation was due to 1.0 percentage point increase in food & non￾alcoholic beverages inflation despite 0.3 percentage point decline in non-food inflation. Food & non-alcoholic beverages contributed 1.5 percent while non-food inflation contributed 1.6 percent to the 3.1 percent headline inflation rate recorded in the quarter. In relative terms, 51.6 percent of the quarterly inflation originated from non￾food inflation and 48.4 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1:  Quarterly National Inflation (in %)        December 2016=100 2017/18 2018/19 Change in  %age Points Contributions in (%) to Weights QIII QII QIII A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  Over  QII￾2018/19 QIII-2018/19  Headline Inflation  Absolute Relativ e Headline  100% 2.7 0.3 3.1 0.4 2.8 0.4 2.8 3.1 100 Food &  Non￾alcoholic  beverage 54% 1.8 0.1 2.8 1.0 2.7 0.5 1.5 1.5 48.4 Non￾food 46% 3.8 0.6 3.5 -0.3 2.9 -0.1 1.3 1.6 51.6 Source: Central Statistical Agency(CSA) & National Bank of Ethiopia(NBE) Staff computation Source: CSA & NBE Staff Compilation Food & Non￾alcoholic beverage; 48.4% Non-food; 51.6% Fig 3.1: Contribution of Food and Non-food Inflation to the Headline Inflation in 3rd Quarter 2018/19 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.2: Quarterly Movement in National Inflation On quarterly bases, food & non-alcoholic beverages inflation accelerated to 2.8 percent from 0.1 percent as CPI inflation for bread & cereals, meat, vegetables, food products and milk, cheese & egg tended to rise. In contrast, the inflation rates for fruits, non-alcoholic beverages, oils & fats, sugar jam, honey & chocolate declined (Table 3.2). Non-food inflation increased to 3.5 percent in the third quarter of 2018/19 compared to 0.6 percent in the preceding quarter. This was due to the rise in inflation of housing, water, electricity, gas & other fuel, alcoholic beverages & tobacco, clothing and foot wear, furnishings, household equipment & routine maintenance of houses, communication, transport, health and miscellaneous goods. Meanwhile, CPI inflation for restaurant & hotel, education and recreation & culture decreased during the review period (Table 3.3). Table 3.2: Quarterly National Inflation of Food & Non-alcoholic Beverages (in %)                                                             December 2016=100 Item Weights 2017/18 2018/19 Change in  QIII QII QIII %age points Contribution to A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  over QII￾2018/19 Food and Non-alcoholic  Beverages  0.54 1.8 0.1 2.8 1.0 2.7 0.01 0.01 Bread and Cereals 0.17 -1.6 0.2 1.5 3.1 1.3 0.01 0.00 Meat 0.04 6.3 0.1 3.5 -2.7 3.4 0.00 0.00 Fish and Sea food 0.00 -3.0 1.9 0.9 Milk, cheese and egg 0.03 2.9 1.6 4.2 1.3 2.6 0.00 0.00 Oils & Fats 0.04 -1.8 1.6 0.6 2.4 -1.0 0.00 0.00 Fruit 0.00 4.3 6.0 4.9 0.6 -1.0 0.00 0.00 Vegetables 0.12 5.8 -0.4 7.5 1.8 7.9 0.00 0.01 Sugar jam, honey, chocolate 0.01 1.3 3.1 1.4 0.1 -1.7 0.00 0.00 Food products n.e.c 0.06 6.7 0.7 3.9 -2.9 3.2 0.00 0.00 Non-alcoholic beverages 0.05 -3.0 -3.3 -5.0 -2.0 -1.7 0.00 0.00 Source: CSA and NBE Staff Compilation .

14 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 3.2: Quarterly National Inflation of Food & Non-alcoholic Beverages (in %) December 2016=100 Item Weights 2017/18 2018/19 Change in QIII QII QIII %age points Contribution to A B C C-A C-B Headline Inflation Change over QIII￾2017/18 Headline Inflation Change over QII￾2018/19 Food and Non-alcoholic Beverages 0.54 1.8 0.1 2.8 1.0 2.7 0.01 0.01 Bread and Cereals 0.17 -1.6 0.2 1.5 3.1 1.3 0.01 0.00 Meat 0.04 6.3 0.1 3.5 -2.7 3.4 0.00 0.00 Fish and Sea food 0.00 -3.0 1.9 0.9 Milk, cheese and egg 0.03 2.9 1.6 4.2 1.3 2.6 0.00 0.00 Oils & Fats 0.04 -1.8 1.6 0.6 2.4 -1.0 0.00 0.00 Fruit 0.00 4.3 6.0 4.9 0.6 -1.0 0.00 0.00 Vegetables 0.12 5.8 -0.4 7.5 1.8 7.9 0.00 0.01 Sugar jam, honey, chocolate 0.01 1.3 3.1 1.4 0.1 -1.7 0.00 0.00 Food products n.e.c 0.06 6.7 0.7 3.9 -2.9 3.2 0.00 0.00 Non-alcoholic beverages 0.05 -3.0 -3.3 -5.0 -2.0 -1.7 0.00 0.00 Source: CSA and NBE Staff Compilation Table 3.3: Quarterly National Inflation of Non-food Items (in %) December 2016=100 Item Weights 2017/18 2018/19 Change in QIII QII QIII %age points Contribution to A B C C-A C-B Headline Inflation Change over QIII￾2017/18 Headline Inflation Change over QII￾2018/19 Non-Food Inflation 0.46 3.8 0.6 3.5 -0.3 2.8 0.00 0.01 Alcoholic beverages and tobacco 0.05 6.0 0.0 7.9 1.9 7.9 0.00 0.00 Clothing and Footwear 0.06 5.4 2.6 4.1 -1.3 1.6 0.00 0.00 Housing, Water, Electricity, Gas and other Fuel 0.17 3.1 -0.9 2.3 -0.8 3.3 0.00 0.01 Furnishings, Household equip￾ment and Routine maintenance of houses 0.05 6.1 1.8 3.8 -2.3 2.0 0.00 0.00 Health 0.01 7.5 3.2 4.9 -2.6 1.7 0.00 0.00 Transport 0.02 2.3 3.7 7.6 5.3 4.0 0.00 0.00 Communication 0.02 2.5 -5.3 0.4 -2.0 5.7 0.00 0.00 Recreation and culture 0.00 3.3 1.9 1.4 -2.0 -0.5 0.00 0.00 Education 0.00 1.6 7.0 0.4 -1.2 -6.6 0.00 0.00 Restaurant & hotel 0.05 0.4 3.5 2.1 1.7 -1.4 0.00 0.00 Miscellaneous Goods 0.03 4.8 0.2 3.2 -1.6 3.1 0.00 0.00 Source: CSA and NBE Staff Compilation Table 3.3: Quarterly National Inflation of Non-food Items (in %) December 2016=100 Item Weights 2017/18 2018/19 Change in %age  QIII QII QIII points Contribution to A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  over  QII￾2018/19 Non-Food Inflation 0.46 3.8 0.6 3.5 -0.3 2.8 0.00 0.01 Alcoholic beverages and tobacco 0.05 6.0 0.0 7.9 1.9 7.9 0.00 0.00 Clothing and Footwear 0.06 5.4 2.6 4.1 -1.3 1.6 0.00 0.00 Housing, Water, Electricity, Gas and other Fuel 0.17 3.1 -0.9 2.3 -0.8 3.3 0.00 0.01 Furnishings, Household equipment and Routine maintenance of houses 0.05 6.1 1.8 3.8 -2.3 2.0 0.00 0.00 Health 0.01 7.5 3.2 4.9 -2.6 1.7 0.00 0.00 Transport 0.02 2.3 3.7 7.6 5.3 4.0 0.00 0.00 Communication 0.02 2.5 -5.3 0.4 -2.0 5.7 0.00 0.00 Recreation and culture 0.00 3.3 1.9 1.4 -2.0 -0.5 0.00 0.00 Education 0.00 1.6 7.0 0.4 -1.2 -6.6 0.00 0.00 Restaurant & hotel 0.05 0.4 3.5 2.1 1.7 -1.4 0.00 0.00 Miscellaneous Goods 0.03 4.8 0.2 3.2 -1.6 3.1 0.00 0.00 Source: CSA and NBE Staff Compilation 3.2. Developments in Regional Inflation The regional average headline inflation rate increased to 2.4 percent from 0.4 percent in the previous quarter but slightly lower than 2.5 percent average a year ago. Among the regional states, Dire Dawa, Gambella, SNNP and Tigray registered lower headline inflation than the regional average headline inflation. The highest headline inflation (4.2 percent) was seen in Harari while the lowest (-2.5 percent) was recorded in Dire-Dawa, resulting in 6.7 percentage point margin between the headline inflation of the two regional states. The deviation 3 in the regional headline inflation from the average as denoted by the standard deviation stood at 1.8 percent, which was 2.3 percent lower than in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation increased to 2.2 percent over the preceding quarter and 0.8 percent compared to last year same quarter. Of the regional states, SNNP, Tigray, Afar, Harari and Benshangul Gumuz recorded food inflation below the regional average. The 3 The standard deviation shows how much dispersion exists from the average value.

Third Quarter 2018/19 15 National Bank of Ethiopia Quarterly Bulletin Table 3.3: Quarterly National Inflation of Non-food Items (in %) December 2016=100 Item Weights 2017/18 2018/19 Change in %age  QIII QII QIII points Contribution to A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  over  QII￾2018/19 Non-Food Inflation 0.46 3.8 0.6 3.5 -0.3 2.8 0.00 0.01 Alcoholic beverages and tobacco 0.05 6.0 0.0 7.9 1.9 7.9 0.00 0.00 Clothing and Footwear 0.06 5.4 2.6 4.1 -1.3 1.6 0.00 0.00 Housing, Water, Electricity, Gas and other Fuel 0.17 3.1 -0.9 2.3 -0.8 3.3 0.00 0.01 Furnishings, Household equipment and Routine maintenance of houses 0.05 6.1 1.8 3.8 -2.3 2.0 0.00 0.00 Health 0.01 7.5 3.2 4.9 -2.6 1.7 0.00 0.00 Transport 0.02 2.3 3.7 7.6 5.3 4.0 0.00 0.00 Communication 0.02 2.5 -5.3 0.4 -2.0 5.7 0.00 0.00 Recreation and culture 0.00 3.3 1.9 1.4 -2.0 -0.5 0.00 0.00 Education 0.00 1.6 7.0 0.4 -1.2 -6.6 0.00 0.00 Restaurant & hotel 0.05 0.4 3.5 2.1 1.7 -1.4 0.00 0.00 Miscellaneous Goods 0.03 4.8 0.2 3.2 -1.6 3.1 0.00 0.00 Source: CSA and NBE Staff Compilation 3.2. Developments in Regional Inflation The regional average headline inflation rate increased to 2.4 percent from 0.4 percent in the previous quarter but slightly lower than 2.5 percent average a year ago. Among the regional states, Dire Dawa, Gambella, SNNP and Tigray registered lower headline inflation than the regional average headline inflation. The highest headline inflation (4.2 percent) was seen in Harari while the lowest (-2.5 percent) was recorded in Dire-Dawa, resulting in 6.7 percentage point margin between the headline inflation of the two regional states. The deviation 3 in the regional headline inflation from the average as denoted by the standard deviation stood at 1.8 percent, which was 2.3 percent lower than in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation increased to 2.2 percent over the preceding quarter and 0.8 percent compared to last year same quarter. Of the regional states, SNNP, Tigray, Afar, Harari and Benshangul Gumuz recorded food inflation below the regional average. The 3 The standard deviation shows how much dispersion exists from the average value. Table 3.3: Quarterly National Inflation of Non-food Items (in %) December 2016=100 Item Weights 2017/18 2018/19 Change in %age  QIII QII QIII points Contribution to A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  over  QII￾2018/19 Non-Food Inflation 0.46 3.8 0.6 3.5 -0.3 2.8 0.00 0.01 Alcoholic beverages and tobacco 0.05 6.0 0.0 7.9 1.9 7.9 0.00 0.00 Clothing and Footwear 0.06 5.4 2.6 4.1 -1.3 1.6 0.00 0.00 Housing, Water, Electricity, Gas and other Fuel 0.17 3.1 -0.9 2.3 -0.8 3.3 0.00 0.01 Furnishings, Household equipment and Routine maintenance of houses 0.05 6.1 1.8 3.8 -2.3 2.0 0.00 0.00 Health 0.01 7.5 3.2 4.9 -2.6 1.7 0.00 0.00 Transport 0.02 2.3 3.7 7.6 5.3 4.0 0.00 0.00 Communication 0.02 2.5 -5.3 0.4 -2.0 5.7 0.00 0.00 Recreation and culture 0.00 3.3 1.9 1.4 -2.0 -0.5 0.00 0.00 Education 0.00 1.6 7.0 0.4 -1.2 -6.6 0.00 0.00 Restaurant & hotel 0.05 0.4 3.5 2.1 1.7 -1.4 0.00 0.00 Miscellaneous Goods 0.03 4.8 0.2 3.2 -1.6 3.1 0.00 0.00 Source: CSA and NBE Staff Compilation 3.2. Developments in Regional Inflation The regional average headline inflation rate increased to 2.4 percent from 0.4 percent in the previous quarter but slightly lower than 2.5 percent average a year ago. Among the regional states, Dire Dawa, Gambella, SNNP and Tigray registered lower headline inflation than the regional average headline inflation. The highest headline inflation (4.2 percent) was seen in Harari while the lowest (-2.5 percent) was recorded in Dire-Dawa, resulting in 6.7 percentage point margin between the headline inflation of the two regional states. The deviation 3 in the regional headline inflation from the average as denoted by the standard deviation stood at 1.8 percent, which was 2.3 percent lower than in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation increased to 2.2 percent over the preceding quarter and 0.8 percent compared to last year same quarter. Of the regional states, SNNP, Tigray, Afar, Harari and Benshangul Gumuz recorded food inflation below the regional average. The 3 The standard deviation shows how much dispersion exists from the average value. Table 3.3: Quarterly National Inflation of Non-food Items (in %) December 2016=100 Item Weights 2017/18 2018/19 Change in %age  QIII QII QIII points Contribution to A B C C-A C-B Headline  Inflation  Change  over  QIII￾2017/18 Headline  Inflation  Change  over  QII￾2018/19 Non-Food Inflation 0.46 3.8 0.6 3.5 -0.3 2.8 0.00 0.01 Alcoholic beverages and tobacco 0.05 6.0 0.0 7.9 1.9 7.9 0.00 0.00 Clothing and Footwear 0.06 5.4 2.6 4.1 -1.3 1.6 0.00 0.00 Housing, Water, Electricity, Gas and other Fuel 0.17 3.1 -0.9 2.3 -0.8 3.3 0.00 0.01 Furnishings, Household equipment and Routine maintenance of houses 0.05 6.1 1.8 3.8 -2.3 2.0 0.00 0.00 Health 0.01 7.5 3.2 4.9 -2.6 1.7 0.00 0.00 Transport 0.02 2.3 3.7 7.6 5.3 4.0 0.00 0.00 Communication 0.02 2.5 -5.3 0.4 -2.0 5.7 0.00 0.00 Recreation and culture 0.00 3.3 1.9 1.4 -2.0 -0.5 0.00 0.00 Education 0.00 1.6 7.0 0.4 -1.2 -6.6 0.00 0.00 Restaurant & hotel 0.05 0.4 3.5 2.1 1.7 -1.4 0.00 0.00 Miscellaneous Goods 0.03 4.8 0.2 3.2 -1.6 3.1 0.00 0.00 Source: CSA and NBE Staff Compilation 3.2. Developments in Regional Inflation The regional average headline inflation rate increased to 2.4 percent from 0.4 percent in the previous quarter but slightly lower than 2.5 percent average a year ago. Among the regional states, Dire Dawa, Gambella, SNNP and Tigray registered lower headline inflation than the regional average headline inflation. The highest headline inflation (4.2 percent) was seen in Harari while the lowest (-2.5 percent) was recorded in Dire-Dawa, resulting in 6.7 percentage point margin between the headline inflation of the two regional states. The deviation 3 in the regional headline inflation from the average as denoted by the standard deviation stood at 1.8 percent, which was 2.3 percent lower than in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation increased to 2.2 percent over the preceding quarter and 0.8 percent compared to last year same quarter. Of the regional states, SNNP, Tigray, Afar, Harari and Benshangul Gumuz recorded food inflation below the regional average. The 3 The standard deviation shows how much dispersion exists from the average value. highest food & non-alcoholic beverage inflation was registered in Dire Dawa (3.6 percent). Average regional non-food inflation stood at 3.5 percent which was 1.0 percentage point lower than that of a year ago. Gambella, Dire Dawa, Amhara and Somali regions registered average non-food inflation below the regional average non-food inflation. Meanwhile, Harari recorded the highest non￾food inflation (6.0 percent) while the lowest (-0.3 percent) was seen in Gambella, indicating a 6.3 percentage point margin (Table 3.4). The variation in the non-food inflation measured by its standard deviation was 1.6 percent compared to 3.7 percent last year same quarter. highest food & non-alcoholic beverage inflation was registered in Dire Dawa (3.6 percent). Average regional non-food inflation stood at 3.5 percent which was 1.0 percentage point lower than that of a year ago. Gambella, Dire Dawa, Amhara and Somali regions registered average non-food inflation below the regional average non-food inflation. Meanwhile, Harari recorded the highest non￾food inflation (6.0 percent) while the lowest (-0.3 percent) was seen in Gambella, indicating a 6.3 percentage point margin (Table 3.4). The variation in the non-food inflation measured by its standard deviation was 1.6 percent compared to 3.7 percent last year same quarter.

16 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 4. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit At the end of the third quarter of 2018/19 , broad money supply (M 2) stood at Birr 832.0 billion, depicting a 19.6 percent expansion over the corresponding quarter of last fiscal year. This annual growth was attributed to 22.1 percent increase in domestic credit offsetting the 23.8 percent contraction in external assets (net) . Particulars Qtr. III Qtr. II Qtr. III Percentage  Change Contributions  of Each  Component to  Broad Money  Growth  (Mar. 18) (Dec. 18) (Mar. 19) A B C C/A C/B Annual 

1. External Assets (net) 35,993.3 23,507.7 27,415.6 -23.8 16.6 -6.3
2. Domestic Credit 727,563.1 844,861.3 888,629.4 22.1 5.2 118.4 . Claims on Central Gov't (net) 96,602.3 98,558.5 83,539.2 -13.5 -15.2 -9.6 . Claims on Non -Central Gov't 630,960.8 746,302.8 805,090.2 18.3 7.9 84.8 . Financial Institutions 29,992.7 52,092.7 52,792.7 76.0 1.3 16.8 . Others 600,968.083 694,210.081 752,297.5 25.2 8.4 111.2
3. Other Items (net) 67,637.0 79,207.2 84,035.1 24.2 6.1 12.0
4. Broad Money (M2) 695,919.4 789,161.8 832,009.9 19.6 5.4 100.0 Source: Staff Computation, NBE Table 4.1: Components of Broad Money (In Millions of Birr) Fig .IV.1: Major Determinants of Monetary Expansion                                                                                                                                         (Quarterly Change in Percent)  Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit                                                                                          (Quarterly Change in Percent) Source: Staff computation, NBE -60.0 -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 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government Table 3.4: Quarterly Regional General, Food and Non-Food Inflations of 3rd Quarter-2018/19(in %) Regions 2017/18 2018/19 Annual Change Quarterly Change QIII QII QIII A B C C-A C-B General Food & Non-

• alcoholic bever ages Non-food General Food & Non-
• alcoholic bever ages Non-food General Food & Non-
• alcoholic bever ages Non-food General Food&Non-
• alcoholic bever ages Non-food General Food& Non-
• alcoholic bever ages Non-food SNNP 2.2 -0.2 5.5 -0.6 -0.8 -0.3 1.8 0.4 3.8 -0.4 0.5 -1.8 2.4 1.2 4.1 Harari 7.2 -0.4 13.0 1.2 0.1 2.0 4.2 1.8 6.0 -3.0 2.2 -7.0 3.0 1.7 4.0 Oromia 2.0 0.4 7.7 0.6 0.6 0.5 3.4 2.9 4.0 1.4 2.5 -3.7 2.8 2.3 3.5 Tigray 2.9 3.6 2.2 5.1 6.7 3.7 2.3 0.5 4.0 -0.6 -3.1 1.8 -2.8 -6.2 0.3 Gambella 0.5 0.7 0.4 -2.4 -2.2 -2.5 1.7 3.3 -0.3 1.2 2.6 -0.7 4.1 5.5 2.2 Addis Ababa 3.0 2.5 3.4 0.6 -1.2 1.9 3.4 3.0 3.6 0.4 0.5 0.3 2.8 4.2 1.8 Dire Dawa 0.9 0.7 1.1 -3.1 -3.0 -3.5 -2.5 3.6 2.1 -3.4 2.9 1.1 0.6 6.6 5.7 Benshangul. Gumuz 2.5 -1.3 6.5 3.4 0.8 5.9 3.7 2.0 5.2 1.2 3.4 -1.3 0.3 1.2 -0.7 Somali 0.6 0.4 0.9 -0.6 -0.3 -1.0 2.9 2.6 3.2 2.3 2.2 2.4 3.5 2.9 4.2 Afar 3.5 1.0 6.0 0.3 0.2 0.5 2.6 1.4 3.8 -0.9 0.4 -2.3 2.3 1.2 3.3 Amhara 2.5 1.7 3.4 0.3 -0.8 1.5 2.9 0.4 1.1 -0.4 2.6 3.7 1.5 Regions Average 2.5 0.8 4.5 0.4 0.0 0.8 2.4 2.2 3.5 Standard deviation 1.8 1.4 3.7 2.3 2.5 2.7 1.8 1.1 1.6 Coefficient of variation 0.7 1.7 0.8 5.3 229.4 3.4 0.8 0.5 0.5 Source: - CSA & NBE staff compilation

Third Quarter 2018/19 17 National Bank of Ethiopia Quarterly Bulletin 4. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit At the end of the third quarter of 2018/19, broad money supply (M2) stood at Birr 832.0 billion, depicting a 19.6 percent expansion over the corresponding quarter of last fiscal year. This annual growth was attributed to 22.1 percent increase in domestic credit offsetting the 23.8 percent contraction in external assets (net). Particulars Qtr. III Qtr. II Qtr. III Percentage  Change Contributions  of Each  Component to  Broad Money  Growth  (Mar. 18) (Dec. 18) (Mar. 19) A B C C/A C/B Annual 

1. External Assets (net) 35,993.3 23,507.7 27,415.6 -23.8 16.6 -6.3
2. Domestic Credit 727,563.1 844,861.3 888,629.4 22.1 5.2 118.4 . Claims on Central Gov't (net) 96,602.3 98,558.5 83,539.2 -13.5 -15.2 -9.6 . Claims on Non-Central Gov't 630,960.8 746,302.8 805,090.2 18.3 7.9 84.8 . Financial Institutions 29,992.7 52,092.7 52,792.7 76.0 1.3 16.8 . Others 600,968.083 694,210.081 752,297.5 25.2 8.4 111.2
3. Other Items (net) 67,637.0 79,207.2 84,035.1 24.2 6.1 12.0
4. Broad Money (M2) 695,919.4 789,161.8 832,009.9 19.6 5.4 100.0 Source: Staff Computation, NBE Table 4.1: Components of Broad Money (In Millions of Birr) 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. 18) (Dec. 18) (Mar. 19) A B C C/A C/B Annual
5. External Assets (net) 35,993.3 23,507.7 27,415.6 -23.8 16.6 -6.3
6. Domestic Credit 727,563.1 844,861.3 888,629.4 22.1 5.2 118.4 . Claims on Central Gov’t (net) 96,602.3 98,558.5 83,539.2 -13.5 -15.2 -9.6 . Claims on Non-Central Gov’t 630,960.8 746,302.8 805,090.2 18.3 7.9 84.8 . Financial Institutions 29,992.7 52,092.7 52,792.7 76.0 1.3 16.8 . Others 600,968.083 694,210.081 752,297.5 25.2 8.4 111.2
7. Other Items (net) 67,637.0 79,207.2 84,035.1 24.2 6.1 12.0
8. Broad Money (M2) 695,919.4 789,161.8 832,009.9 19.6 5.4 100.0 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion                                                                                                                                         (Quarterly Change in Percent)  Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit                                                                                          (Quarterly Change in Percent) Source: Staff computation, NBE -60.0 -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 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government

18 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Fig.IV.1: Major Determinants of Monetary Expansion                                                                                                                                         (Quarterly Change in Percent)  Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit                                                                                          (Quarterly Change in Percent) Source: Staff computation, NBE -60.0 -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 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government Fig.IV.1: Major Determinants of Monetary Expansion                                                                                                                                         (Quarterly Change in Percent)  Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit                                                                                          (Quarterly Change in Percent) Source: Staff computation, NBE -60.0 -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 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government Fig.IV.1: Major Determinants of Monetary Expansion                                                                                                                                         (Quarterly Change in Percent)  Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit                                                                                          (Quarterly Change in Percent) Source: Staff computation, NBE -60.0 -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 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government Component wise, quasi-money supply exhibited 28.5 percent annual and 7.3 percent quarterly expansion. Similarly, narrow money supply increased 5.3 percent on annual and 2.0 percent on quarterly basis and it contributed 10.5 percent to the growth of broad money while the contribution of quasi money was 89.5 percent (Table 4.2). The surge in quasi-money was attributed to bank branch expansion and NBE’s policy of increasing the minimum deposit interest rate from 5 percent to 7 percent. 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. 18) (Dec. 18) (Mar. 19) A B C C/A C/B Annual  1.  Narrow Money Supply 268,817.0 277,597.9 283,142.7 5.3 2.0 10.5 . Currency outside banks 90,594.8 92,192.6 97,075.1 7.2 5.3 4.8 . Demand Deposits (net) 178,222.2 185,405.3 186,067.6 4.4 0.4 5.8 2.  Quasi-Money 427,102.4 511,563.9 548,867.2 28.5 7.3 89.5 . Savings Deposits 352,624.1 430,098.7 462,795.7 31.2 7.6 81.0 . Time Deposits 74,478.4 81,465.1 86,071.5 15.6 5.7 8.5 3.  Broad Money Supply 695,919.4 789,161.8 832,009.9 19.6 5.4 100.0 Source: Staff Computation, NBE 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. 18) (Dec. 18) (Mar. 19) A B C C/A C/B Annual

1. Narrow Money Supply 268,817.0 277,597.9 283,142.7 5.3 2.0 10.5 . Currency outside banks 90,594.8 92,192.6 97,075.1 7.2 5.3 4.8 . Demand Deposits (net) 178,222.2 185,405.3 186,067.6 4.4 0.4 5.8
2. Quasi-Money 427,102.4 511,563.9 548,867.2 28.5 7.3 89.5 . Savings Deposits 352,624.1 430,098.7 462,795.7 31.2 7.6 81.0 . Time Deposits 74,478.4 81,465.1 86,071.5 15.6 5.7 8.5
3. Broad Money Supply 695,919.4 789,161.8 832,009.9 19.6 5.4 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 177.8 billion in the third quarter of 2018/19, about 9.6 percent higher than a year ago. Excess reserve of commercial banks contracted 29.7 percent on annual and 26.5 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, tended to increase both on quarterly and annual terms due to strong deposit mobilization by commercial banks. The ratio of broad money to reserve money rose 9.1 percent over last year same period (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III (Mar. 18) (Dec. 18) (Mar. 19) Percentage Change A B C C/A C/B 1.  Reserve Requirement (CB's) 34,248.9 39,493.5 41,755.4 21.9 5.7 2.  Actual Reserve (CB's) 52,508.2 56,966.6 54,596.4 4.0 -4.2 3.  Excess Reserve (CB's) 18,259.3 17,473.2 12,841.0 -29.7 -26.5 4.  Reserve Money 162,284.2 170,478.6 177,808.3 9.6 4.3 . Currency in Circulation 112,438.6 120,349.0 125,298.3 11.4 4.1 0.0 100.0 200.0 300.0 400.0 500.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

Third Quarter 2018/19 19 National Bank of Ethiopia Quarterly Bulletin Component wise, quasi-money supply exhibited 28.5 percent annual and 7.3 percent quarterly expansion. Similarly, narrow money supply increased 5.3 percent on annual and 2.0 percent on quarterly basis and it contributed 10.5 percent to the growth of broad money while the contribution of quasi money was 89.5 percent (Table 4.2). The surge in quasi-money was attributed to bank branch expansion and NBE’s policy of increasing the minimum deposit interest rate from 5 percent to 7 percent. 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. 18) (Dec. 18) (Mar. 19) A B C C/A C/B Annual  1.  Narrow Money Supply 268,817.0 277,597.9 283,142.7 5.3 2.0 10.5 . Currency outside banks 90,594.8 92,192.6 97,075.1 7.2 5.3 4.8 . Demand Deposits (net) 178,222.2 185,405.3 186,067.6 4.4 0.4 5.8 2.  Quasi-Money 427,102.4 511,563.9 548,867.2 28.5 7.3 89.5 . Savings Deposits 352,624.1 430,098.7 462,795.7 31.2 7.6 81.0 . Time Deposits 74,478.4 81,465.1 86,071.5 15.6 5.7 8.5 3.  Broad Money Supply 695,919.4 789,161.8 832,009.9 19.6 5.4 100.0 Source: Staff Computation, NBE Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III Percentage (Mar. 18) (Dec. 18) (Mar. 19) Change A B C C/A C/B

1. Reserve Requirement (CB’s) 34,248.9 39,493.5 41,755.4 21.9 5.7
2. Actual Reserve (CB’s) 52,508.2 56,966.6 54,596.4 4.0 -4.2
3. Excess Reserve (CB’s) 18,259.3 17,473.2 12,841.0 -29.7 -26.5
4. Reserve Money 162,284.2 170,478.6 177,808.3 9.6 4.3 . Currency in Circulation 112,438.6 120,349.0 125,298.3 11.4 4.1 . Banks deposits at NBE 49,845.5 50,129.6 52,510.0 5.3 4.7
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.7 1.6 1.6 -3.9 -2.2 . Broad Money to Reserve Money 4.3 4.6 4.7 9.1 1.1
6. Other Monetary Ratios (%): . Currency to Narrow Money 41.8 43.4 44.3 5.8 2.1 . Currency to Broad Money 16.2 15.3 15.1 -6.8 -1.2 . Narrow Money to Broad Money 38.6 35.2 34.0 -11.9 -3.3 . Quasi Money to Broad Money 61.4 64.8 66.0 7.5 1.8 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 177.8 billion in the third quarter of 2018/19, about 9.6 percent higher than a year ago. Excess reserve of commercial banks contracted 29.7 percent on annual and 26.5 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, tended to increase both on quarterly and annual terms due to strong deposit mobilization by commercial banks. The ratio of broad money to reserve money rose 9.1 percent over last year same period (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III (Mar. 18) (Dec. 18) (Mar. 19) Percentage Change A B C C/A C/B 1.  Reserve Requirement (CB's) 34,248.9 39,493.5 41,755.4 21.9 5.7 2.  Actual Reserve (CB's) 52,508.2 56,966.6 54,596.4 4.0 -4.2 3.  Excess Reserve (CB's) 18,259.3 17,473.2 12,841.0 -29.7 -26.5 4.  Reserve Money 162,284.2 170,478.6 177,808.3 9.6 4.3 . Currency in Circulation 112,438.6 120,349.0 125,298.3 11.4 4.1 0.0 100.0 200.0 300.0 400.0 500.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Fig.IV.3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 177.8 billion in the third quarter of 2018/19, about 9.6 percent higher than a year ago. Excess reserve of commercial banks contracted 29.7 percent on annual and 26.5 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, tended to increase both on quarterly and annual terms due to strong deposit mobilization by commercial banks. The ratio of broad money to reserve money rose 9.1 percent over last year same period (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III (Mar. 18) (Dec. 18) (Mar. 19) Percentage Change A B C C/A C/B 1.  Reserve Requirement (CB's) 34,248.9 39,493.5 41,755.4 21.9 5.7 2.  Actual Reserve (CB's) 52,508.2 56,966.6 54,596.4 4.0 -4.2 3.  Excess Reserve (CB's) 18,259.3 17,473.2 12,841.0 -29.7 -26.5 4.  Reserve Money 162,284.2 170,478.6 177,808.3 9.6 4.3 . Currency in Circulation 112,438.6 120,349.0 125,298.3 11.4 4.1 0.0 100.0 200.0 300.0 400.0 500.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Fig.IV.3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 177.8 billion in the third quarter of 2018/19, about 9.6 percent higher than a year ago. Excess reserve of commercial banks contracted 29.7 percent on annual and 26.5 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, tended to increase both on quarterly and annual terms due to strong deposit mobilization by commercial banks. The ratio of broad money to reserve money rose 9.1 percent over last year same period (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III (Mar. 18) (Dec. 18) (Mar. 19) Percentage Change A B C C/A C/B 1.  Reserve Requirement (CB's) 34,248.9 39,493.5 41,755.4 21.9 5.7 2.  Actual Reserve (CB's) 52,508.2 56,966.6 54,596.4 4.0 -4.2 3.  Excess Reserve (CB's) 18,259.3 17,473.2 12,841.0 -29.7 -26.5 4.  Reserve Money 162,284.2 170,478.6 177,808.3 9.6 4.3 . Currency in Circulation 112,438.6 120,349.0 125,298.3 11.4 4.1 0.0 100.0 200.0 300.0 400.0 500.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Fig.IV.3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 177.8 billion in the third quarter of 2018/19, about 9.6 percent higher than a year ago. Excess reserve of commercial banks contracted 29.7 percent on annual and 26.5 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, tended to increase both on quarterly and annual terms due to strong deposit mobilization by commercial banks. The ratio of broad money to reserve money rose 9.1 percent over last year same period (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III (Mar. 18) (Dec. 18) (Mar. 19) Percentage Change A B C C/A C/B 1.  Reserve Requirement (CB's) 34,248.9 39,493.5 41,755.4 21.9 5.7 2.  Actual Reserve (CB's) 52,508.2 56,966.6 54,596.4 4.0 -4.2 3.  Excess Reserve (CB's) 18,259.3 17,473.2 12,841.0 -29.7 -26.5 4.  Reserve Money 162,284.2 170,478.6 177,808.3 9.6 4.3 . Currency in Circulation 112,438.6 120,349.0 125,298.3 11.4 4.1 0.0 100.0 200.0 300.0 400.0 500.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

20 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin . Banks deposits at NBE 49,845.5 50,129.6 52,510.0 5.3 4.7 5.  Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.7 1.6 1.6 -3.9 -2.2 . Broad Money to Reserve Money 4.3 4.6 4.7 9.1 1.1 6.  Other Monetary Ratios (%): . Currency to Narrow Money 41.8 43.4 44.3 5.8 2.1 . Currency to Broad Money 16.2 15.3 15.1 -6.8 -1.2 . Narrow Money to Broad Money 38.6 35.2 34.0 -11.9 -3.3 . Quasi Money to Broad Money 61.4 64.8 66.0 7.5 1.8 Source: Staff Computation, NBE Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits 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 Both average savings deposit rate and lending rate remained stable at 8.0 percent and 13.5 percent, respectively, while weighted average time deposit rate witnessed minor decline. In contrast, weighted average yield on T-bills slightly increased (0.27 percentage point) over last year same quarter. Considering headline inflation of 11.1 percent as of March 2019, all real deposit rate and the T-bill yield remained negative whilst average real lending rate stood positive at 2.4 percent (Table 4.4). Table 4.4:  Interest Rate Structure of Commercial Banks (Percent per annum) Particulars  2017/18 2018/19 Percentage point  Changes QIII QII QIII Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - - 2. Time Deposits Up to 1yr 8.05 8.01 8.03 (0.00) (0.04) 1-2 years 8.09 8.06 8.07 0.00 (0.04) Over 2 yrs 8.13 8.10 8.11 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.09 8.06 8.07 (0.01) (0.04) 3. Demand Deposit (Weighted) 0.04 0.01 (0.00) 4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate  13.50 - - 5. T-bills Rate (Weighted) 1.43 1.69 1.85 0.27 0.13 6. GERD Bond Yield 3/     6.1 Maturity within 5 Years 7.50 2.00 -     6.1 Maturity above 5 Years 8.00 2.00 - 7. Headline Inflation (Year-on-year) 15.5 10.6 11.1 (6.10) (1.40) 8. Food Inflation  (Year-on-year) 13.7 11.4 11.4 (4.10) 0.70 9. Core/non-food Inflation (Year-on-year) 17.6 9.6 10.8 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, whereas the maximum indicates the highest rate some  banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined  by the market.  3/ GERD stands for Grand Ethiopian Renaissance Dam Fig.IV.5: Monetary Aggregates

Third Quarter 2018/19 21 National Bank of Ethiopia Quarterly Bulletin 4.3. Interest Rate Developments Both average savings deposit rate and lending rate remained stable at 8.0 percent and 13.5 percent, respectively, while weighted average time deposit rate witnessed minor decline. In contrast, weighted average yield on T-bills slightly increased (0.27 percentage point) over last year same quarter. Considering headline inflation of 11.1 percent as of March 2019, all real deposit rate and the T-bill yield remained negative whilst average real lending rate stood positive at 2.4 percent (Table 4.4). Table 4.4:  Interest Rate Structure of Commercial Banks (Percent per annum) Particulars  2017/18 2018/19 Percentage point  Changes QIII QII QIII Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - - 2. Time Deposits Up to 1yr 8.05 8.01 8.03 (0.00) (0.04) 1-2 years 8.09 8.06 8.07 0.00 (0.04) Over 2 yrs 8.13 8.10 8.11 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.09 8.06 8.07 (0.01) (0.04) 3. Demand Deposit (Weighted) 0.04 0.01 (0.00) 4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate  13.50 - - 5. T-bills Rate (Weighted) 1.43 1.69 1.85 0.27 0.13 6. GERD Bond Yield 3/     6.1 Maturity within 5 Years 7.50 2.00 -     6.1 Maturity above 5 Years 8.00 2.00 - 7. Headline Inflation (Year-on-year) 15.5 10.6 11.1 (6.10) (1.40) 8. Food Inflation  (Year-on-year) 13.7 11.4 11.4 (4.10) 0.70 9. Core/non-food Inflation (Year-on-year) 17.6 9.6 10.8 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, whereas the maximum indicates the highest rate some  banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined  by the market.  3/ GERD stands for Grand Ethiopian Renaissance Dam Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)

Particulars 2017/18 2018/19 Percentage point Changes QIII QII QIII Annual Quarterly

1. Savings Deposit Rate 1/

• Minimum 7.00 - -
• Maximum 9.00 - -
• Average Saving Rate 8.00 - -

2. Time Deposits Up to 1yr 8.05 8.01 8.03 (0.00) (0.04) 1-2 years 8.09 8.06 8.07 0.00 (0.04) Over 2 yrs 8.13 8.10 8.11 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.09 8.06 8.07 (0.01) (0.04)
3. Demand Deposit (Weighted) 0.04 0.01 (0.00)
4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - -
5. T-bills Rate (Weighted) 1.43 1.69 1.85 0.27 0.13
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 2.00 - 6.1 Maturity above 5 Years 8.00 2.00 -
7. Headline Inflation (Year-on-year) 15.5 10.6 11.1 (6.10) (1.40)
8. Food Inflation (Year-on-year) 13.7 11.4 11.4 (4.10) 0.70
9. Core/non-food Inflation (Year-on-year) 17.6 9.6 10.8 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the mar￾ket. 3/ GERD stands for Grand Ethiopian Renaissance Dam

22 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate  (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE  4.4. Developments in the Financial Sector As of March 2019, the number of banks remained at 18, of which 16 were private and 2 public. These banks opened 274 new bank branches during the review period, raising the total number of bank branches to 5,389. As a result, population to bank branch ratio stood at 18,323.6 4 . About 37.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public 4 Total population is 98,745,669 estimation for 2018/19 banks was 30.5 percent and that of private banks 69.5 percent. Meanwhile, total capital of the banking system amounted to Birr 99.0 billion, of which public banks accounted for 57.6 percent and private banks 42.4 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system, was 50 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *While the inflation rate (core) is depicted on the right axis, lending rate, 91 day T-bills yield and average saving deposit rate is depicted on the left axis. Source: Staff computation, NBE

Third Quarter 2018/19 23 National Bank of Ethiopia Quarterly Bulletin Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate  (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE  4.4. Developments in the Financial Sector As of March 2019, the number of banks remained at 18, of which 16 were private and 2 public. These banks opened 274 new bank branches during the review period, raising the total number of bank branches to 5,389. As a result, population to bank branch ratio stood at 18,323.6 4 . About 37.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public 4 Total population is 98,745,669 estimation for 2018/19 banks was 30.5 percent and that of private banks 69.5 percent. Meanwhile, total capital of the banking system amounted to Birr 99.0 billion, of which public banks accounted for 57.6 percent and private banks 42.4 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system, was 50 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate  (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE  4.4. Developments in the Financial Sector As of March 2019, the number of banks remained at 18, of which 16 were private and 2 public. These banks opened 274 new bank branches during the review period, raising the total number of bank branches to 5,389. As a result, population to bank branch ratio stood at 18,323.6 4 . About 37.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public 4 Total population is 98,745,669 estimation for 2018/19 banks was 30.5 percent and that of private banks 69.5 percent. Meanwhile, total capital of the banking system amounted to Birr 99.0 billion, of which public banks accounted for 57.6 percent and private banks 42.4 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system, was 50 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate  (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE  4.4. Developments in the Financial Sector As of March 2019, the number of banks remained at 18, of which 16 were private and 2 public. These banks opened 274 new bank branches during the review period, raising the total number of bank branches to 5,389. As a result, population to bank branch ratio stood at 18,323.6 4 . About 37.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public 4 Total population is 98,745,669 estimation for 2018/19 banks was 30.5 percent and that of private banks 69.5 percent. Meanwhile, total capital of the banking system amounted to Birr 99.0 billion, of which public banks accounted for 57.6 percent and private banks 42.4 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system, was 50 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) private and one state owned. Their branches increased to558 from 524 a year ago. Of the total branches, about 54 percent were in Addis Ababa. These insurance companies had Birr 6.8 billion in total capital, of which 76.7 percent was that of private insurance companies (Table 4.6). The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 38.4 billion in saving deposit which was 27.1 percent higher than last year same period. Similarly, their outstanding credit increased 31.6 percent to Birr 51.7 billion highlighting their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total asset also expanded by 26 percent to reach Birr 76.5 billion at the end of March, 2019 (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings) accounted for 83.5 percent of the total capital, 91.5 percent of the total deposits, 87.8 percent of the total credit and 88.6 percent of the total assets of MFIs. private and one state owned. Their branches increased to558 from 524 a year ago. Of the total branches, about 54 percent were in Addis Ababa. These insurance companies had Birr 6.8 billion in total capital, of which 76.7 percent was that of private insurance companies (Table 4.6). The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 38.4 billion in saving deposit which was 27.1 percent higher than last year same period. Similarly, their outstanding credit increased 31.6 percent to Birr 51.7 billion highlighting their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total asset also expanded by 26 percent to reach Birr 76.5 billion at the end of March, 2019 (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings) accounted for 83.5 percent of the total capital, 91.5 percent of the total deposits, 87.8 percent of the total credit and 88.6 percent of the total assets of MFIs. private and one state owned. Their branches increased to558 from 524 a year ago. Of the total branches, about 54 percent were in Addis Ababa. These insurance companies had Birr 6.8 billion in total capital, of which 76.7 percent was that of private insurance companies (Table 4.6). The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 38.4 billion in saving deposit which was 27.1 percent higher than last year same period. Similarly, their outstanding credit increased 31.6 percent to Birr 51.7 billion highlighting their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total asset also expanded by 26 percent to reach Birr 76.5 billion at the end of March, 2019 (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings) accounted for 83.5 percent of the total capital, 91.5 percent of the total deposits, 87.8 percent of the total credit and 88.6 percent of the total assets of MFIs. private and one state owned. Their branches increased to558 from 524 a year ago. Of the total branches, about 54 percent were in Addis Ababa. These insurance companies had Birr 6.8 billion in total capital, of which 76.7 percent was that of private insurance companies (Table 4.6). The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 38.4 billion in saving deposit which was 27.1 percent higher than last year same period. Similarly, their outstanding credit increased 31.6 percent to Birr 51.7 billion highlighting their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total asset also expanded by 26 percent to reach Birr 76.5 billion at the end of March, 2019 (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings) accounted for 83.5 percent of the total capital, 91.5 percent of the total deposits, 87.8 percent of the total credit and 88.6 percent of the total assets of MFIs. 4 Total Population is 98,665,000 estimation for 2019 18,308.64 .

24 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin                       Fig.IV.8: Branch Network and Capital of Banking System 28.7 30.5 62.1 56.7 57.6 71.3 69.5 37.9 43.3 42.4 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) 2017/18 Quarter     III   Quarter     II     Quarter     III    S.No. A.A Reg Total  A.A Reg Total  A.A Reg Total  Capital 1 25 58 83 25 63 88 25 63 88 1,189 1,556 1,581 2 27 17 44 27 19 46 27 19 46 395 944 1,082 3 15 13 28 16 13 29 16 13 29 261 180 204 4 19 15 34 21 16 37 21 16 37 150 128 141 5 24 12 36 25 12 37 25 12 37 353 455 569 6 8 8 16 11 8 19 11 8 19 140 158 160 7 19 20 39 20 20 40 20 20 40 374 478 484 8 15 16 31 15 16 31 15 16 31 474 722 784 9 26 13 39 27 13 40 27 14 41 288 378 407 10 16 15 31 16 15 31 16 16 32 119 153 167 11 15 5 20 16 5 21 16 5 21 110 107 116 12 18 19 37 19 20 39 20 20 40 259 263 300 13 12 11 23 13 13 26 13 13 26 236 296 265 14 Berhan insurance S.C 9 4 13 10 5 15 10 5 15 110 106 124 15 12 6 18 14 7 21 14 7 21 124 152 153 16 Lucy 11 4 15 12 4 16 12 4 16 120 132 107 17 Bunna Insurance S.C. 11 6 17 12 6 18 13 6 19 99 123 134 TOTAL 282 242 524 299 255 554 301 257 558    4,801     6,331    6,778  United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter II Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter II Insurance Companies Branch Capital Quarter III 2017/18 2018/19 2018/19 Source: Insurance Supervision Directorate, NBE Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Banks Branch Network Capital 2017/18 2018/19 2017/18 2018/19 Quarter III Quarter II Quarter III Quarter III Quarter II Quarter Reg A.A Total III % Share Reg. A.A Total % Share Reg. A.A Total % Share

1. Public Banks Commercial Bank of Ethiopia 1,059 321 1,380 29.1 1,125 333 1,458 28.5 1,200 337 1,537 28.5 43,851.8 45,474.7 49,367.0 Development Bank of Ethiopia 103 4 107 2.3 103 4 107 2.1 103 4 107 2.0 7,676.5 Total Public Banks 1,162 325 1,487 31 1,151 318 1,469 28.7 1,151 318 1,644 30.5 51,528.3 53,151.2 57,043.5
2. Private Banks - Awash International Bank 212 165 377 8.0 229 174 403 7.9 236 175 411 7.6 4,118.0 5,822.2 5,919.5 Dashen Bank 236 137 373 7.9 260 151 411 8.0 260 151 411 7.6 3,426.0 4,627.6 4,434.0 Abyssinia Bank 153 138 291 6.1 180 153 333 6.5 186 155 341 6.3 3,169.0 3,918.5 3,640.2 Wegagen Bank 167 112 279 5.9 204 133 337 6.6 206 140 346 6.4 3,195.1 3,648.1 3,674.3 United Bank 123 113 236 5.0 130 124 254 5.0 131 127 258 4.8 2,230.5 2,742.7 2,806.1 Nib International Bank 100 127 227 4.8 117 142 259 5.1 126 148 274 5.1 2,800.8 3,151.9 3,504.5 Cooperative Bank of Oromiya 269 62 331 7.0 326 72 398 7.8 328 73 401 7.4 1,512.4 2,340.0 2,506.5 Lion International Bank 135 61 196 4.1 152 68 220 4.3 158 73 231 4.3 1,372.7 1,882.9 1,928.8 Oromia International Bank 170 79 249 5.3 175 92 267 5.2 176 94 270 5.0 1,627.0 2,690.0 2,878.8 Zemen Bank 14 13 27 0.6 16 19 35 0.7 18 22 40 0.7 1,381.1 1,459.6 1,709.3 Buna International Bank 94 80 174 3.7 100 84 184 3.6 103 98 201 3.7 1,365.5 1,843.6 2,009.9 Berhan International Bank 99 90 189 4.0 102 96 198 3.9 104 99 203 3.8 1,637.6 2,065.6 2,166.7 Abay Bank 112 51 163 3.4 124 71 195 3.8 125 72 197 3.7 1,353.9 1,658.6 1,815.2 Addis Interational Bank 24 35 59 1.2 25 38 63 1.2 28 39 67 1.2 749.5 864.4 885.5 Debub Global Bank 21 20 41 0.9 23 23 46 0.9 25 25 50 0.9 561.6 674.5 754.7 Enat Bank S.C 15 25 40 0.8 15 28 43 0.8 16 28 44 0.8 1,013.7 1,267.4 1,288.1 Total Private Banks 1,944 1,308 3,252 69 2,178 1,468 3,646 71 2,226 1,519 3,745 69 31,514.2 40,658 41,922 3.Grand Total Banks 3,106 1,633 4,739 100 3,329 1,786 5,115 100 3,377 1,837 5,389 100 83,042.6 93,809 98,966 Source: Bank Supervision Directorate, NBE Note: Reg. Stands for Region and A.A for Addis Ababa Table 4.7: Microfinance Institutions Performance as of March 31, 2019 (In Thousands of Birr) 2017/18 Qtr.III Qtr.II Qtr.III A B C C/A C/B Total Capital 12,970,562.1 14,800,240.9 15,471,941.3 19.3 4.5 Saving 30,245,252.2 33,913,973.2 38,440,253.8 27.1 13.3 Credit 39,278,839.1 48,942,340.2 51,676,568.3 31.6 5.6 Total Assets 60,750,144.0 71,073,587.1 76,464,131.5 25.9 7.6 Particulars % Change 2018/19 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) declined by 2.9 percent compared to the same quarter of last year (Table 4.8).

Third Quarter 2018/19 25 National Bank of Ethiopia Quarterly Bulletin Table 4.7: Microfinance Institutions Performance as of March 31, 2019 (In Thousands of Birr) 2017/18 Qtr.III Qtr.II Qtr.III A B C C/A C/B Total Capital 12,970,562.1 14,800,240.9 15,471,941.3 19.3 4.5 Saving 30,245,252.2 33,913,973.2 38,440,253.8 27.1 13.3 Credit 39,278,839.1 48,942,340.2 51,676,568.3 31.6 5.6 Total Assets 60,750,144.0 71,073,587.1 76,464,131.5 25.9 7.6 Particulars % Change 2018/19 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) declined by 2.9 percent compared to the same quarter of last year (Table 4.8). Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) S. No. Insurance Companies Branch Capital 2017/18 2018/19 2017/18 2018/19 Quarter II Quarter II Quarter III Quarter III Quarter II Quarter III A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 Ethiopian Insurance Corporation 25 58 83 25 63 88 25 63 88 1,189 1,556 1,581 2 Awash Insurance Company 27 17 44 27 19 46 27 19 46 395 944 1,082 3 Africa Insurance Company 15 13 28 16 13 29 16 13 29 261 180 204 4 National Insurance Corporation of Ethiopia 19 15 34 21 16 37 21 16 37 150 128 141 5 United Insurance Company 24 12 36 25 12 37 25 12 37 353 455 569 6 Global Insurance Company 8 8 16 11 8 19 11 8 19 140 158 160 7 Nile Insurance Company 19 20 39 20 20 40 20 20 40 374 478 484 8 Nyala Insurance Company 15 16 31 15 16 31 15 16 31 474 722 784 9 Nib Insurance Company 26 13 39 27 13 40 27 14 41 288 378 407 10 Lion Insurance Company 16 15 31 16 15 31 16 16 32 119 153 167 11 Ethio-Life Insurance Company 15 5 20 16 5 21 16 5 21 110 107 116 12 Oromia Insurance Company 18 19 37 19 20 39 20 20 40 259 263 300 13 Abay Insurance Company S.C. 12 11 23 13 13 26 13 13 26 236 296 265 14 Berhan insurance S.C 9 4 13 10 5 15 10 5 15 110 106 124 15 Tsehay Insurance S.C. 12 6 18 14 7 21 14 7 21 124 152 153 16 Lucy 11 4 15 12 4 16 12 4 16 120 132 107 17 Bunna Insurance S.C. 11 6 17 12 6 18 13 6 19 99 123 134 TOTAL 282 242 524 299 255 554 301 257 558 4,801 6,331 6,778 Source: Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of March 31, 2019 (In Thousands of Birr) Particulars 2017/18 2018/19 % Change Qtr.III Qtr.II Qtr.III A B C C/A C/B Total Capital 12,970,562.1 14,800,240.9 15,471,941.3 19.3 4.5 Saving 30,245,252.2 33,913,973.2 38,440,253.8 27.1 13.3 Credit 39,278,839.1 48,942,340.2 51,676,568.3 31.6 5.6 Total Assets 60,750,144.0 71,073,587.1 76,464,131.5 25.9 7.6 Source: Microfinance Supervision Directorate, NBE

26 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 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 837.6 billion by the end of the Third quarter of 2018/19, showing 21.7 percent annual increase. This growth in deposits was attributed to expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 33.7 percent of the total deposits, reached Birr 280.9 billion, depicting a 8.3 percent annual growth. Similarly, saving deposits went up 31.3 percent and accounted for 55.3 percent of the total deposits while time deposits, which constituted 11 percent of the total deposit liabilities, increased 23.6 percent over the same period of last year. The share of public banks in total deposits outstanding was 60.4 percent and that of private banks was 39.6 percent (Table 4.9). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.II 2018/19 Qtr.III 2018/19 Qtr.II 2018/19 Qtr.III 2018/19 Qtr.III 2017/18 Qtr.II 2018/19 Qtr.III 2018/19 A B C C/A C/B 1.Deposits (net change) 23,917.2 21,989.5 18,420.0 22,869.5 45,882.3 42,337.1 44,858.9 -2.2 6.0 -Demand 10,520.3 -2,846.7 6,113.1 4,380.3 16,786.7 16,633.3 1,533.6 -90.9 -90.8 -Saving 12,016.3 16,542.1 10,922.1 16,184.1 25,837.9 22,938.4 32,726.2 26.7 42.7 -Time 1,380.6 8,294.1 1,384.8 2,305.1 3,257.7 2,765.4 10,599.2 225.4 283.3 2. Borrowing (net change) 5,428.4 805.3 0.0 0.0 3,279.1 5,428.4 805.3 -75.4 -85.2 -Local 5,345.1 448.3 0.0 0.0 2,213.5 5,345.1 448.3 -79.7 -91.6 -Foreign 83.3 357.0 0.0 0.0 1,065.6 83.3 357.0 -66.5 328.4 3. Collection of Loans 7,740.1 8,060.3 19,380.3 19,639.9 26,419.2 27,120.4 27,700.2 4.8 2.1 4. Total Resourc￾es Mobilized (1+2+3) 37,085.7 30,855.1 37,800.3 42,509.4 75,580.5 74,886.0 73,364.5 -2.9 -2.0 5. Disbursement 16,410.7 12,404.2 29,636.1 24,633.4 28,421.6 46,046.8 37,037.6 30.3 -19.6 6. Change in Liquidity (4-5) 20,674.9 18,450.9 8,164.2 17,875.9 47,158.9 28,839.2 36,326.9 -23.0 26.0 Memorandum Item: Outstanding Credit* 231,115.7 236,942.5 217,304.1 235,425.6 370,782.2 448,419.8 472,368.1 27.4 5.3 Source: Commercial Banks and staff computation Notes: *Excludes bonds and Treasury bills holding of commercial banks and the Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 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 837.6 billion by the end of the Third quarter of 2018/19, showing 21.7 percent annual increase. This growth in deposits was attributed to expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 33.7 percent of the total deposits, reached Birr 280.9 billion, depicting a 8.3 percent annual growth. Similarly, saving deposits went up 31.3 percent and accounted for 55.3 percent of the total deposits while time deposits, which constituted 11 percent of the total deposit liabilities, increased 23.6 percent over the same period of last year. The share of public banks in total deposits outstanding was 60.4 percent and that of private banks was 39.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter III Quarter II Quarter III 2017/18 2018/19 2018/19 A B C Demand Deposit 260,815.57 37.9 280,937.0 35.4 282,483.0 33.7 8.3 0.6 Saving Deposit 352,654.07 51.3 430,146.6 54.3 462,875.6 55.3 31.3 7.6 Time Deposit 74,616.54 10.8 81,610.7 10.3 92,211.4 11.0 23.6 13.0 Total  688,086.17      100.0          792,694.4      100.0          837,570.0          100.0      21.7         5.7  Share of Public Banks 63.8 61.0 60.4 Share of Private Banks 36.2 39.0 39.6 C/A C/B % Share Deposit by types  %  Share %  Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -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 IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source:  Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 27.7 billion, which exhibited a 4.8 percent growth over a last year same quarter (Table 4.8). Of the total loan collection, the share of private banks was 70.3 percent and that of public banks 29.7 percent. About 94.8 percent of the loan was collected from private enterprises (Table 4.12).

Third Quarter 2018/19 27 National Bank of Ethiopia Quarterly Bulletin Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 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 837.6 billion by the end of the Third quarter of 2018/19, showing 21.7 percent annual increase. This growth in deposits was attributed to expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 33.7 percent of the total deposits, reached Birr 280.9 billion, depicting a 8.3 percent annual growth. Similarly, saving deposits went up 31.3 percent and accounted for 55.3 percent of the total deposits while time deposits, which constituted 11 percent of the total deposit liabilities, increased 23.6 percent over the same period of last year. The share of public banks in total deposits outstanding was 60.4 percent and that of private banks was 39.6 percent (Table 4.9). Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 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 837.6 billion by the end of the Third quarter of 2018/19, showing 21.7 percent annual increase. This growth in deposits was attributed to expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 33.7 percent of the total deposits, reached Birr 280.9 billion, depicting a 8.3 percent annual growth. Similarly, saving deposits went up 31.3 percent and accounted for 55.3 percent of the total deposits while time deposits, which constituted 11 percent of the total deposit liabilities, increased 23.6 percent over the same period of last year. The share of public banks in total deposits outstanding was 60.4 percent and that of private banks was 39.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Deposit by types Quarter III 2017/18 % Share Quarter II 2018/19 % Share Quarter III 2018/19 % Share C/A C/B A B C Demand Deposit 260,815.57 37.9 280,937.0 35.4 282,483.0 33.7 8.3 0.6 Saving Deposit 352,654.07 51.3 430,146.6 54.3 462,875.6 55.3 31.3 7.6 Time Deposit 74,616.54 10.8 81,610.7 10.3 92,211.4 11.0 23.6 13.0 Total 688,086.17 100.0 792,694.4 100.0 837,570.0 100.0 21.7 5.7 Share of Public Banks 63.8 61.0 60.4 Share of Private Banks 36.2 39.0 39.6 Source: Commercial Banks and DBE Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter III Quarter II Quarter III 2017/18 2018/19 2018/19 A B C Demand Deposit 260,815.57 37.9 280,937.0 35.4 282,483.0 33.7 8.3 0.6 Saving Deposit 352,654.07 51.3 430,146.6 54.3 462,875.6 55.3 31.3 7.6 Time Deposit 74,616.54 10.8 81,610.7 10.3 92,211.4 11.0 23.6 13.0 Total  688,086.17      100.0          792,694.4      100.0          837,570.0          100.0      21.7         5.7  Share of Public Banks 63.8 61.0 60.4 Share of Private Banks 36.2 39.0 39.6 C/A C/B % Share Deposit by types  %  Share %  Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -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 IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source:  Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 27.7 billion, which exhibited a 4.8 percent growth over a last year same quarter (Table 4.8). Of the total loan collection, the share of private banks was 70.3 percent and that of public banks 29.7 percent. About 94.8 percent of the loan was collected from private enterprises (Table 4.12).

28 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter III Quarter II Quarter III 2017/18 2018/19 2018/19 A B C Demand Deposit 260,815.57 37.9 280,937.0 35.4 282,483.0 33.7 8.3 0.6 Saving Deposit 352,654.07 51.3 430,146.6 54.3 462,875.6 55.3 31.3 7.6 Time Deposit 74,616.54 10.8 81,610.7 10.3 92,211.4 11.0 23.6 13.0 Total  688,086.17      100.0          792,694.4      100.0          837,570.0          100.0      21.7         5.7  Share of Public Banks 63.8 61.0 60.4 Share of Private Banks 36.2 39.0 39.6 C/A C/B % Share Deposit by types  %  Share %  Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -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 IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source:  Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 27.7 billion, which exhibited a 4.8 percent growth over a last year same quarter (Table 4.8). Of the total loan collection, the share of private banks was 70.3 percent and that of public banks 29.7 percent. About 94.8 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing  Total outstanding borrowing of the banking system stood at Birr 72.6 billion, showing a 56.5percent annual increase. Of the total borrowing, Birr 64.0billion (88.2 percent) was from domestic and Birr 8.6 billion (11.8 percent) from external sources (Table 4.10). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)      2017/18 Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 40,102.1 63,592.6 64,040.9 0.7 59.7 Foreign Borrowing 6,292.0 8,195.2 8,552.2 4.4 35.9 Total     46,394.1        71,787.8        72,593.1 1.1 56.5 Banks Percentage change     2018/19 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.0 billion was disbursed in fresh loans, indicating a 30.3 percent annual increase. Of the total new loans disbursed, the share of public banks was 33.5 percent and that of private banks 66.5 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade which accounted for Birr 7.9 billion (21.2 percent) followed by industry (Birr 7.3 billion or 19.8 percent), international trade (Birr 6.3 billion or 17 percent), housing & construction (Birr 5.6 billion or 15.2 percent and agriculture (Birr 3.5billion or 9.3 percent). The remaining balance was taken up by other economic sectors (Table4.11). 4.5.1.3. Borrowing  Total outstanding borrowing of the banking system stood at Birr 72.6 billion, showing a 56.5percent annual increase. Of the total borrowing, Birr 64.0billion (88.2 percent) was from domestic and Birr 8.6 billion (11.8 percent) from external sources (Table 4.10). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)      2017/18 Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 40,102.1 63,592.6 64,040.9 0.7 59.7 Foreign Borrowing 6,292.0 8,195.2 8,552.2 4.4 35.9 Total     46,394.1        71,787.8        72,593.1 1.1 56.5 Banks Percentage change     2018/19 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.0 billion was disbursed in fresh loans, indicating a 30.3 percent annual increase. Of the total new loans disbursed, the share of public banks was 33.5 percent and that of private banks 66.5 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade which accounted for Birr 7.9 billion (21.2 percent) followed by industry (Birr 7.3 billion or 19.8 percent), international trade (Birr 6.3 billion or 17 percent), housing & construction (Birr 5.6 billion or 15.2 percent and agriculture (Birr 3.5billion or 9.3 percent). The remaining balance was taken up by other economic sectors (Table4.11). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Banks 2017/18 2018/19 Percentage change Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 40,102.1 63,592.6 64,040.9 0.7 59.7 Foreign Borrowing 6,292.0 8,195.2 8,552.2 4.4 35.9 Total 46,394.1 71,787.8 72,593.1 1.1 56.5 Source: Commercial Banks and Development Bank of Ethiopia

Third Quarter 2018/19 29 National Bank of Ethiopia Quarterly Bulletin Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter III Quarter II Quarter III 2017/18 2018/19 2018/19 A B C Demand Deposit 260,815.57 37.9 280,937.0 35.4 282,483.0 33.7 8.3 0.6 Saving Deposit 352,654.07 51.3 430,146.6 54.3 462,875.6 55.3 31.3 7.6 Time Deposit 74,616.54 10.8 81,610.7 10.3 92,211.4 11.0 23.6 13.0 Total  688,086.17      100.0          792,694.4      100.0          837,570.0          100.0      21.7         5.7  Share of Public Banks 63.8 61.0 60.4 Share of Private Banks 36.2 39.0 39.6 C/A C/B % Share Deposit by types  %  Share %  Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -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 IV I II III IV I II III IV I II III IV I II III 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source:  Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 27.7 billion, which exhibited a 4.8 percent growth over a last year same quarter (Table 4.8). Of the total loan collection, the share of private banks was 70.3 percent and that of public banks 29.7 percent. About 94.8 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing  Total outstanding borrowing of the banking system stood at Birr 72.6 billion, showing a 56.5percent annual increase. Of the total borrowing, Birr 64.0billion (88.2 percent) was from domestic and Birr 8.6 billion (11.8 percent) from external sources (Table 4.10). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)      2017/18 Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 40,102.1 63,592.6 64,040.9 0.7 59.7 Foreign Borrowing 6,292.0 8,195.2 8,552.2 4.4 35.9 Total     46,394.1        71,787.8        72,593.1 1.1 56.5 Banks Percentage change     2018/19 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.0 billion was disbursed in fresh loans, indicating a 30.3 percent annual increase. Of the total new loans disbursed, the share of public banks was 33.5 percent and that of private banks 66.5 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade which accounted for Birr 7.9 billion (21.2 percent) followed by industry (Birr 7.3 billion or 19.8 percent), international trade (Birr 6.3 billion or 17 percent), housing & construction (Birr 5.6 billion or 15.2 percent and agriculture (Birr 3.5billion or 9.3 percent). The remaining balance was taken up by other economic sectors (Table4.11). 4.5.1.3. Borrowing  Total outstanding borrowing of the banking system stood at Birr 72.6 billion, showing a 56.5percent annual increase. Of the total borrowing, Birr 64.0billion (88.2 percent) was from domestic and Birr 8.6 billion (11.8 percent) from external sources (Table 4.10). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)      2017/18 Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 40,102.1 63,592.6 64,040.9 0.7 59.7 Foreign Borrowing 6,292.0 8,195.2 8,552.2 4.4 35.9 Total     46,394.1        71,787.8        72,593.1 1.1 56.5 Banks Percentage change     2018/19 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.0 billion was disbursed in fresh loans, indicating a 30.3 percent annual increase. Of the total new loans disbursed, the share of public banks was 33.5 percent and that of private banks 66.5 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade which accounted for Birr 7.9 billion (21.2 percent) followed by industry (Birr 7.3 billion or 19.8 percent), international trade (Birr 6.3 billion or 17 percent), housing & construction (Birr 5.6 billion or 15.2 percent and agriculture (Birr 3.5billion or 9.3 percent). The remaining balance was taken up by other economic sectors (Table4.11). Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 62,995 - - - - - 62,995 Agriculture 3,255 1,469 23,625 201 176 1,811 3,456 1,645 25,436 Industry 4,255 2,716 140,359 3,076 2,276 31,678 7,330 4,992 172,037 Domestic Trade 662 356 5,291 7,188 5,720 55,909 7,850 6,076 61,200 International Trade 191 662 20,540 6,101 5,383 76,767 6,291 6,045 97,307 Export 119 241 9,074 3,671 3,377 54,195 3,789 3,618 63,269 Imports 72 421 11,466 2,430 2,006 22,572 2,502 2,427 34,038 Hotels and Tourism 510 286 4,858 814 746 7,838 1,325 1,032 12,696 Transport & Communi￾cation 69 131 1,097 562 1,455 11,843 632 1,586 12,940 Housing & Construction 1,453 467 11,978 4,186 2,299 34,553 5,639 2,765 46,532 Mines, Power & Water Res. 79 101 1,397 3 9 107 82 109 1,504 Others 523 574 6,853 928 781 2,478 1,452 1,355 9,332 Personal 1,407 1,299 20,944 1,574 794 12,442 2,981 2,094 33,385 Total 12,404 8,060 299,937 24,633 19,640 235,426 37,038 27,700 535,363 Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, and O/S**= Outstanding Credit Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source:  Commercial Banks and Development Bank of Ethiopia Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 62,995 - - - - - 62,995 Agriculture 3,255 1,469 23,625 201 176 1,811 3,456 1,645 25,436 Industry 4,255 2,716 140,359 3,076 2,276 31,678 7,330 4,992 172,037 Domestic Trade 662 356 5,291 7,188 5,720 55,909 7,850 6,076 61,200 International Trade 191 662 20,540 6,101 5,383 76,767 6,291 6,045 97,307 Export 119 241 9,074 3,671 3,377 54,195 3,789 3,618 63,269 Imports 72 421 11,466 2,430 2,006 22,572 2,502 2,427 34,038 Hotels and Tourism 510 286 4,858 814 746 7,838 1,325 1,032 12,696 Transport & Communication 69 131 1,097 562 1,455 11,843 632 1,586 12,940 Housing & Construction 1,453 467 11,978 4,186 2,299 34,553 5,639 2,765 46,532 Mines, Power & Water Res. 79 101 1,397 3 9 107 82 109 1,504 Others 523 574 6,853 928 781 2,478 1,452 1,355 9,332 Personal 1,407 1,299 20,944 1,574 794 12,442 2,981 2,094 33,385 Total    12,404      8,060 299,937    24,633    19,640 235,426      37,038     27,700        535,363 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, and O/S**= Outstanding Credit 4.5.3. Outstanding Credit  Total outstanding credit of the banking system (excluding credit to government) increased to Birr 472.4 billion, about 27.4 percent higher than last year same quarter. Of the total outstanding loans and advances of the private banks, 75 percent was claims on private sector compared with 41.2 percent for public banks (Table 4.12) Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source:  Commercial Banks and Development Bank of Ethiopia Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 62,995 - - - - - 62,995 Agriculture 3,255 1,469 23,625 201 176 1,811 3,456 1,645 25,436 Industry 4,255 2,716 140,359 3,076 2,276 31,678 7,330 4,992 172,037 Domestic Trade 662 356 5,291 7,188 5,720 55,909 7,850 6,076 61,200 International Trade 191 662 20,540 6,101 5,383 76,767 6,291 6,045 97,307 Export 119 241 9,074 3,671 3,377 54,195 3,789 3,618 63,269 Imports 72 421 11,466 2,430 2,006 22,572 2,502 2,427 34,038 Hotels and Tourism 510 286 4,858 814 746 7,838 1,325 1,032 12,696 Transport & Communication 69 131 1,097 562 1,455 11,843 632 1,586 12,940 Housing & Construction 1,453 467 11,978 4,186 2,299 34,553 5,639 2,765 46,532 Mines, Power & Water Res. 79 101 1,397 3 9 107 82 109 1,504 Others 523 574 6,853 928 781 2,478 1,452 1,355 9,332 Personal 1,407 1,299 20,944 1,574 794 12,442 2,981 2,094 33,385 Total    12,404      8,060 299,937    24,633    19,640 235,426      37,038     27,700        535,363 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, and O/S**= Outstanding Credit 4.5.3. Outstanding Credit  Total outstanding credit of the banking system (excluding credit to government) increased to Birr 472.4 billion, about 27.4 percent higher than last year same quarter. Of the total outstanding loans and advances of the private banks, 75 percent was claims on private sector compared with 41.2 percent for public banks (Table 4.12) .

30 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Credit to industry stood at Birr 169.5 billion (36.4 percent) followed by international trade (Birr 97.3 billion or 20.6 percent), domestic trade (Birr 61.2 billion or 13.0 percent), housing & construction (Birr 46.5 billion or 9.9 percent) and agriculture (Birr 25 billion or 5.4 percent). Credit to other economic sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients         (In Millions of Birr) Particulars  Loan  Disbursement %  Share Loan  Collection %  Share Outstanding  Loan %  Share Public Banks 12,404.2 33.5 8,060.3 29.1 299,937.2 56.0 Central Government* 0.0 62,994.7 21.0 State Enterprises 2,673.0 21.5 1,414.1 17.5 117,392.7 39.1 Cooperatives 3,463.5 27.9 1,915.7 23.8 18,960.5 6.3 Private Enterprises 6,267.8 50.5 4,730.5 58.7 100,589.2 33.5 Private Banks 24,633.4 66.5 19,639.9 70.9 235,425.6 44.0 Central Government* 0.0 State Enterprises 39.0 0.2 35.4 0.2 650.5 0.3 Cooperatives 552.4 2.2 684.0 3.5 3,662.2 1.6 Private Enterprises 24,042.1 97.6 18,920.5 96.3 231,112.9 98.2 Grand Total 37,037.6 100.0 27,700.2 100.0 535,362.8 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding  0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE Credit to industry stood at Birr 169.5 billion (36.4 percent) followed by international trade (Birr 97.3 billion or 20.6 percent), domestic trade (Birr 61.2 billion or 13.0 percent), housing & construction (Birr 46.5 billion or 9.9 percent) and agriculture (Birr 25 billion or 5.4 percent). Credit to other economic sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients         (In Millions of Birr) Particulars  Loan  Disbursement %  Share Loan  Collection %  Share Outstanding  Loan %  Share Public Banks 12,404.2 33.5 8,060.3 29.1 299,937.2 56.0 Central Government 0.0 62,994.7 21.0 State Enterprises 2,673.0 21.5 1,414.1 17.5 117,392.7 39.1 Cooperatives 3,463.5 27.9 1,915.7 23.8 18,960.5 6.3 Private Enterprises 6,267.8 50.5 4,730.5 58.7 100,589.2 33.5 Private Banks 24,633.4 66.5 19,639.9 70.9 235,425.6 44.0 Central Government* 0.0 State Enterprises 39.0 0.2 35.4 0.2 650.5 0.3 Cooperatives 552.4 2.2 684.0 3.5 3,662.2 1.6 Private Enterprises 24,042.1 97.6 18,920.5 96.3 231,112.9 98.2 Grand Total 37,037.6 100.0 27,700.2 100.0 535,362.8 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding  0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Dis￾bursement % Share Loan Col￾lection % Share Outstanding Loan % Share Public Banks 12,404.2 33.5 8,060.3 29.1 299,937.2 56.0 Central Government 0.0 62,994.7 21.0 State Enterprises 2,673.0 21.5 1,414.1 17.5 117,392.7 39.1 Cooperatives 3,463.5 27.9 1,915.7 23.8 18,960.5 6.3 Private Enterprises 6,267.8 50.5 4,730.5 58.7 100,589.2 33.5 Private Banks 24,633.4 66.5 19,639.9 70.9 235,425.6 44.0 Central Government* 0.0 State Enterprises 39.0 0.2 35.4 0.2 650.5 0.3 Cooperatives 552.4 2.2 684.0 3.5 3,662.2 1.6 Private Enterprises 24,042.1 97.6 18,920.5 96.3 231,112.9 98.2 Grand Total 37,037.6 100.0 27,700.2 100.0 535,362.8 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 4.6. Financial Activities of NBE As of end March 2019, gross claims of NBE on the central government reached Birr 182.7 billion, about 14.1 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by 15.1 percent while deposits of financial institutions at NBE rose by 5.4 percent (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances     190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3 2.Deposit Liabilities      68,823.32    76,059.82    90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2 3.Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 % Change  Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly auction market during the third quarter of 2018/19 reached Birr 97.5 billion, which showed 31.5 percent growth over the same period of last year. Similarly, the demand for T-bills expanded by 31.6 percent relative to a year earlier and reached Birr 104.0 billion (Table 4.13). All the T-bills sold were purchased by non-bank institutions. The total outstanding T-bills held by non-bank institutions stood at Birr 127.8 billion,

Third Quarter 2018/19 31 National Bank of Ethiopia Quarterly Bulletin Credit to industry stood at Birr 169.5 billion (36.4 percent) followed by international trade (Birr 97.3 billion or 20.6 percent), domestic trade (Birr 61.2 billion or 13.0 percent), housing & construction (Birr 46.5 billion or 9.9 percent) and agriculture (Birr 25 billion or 5.4 percent). Credit to other economic sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients         (In Millions of Birr) Particulars  Loan  Disbursement %  Share Loan  Collection %  Share Outstanding  Loan %  Share Public Banks 12,404.2 33.5 8,060.3 29.1 299,937.2 56.0 Central Government* 0.0 62,994.7 21.0 State Enterprises 2,673.0 21.5 1,414.1 17.5 117,392.7 39.1 Cooperatives 3,463.5 27.9 1,915.7 23.8 18,960.5 6.3 Private Enterprises 6,267.8 50.5 4,730.5 58.7 100,589.2 33.5 Private Banks 24,633.4 66.5 19,639.9 70.9 235,425.6 44.0 Central Government* 0.0 State Enterprises 39.0 0.2 35.4 0.2 650.5 0.3 Cooperatives 552.4 2.2 684.0 3.5 3,662.2 1.6 Private Enterprises 24,042.1 97.6 18,920.5 96.3 231,112.9 98.2 Grand Total 37,037.6 100.0 27,700.2 100.0 535,362.8 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding  0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE Credit to industry stood at Birr 169.5 billion (36.4 percent) followed by international trade (Birr 97.3 billion or 20.6 percent), domestic trade (Birr 61.2 billion or 13.0 percent), housing & construction (Birr 46.5 billion or 9.9 percent) and agriculture (Birr 25 billion or 5.4 percent). Credit to other economic sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients         (In Millions of Birr) Particulars  Loan  Disbursement %  Share Loan  Collection %  Share Outstanding  Loan %  Share Public Banks 12,404.2 33.5 8,060.3 29.1 299,937.2 56.0 Central Government 0.0 62,994.7 21.0 State Enterprises 2,673.0 21.5 1,414.1 17.5 117,392.7 39.1 Cooperatives 3,463.5 27.9 1,915.7 23.8 18,960.5 6.3 Private Enterprises 6,267.8 50.5 4,730.5 58.7 100,589.2 33.5 Private Banks 24,633.4 66.5 19,639.9 70.9 235,425.6 44.0 Central Government* 0.0 State Enterprises 39.0 0.2 35.4 0.2 650.5 0.3 Cooperatives 552.4 2.2 684.0 3.5 3,662.2 1.6 Private Enterprises 24,042.1 97.6 18,920.5 96.3 231,112.9 98.2 Grand Total 37,037.6 100.0 27,700.2 100.0 535,362.8 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding  0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 4.6. Financial Activities of NBE As of end March 2019, gross claims of NBE on the central government reached Birr 182.7 billion, about 14.1 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by 15.1 percent while deposits of financial institutions at NBE rose by 5.4 percent (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances     190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3 2.Deposit Liabilities      68,823.32    76,059.82    90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2 3.Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 % Change  Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly auction market during the third quarter of 2018/19 reached Birr 97.5 billion, which showed 31.5 percent growth over the same period of last year. Similarly, the demand for T-bills expanded by 31.6 percent relative to a year earlier and reached Birr 104.0 billion (Table 4.13). All the T-bills sold were purchased by non-bank institutions. The total outstanding T-bills held by non-bank institutions stood at Birr 127.8 billion, 4.6. Financial Activities of NBE As of end March 2019, gross claims of NBE on the central government reached Birr 182.7 billion, about 14.1 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by 15.1 percent while deposits of financial institutions at NBE rose by 5.4 percent (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances     190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3 2.Deposit Liabilities      68,823.32    76,059.82    90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2 3.Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 % Change  Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly auction market during the third quarter of 2018/19 reached Birr 97.5 billion, which showed 31.5 percent growth over the same period of last year. Similarly, the demand for T-bills expanded by 31.6 percent relative to a year earlier and reached Birr 104.0 billion (Table 4.13). All the T-bills sold were purchased by non-bank institutions. The total outstanding T-bills held by non-bank institutions stood at Birr 127.8 billion, 4.6. Financial Activities of NBE As of end March 2019, gross claims of NBE on the central government reached Birr 182.7 billion, about 14.1 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by 15.1 percent while deposits of financial institutions at NBE rose by 5.4 percent (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances     190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3 2.Deposit Liabilities      68,823.32    76,059.82    90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2 3.Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 % Change  Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly auction market during the third quarter of 2018/19 reached Birr 97.5 billion, which showed 31.5 percent growth over the same period of last year. Similarly, the demand for T-bills expanded by 31.6 percent relative to a year earlier and reached Birr 104.0 billion (Table 4.13). All the T-bills sold were purchased by non-bank institutions. The total outstanding T-bills held by non-bank institutions stood at Birr 127.8 billion, 4.6. Financial Activities of NBE As of end March 2019, gross claims of NBE on the central government reached Birr 182.7 billion, about 14.1 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by 15.1 percent while deposits of financial institutions at NBE rose by 5.4 percent (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances     190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3 2.Deposit Liabilities      68,823.32    76,059.82    90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2 3.Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 % Change  Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly auction market during the third quarter of 2018/19 reached Birr 97.5 billion, which showed 31.5 percent growth over the same period of last year. Similarly, the demand for T-bills expanded by 31.6 percent relative to a year earlier and reached Birr 104.0 billion (Table 4.13). All the T-bills sold were purchased by non-bank institutions. The total outstanding T-bills held by non-bank institutions stood at Birr 127.8 billion, Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) Particulars 2017/18 2018/19 % Change Qtr.III Qtr.II Qtr.III A B C C/A C/B

1. Loans and Advances 190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3
2. Deposit Liabilities 68,823.32 76,059.82 90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2
3. Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 Source: NBE reflecting a 42.2 percent surge compared to the same period of last year. Their average weighted yield was 1.91 percent which was 34.3 percentage points higher than the same quarter of 2017/18 (Table 4.13). Table 4.14: Results of Treasury Bills Auction ( 2018/19 third Quarter)                                                                    (In Millions) 2017/18 2018/19 % Change    Quarter III Quarter II Quarter III A B C C/A C/B Number of Bidders 49.00 50.00 48.00 -2.04 -4.00 Public 49.00 50.00 48.00 -2.04 -4.00 Private - - - 0.00 0.00 Number of Bids received             51.00              51.00              50.00  -1.96 -1.96 Public 51.00 51.00 50.00 -1.96 -1.96 Private - - - Amount Demanded (Mn. Birr) 78,983.56 102,758.56 103,970.06 31.64 1.18 28-day bill 320.00 240.00 300.00 -6.25 25.00 91-day bill 75,647.56 94,167.56 100,654.06 33.06 6.89 182-day bill 216.00 685.00 216.00 0.00 -68.47 364-day bill 2,800.00 7,666.00 2,800.00 - -63.48 Amount Supplied (Mn. Birr)       74,118.56        98,432.56         97,483.56  31.52 -0.96 28-day bill 320.00 240.00 300.00 -6.25 25.00 91-day bill 70,482.56 89,345.56 94,167.56 33.60 5.40 182-day bill 516.00 685.00 216.00 -58.14 -68.47 364-day bill 2,800.00 8,162.00 2,800.00 - Amount Sold (Mn. Birr)       78,983.56      102,758.56       103,970.06  31.64 1.18 Banks - - - Non-Banks 78,983.56 102,758.56 103,970.06 31.64 1.18 Average Weighted Price for  Successful bids (%)              99.10               98.87                98.64  -0.46 -0.23 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 96.17 95.25 0.00 Average Weighted Yield for Successful bids (%)                1.42                 1.66                  1.91  34.31 15.00 28-day bill 0.85 0.78 0.80 -5.99 1.85 91-day bill 1.202 1.20 1.20 0.07 0.02 182-day bill 0.63 0.66 0.63 0.00 -4.35 364-day bill 3.00 3.99 5.00 0.00 Outstanding bills at the end  of  Period (Mn.Br.)       89,844.56      125,664.56       127,782.56  42.23 1.69 Banks - - - Source: NBE reflecting a 42.2 percent surge compared to the same period of last year. Their average weighted yield was 1.91 percent which was 34.3 percentage points higher than the same quarter of 2017/18 (Table 4.13). Table 4.14: Results of Treasury Bills Auction ( 2018/19 third Quarter)                                                                    (In Millions) 2017/18 2018/19 % Change    Quarter III Quarter II Quarter III A B C C/A C/B Number of Bidders 49.00 50.00 48.00 -2.04 -4.00 Public 49.00 50.00 48.00 -2.04 -4.00 Private - - - 0.00 0.00 Number of Bids received             51.00              51.00              50.00  -1.96 -1.96 Public 51.00 51.00 50.00 -1.96 -1.96 Private - - - Amount Demanded (Mn. Birr) 78,983.56 102,758.56 103,970.06 31.64 1.18 28-day bill 320.00 240.00 300.00 -6.25 25.00 91-day bill 75,647.56 94,167.56 100,654.06 33.06 6.89 182-day bill 216.00 685.00 216.00 0.00 -68.47 364-day bill 2,800.00 7,666.00 2,800.00 - -63.48 Amount Supplied (Mn. Birr)       74,118.56        98,432.56         97,483.56  31.52 -0.96 28-day bill 320.00 240.00 300.00 -6.25 25.00 91-day bill 70,482.56 89,345.56 94,167.56 33.60 5.40 182-day bill 516.00 685.00 216.00 -58.14 -68.47 364-day bill 2,800.00 8,162.00 2,800.00 - Amount Sold (Mn. Birr)       78,983.56      102,758.56       103,970.06  31.64 1.18 Banks - - - Non-Banks 78,983.56 102,758.56 103,970.06 31.64 1.18 Average Weighted Price for  Successful bids (%)              99.10               98.87                98.64  -0.46 -0.23 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 96.17 95.25 0.00 Average Weighted Yield for Successful bids (%)                1.42                 1.66                  1.91  34.31 15.00 28-day bill 0.85 0.78 0.80 -5.99 1.85 91-day bill 1.202 1.20 1.20 0.07 0.02 182-day bill 0.63 0.66 0.63 0.00 -4.35 364-day bill 3.00 3.99 5.00 0.00 Outstanding bills at the end  of  Period (Mn.Br.)       89,844.56      125,664.56       127,782.56  42.23 1.69 Banks - - - Source: NBE 4.6. Financial Activities of NBE As of end March 2019, gross claims of NBE on the central government reached Birr 182.7 billion, about 14.1 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by 15.1 percent while deposits of financial institutions at NBE rose by 5.4 percent (Table 4.13). Table 4.13: Financial Activities of NBE during the Third Quarter of 2018/19 (In millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances     190,121.56 230,778.01 235,478.01 23.9 2.0 1.1. To Central Government 160,128.85 178,685.30 182,685.30 14.1 2.2 Direct Advances 152,264.95 171,264.95 175,264.95 15.1 2.3 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 29,992.71 52,092.71 52,792.71 76.0 1.3 2.Deposit Liabilities      68,823.32    76,059.82    90,329.78 31.2 18.8 2.1. Government 18,874.93 23,783.26 37,661.76 99.5 58.4 2.2. Financial Institutions 49,948.38 52,276.56 52,668.01 5.4 0.7 O/W: -Banks 49,913.18 52,254.04 52,640.71 5.5 0.7 -Insurance companies 35.2 22.5 27.3 -22.5 21.2 3.Net Claims of NBE(1-2) 121,298.2 154,718.2 145,148.2 19.7 -6.2 % Change  Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly auction market during the third quarter of 2018/19 reached Birr 97.5 billion, which showed 31.5 percent growth over the same period of last year. Similarly, the demand for T-bills expanded by 31.6 percent relative to a year earlier and reached Birr 104.0 billion (Table 4.13). All the T-bills sold were purchased by non-bank institutions. The total outstanding T-bills held by non-bank institutions stood at Birr 127.8 billion,

32 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin     Source: NBE 0 20000 40000 60000 80000 100000 120000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In millions of Birr) Fig.IV.13: Developments in T-Bills Market Demand Supply 0.00 1.00 2.00 3.00 4.00 5.00 6.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In percent) Fig.IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 3.990 Table 4.14: Results of Treasury Bills Auction ( 2018/19 third Quarter) (In Millions) 2017/18 2018/19 Quarter III Quarter II Quarter III % Change A B C C/A C/B Number of Bidders 49.00 50.00 48.00 -2.04 -4.00 Public 49.00 50.00 48.00 -2.04 -4.00 Private - - - 0.00 0.00 Number of Bids received 51.00 51.00 50.00 -1.96 -1.96 Public 51.00 51.00 50.00 -1.96 -1.96 Private - - - Amount Demanded (Mn. Birr) 78,983.56 102,758.56 103,970.06 31.64 1.18 28-day bill 320.00 240.00 300.00 -6.25 25.00 91-day bill 75,647.56 94,167.56 100,654.06 33.06 6.89 182-day bill 216.00 685.00 216.00 0.00 -68.47 364-day bill 2,800.00 7,666.00 2,800.00 - -63.48 Amount Supplied (Mn. Birr) 74,118.56 98,432.56 97,483.56 31.52 -0.96 28-day bill 320.00 240.00 300.00 -6.25 25.00 91-day bill 70,482.56 89,345.56 94,167.56 33.60 5.40 182-day bill 516.00 685.00 216.00 -58.14 -68.47 364-day bill 2,800.00 8,162.00 2,800.00 - Amount Sold (Mn. Birr) 78,983.56 102,758.56 103,970.06 31.64 1.18 Banks - - - Non-Banks 78,983.56 102,758.56 103,970.06 31.64 1.18 Average Weighted Price for Successful bids (%) 99.10 98.87 98.64 -0.46 -0.23 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 96.17 95.25 0.00 Average Weighted Yield for Successful bids (%) 1.42 1.66 1.91 34.31 15.00 28-day bill 0.85 0.78 0.80 -5.99 1.85 91-day bill 1.202 1.20 1.20 0.07 0.02 182-day bill 0.63 0.66 0.63 0.00 -4.35 364-day bill 3.00 3.99 5.00 0.00 Outstanding bills at the end of Period (Mn.Br.) 89,844.56 125,664.56 127,782.56 42.23 1.69 Banks - - - Source: NBE

Third Quarter 2018/19 33 National Bank of Ethiopia Quarterly Bulletin     Source: NBE 0 20000 40000 60000 80000 100000 120000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In millions of Birr) Fig.IV.13: Developments in T-Bills Market Demand Supply 0.00 1.00 2.00 3.00 4.00 5.00 6.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In percent) Fig.IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 3.990

34 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 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  The corporate bond market is not well￾developed in Ethiopia and the issuance of the bond is limited to a few big public institutions and regional governments. The purchaser of these bonds is solely the Commercial Bank of Ethiopia (CBE). During the third quarter, CBE purchased corporate bonds to the tune of Birr 33.1 billion. The respective shares of EEPCo, Railway Corporation and Addis Ababa City government in total purchase of corporate bonds during the review period were 64.5 percent (Birr 21.3 billion), 32.5 percent (Birr 10.70 billion) and 3.01 percent (Birr 1.0 billion). At the end of March 2019, the stock of corporate bonds held by CBE stood at Birr 314.01 billion, of which 91.3 percent was claims on public enterprises and the rest claims on regional governments (Table 4.15). Corporate bonds issued by EEPCO accounted for 66.5 percent of the bonds issued by public enterprises and 78.2 percent of the total outstanding corporate bond balance. Table 4.15: Corporate Bond by holders (In millions of Birr) Issuer of the Bond 2017/18 2018/19 QIII QII QIII NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 9,900.0 0.0 233,748.9 23,800.0 20.5 256,128.7 32,024.8 1,401.7 286,751.8 EEPCO 9,900.0 -

209,000.0

16,000.0

20.5

224,339.73

21,300.0

118.4

245,521.3 Railways Corporation - -

24,748.9

7,800.0 -

31,788.98

10,724.8

1,283.2

41,230.5 DBE - - . - - - - - - 2. Regional Governments 2,000.0 146.1 41,819.5 6,000.0 2,997.4 48,243.7 1,000.0 21,976.8 27,283.4 Oromia -

1.3

445.9 -

10.2

436.6 -

2.5

436.6 Amhara - - 0.2 - -

0.2 - -

0.2 Tigray -

1.7

142.3 -

18.6

133.3 -

1.1

133.3 SNNPRS - - 7.6 - -

7.6 - -

7.6 Dire Dawa - - 0.0 - -

0.0 - -

0.0 Harari - - 0.0 - -

0.0 - -

0.0 City Government of Addis Ababa 2,000.0

143.1

41,223.5

6,000.0

2,968.6

47,666.0

1,000.00

21,973.24

26,705.6 3.Grand Total (1+2) 11,900.0 146.1 275,568.4 29,800.0 3,018.0 304,372.4 33,024.8 23,378.5 314,035.2 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding V. External Sector Developments 5.1. Balance of Payments  During the third quarter of 2018/19, the overall balance of payments registered USD 124.1 million surplus compared to USD 507.1 million surplus a year ago. This was mainly attributed to the increase in merchandise trade and net services deficit coupled with the decline in official transfers and capital account balance despite improvement in net private transfers (Table 5.1).

Third Quarter 2018/19 35 National Bank of Ethiopia Quarterly Bulletin Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Exports, f.o.b. 739.3 584.2 686.1 -7.2 17.4 Coffee 178.55 129.97 165.2 -7.5 27.1 Other 560.8 454.3 520.9 -7.1 14.7 2 Imports 3,545.5 4,436.3 3,565.0 0.5 -19.6 Fuel 581.3 673.6 632.5 8.8 -6.1 Cereals 123.7 142.4 151.9 22.8 6.7 Aircraft 19.7 790.6 56.0 184.3 -92.9 Imports excl. fuel, cereals, aircraft 2,820.8 2,829.7 2,724.6 -3.4 -3.7 3 Trade Balance (1-2) -2,806.2 -3,852.1 -2,879.0 2.6 -25.3 4 Services, net -60.2 -215.8 -268.1 345.2 24.2 Non-factor services, net 12.1 -125.9 -111.9 -1,023.5 -11.1 Exports of non-factor services 1,064.4 1,227.4 1,078.4 1.3 -12.1 Imports of non-factor services 1,052.3 1,353.3 1,190.3 13.1 -12.0 Factor services (Investment income), net -72.3 -89.9 -156.2 115.9 73.7 Interest, net -72.3 -89.9 -156.2 115.9 73.7 Dividend, net 5 Private transfers, net 1,533.6 1,629.8 1,654.6 7.9 1.5 o/w: NGO’s,(Net) 184.4 157.7 146.9 -20.3 -6.8 Private Individuals 1,349.2 1,472.1 1,507.7 11.7 2.4 6 Current account balance excluding official transfers (3+4+5) -1,332.8 -2,438.0 -1,492.5 12.0 -38.8 7 Official transfers, net 231.5 586.9 110.5 -52.3 -81.2 8 Current account balance including official transfers(6+7) -1,101.3 -1,851.1 -1,382.0 25.5 -25.3 9 Capital account 1,602.1 2,146.1 831.0 -48.1 -61.3 Official Long-term Capital, net 529.5 505.1 253.9 -52.0 -49.7 Disbursements 567.8 621.8 408.0 -28.1 -34.4 Amortization 38.3 116.7 154.1 301.9 32.1 Other public long-term capital 106.1 357.0 -169.7 -259.9 -147.5 Private sector, long term 108.8 91.9 50.9 -53.2 -44.6 Foreign Direct Investment, net 811.3 1,139.5 621.6 -23.4 -45.5 Short-term Capital 46.4 52.6 74.4 60.3 41.3 10 Errors and Omissions [11-(9+8)] 6.3 -831.9 675.0 11 Overall balance (-13) 507.1 -536.9 124.1 12 Financing (13+16) -507.1 536.9 -124.1 13 Reserves [ Increase(-), Decrease (+)] (14+15) -507.1 536.9 -124.1 14 Central Bank (NFA) -527.1 376.4 -229.8 Asset -107.5 -213.2 38.1 Liabilities -419.6 589.6 -267.9 15 Commercial banks (NFA) 20.1 160.5 105.7 16 Debt Relief Principal Interest Source: NBE Staff Compilation *preliminary V. External Sector Developments 5.1. Balance of Payments  During the third quarter of 2018/19, the overall balance of payments registered USD 124.1 million surplus compared to USD 507.1 million surplus a year ago. This was mainly attributed to the increase in merchandise trade and net services deficit coupled with the decline in official transfers and capital account balance despite improvement in net private transfers (Table 5.1).

36 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Total current account receipts amounted to USD 3,578.95 million, 0.4 percent lower than a year earlier on account of a 7.2 percent decline in export proceeds and 44.5 percent drop in public transfers in contrast with 2.2 percent increase in service proceeds and 7.8 percent in private transfers. At the same time, total current account payments went up to USD 4.96 billion due to 0.5 percent rise in merchandise import payments, 20.4 percent increase in service payments and 273.9 percent growth in public transfer payments. Thus, the current account balance recorded USD 1.38 billion deficit which was 25.5 percent wider than that of a year ago (Table 5.2). Table 5.2: Current Receipts and Payments     (In millions of USD) S/N  Particulars 2017/18 2018/19 QIII QII  QIII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,593.61 4,062.53 3,578.95 -0.4 -11.9 Export Proceeds 739.34 584.2 686.1 -7.2 17.4 Service Proceeds 1,075.83 1,250.1 1,099.2 2.2 -12.1 Private Transfers 1,541.29 1,632.3 1,662.0 7.8 1.8 Public Transfer 237.15 595.9 131.7 -44.5 -77.9 2 Current Payments 4,694.95 5,913.64 4,960.97 5.7 -16.1 Import Payments 3,545.54 4,436.3 3,565.0 0.5 -19.6 Service Payments 1,136.05 1,465.9 1,367.3 20.4 -6.7 Private Transfers 7.67 2.4 7.4 -3.7 206.1 Public Transfer 5.69 9.0 21.3 273.9 136.4 3 Net, (1-2) -1,101.3 -1,851.1 -1,382.0 25.5 -25.3 Source: NBE Staff Compilation 5.2 Balance of Trade During the third quarter of 2018/19, merchandise trade deficit rose to USD 2.9 billion from USD 2.8 billion last year same quarter due to due to marginal rise in merchandise import bill coupled with the decline in goods export receipts. Source: Ethiopian Revenue and Customs Authority 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QIII QII QIII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,593.61 4,062.53 3,578.95 -0.4 -11.9 Export Proceeds 739.34 584.2 686.1 -7.2 17.4 Service Proceeds 1,075.83 1,250.1 1,099.2 2.2 -12.1 Private Transfers 1,541.29 1,632.3 1,662.0 7.8 1.8 Public Transfer 237.15 595.9 131.7 -44.5 -77.9 2 Current Payments 4,694.95 5,913.64 4,960.97 5.7 -16.1 Import Payments 3,545.54 4,436.3 3,565.0 0.5 -19.6 Service Payments 1,136.05 1,465.9 1,367.3 20.4 -6.7 Private Transfers 7.67 2.4 7.4 -3.7 206.1 Public Transfer 5.69 9.0 21.3 273.9 136.4 3 Net, (1-2) -1,101.3 -1,851.1 -1,382.0 25.5 -25.3 Source: NBE Staff Compilation 5.2 Balance of Trade During the third quarter of 2018/19, merchandise trade deficit rose to USD 2.9 billion from USD 2.8 billion last year same quarter due to due to marginal rise in merchandise import bill coupled with the decline in goods export receipts. Source: Ethiopian Revenue and Customs Authority 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: NBE Staff Compilation 5.2 Balance of Trade During the third quarter of 2018/19, merchandise trade deficit rose to USD 2.9 billion from USD 2.8 billion last year same quarter due to due to marginal rise in merchandise import bill coupled with the decline in goods export receipts. Source: Ethiopian Revenue and Customs Authority 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: NBE Staff Computation 5.2.1 Export of Goods  Earnings from goods export declined by 7.0 percent over same quarter last year owing to the decrease in export receipts from coffee (7.5 percent), oilseeds (4.3 percent), leather & leather product (16.0 percent), meat & meat products (13.7 percent), fruits & vegetables (2.0 percent), gold (92.5 percent), flower (2.1 percent) and electricity (12.3 percent). In contrast, export earnings from pulses (6.4 percent), live animals (59.7 percent), chat (6.8 percent) and other export items (11.2 percent) grew in the review period. Receipts from coffee export fell 7.5 percent against last year same quarter and reached USD 165.2 million. This decline was attributed to 8.1 percent drop in volume despite the 0.6 percent rise in export price. Hence, the share of coffee in total merchandise export earnings slightly decreased to 24.0 percent. Likewise, export revenue from oilseeds stood at USD 130.2 million, showing a 4.3 percent decline owing to a 17.3 percent slowdown in export volume despite 15.7 percent increase in export price. As a result, the share of oilseeds 0 500 1000 1500 2000 2500 3000 3500 4000 4500 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

Third Quarter 2018/19 37 National Bank of Ethiopia Quarterly Bulletin Total current account receipts amounted to USD 3,578.95 million, 0.4 percent lower than a year earlier on account of a 7.2 percent decline in export proceeds and 44.5 percent drop in public transfers in contrast with 2.2 percent increase in service proceeds and 7.8 percent in private transfers. At the same time, total current account payments went up to USD 4.96 billion due to 0.5 percent rise in merchandise import payments, 20.4 percent increase in service payments and 273.9 percent growth in public transfer payments. Thus, the current account balance recorded USD 1.38 billion deficit which was 25.5 percent wider than that of a year ago (Table 5.2). Table 5.2: Current Receipts and Payments     (In millions of USD) S/N  Particulars 2017/18 2018/19 QIII QII  QIII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,593.61 4,062.53 3,578.95 -0.4 -11.9 Export Proceeds 739.34 584.2 686.1 -7.2 17.4 Service Proceeds 1,075.83 1,250.1 1,099.2 2.2 -12.1 Private Transfers 1,541.29 1,632.3 1,662.0 7.8 1.8 Public Transfer 237.15 595.9 131.7 -44.5 -77.9 2 Current Payments 4,694.95 5,913.64 4,960.97 5.7 -16.1 Import Payments 3,545.54 4,436.3 3,565.0 0.5 -19.6 Service Payments 1,136.05 1,465.9 1,367.3 20.4 -6.7 Private Transfers 7.67 2.4 7.4 -3.7 206.1 Public Transfer 5.69 9.0 21.3 273.9 136.4 3 Net, (1-2) -1,101.3 -1,851.1 -1,382.0 25.5 -25.3 Source: NBE Staff Compilation 5.2 Balance of Trade During the third quarter of 2018/19, merchandise trade deficit rose to USD 2.9 billion from USD 2.8 billion last year same quarter due to due to marginal rise in merchandise import bill coupled with the decline in goods export receipts. Source: Ethiopian Revenue and Customs Authority 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: NBE Staff Compilation 5.2 Balance of Trade During the third quarter of 2018/19, merchandise trade deficit rose to USD 2.9 billion from USD 2.8 billion last year same quarter due to due to marginal rise in merchandise import bill coupled with the decline in goods export receipts. Source: Ethiopian Revenue and Customs Authority 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: NBE Staff Computation 5.2.1 Export of Goods  Earnings from goods export declined by 7.0 percent over same quarter last year owing to the decrease in export receipts from coffee (7.5 percent), oilseeds (4.3 percent), leather & leather product (16.0 percent), meat & meat products (13.7 percent), fruits & vegetables (2.0 percent), gold (92.5 percent), flower (2.1 percent) and electricity (12.3 percent). In contrast, export earnings from pulses (6.4 percent), live animals (59.7 percent), chat (6.8 percent) and other export items (11.2 percent) grew in the review period. Receipts from coffee export fell 7.5 percent against last year same quarter and reached USD 165.2 million. This decline was attributed to 8.1 percent drop in volume despite the 0.6 percent rise in export price. Hence, the share of coffee in total merchandise export earnings slightly decreased to 24.0 percent. Likewise, export revenue from oilseeds stood at USD 130.2 million, showing a 4.3 percent decline owing to a 17.3 percent slowdown in export volume despite 15.7 percent increase in export price. As a result, the share of oilseeds 0 500 1000 1500 2000 2500 3000 3500 4000 4500 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: Ministry of Revenue

38 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Computation 5.2.1 Export of Goods  Earnings from goods export declined by 7.0 percent over same quarter last year owing to the decrease in export receipts from coffee (7.5 percent), oilseeds (4.3 percent), leather & leather product (16.0 percent), meat & meat products (13.7 percent), fruits & vegetables (2.0 percent), gold (92.5 percent), flower (2.1 percent) and electricity (12.3 percent). In contrast, export earnings from pulses (6.4 percent), live animals (59.7 percent), chat (6.8 percent) and other export items (11.2 percent) grew in the review period. Receipts from coffee export fell 7.5 percent against last year same quarter and reached USD 165.2 million. This decline was attributed to 8.1 percent drop in volume despite the 0.6 percent rise in export price. Hence, the share of coffee in total merchandise export earnings slightly decreased to 24.0 percent. Likewise, export revenue from oilseeds stood at USD 130.2 million, showing a 4.3 percent decline owing to a 17.3 percent slowdown in export volume despite 15.7 percent increase in export price. As a result, the share of oilseeds 0 500 1000 1500 2000 2500 3000 3500 4000 4500 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: NBE Staff Computation 5.2.1 Export of Goods  Earnings from goods export declined by 7.0 percent over same quarter last year owing to the decrease in export receipts from coffee (7.5 percent), oilseeds (4.3 percent), leather & leather product (16.0 percent), meat & meat products (13.7 percent), fruits & vegetables (2.0 percent), gold (92.5 percent), flower (2.1 percent) and electricity (12.3 percent). In contrast, export earnings from pulses (6.4 percent), live animals (59.7 percent), chat (6.8 percent) and other export items (11.2 percent) grew in the review period. Receipts from coffee export fell 7.5 percent against last year same quarter and reached USD 165.2 million. This decline was attributed to 8.1 percent drop in volume despite the 0.6 percent rise in export price. Hence, the share of coffee in total merchandise export earnings slightly decreased to 24.0 percent. Likewise, export revenue from oilseeds stood at USD 130.2 million, showing a 4.3 percent decline owing to a 17.3 percent slowdown in export volume despite 15.7 percent increase in export price. As a result, the share of oilseeds 0 500 1000 1500 2000 2500 3000 3500 4000 4500 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit in total merchandise export reached 18.9 percent. Export earnings from gold plummeted significantly by 92.5 percent mainly due to 92.5 percent drop in export volume and 0.3 percent in international price. As result, the share of gold in total merchandise export decreased to 0.5 percent from 6.2 percent last year same quarter. Receipts from export of leather & leather products decreased by 16.0 percent as export volume slowed down by 20.4 percent despite 5.5 percent increase in export price. Thus, the share of leather and leather products in total merchandise export stood at 3.9 percent. Export of fruits & vegetables fetched USD 13.9 million in revenue, about 2.0 percent lower than last year same quarter. This was attributed to 6.2 percent decline in export volume despite 4.5 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings was to 2.0 percent. Revenue from export of meat & meat products decreased 13.7 percent compared to last year same quarter as export volume and international price fell 11.9 percent and 2.0 percent, respectively. Thus, the share of meat & meat products in total merchandise exports stood at 3.2 percent (Tables 5.3, 5.4 and 5.5). Export revenue from flower declined 2.1 percent vis-à-vis the same quarter of last year due to a 4.5 percent fall in international price despite 2.5 percent increase in volume. Thus, the share of flower in total export earnings reached 9.3 percent. Export earnings from electricity showed a 12.3 percent drop compared to last year same quarter as export volume went down 15.4 percent while international price rose 3.7 percent. Hence, the share of electricity in total merchandise export revenue decreased to 2.3 percent from 2.5 percent a year ago. In contrast, export revenue from pulses grew by 6.4 percent on account of 5.1 percent increase in price and 1.2 percent rise in export volume. Thus, the share of pulses in total export earnings increased to 13.1 percent. Export proceeds from live-animals recorded a 59.7 percent surge due to a 58.7 percent rise in export volume and 0.7 percent increase in price. As result, their share in total merchandise export

Third Quarter 2018/19 39 National Bank of Ethiopia Quarterly Bulletin in total merchandise export reached 18.9 percent. Export earnings from gold plummeted significantly by 92.5 percent mainly due to 92.5 percent drop in export volume and 0.3 percent in international price. As result, the share of gold in total merchandise export decreased to 0.5 percent from 6.2 percent last year same quarter. Receipts from export of leather & leather products decreased by 16.0 percent as export volume slowed down by 20.4 percent despite 5.5 percent increase in export price. Thus, the share of leather and leather products in total merchandise export stood at 3.9 percent. Export of fruits & vegetables fetched USD 13.9 million in revenue, about 2.0 percent lower than last year same quarter. This was attributed to 6.2 percent decline in export volume despite 4.5 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings was to 2.0 percent. Revenue from export of meat & meat products decreased 13.7 percent compared to last year same quarter as export volume and international price fell 11.9 percent and 2.0 percent, respectively. Thus, the share of meat & meat products in total merchandise exports stood at 3.2 percent (Tables 5.3, 5.4 and 5.5). Export revenue from flower declined 2.1 percent vis-à-vis the same quarter of last year due to a 4.5 percent fall in international price despite 2.5 percent increase in volume. Thus, the share of flower in total export earnings reached 9.3 percent. Export earnings from electricity showed a 12.3 percent drop compared to last year same quarter as export volume went down 15.4 percent while international price rose 3.7 percent. Hence, the share of electricity in total merchandise export revenue decreased to 2.3 percent from 2.5 percent a year ago. In contrast, export revenue from pulses grew by 6.4 percent on account of 5.1 percent increase in price and 1.2 percent rise in export volume. Thus, the share of pulses in total export earnings increased to 13.1 percent. Export proceeds from live-animals recorded a 59.7 percent surge due to a 58.7 percent rise in export volume and 0.7 percent increase in price. As result, their share in total merchandise export in total merchandise export reached 18.9 percent. Export earnings from gold plummeted significantly by 92.5 percent mainly due to 92.5 percent drop in export volume and 0.3 percent in international price. As result, the share of gold in total merchandise export decreased to 0.5 percent from 6.2 percent last year same quarter. Receipts from export of leather & leather products decreased by 16.0 percent as export volume slowed down by 20.4 percent despite 5.5 percent increase in export price. Thus, the share of leather and leather products in total merchandise export stood at 3.9 percent. Export of fruits & vegetables fetched USD 13.9 million in revenue, about 2.0 percent lower than last year same quarter. This was attributed to 6.2 percent decline in export volume despite 4.5 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings was to 2.0 percent. Revenue from export of meat & meat products decreased 13.7 percent compared to last year same quarter as export volume and international price fell 11.9 percent and 2.0 percent, respectively. Thus, the share of meat & meat products in total merchandise exports stood at 3.2 percent (Tables 5.3, 5.4 and 5.5). Export revenue from flower declined 2.1 percent vis-à-vis the same quarter of last year due to a 4.5 percent fall in international price despite 2.5 percent increase in volume. Thus, the share of flower in total export earnings reached 9.3 percent. Export earnings from electricity showed a 12.3 percent drop compared to last year same quarter as export volume went down 15.4 percent while international price rose 3.7 percent. Hence, the share of electricity in total merchandise export revenue decreased to 2.3 percent from 2.5 percent a year ago. In contrast, export revenue from pulses grew by 6.4 percent on account of 5.1 percent increase in price and 1.2 percent rise in export volume. Thus, the share of pulses in total export earnings increased to 13.1 percent. Export proceeds from live-animals recorded a 59.7 percent surge due to a 58.7 percent rise in export volume and 0.7 percent increase in price. As result, their share in total merchandise export earnings rose to 1.9 percent from 1.1 percent a year ago. Moreover, export proceeds from chat increased 6.8 percent quarter-on-quarter owing to 4.2 percent rise in volume and 2.5 percent in international price. Thus, the share of chat in total merchandise export earnings increased to 10.5 percent from 9.2 percent a year earlier. Table 5.3: Values of Major Export Items                                                                                                                                          (In millions of USD) Particulars 2017/18 2018/19 Percentage  QIII QII QIII Change  A %share B %share C %share C/A C/B Coffee 178.5 24.1 130.0 22.2 165.2 24.0 -7.5 27.1 Oilseeds 136.1 18.4 90.9 15.6 130.2 18.9 -4.3 43.3 Leather and Leather products 29.0 3.9 33.8 5.8 24.3 3.5 -16.0 -28.0 Pulses 84.8 11.5 68.9 11.8 90.2 13.1 6.4 30.9 Meat & Meat Products 25.1 3.4 21.2 3.6 21.7 3.2 -13.7 2.3 Fruits & Vegetables 14.2 1.9 14.7 2.5 13.9 2.0 -2.0 -5.3 Live Animals 8.0 1.1 4.5 0.8 12.7 1.9 59.7 185.2 Chat 67.8 9.2 80.7 13.8 72.4 10.5 6.8 -10.2 Gold 46.2 6.2 3.7 0.6 3.4 0.5 -92.5 -7.2 Flower 65.3 8.8 52.7 9.0 63.9 9.3 -2.1 21.1 Electricity 18.4 2.5 16.4 2.8 16.1 2.3 -12.3 -1.5 Others 66.0 8.9 66.8 11.4 73.4 10.7 11.2 9.9 Total Export 739.3 584.2 687.5 100 -7.0 17.7 Total Export excluding Electricity 721.0 567.9 671.4 -6.9 18.2 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power earnings rose to 1.9 percent from 1.1 percent a year ago. Moreover, export proceeds from chat increased 6.8 percent quarter-on-quarter owing to 4.2 percent rise in volume and 2.5 percent in international price. Thus, the share of chat in total merchandise export earnings increased to 10.5 percent from 9.2 percent a year earlier. Table 5.3: Values of Major Export Items                                                                                                                                          (In millions of USD) Particulars 2017/18 2018/19 Percentage  QIII QII QIII Change  A %share B %share C %share C/A C/B Coffee 178.5 24.1 130.0 22.2 165.2 24.0 -7.5 27.1 Oilseeds 136.1 18.4 90.9 15.6 130.2 18.9 -4.3 43.3 Leather and Leather products 29.0 3.9 33.8 5.8 24.3 3.5 -16.0 -28.0 Pulses 84.8 11.5 68.9 11.8 90.2 13.1 6.4 30.9 Meat & Meat Products 25.1 3.4 21.2 3.6 21.7 3.2 -13.7 2.3 Fruits & Vegetables 14.2 1.9 14.7 2.5 13.9 2.0 -2.0 -5.3 Live Animals 8.0 1.1 4.5 0.8 12.7 1.9 59.7 185.2 Chat 67.8 9.2 80.7 13.8 72.4 10.5 6.8 -10.2 Gold 46.2 6.2 3.7 0.6 3.4 0.5 -92.5 -7.2 Flower 65.3 8.8 52.7 9.0 63.9 9.3 -2.1 21.1 Electricity 18.4 2.5 16.4 2.8 16.1 2.3 -12.3 -1.5 Others 66.0 8.9 66.8 11.4 73.4 10.7 11.2 9.9 Total Export 739.3 584.2 687.5 100 -7.0 17.7 Total Export excluding Electricity 721.0 567.9 671.4 -6.9 18.2 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QIII QII QIII Change A %share B %share C %share C/A C/B Coffee 178.5 24.1 130.0 22.2 165.2 24.0 -7.5 27.1 Oilseeds 136.1 18.4 90.9 15.6 130.2 18.9 -4.3 43.3 Leather and Leather products 29.0 3.9 33.8 5.8 24.3 3.5 -16.0 -28.0 Pulses 84.8 11.5 68.9 11.8 90.2 13.1 6.4 30.9 Meat & Meat Products 25.1 3.4 21.2 3.6 21.7 3.2 -13.7 2.3 Fruits & Vegetables 14.2 1.9 14.7 2.5 13.9 2.0 -2.0 -5.3 Live Animals 8.0 1.1 4.5 0.8 12.7 1.9 59.7 185.2 Chat 67.8 9.2 80.7 13.8 72.4 10.5 6.8 -10.2 Gold 46.2 6.2 3.7 0.6 3.4 0.5 -92.5 -7.2 Flower 65.3 8.8 52.7 9.0 63.9 9.3 -2.1 21.1 Electricity 18.4 2.5 16.4 2.8 16.1 2.3 -12.3 -1.5 Others 66.0 8.9 66.8 11.4 73.4 10.7 11.2 9.9 Total Export 739.3 584.2 687.5 100 -7.0 17.7 Total Export excluding Electricity 721.0 567.9 671.4 -6.9 18.2 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power

40 Third Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn. Kg) Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage Change  QIII QII QIII A B C C/A C/B Coffee 3.4 3.0 3.4 0.6 16.1 Oilseeds 1.3 1.5 1.5 15.7 -0.3 Leather and Leather Products 19.8 19.6 20.9 5.5 6.5 Pulses 0.6 5.1 -4.6 Meat & Meat Products 5.0 4.9 4.9 -2.0 0.4 Fruits & Vegetables 0.3 4.5 -3.0 Live Animals 1.8 1.9 1.8 0.7 -6.4 Chat 5.6 5.7 5.8 2.5 2.2 Gold (in USD/gm) 35.5 36.6 35.4 -0.3 -3.4 Flower 4.9 4.4 4.6 -4.5 5.4 Electricity 0.1 3.7 2.0 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage Change QIII QII QIII A B C C/A C/B Coffee 52.4 44.0 48.1 -8.1 9.5 Oilseeds 105.5 60.7 87.3 -17.3 43.7 Leather and Leather Products 1.5 1.7 1.2 -20.4 -32.4 Pulses 148.5 109.5 150.3 1.2 37.2 Meat & Meat Products 5.0 4.3 4.4 -11.9 1.9 Fruits & Vegetables 44.2 42.4 41.4 -6.2 -2.4 Live Animals 4.5 2.3 7.1 58.7 204.6 Chat 12.0 14.3 12.5 4.2 -12.1 Gold(In mn. of grams) 1.3 0.1 0.1 -92.5 -3.9 Flower 13.5 12.0 13.8 2.5 14.9 Electricity(In mn of kwh) 332.0 290.9 280.8 -15.4 -3.5 Source: Ministry of Revenue, 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

Third Quarter 2018/19 41 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn. Kg) Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage Change  QIII QII QIII A B C C/A C/B Coffee 3.4 3.0 3.4 0.6 16.1 Oilseeds 1.3 1.5 1.5 15.7 -0.3 Leather and Leather Products 19.8 19.6 20.9 5.5 6.5 Pulses 0.6 5.1 -4.6 Meat & Meat Products 5.0 4.9 4.9 -2.0 0.4 Fruits & Vegetables 0.3 4.5 -3.0 Live Animals 1.8 1.9 1.8 0.7 -6.4 Chat 5.6 5.7 5.8 2.5 2.2 Gold (in USD/gm) 35.5 36.6 35.4 -0.3 -3.4 Flower 4.9 4.4 4.6 -4.5 5.4 Electricity 0.1 3.7 2.0 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage Change QIII QII QIII A B C C/A C/B Coffee 3.4 3.0 3.4 0.6 16.1 Oilseeds 1.3 1.5 1.5 15.7 -0.3 Leather and Leather Products 19.8 19.6 20.9 5.5 6.5 Pulses 0.6 5.1 -4.6 Meat & Meat Products 5.0 4.9 4.9 -2.0 0.4 Fruits & Vegetables 0.3 4.5 -3.0 Live Animals 1.8 1.9 1.8 0.7 -6.4 Chat 5.6 5.7 5.8 2.5 2.2 Gold (in USD/gm) 35.5 36.6 35.4 -0.3 -3.4 Flower 4.9 4.4 4.6 -4.5 5.4 Electricity 0.1 3.7 2.0 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power

42 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 0 1 2 3 4 5 6 7 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods  In the third quarter of 2018/19, total merchandise import stood at USD 3.6 billion, depicting 0.5 percent annual increase due to higher import values of semi-finished goods and fuel. Import bill of semi-finished goods surged 67.5 percent on account of 107.7 percent growth in import bills of fertilizer. Likewise, import value of fuel rose 8.8 percent during the same period and its share in total imports went up 17.7 percent. On the other hand, import bills of capital goods decreased 10.4 percent due to 13.6 percent fall in industrial capital goods, despite 66.5 percent increase in agricultural and 4.7 percent rise in transport capital goods. Thus, the share of capital goods in total goods import bill stood at 31.3 percent compared to 35.1 percent a year earlier. Likewise, import of raw materials dropped 24.1 percent compared to same quarter last year and their share in total merchandise import too fell to 0.8 percent from 1.1 percent. Similarly, import payments for consumer goods slowed down by 21.4 percent due to 13.4 percent decrease in import payments for durable goods and 24.6 percent for non-durable goods. 0 1 2 3 4 5 6 7 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods  In the third quarter of 2018/19, total merchandise import stood at USD 3.6 billion, depicting 0.5 percent annual increase due to higher import values of semi-finished goods and fuel. Import bill of semi-finished goods surged 67.5 percent on account of 107.7 percent growth in import bills of fertilizer. Likewise, import value of fuel rose 8.8 percent during the same period and its share in total imports went up 17.7 percent. On the other hand, import bills of capital goods decreased 10.4 percent due to 13.6 percent fall in industrial capital goods, despite 66.5 percent increase in agricultural and 4.7 percent rise in transport capital goods. Thus, the share of capital goods in total goods import bill stood at 31.3 percent compared to 35.1 percent a year earlier. Likewise, import of raw materials dropped 24.1 percent compared to same quarter last year and their share in total merchandise import too fell to 0.8 percent from 1.1 percent. Similarly, import payments for consumer goods slowed down by 21.4 percent due to 13.4 percent decrease in import payments for durable goods and 24.6 percent for non-durable goods. The share of consumer goods in total import bill also went down to 24.7 percent from 31.5 percent last year same quarter.                      Total franco-valuta import too decreased by 19.9 percent and stood at USD 0.9 billion and accounted for 26.5 percent of the total imports. Table 5.6: Values of Major Import Items                                                                                                                    (In millions Of USD) Source: ERCA Particular 2017/18 2018/19 Qtr III Percentage Changes Share  (%) Qtr II Share  (%) Qtr III Share  (%) A B C C/A C/B Raw Materials 38.9 1.1 41.5 0.9 29.5 0.8 -24.1 -28.8 Semi-finished  Goods 504.0 14.2 632.3 14.3 844.4 23.7 67.5 33.5 Fertilizers 126.6 3.6 6.9 0.2 262.9 7.4 107.7 3,683.8 Fuel 581.3 16.4 673.6 15.2 632.5 17.7 8.8 -6.1 Petroleum Products 564.3 15.9 634.3 14.3 618.9 17.4 9.7 -2.4 Others 16.9 0.5 39.3 0.9 13.6 0.4 -19.7 -65.4 Capital Goods 1,245.7 35.1 1,825.0 41.1 1,115.6 31.3 -10.4 -38.9 Transport 177.1 5.0 930.9 21.0 185.3 5.2 4.7 -80.1 Agricultural 8.8 0.2 14.0 0.3 14.6 0.4 66.5 4.4 Industrial 1,059.8 29.9 880.0 19.8 915.6 25.7 -13.6 4.0 Consumer Goods 1,117.9 31.5 1,189.5 26.8 878.8 24.7 -21.4 -26.1 Durables 323.3 9.1 316.5 7.1 279.9 7.9 -13.4 -11.6 Non-durables 794.6 22.4 872.9 19.7 598.9 16.8 -24.6 -31.4 Miscellaneous 57.7 1.6 74.5 1.7 64.2 1.8 11.3 -13.8 Total  Imports 3,545.5 100 4,436.3 100 3,565.0 100 0.5 -19.6

Third Quarter 2018/19 43 National Bank of Ethiopia Quarterly Bulletin 0 1 2 3 4 5 6 7 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods  In the third quarter of 2018/19, total merchandise import stood at USD 3.6 billion, depicting 0.5 percent annual increase due to higher import values of semi-finished goods and fuel. Import bill of semi-finished goods surged 67.5 percent on account of 107.7 percent growth in import bills of fertilizer. Likewise, import value of fuel rose 8.8 percent during the same period and its share in total imports went up 17.7 percent. On the other hand, import bills of capital goods decreased 10.4 percent due to 13.6 percent fall in industrial capital goods, despite 66.5 percent increase in agricultural and 4.7 percent rise in transport capital goods. Thus, the share of capital goods in total goods import bill stood at 31.3 percent compared to 35.1 percent a year earlier. Likewise, import of raw materials dropped 24.1 percent compared to same quarter last year and their share in total merchandise import too fell to 0.8 percent from 1.1 percent. Similarly, import payments for consumer goods slowed down by 21.4 percent due to 13.4 percent decrease in import payments for durable goods and 24.6 percent for non-durable goods. The share of consumer goods in total import bill also went down to 24.7 percent from 31.5 percent last year same quarter.                      Total franco-valuta import too decreased by 19.9 percent and stood at USD 0.9 billion and accounted for 26.5 percent of the total imports. Table 5.6: Values of Major Import Items                                                                                                                    (In millions Of USD) Source: ERCA Particular 2017/18 2018/19 Qtr III Percentage Changes Share  (%) Qtr II Share  (%) Qtr III Share  (%) A B C C/A C/B Raw Materials 38.9 1.1 41.5 0.9 29.5 0.8 -24.1 -28.8 Semi-finished  Goods 504.0 14.2 632.3 14.3 844.4 23.7 67.5 33.5 Fertilizers 126.6 3.6 6.9 0.2 262.9 7.4 107.7 3,683.8 Fuel 581.3 16.4 673.6 15.2 632.5 17.7 8.8 -6.1 Petroleum Products 564.3 15.9 634.3 14.3 618.9 17.4 9.7 -2.4 Others 16.9 0.5 39.3 0.9 13.6 0.4 -19.7 -65.4 Capital Goods 1,245.7 35.1 1,825.0 41.1 1,115.6 31.3 -10.4 -38.9 Transport 177.1 5.0 930.9 21.0 185.3 5.2 4.7 -80.1 Agricultural 8.8 0.2 14.0 0.3 14.6 0.4 66.5 4.4 Industrial 1,059.8 29.9 880.0 19.8 915.6 25.7 -13.6 4.0 Consumer Goods 1,117.9 31.5 1,189.5 26.8 878.8 24.7 -21.4 -26.1 Durables 323.3 9.1 316.5 7.1 279.9 7.9 -13.4 -11.6 Non-durables 794.6 22.4 872.9 19.7 598.9 16.8 -24.6 -31.4 Miscellaneous 57.7 1.6 74.5 1.7 64.2 1.8 11.3 -13.8 Total  Imports 3,545.5 100 4,436.3 100 3,565.0 100 0.5 -19.6 The share of consumer goods in total import bill also went down to 24.7 percent from 31.5 percent last year same quarter.                      Total franco-valuta import too decreased by 19.9 percent and stood at USD 0.9 billion and accounted for 26.5 percent of the total imports. Table 5.6: Values of Major Import Items                                                                                                                    (In millions Of USD) Source: ERCA Particular 2017/18 2018/19 Qtr III Percentage Changes Share  (%) Qtr II Share  (%) Qtr III Share  (%) A B C C/A C/B Raw Materials 38.9 1.1 41.5 0.9 29.5 0.8 -24.1 -28.8 Semi-finished  Goods 504.0 14.2 632.3 14.3 844.4 23.7 67.5 33.5 Fertilizers 126.6 3.6 6.9 0.2 262.9 7.4 107.7 3,683.8 Fuel 581.3 16.4 673.6 15.2 632.5 17.7 8.8 -6.1 Petroleum Products 564.3 15.9 634.3 14.3 618.9 17.4 9.7 -2.4 Others 16.9 0.5 39.3 0.9 13.6 0.4 -19.7 -65.4 Capital Goods 1,245.7 35.1 1,825.0 41.1 1,115.6 31.3 -10.4 -38.9 Transport 177.1 5.0 930.9 21.0 185.3 5.2 4.7 -80.1 Agricultural 8.8 0.2 14.0 0.3 14.6 0.4 66.5 4.4 Industrial 1,059.8 29.9 880.0 19.8 915.6 25.7 -13.6 4.0 Consumer Goods 1,117.9 31.5 1,189.5 26.8 878.8 24.7 -21.4 -26.1 Durables 323.3 9.1 316.5 7.1 279.9 7.9 -13.4 -11.6 Non-durables 794.6 22.4 872.9 19.7 598.9 16.8 -24.6 -31.4 Miscellaneous 57.7 1.6 74.5 1.7 64.2 1.8 11.3 -13.8 Total  Imports 3,545.5 100 4,436.3 100 3,565.0 100 0.5 -19.6 the total imports. Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2017/18 2018/19 Percentage Qtr III Share Changes (%) Qtr II Share (%) Qtr III Share (%) A B C C/A C/B Raw Materials 38.9 1.1 41.5 0.9 29.5 0.8 -24.1 -28.8 Semi-finished Goods 504.0 14.2 632.3 14.3 844.4 23.7 67.5 33.5 Fertilizers 126.6 3.6 6.9 0.2 262.9 7.4 107.7 3,683.8 Fuel 581.3 16.4 673.6 15.2 632.5 17.7 8.8 -6.1 Petroleum Products 564.3 15.9 634.3 14.3 618.9 17.4 9.7 -2.4 Others 16.9 0.5 39.3 0.9 13.6 0.4 -19.7 -65.4 Capital Goods 1,245.7 35.1 1,825.0 41.1 1,115.6 31.3 -10.4 -38.9 Transport 177.1 5.0 930.9 21.0 185.3 5.2 4.7 -80.1 Agricultural 8.8 0.2 14.0 0.3 14.6 0.4 66.5 4.4 Industrial 1,059.8 29.9 880.0 19.8 915.6 25.7 -13.6 4.0 Consumer Goods 1,117.9 31.5 1,189.5 26.8 878.8 24.7 -21.4 -26.1 Durables 323.3 9.1 316.5 7.1 279.9 7.9 -13.4 -11.6 Non-durables 794.6 22.4 872.9 19.7 598.9 16.8 -24.6 -31.4 Miscellaneous 57.7 1.6 74.5 1.7 64.2 1.8 11.3 -13.8 Total Imports 3,545.5 100 4,436.3 100 3,565.0 100 0.5 -19.6 Source: Ministry of Revenue

44 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 5.2.3 Direction of Trade   5.2.3.1 Export of Goods  The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 43.0 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 16.1 percent share in total export earnings from Asia, followed by United Arab Emirates (13.3 percent), China, Mainland (11.6 percent), Israel (10.7 percent), Japan (10.1 percent), India (8.5 percent), Yemen (5.9 percent), South Korea (3.7 percent), Singapore (2.7 percent) and Indonesia (2.0 percent). All these countries accounted for 84.6 percent of Ethiopia’s total export to Asia. Europe accounted for 23.9 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.3 percent share followed by Germany (13.4 percent), Turkey (11.9 percent), United Kingdom (6.8 percent), Belgium (6.5 percent), Italy (4.8 percent), Spain (2.9 percent), Russia (2.4 percent) Switzerland (2.3 percent), France (2.1 percent, Greece (1.7 percent), Portugal (1.2 percent) and Norway (1.1 percent). These countries together had a 85.4 percent share of Ethiopia’s total exports to Europe. On the other hand, about 21.1 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (40.9 percent), Djibouti (21.6 percent), Sudan (14.4 percent), Egypt (11.7 percent), Kenya (3.0 percent), Nigeria (2.3 percent) and South Africa (1.7 percent) which accounted for 95.6 percent of the total exports to Africa. 11.3 percent of Ethiopia’s total export earnings originated from America, of which 61.2 percent was from exports to the United States, 3.0 percent to Canada and 2.8 percent to Mexico. These countries accounted for 67.0 percent of the total exports to America Table 5.7: The Value of Franco Valuta Import (In millions of USD Commodity Group 2017/18 2018/19 Percentage Change Qtr III Qtr II Qtr III A B C C/A C/B Beverages 0.1 0.2 0.1 9.7 -19.5 Chemicals 6.8 7.1 4.2 -37.5 -40.4 Clothing 33.3 5.7 2.9 -91.2 -48.3 Food and live animals 70.9 90.6 95.8 35.1 5.8 Textiles 5.3 4.3 5.2 -1.9 21.6 Tobacco 0.0 0.1 0.0 18.1 -33.6 Soap & polish 0.2 0.6 0.4 112.2 -27.1 Fertilizer 87.1 131.2 35.1 -59.7 -73.2 Paper & paper manufacturing 2.6 2.1 0.9 -63.4 -54.7 Metal & metal manufacturing 145.5 87.8 66.8 -54.1 -23.9 Medical and pharmaceuticals products 3.9 33.5 12.5 222.9 -62.7 Rubber products 9.5 6.6 9.8 3.3 48.7 Petroleum Crude 0.0 2.1 - -100.0 -100.0 Petroleum product 7.6 27.9 78.6 939.4 181.7 Glass & glass ware 5.1 4.1 2.3 -55.4 -43.6 Electrical material 86.0 73.8 70.8 -17.7 -4.1 Machine 357.3 254.7 297.3 -16.8 16.7 Road & motor vehicles 67.8 40.3 51.7 -23.8 28.3 Tele apparatus 0.8 4.1 14.9 1827.8 260.5 Cement 0.08 0.0 0.0 Others 290.5 1,051.5 196.4 -32.4 -81.3 Total 1,180.4 1,828.4 946.0 -19.9 -48.3 Source: Ministry of Revenue

Third Quarter 2018/19 45 National Bank of Ethiopia Quarterly Bulletin 5.2.3 Direction of Trade   5.2.3.1 Export of Goods  The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 43.0 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 16.1 percent share in total export earnings from Asia, followed by United Arab Emirates (13.3 percent), China, Mainland (11.6 percent), Israel (10.7 percent), Japan (10.1 percent), India (8.5 percent), Yemen (5.9 percent), South Korea (3.7 percent), Singapore (2.7 percent) and Indonesia (2.0 percent). All these countries accounted for 84.6 percent of Ethiopia’s total export to Asia. Europe accounted for 23.9 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.3 percent share followed by Germany (13.4 percent), Turkey (11.9 percent), United Kingdom (6.8 percent), Belgium (6.5 percent), Italy (4.8 percent), Spain (2.9 percent), Russia (2.4 percent) Switzerland (2.3 percent), France (2.1 percent, Greece (1.7 percent), Portugal (1.2 percent) and Norway (1.1 percent). These countries together had a 85.4 percent share of Ethiopia’s total exports to Europe. On the other hand, about 21.1 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (40.9 percent), Djibouti (21.6 percent), Sudan (14.4 percent), Egypt (11.7 percent), Kenya (3.0 percent), Nigeria (2.3 percent) and South Africa (1.7 percent) which accounted for 95.6 percent of the total exports to Africa. 11.3 percent of Ethiopia’s total export earnings originated from America, of which 61.2 percent was from exports to the United States, 3.0 percent to Canada and 2.8 percent to Mexico. These countries accounted for 67.0 percent of the total exports to America .

46 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.2.3.2 Import of Goods  During the third quarter of 2018/19, Asia accounted for 65.0 percent of the total imports of Ethiopia. The major imports from Asia originated from China (43.2 percent), India (14.5 percent), U.A.E (9.6 percent), Kuwait (8.74 percent), Japan (4.02 percent), Saudi Arabia (3.7 percent), Indonesia (3.0 percent), Malaysia (2.8 percent), South Korea (1.8 percent) and Thailand (1.4 percent) whose combined share was 92.6 percent. Imports from Europe constituted 19.8 percent of Ethiopia’s total imports with the major countries, being Turkey (19.6 percent), Italy (12.2 percent), United Kingdom (12.0 percent), Germany (11.4 percent), Belgium (6.9 percent), Russia (5.8 percent), Ukraine (5.2 percent), France (4.1 percent), Spain (3.1 percent), the Netherlands (2.9 percent), Bulgaria (2.0 percent), Ireland (1.8 percent), Denmark (1.8 percent), Poland (1.6 percent), Australia (1.6 percent) and Rumania (1.4 percent). These countries jointly accounted for 92.6 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 5.5 percent of the total import bill, of which the share of United States was 92.2 percent followed by Brazil (3.9 percent) and Canada (2.8 percent). 21.1% 23.9% 11.3% 43.0% 0.6% Fig.V.7: Export By Destination Africa Europe America Asia Oceania About 9.7 percent of Ethiopia’s total merchandise import came from Africa. The major countries of origin were Morocco (37.7 percent), South Africa (30.7 percent), Egypt (18.5 percent), Sudan (8.8 percent) and Kenya (2.7 percent), which altogether had a 98.4 percent share in the total imports from the continent. Source: NBE Staff Compilation 5.3.   Services and Transfers ] Net payment for services trade stood at USD 268.1 million compared with USD 60.2 million last year same period. The 345.2 percent surge in net service payment was attributed to slowdown in surplus of net travel (50.0 percent), and net government services (36.7 percent) coupled with the increase in deficit of net other service payments (47.8 percent) and investment income (115.9 percent). 9.7% 19.7% 5.5% 65.0% 0.1% V.8: Import by Origion Africa: Europe: America: Asia: Oceania: Fig.V.7: Export By Destination

Third Quarter 2018/19 47 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.2.3.2 Import of Goods  During the third quarter of 2018/19, Asia accounted for 65.0 percent of the total imports of Ethiopia. The major imports from Asia originated from China (43.2 percent), India (14.5 percent), U.A.E (9.6 percent), Kuwait (8.74 percent), Japan (4.02 percent), Saudi Arabia (3.7 percent), Indonesia (3.0 percent), Malaysia (2.8 percent), South Korea (1.8 percent) and Thailand (1.4 percent) whose combined share was 92.6 percent. Imports from Europe constituted 19.8 percent of Ethiopia’s total imports with the major countries, being Turkey (19.6 percent), Italy (12.2 percent), United Kingdom (12.0 percent), Germany (11.4 percent), Belgium (6.9 percent), Russia (5.8 percent), Ukraine (5.2 percent), France (4.1 percent), Spain (3.1 percent), the Netherlands (2.9 percent), Bulgaria (2.0 percent), Ireland (1.8 percent), Denmark (1.8 percent), Poland (1.6 percent), Australia (1.6 percent) and Rumania (1.4 percent). These countries jointly accounted for 92.6 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 5.5 percent of the total import bill, of which the share of United States was 92.2 percent followed by Brazil (3.9 percent) and Canada (2.8 percent). 21.1% 23.9% 11.3% 43.0% 0.6% Fig.V.7: Export By Destination Africa Europe America Asia Oceania About 9.7 percent of Ethiopia’s total merchandise import came from Africa. The major countries of origin were Morocco (37.7 percent), South Africa (30.7 percent), Egypt (18.5 percent), Sudan (8.8 percent) and Kenya (2.7 percent), which altogether had a 98.4 percent share in the total imports from the continent. Source: NBE Staff Compilation 5.3.   Services and Transfers ] Net payment for services trade stood at USD 268.1 million compared with USD 60.2 million last year same period. The 345.2 percent surge in net service payment was attributed to slowdown in surplus of net travel (50.0 percent), and net government services (36.7 percent) coupled with the increase in deficit of net other service payments (47.8 percent) and investment income (115.9 percent). 9.7% 19.7% 5.5% 65.0% 0.1% V.8: Import by Origion Africa: Europe: America: Asia: Oceania:

48 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation Table 5.8:  Developments in Services Accounts (In Millions of USD) S/N  Particulars 2017/18 2018/19 QIII QII  QIII Percentage Change A B C D=C/A E=C/B 1 Investment Income  (2+5)  -72.3 -89.9 -156.2 115.9 73.7 2 Interest, net (3-4) -72.3 -89.9 -156.2 115.9 73.7 3 Credit 11.4 22.7 20.8 82.8 -8.3 4 Debit 83.7 112.6 177.0 111.4 57.2 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 12.1 -125.9 -111.9 -1023.5 -11.1 7 Exports of non-factor services 1,064.4 1,227.4 1,078.4 1.3 -12.1 8 Travel 210.5 194.6 175.1 -16.8 -10.1 9 Transport 1 693.5 855.2 771.8 11.3 -9.7 10 Gov't 2 90.3 121.9 63.0 -30.2 -48.3 11 Other 3 70.1 55.7 68.4 -2.5 22.9 12 Imports of non-factor services 1,052.3 1,353.3 1,190.3 13.1 -12.0 13 Travel 139.1 175.0 139.4 0.2 -20.3 14 Transport 1 604.7 717.3 640.1 5.9 -10.8 15 Gov't 2 18.9 25.4 17.9 -5.6 -29.6 16 Other 3 289.6 435.7 392.9 35.7 -9.8 17 Net Services (18+19+20+21+22) -60.2 -215.8 -268.1 345.2 24.2 18 Travel (8-13) 71.4 19.7 35.7 -50.0 81.5 19 Transport (9-14) 88.9 137.9 131.7 48.3 -4.5 20 Gov't (10-15) 71.4 96.6 45.1 -36.7 -53.2 21 Other (11-16) -219.5 -380.0 -324.5 47.8 -14.6 22 Investment Income (2+5) -72.3 -89.9 -156.2 115.9 73.7 -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr I V Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9: Trends in Net Service Net Travel Transportation Government (n.i.e) Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Investment Income (2+5) -72.3 -89.9 -156.2 115.9 73.7 2 Interest, net (3-4) -72.3 -89.9 -156.2 115.9 73.7 3 Credit 11.4 22.7 20.8 82.8 -8.3 4 Debit 83.7 112.6 177.0 111.4 57.2 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 12.1 -125.9 -111.9 -1023.5 -11.1 7 Exports of non-factor services 1,064.4 1,227.4 1,078.4 1.3 -12.1 8 Travel 210.5 194.6 175.1 -16.8 -10.1 9 Transport 1 693.5 855.2 771.8 11.3 -9.7 10 Gov’t 2 90.3 121.9 63.0 -30.2 -48.3 11 Other 3 70.1 55.7 68.4 -2.5 22.9 12 Imports of non-factor services 1,052.3 1,353.3 1,190.3 13.1 -12.0 13 Travel 139.1 175.0 139.4 0.2 -20.3 14 Transport 1 604.7 717.3 640.1 5.9 -10.8 15 Gov’t 2 18.9 25.4 17.9 -5.6 -29.6 16 Other 3 289.6 435.7 392.9 35.7 -9.8 17 Net Services (18+19+20+21+22) -60.2 -215.8 -268.1 345.2 24.2 18 Travel (8-13) 71.4 19.7 35.7 -50.0 81.5 19 Transport (9-14) 88.9 137.9 131.7 48.3 -4.5 20 Gov’t (10-15) 71.4 96.6 45.1 -36.7 -53.2 21 Other (11-16) -219.5 -380.0 -324.5 47.8 -14.6 22 Investment Income (2+5) -72.3 -89.9 -156.2 115.9 73.7 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business Source: MoFEC, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business During the review period, total transfer receipts slightly increased and reached USD 1,793.7 million due to 7.8 percent rise in receipt from private transfers despite a 44.5 percent decline in official transfers. Similarly, total transfer payments increased by 114.6 percent owing to the 273.9 percent surge in official transfer payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage  QIII Change %  Share QII %  Share QIII %  A B C Share D=C/ A E=C/B 1 Private transfers, net (2-5) 1,533.6 86.887 1,629.8 73.5 1,654.6 93.7 7.9 1.5 2 Credit (3+4) 1,541.3 86.665 1,632.3 73.3 1,662.0 92.7 7.8 1.8 3 NGO's 192.0 10.798 160.1 7.2 154.3 8.6 -19.7 -3.6 4 Private individuals 1,349.2 75.867 1,472.1 66.1 1,507.7 84.1 11.7 2.4 5 Debit 7.7 57.397 2.4 21.1 7.4 25.8 -3.7 206.1 6 Official transfers, net (7-8) 231.5 13.113 586.9 26.5 110.5 6.3 -52.3 -81.2 7 Credit 237.2 13.335 595.9 26.7 131.7 7.3 -44.5 -77.9 8 Debit 5.7 42.603 9.0 78.9 21.3 74.2 273.9 136.4 9 Total Receipts 1,778.4 100 2,228.2 100.0 1,793.7 100.0 0.9 -19.5 10 Total Payments 13.4 100 11.4 100.0 28.7 100.0 114.6 151.1 11 Net Transfers 1,765.1 100 2,216.8 100.0 1,765.1 100.0 0.0 -20.4 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) registered USD 1,382.0 million deficit during the third quarter of 2018/19, compared with USD 1,101.3 million deficit a year ago (Table 5.1). 5.5. Capital Account Capital account recorded USD 831.0 million in surplus, which was 48.1 percent lower than that of a year earlier. This was attributed to the decrease in net official long term capital (52.0 percent), other public sector long term capital (259.9 percent), private sector long term capital (53.2 percent) and foreign direct investment (23.4 percent) (Table 5.1). 5.6. Changes in Reserve Position  Net foreign assets of the National Bank of Ethiopia increased by USD 229.8 million while that of commercial banks decreased by USD 105.7 million. Thus, foreign reserve coverage as of March 31, 2019 was 2.7 months of imports (Table 5.1).      0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers Private Transfers Official Transfers

Third Quarter 2018/19 49 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation Table 5.8:  Developments in Services Accounts (In Millions of USD) S/N  Particulars 2017/18 2018/19 QIII QII  QIII Percentage Change A B C D=C/A E=C/B 1 Investment Income  (2+5)  -72.3 -89.9 -156.2 115.9 73.7 2 Interest, net (3-4) -72.3 -89.9 -156.2 115.9 73.7 3 Credit 11.4 22.7 20.8 82.8 -8.3 4 Debit 83.7 112.6 177.0 111.4 57.2 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 12.1 -125.9 -111.9 -1023.5 -11.1 7 Exports of non-factor services 1,064.4 1,227.4 1,078.4 1.3 -12.1 8 Travel 210.5 194.6 175.1 -16.8 -10.1 9 Transport 1 693.5 855.2 771.8 11.3 -9.7 10 Gov't 2 90.3 121.9 63.0 -30.2 -48.3 11 Other 3 70.1 55.7 68.4 -2.5 22.9 12 Imports of non-factor services 1,052.3 1,353.3 1,190.3 13.1 -12.0 13 Travel 139.1 175.0 139.4 0.2 -20.3 14 Transport 1 604.7 717.3 640.1 5.9 -10.8 15 Gov't 2 18.9 25.4 17.9 -5.6 -29.6 16 Other 3 289.6 435.7 392.9 35.7 -9.8 17 Net Services (18+19+20+21+22) -60.2 -215.8 -268.1 345.2 24.2 18 Travel (8-13) 71.4 19.7 35.7 -50.0 81.5 19 Transport (9-14) 88.9 137.9 131.7 48.3 -4.5 20 Gov't (10-15) 71.4 96.6 45.1 -36.7 -53.2 21 Other (11-16) -219.5 -380.0 -324.5 47.8 -14.6 22 Investment Income (2+5) -72.3 -89.9 -156.2 115.9 73.7 -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr I V Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9: Trends in Net Service Net Travel Transportation Government (n.i.e) Source: MoFEC, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business During the review period, total transfer receipts slightly increased and reached USD 1,793.7 million due to 7.8 percent rise in receipt from private transfers despite a 44.5 percent decline in official transfers. Similarly, total transfer payments increased by 114.6 percent owing to the 273.9 percent surge in official transfer payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage  QIII Change %  Share QII %  Share QIII %  A B C Share D=C/ A E=C/B 1 Private transfers, net (2-5) 1,533.6 86.887 1,629.8 73.5 1,654.6 93.7 7.9 1.5 2 Credit (3+4) 1,541.3 86.665 1,632.3 73.3 1,662.0 92.7 7.8 1.8 3 NGO's 192.0 10.798 160.1 7.2 154.3 8.6 -19.7 -3.6 4 Private individuals 1,349.2 75.867 1,472.1 66.1 1,507.7 84.1 11.7 2.4 5 Debit 7.7 57.397 2.4 21.1 7.4 25.8 -3.7 206.1 6 Official transfers, net (7-8) 231.5 13.113 586.9 26.5 110.5 6.3 -52.3 -81.2 7 Credit 237.2 13.335 595.9 26.7 131.7 7.3 -44.5 -77.9 8 Debit 5.7 42.603 9.0 78.9 21.3 74.2 273.9 136.4 9 Total Receipts 1,778.4 100 2,228.2 100.0 1,793.7 100.0 0.9 -19.5 10 Total Payments 13.4 100 11.4 100.0 28.7 100.0 114.6 151.1 11 Net Transfers 1,765.1 100 2,216.8 100.0 1,765.1 100.0 0.0 -20.4 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) registered USD 1,382.0 million deficit during the third quarter of 2018/19, compared with USD 1,101.3 million deficit a year ago (Table 5.1). 5.5. Capital Account Capital account recorded USD 831.0 million in surplus, which was 48.1 percent lower than that of a year earlier. This was attributed to the decrease in net official long term capital (52.0 percent), other public sector long term capital (259.9 percent), private sector long term capital (53.2 percent) and foreign direct investment (23.4 percent) (Table 5.1). 5.6. Changes in Reserve Position  Net foreign assets of the National Bank of Ethiopia increased by USD 229.8 million while that of commercial banks decreased by USD 105.7 million. Thus, foreign reserve coverage as of March 31, 2019 was 2.7 months of imports (Table 5.1).      0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers Private Transfers Official Transfers Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage QIII Change % Share QII % Share QIII % Share A B C D=C/A E=C/B 1 Private transfers, net (2-5) 1,533.6 86.887 1,629.8 73.5 1,654.6 93.7 7.9 1.5 2 Credit (3+4) 1,541.3 86.665 1,632.3 73.3 1,662.0 92.7 7.8 1.8 3 NGO’s 192.0 10.798 160.1 7.2 154.3 8.6 -19.7 -3.6 4 Private individu￾als 1,349.2 75.867 1,472.1 66.1 1,507.7 84.1 11.7 2.4 5 Debit 7.7 57.397 2.4 21.1 7.4 25.8 -3.7 206.1 6 Official transfers, net (7-8) 231.5 13.113 586.9 26.5 110.5 6.3 -52.3 -81.2 7 Credit 237.2 13.335 595.9 26.7 131.7 7.3 -44.5 -77.9 8 Debit 5.7 42.603 9.0 78.9 21.3 74.2 273.9 136.4 9 Total Receipts 1,778.4 100 2,228.2 100.0 1,793.7 100.0 0.9 -19.5 10 Total Payments 13.4 100 11.4 100.0 28.7 100.0 114.6 151.1 11 Net Transfers 1,765.1 100 2,216.8 100.0 1,765.1 100.0 0.0 -20.4 Source: NBE Staff Computation

50 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) registered USD 1,382.0 million deficit during the third quarter of 2018/19, compared with USD 1,101.3 million deficit a year ago (Table 5.1). 5.5. Capital Account Capital account recorded USD 831.0 million in surplus, which was 48.1 percent lower than that of a year earlier. This was attributed to the decrease in net official long term capital (52.0 percent), other public sector long term capital (259.9 percent), private sector long term capital (53.2 percent) and foreign direct investment (23.4 percent) (Table 5.1). 5.6. Changes in Reserve Position  Net foreign assets of the National Bank of Ethiopia increased by USD 229.8 million while that of commercial banks decreased by USD 105.7 million. Thus, foreign reserve coverage as of March 31, 2019 was 2.7 months of imports (Table 5.1).      0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers Private Transfers Official Transfers 5.7. Developments in 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 27.8139/USD in the third quarter of 2018/19, depicting a 2.2 percent annual depreciation. At the same time, end period exchange rate of the Birr was 28.0398/USD, reflecting that the Birr has weakened against USD by 2.9 percent vis-à-vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates           (USD/ETB) Period Official Market End Period  Weighted Rate  Average  Weighted rate        Amount Traded in  Millions of USD Total Among       CBs  2017/18 27.2621 26.1082 12.5 0.0 Qtr. III C 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 2018/19 Qtr. II B 27.5889 27.4295 3.10 0.00 October 27.3703 27.3186 1.10 0.00 November 27.4849 27.4302 1.10 0.00 December 27.5889 27.5398 0.90 0.00 Qtr. III A 28.0398 27.8139 3.30 0.00 January 28.2006 28.1238 1.10 0.00 February 28.3363 28.2718 1.00 0.00 March 28.4854 28.4133 1.05 0.00 Percentage  Changes A/B 1.63 1.40 6.45 A/C 2.94 2.16 4.76 Source: National Bank of Ethiopia In the retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 28.1722/USD showing a 3.4 percent depreciation, while the selling rate stood at Birr 28.7232/USD, depicting a 3.5 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent slightly higher than 1.92 percent a year ago. (Table 5.11)

Third Quarter 2018/19 51 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) registered USD 1,382.0 million deficit during the third quarter of 2018/19, compared with USD 1,101.3 million deficit a year ago (Table 5.1). 5.5. Capital Account Capital account recorded USD 831.0 million in surplus, which was 48.1 percent lower than that of a year earlier. This was attributed to the decrease in net official long term capital (52.0 percent), other public sector long term capital (259.9 percent), private sector long term capital (53.2 percent) and foreign direct investment (23.4 percent) (Table 5.1). 5.6. Changes in Reserve Position  Net foreign assets of the National Bank of Ethiopia increased by USD 229.8 million while that of commercial banks decreased by USD 105.7 million. Thus, foreign reserve coverage as of March 31, 2019 was 2.7 months of imports (Table 5.1).      0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers Private Transfers Official Transfers 5.7. Developments in 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 27.8139/USD in the third quarter of 2018/19, depicting a 2.2 percent annual depreciation. At the same time, end period exchange rate of the Birr was 28.0398/USD, reflecting that the Birr has weakened against USD by 2.9 percent vis-à-vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates           (USD/ETB) Period Official Market End Period  Weighted Rate  Average  Weighted rate        Amount Traded in  Millions of USD Total Among       CBs  2017/18 27.2621 26.1082 12.5 0.0 Qtr. III C 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 2018/19 Qtr. II B 27.5889 27.4295 3.10 0.00 October 27.3703 27.3186 1.10 0.00 November 27.4849 27.4302 1.10 0.00 December 27.5889 27.5398 0.90 0.00 Qtr. III A 28.0398 27.8139 3.30 0.00 January 28.2006 28.1238 1.10 0.00 February 28.3363 28.2718 1.00 0.00 March 28.4854 28.4133 1.05 0.00 Percentage  Changes A/B 1.63 1.40 6.45 A/C 2.94 2.16 4.76 Source: National Bank of Ethiopia In the retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 28.1722/USD showing a 3.4 percent depreciation, while the selling rate stood at Birr 28.7232/USD, depicting a 3.5 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent slightly higher than 1.92 percent a year ago. (Table 5.11) Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. III C 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 2018/19 Qtr. II B 27.5889 27.4295 3.10 0.00 October 27.3703 27.3186 1.10 0.00 November 27.4849 27.4302 1.10 0.00 December 27.5889 27.5398 0.90 0.00 Qtr. III A 28.0398 27.8139 3.30 0.00 January 28.2006 28.1238 1.10 0.00 February 28.3363 28.2718 1.00 0.00 March 28.4854 28.4133 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 2.94 2.16 4.76

52 Third Quarter 2018/19 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 The US dollar has appreciated on annual basis against major currencies mainly due to a sharp global sell -off in risk assets triggered by rising concerns about future corporate earnings as well as concerns about broader global growth amid ongoing global trade tensions 5 . On annual basis, USD strengthened against Euro (7.5 percent), Pound Sterling (6.4 5 For more read Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report for QIV of 2018 percent), Swiss Franc (4.9 percent), SDR (3.7 percent) and Japanese Yen (1.6 percent). Similarly, on quarter basis, it appreciated against Euro (0.4 percent), Swiss Franc (0.1 percent) despite depreciated against Japanese Yen (11.4 percent), Pound Sterling (1.1 percent) and SDR (0.4 percent) (Table 5.12). 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 2017/18 2018/19 Percentage change Quarter III Quarter II Quarter III A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 72,669.9 61,244.7 71,425.8 60,367.7 64,723.2 18,503.0 -9.38 -69.35 -10.94 -69.79 2 Bank of Abyssinia 746.3 2,455.5 2,545.1 6,579.0 2,926.5 7,443.1 14.99 13.13 292.12 203.11 3 Dashen Bank 5,451.3 5,681.8 4,654.9 10,497.2 3,891.2 5,525.2 -16.41 -47.36 -28.62 -2.76 4 Awash International Bank 1,435.4 3,384.8 2,796.6 7,808.1 3,094.3 9,505.9 10.6 21.7 115.6 180.8 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 1,780.3 1,371.2 6,846.4 3,045.7 5,771.4 4,256.2 -15.7 39.7 224.2 210.4 7 United Bank 2,813.5 3,049.5 7,513.3 7,515.8 10,730.0 8,498.9 42.8 13.1 281.4 178.7 8 Development Bank - 75.4 1.1 6,866.1 40.0 59.8 -99.1 -20.7 9 Nib International Bank 543.4 1,121.5 2,353.7 2,034.1 2,689.2 1,647.3 14.3 -19.0 394.9 46.9 10 Lion International Bank 995.1 736.8 18,174.9 1,883.6 17,955.2 929.4 -1.2 -50.7 1704.4 26.1 11 Oromia International Bank 1,707.7 2,026.4 4,784.5 2,908.5 6,282.2 3,658.0 31.3 25.8 267.9 80.5 12 Zemen Bank 78.6 1,891.6 209.7 3,682.7 418.3 3,665.9 99.5 -0.5 432.1 93.8 13 Cooperative Bank of Oromia 244.1 1,350.4 507.7 2,849.9 224.4 3,425.8 -55.8 20.2 -8.0 153.7 14 Buna International Bank 358.6 461.3 6,254.7 778.3 2,311.0 509.1 -63.1 -34.6 544.5 10.4 15 Birhan International Bank 142.0 1,511.1 741.8 2,802.3 219.7 2,295.4 - -18.1 54.7 - 16 Abay Bank 331.4 263.4 4,580.6 523.1 376.1 312.7 -91.8 -40.2 13.5 18.7 17 Addis International Bank 1,037.6 436.2 1,759.7 811.9 2,373.1 808.4 34.9 -0.4 128.7 85.3 18 Debub Global Bank 60.7 94.7 493.3 709.8 162.3 508.9 -67.1 -28.3 167.3 437.6 19 Enat Bank 389.6 453.4 904.6 1,326.4 1,032.2 1,307.4 14.1 -1.4 165.0 188.3 Total 90,785.5 87,609.5 136,548.4 122,990.3 125,220.5 72,860.4 -8.3 -40.8 37.9 -16.8 Average Exchange Rate 27.2395 27.7618 27.8068 28.3515 28.1722 28.7232 1.3 1.3 3.4 3.5 Spread 1.92 1.96 1.96 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

Third Quarter 2018/19 53 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 The US dollar has appreciated on annual basis against major currencies mainly due to a sharp global sell-off in risk assets triggered by rising concerns about future corporate earnings as well as concerns about broader global growth amid ongoing global trade tensions5 . On annual basis, USD strengthened against Euro (7.5 percent), Pound Sterling (6.4 5 For more read Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report for QIV of 2018 percent), Swiss Franc (4.9 percent), SDR (3.7 percent) and Japanese Yen (1.6 percent). Similarly, on quarter basis, it appreciated against Euro (0.4 percent), Swiss Franc (0.1 percent) despite depreciated against Japanese Yen (11.4 percent), Pound Sterling (1.1 percent) and SDR (0.4 percent) (Table 5.12).

54 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin On quarterly basis, the Birr tended to depreciate against all selected major currencies such as Japanese Yen (4.1 percent), Pound Sterling (2.8 percent), SDR (2.1 percent), USD (1.7 percent), Swiss Franc (1.5 percent) and Euro (1.2 percent) on quarterly basis. On yearly basis, the Birr weakened against USD (3.8 Percent) and Japanese Yen (2.2 percent) while it appreciated vis-à-vis Euro (3.9 percent), Pound Sterling (2.8 percent), Swiss Franc (1.2 percent) and SDR (0.04 percent) (Table5.13). 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 2017/18 Qtr. III C 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 1.45306 1.4531 1.4531 1.3972 1.0551 2018/19 QII B 1.1414 0.0081 1.3875 1.3870 1.3872 1.2874 1.0045 1.0040 1.0043 October 1.1497 0.0089 1.3923 1.3024 1.0079 1.0063 1.0071 November 1.1360 0.0078 1.3851 1.3836 1.3844 1.2899 0.9981 December 1.1384 0.0078 1.3850 1.2699 1.0076 Qtr. III A 1.1364 0.0091 1.3926 1.3017 1.0031 January 1.1422 0.0092 1.3933 1.2873 1.0113 February 1.1356 0.0091 1.3918 1.3000 0.9986 March 1.1313 0.0090 1.3925 1.3178 0.9994 Percentage Changes A/B -0.44 11.41 0.37 0.40 0.38 1.11 -0.14 -0.09 -0.12 A/C -7.48 -1.60 -3.74 -6.39 -4.86 Source: National Bank of Ethiopia

Third Quarter 2018/19 55 National Bank of Ethiopia Quarterly Bulletin On quarterly basis, the Birr tended to depreciate against all selected major currencies such as Japanese Yen (4.1 percent), Pound Sterling (2.8 percent), SDR (2.1 percent), USD (1.7 percent), Swiss Franc (1.5 percent) and Euro (1.2 percent) on quarterly basis. On yearly basis, the Birr weakened against USD (3.8 Percent) and Japanese Yen (2.2 percent) while it appreciated vis-à-vis Euro (3.9 percent), Pound Sterling (2.8 percent), Swiss Franc (1.2 percent) and SDR (0.04 percent) (Table5.13).

56 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period Mid Market Rate Currency March 2018 December 2018 March 2019 Percentage change C B A A/B A/C USD 27.3806 28.1800 28.6279 1.59 4.56 Pound  38.5045 35.7548 37.6485 5.30 -2.22 Swedish Kroner 3.2746 3.1510 3.0714 -2.53 -6.21 Djibouti Frank 0.1536 0.1581 0.1607 1.61 4.59 Swiss Frank 28.6271 28.7346 28.7544 0.07 0.44 Saudi Riyal 7.2999 7.5117 7.6335 1.62 4.57 UAE Dirhams 7.4525 7.6712 7.7933 1.59 4.57 Canadian Dollar 21.1988 20.7221 21.3180 2.88 0.56 Japanese Yen 0.2571 0.2556 0.2595 1.55 0.93 Euro 33.7082 32.3027 32.1920 -0.34 -4.50 SDR 39.9034 39.0772 39.8299 1.93 -0.18 Source: NBE Staff Compilation      5.7.2. Movements in the Real Effective Exchange Rate The REERI of Birr appreciated 23.3 percent during the third quarter of 2018/19 mainly due to the strengthening of the US dollar against major trading partners’ currencies, notably Sudanese Pound (225 percent) and Turkish Lira (41 percent). It also appreciated 1.7 percent on quarterly basis. Similarly, the NEERI of the Birr strengthened 20.1 percent vis-à-vis last year same quarter, owing to appreciation of Birr against its trading partners’ currencies as USD appreciated against virtually all Ethiopia’s trading currencies such as Sudanese Pound (225 percent), Turkish Lira (41 percent), Swedish Krona (13.1 percent), Indian Rupee (9.5 percent), Euro (8.2 percent), British Pound (6.9 percent), Chinese Yuan (6.2 percent) and Israel Shekel (5.2 percent). The REERI also showed marginal appreciation (0.4 percent) (Table 5.15). Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2017/18 Qtr. III C 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 2018/19 QII B 27.8090 28.0870 27.9480 31.7393 32.0567 31.8980 0.2464 0.2489 0.2477 38.5840 38.9555 38.7698 35.7992 36.1572 35.9782 27.9351 28.1999 28.0675 October 27.6652 27.9419 27.8036 31.8063 32.1243 31.9653 0.2452 0.2477 0.2464 38.5190 38.9042 38.7116 36.0315 36.3919 36.2117 27.8836 28.1190 28.0013 November 27.8117 28.0898 27.9507 31.5927 31.9086 31.7506 0.2454 0.2478 0.2466 38.5226 38.8648 38.6937 35.8733 36.2320 36.0527 27.7583 28.0359 27.8971 December 27.9499 28.2294 28.0897 31.8191 32.1373 31.9782 0.2487 0.2512 0.2500 38.7105 39.0976 38.9041 35.4929 35.8478 35.6703 28.1633 28.4449 28.3041 Qtr. III A 28.2700 28.5527 28.4113 32.1247 32.4460 32.2854 0.2566 0.2592 0.2579 39.3673 39.7610 39.5642 36.8001 37.1681 36.9841 28.3566 28.6401 28.4983 January 28.1238 28.4050 28.2644 32.1239 32.4452 32.2846 0.2580 0.2605 0.2592 39.1854 39.5773 39.3814 36.2032 36.5652 36.3842 28.4410 28.7254 28.5832 February 28.2718 28.5545 28.4131 32.1059 32.4269 32.2664 0.2564 0.2589 0.2577 39.3493 39.7428 39.5460 36.7527 37.1203 36.9365 28.2316 28.5139 28.3727 March 28.4143 28.6985 28.5564 32.1444 32.4658 32.3051 0.2556 0.2581 0.2569 39.5673 39.9630 39.7652 37.4443 37.8187 37.6315 28.3971 28.6811 28.5391 Percentage Change A/B 1.66 1.21 4.14 2.03 2.07 2.05 2.80 1.51 1.56 1.54 A/C 3.84 -3.93 2.18 -0.04 -2.79 -1.21 Source: National Bank of Ethiopia

Third Quarter 2018/19 57 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period Mid Market Rate Currency March 2018 December 2018 March 2019 Percentage change C B A A/B A/C USD 27.3806 28.1800 28.6279 1.59 4.56 Pound  38.5045 35.7548 37.6485 5.30 -2.22 Swedish Kroner 3.2746 3.1510 3.0714 -2.53 -6.21 Djibouti Frank 0.1536 0.1581 0.1607 1.61 4.59 Swiss Frank 28.6271 28.7346 28.7544 0.07 0.44 Saudi Riyal 7.2999 7.5117 7.6335 1.62 4.57 UAE Dirhams 7.4525 7.6712 7.7933 1.59 4.57 Canadian Dollar 21.1988 20.7221 21.3180 2.88 0.56 Japanese Yen 0.2571 0.2556 0.2595 1.55 0.93 Euro 33.7082 32.3027 32.1920 -0.34 -4.50 SDR 39.9034 39.0772 39.8299 1.93 -0.18 Source: NBE Staff Compilation      5.7.2. Movements in the Real Effective Exchange Rate The REERI of Birr appreciated 23.3 percent during the third quarter of 2018/19 mainly due to the strengthening of the US dollar against major trading partners’ currencies, notably Sudanese Pound (225 percent) and Turkish Lira (41 percent). It also appreciated 1.7 percent on quarterly basis. Similarly, the NEERI of the Birr strengthened 20.1 percent vis-à-vis last year same quarter, owing to appreciation of Birr against its trading partners’ currencies as USD appreciated against virtually all Ethiopia’s trading currencies such as Sudanese Pound (225 percent), Turkish Lira (41 percent), Swedish Krona (13.1 percent), Indian Rupee (9.5 percent), Euro (8.2 percent), British Pound (6.9 percent), Chinese Yuan (6.2 percent) and Israel Shekel (5.2 percent). The REERI also showed marginal appreciation (0.4 percent) (Table 5.15).

58 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2017/18 2018/19 QIII QII QIII Percentage Change A B C C/B C/A REERI 152.3 184.7 187.8 1.7 23.3 NEERI 35.6 42.9 42.7 -0.4 20.1      Source: NBE Staff Compilation NB:   REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index  A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.13: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 NEERI REERI Source: NBE Staff Compilation 5.7.3 Volume of Transactions Foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million in the third quarter of 2018/19. This sum was 6.5 percent higher than that of the preceding quarter and 4.8 percent above that of last year same quarter. It was truly supplied by NBE with a view to stabilize the foreign exchange market (Table 5:10). Fig.V.14: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation During the same period, forex bureaus of commercial banks purchased currencies to the tune of USD 125 million and sold USD 73 million. Hence, the amount of forex purchased increased 38.0 percent, whereas their forex sales declined 16.8 percent relative to last year same quarter (Table 5.11). VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 61.6 billion during the third quarter of 2018/19 and depicted a 32.3 percent growth over last year same quarter (Table 6.1). Likewise, its total expenditure increased 5.5 percent and stood at Birr 74.9 billion. Consequently, the overall fiscal balance (including grants) registered Birr 13.3 billion in deficit, an improvement over Birr 24.5 billion deficit a year ago (Table 6.1).                                                              

Third Quarter 2018/19 59 National Bank of Ethiopia Quarterly Bulletin Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2017/18 2018/19 QIII QII QIII Percentage Change A B C C/B C/A REERI 152.3 184.7 187.8 1.7 23.3 NEERI 35.6 42.9 42.7 -0.4 20.1      Source: NBE Staff Compilation NB:   REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index  A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.13: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 NEERI REERI Source: NBE Staff Compilation 5.7.3 Volume of Transactions Foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million in the third quarter of 2018/19. This sum was 6.5 percent higher than that of the preceding quarter and 4.8 percent above that of last year same quarter. It was truly supplied by NBE with a view to stabilize the foreign exchange market (Table 5:10). Fig.V.14: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation During the same period, forex bureaus of commercial banks purchased currencies to the tune of USD 125 million and sold USD 73 million. Hence, the amount of forex purchased increased 38.0 percent, whereas their forex sales declined 16.8 percent relative to last year same quarter (Table 5.11). VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 61.6 billion during the third quarter of 2018/19 and depicted a 32.3 percent growth over last year same quarter (Table 6.1). Likewise, its total expenditure increased 5.5 percent and stood at Birr 74.9 billion. Consequently, the overall fiscal balance (including grants) registered Birr 13.3 billion in deficit, an improvement over Birr 24.5 billion deficit a year ago (Table 6.1).                                                              

60 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Fig.V.14: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation During the same period, forex bureaus of commercial banks purchased currencies to the tune of USD 125 million and sold USD 73 million. Hence, the amount of forex purchased increased 38.0 percent, whereas their forex sales declined 16.8 percent relative to last year same quarter (Table 5.11). VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 61.6 billion during the third quarter of 2018/19 and depicted a 32.3 percent growth over last year same quarter (Table 6.1). Likewise, its total expenditure increased 5.5 percent and stood at Birr 74.9 billion. Consequently, the overall fiscal balance (including grants) registered Birr 13.3 billion in deficit, an improvement over Birr 24.5 billion deficit a year ago (Table 6.1).                                                              

Third Quarter 2018/19 61 National Bank of Ethiopia Quarterly Bulletin Table 6.1: Summary of Quarterly Federal Government Fiscal Operations [in millions of Birr] No Finer points 2017/18 2018/19 Percentage changes Performance QIII Budget QII QIII rate A B C D D/A D/C D/B 1 Revenue and Grants 46,584.9 255,060.3 57,572.7 61,618.5 32.3 7.0 24.2 1.1 Total Revenue 46,584.9 235,732.5 56,183.3 48,889.9 4.9 (13.0) 20.7 Tax Revenue 42,657.6 211,111.4 53,314.5 46,099.5 8.1 (13.5) 21.8 Direct tax 14,003.4 56,684.3 22,034.3 12,038.5 (14.0) (45.4) 21.2 Indirect tax 28,654.2 154,427.1 31,280.3 34,061.0 18.9 8.9 22.1 Non-Tax Revenue 3,927.3 24,621.1 2,868.7 2,790.4 (28.9) (2.7) 11.3 1.2 Grant & Relief - 19,327.8 1,389.5 12,728.7 816.1 65.9 2 Current Expenditure 17,023.7 118,131.4 16,014.9 18,725.1 10.0 16.9 15.9 3 Current Surplus/Deficit (Including Grants) 29,561.2 136,928.9 41,557.8 42,893.5 45.1 3.2 31.3 (Excluding Grants) 29,561.2 117,601.1 40,168.3 30,164.8 2.0 (24.9) 25.7 4 Capital Expenditure 24,029.5 97,556.1 21,396.7 23,779.6 (1.0) 11.1 24.4 5 Regional Transfers 30,010.2 137,218.7 42,115.7 32,450.9 8.1 (22.9) 23.6 6 Total Expenditure (2+4+5) 71,063.4 352,906.2 79,527.4 74,955.6 5.5 (5.7) 21.2 7 Overall Surplus/Deficit (Including Grants) (24,478.6) (97,845.9) (22,893.6) (13,337.0) (45.5) (41.7) 13.6 (Excluding Grants) (24,478.6) (117,173.7) (23,344.1) (26,065.7) 6.5 11.7 22.2 8 Total Financing 24,478.6 97,845.9 22,893.6 13,337.0 (45.5) (41.7) 13.6 8.1 Net External Borrowings 16,090.3 39,032.0 3,944.3 11,684.1 (27.4) 196.2 29.9 External Borrowing 10,925.9 20,970.8 2,945.9 6,377.1 (41.6) 116.5 30.4 Amortization 1,131.7 7,865.8 1,089.8 1,421.6 25.6 30.4 18.1 8.2 Net Domestic Borrowings 5,774.1 58,813.9 12,647.7 9,135.0 58.2 (27.8) 15.5 Banking System 510.5 - 6,244.7 2,491.0 387.9 (60.1) Non-Bank Sources 5,263.6 - 6,403.0 6,644.0 26.2 3.8 8.3 Privatization receipts 7,990.1 8.4 Others and Residuals (5,375.9) - 6,301.5 (7,482.1) 39.2 (218.7) Source: Ministry of Finance Fig.V.14: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation During the same period, forex bureaus of commercial banks purchased currencies to the tune of USD 125 million and sold USD 73 million. Hence, the amount of forex purchased increased 38.0 percent, whereas their forex sales declined 16.8 percent relative to last year same quarter (Table 5.11). VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 61.6 billion during the third quarter of 2018/19 and depicted a 32.3 percent growth over last year same quarter (Table 6.1). Likewise, its total expenditure increased 5.5 percent and stood at Birr 74.9 billion. Consequently, the overall fiscal balance (including grants) registered Birr 13.3 billion in deficit, an improvement over Birr 24.5 billion deficit a year ago (Table 6.1).                                                              

62 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 6.1 Revenue and Grants    As indicated above, Birr 61.6 billion was collected in the form of revenue and grants during the review quarter. About 79.3 percent of the total revenue was collected from domestic source and 20.7 percent from was from grants and relief. Out of the total domestic revenue Birr 46.1 billion (94.3 percent) was derived from tax and Birr 2.7 billion (5.7 percent) from non-tax sources (Table 6.2). Table 6.2: Summary of Federal Government Revenue by Component  (In Millions of Birr) No Particulars 2017/18 2018/19   Percentage   Change Performance  Rate  QIII Budget QII QIII A B C D [D/A] [D/C] [D/B] Total Revenue and  Grants 46,584.9 255,060.3 57,572.7 61,618.5 32.3 7.0 24.2 Total Domestic    Revenue  46,584.9 235,732.5 56,183.3 48,889.9 4.9 (13.0) 20.7 1 Tax Revenue 42,657.6 211,111.4 53,314.5 46,099.5 8.1 (13.5) 21.8 1.1    Direct Tax Revenue 14,003.4 56,684.3 22,034.3 12,038.5 (14.0) (45.4) 21.2 1.1.1        Income Taxes 7,830.8 50,761.3 20,211.7 10,041.0 28.2 (50.3) 19.8

• Personal 3,482.4 8,821.4 2,912.1 2,604.5 (25.2) (10.6) 29.5
• Business 4,348.4 41,939.9 17,299.6 7,436.5 71.0 (57.0) 17.7 1.1.2 Others1 6,172.6 5,923.0 1,822.6 1,997.1 (67.6) 9.6 33.7 1.2    Indirect Taxes 28,654.2 154,427.1 31,280.3 34,061.0 18.9 8.9 22.1 1.2.1 Domestic Taxes 12,342.9 62,593.6 13,714.7 14,888.2 20.6 8.6 23.8 1.2.2 Foreign Trade Taxes 16,311.3 91,833.5 17,565.6 19,172.8 17.5 9.1 20.9
• Import 16,311.3 91,833.5 17,565.6 19,172.8 17.5 9.1 20.9 2 Non-Tax Revenue 3,927.3 24,621.1 2,868.7 2,790.4 (28.9) (2.7) 11.3 3 Privatization 7,990.1 - 4 Grants and Relief - 19,327.8 1,389.5 12,728.7 816.1 65.9 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2017/18 2018/19 Percentage Change Perfor￾QIII Budget QII QIII mance Rate A B C D [D/A] [D/C] [D/B] Total Revenue and Grants 46,584.9 255,060.3 57,572.7 61,618.5 32.3 7.0 24.2 Total Domestic Revenue 46,584.9 235,732.5 56,183.3 48,889.9 4.9 (13.0) 20.7 1 Tax Revenue 42,657.6 211,111.4 53,314.5 46,099.5 8.1 (13.5) 21.8 1.1 Direct Tax Revenue 14,003.4 56,684.3 22,034.3 12,038.5 (14.0) (45.4) 21.2 1.1.1 Income Taxes 7,830.8 50,761.3 20,211.7 10,041.0 28.2 (50.3) 19.8
• Personal 3,482.4 8,821.4 2,912.1 2,604.5 (25.2) (10.6) 29.5
• Business 4,348.4 41,939.9 17,299.6 7,436.5 71.0 (57.0) 17.7 1.1.2 Others1 6,172.6 5,923.0 1,822.6 1,997.1 (67.6) 9.6 33.7 1.2 Indirect Taxes 28,654.2 154,427.1 31,280.3 34,061.0 18.9 8.9 22.1 1.2.1 Domestic Taxes 12,342.9 62,593.6 13,714.7 14,888.2 20.6 8.6 23.8 1.2.2 Foreign Trade Taxes 16,311.3 91,833.5 17,565.6 19,172.8 17.5 9.1 20.9
• Import 16,311.3 91,833.5 17,565.6 19,172.8 17.5 9.1 20.9 2 Non-Tax Revenue 3,927.3 24,621.1 2,868.7 2,790.4 (28.9) (2.7) 11.3 3 Privatization 7,990.1 - 4 Grants and Relief - 19,327.8 1,389.5 12,728.7 816.1 65.9 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal                                         Government                               Tax revenue, at Birr 46.1 billion, showed a 8.1 percent annual growth owing to 18.9 percent increase of revenue from indirect taxes. Hence, tax revenue performance was 21.8 percent of the annual target (Table 6.2). Fig.VI.2: Domestic Revenue by Major Components during the Third Quarter of 2018/19 0 10000 20000 30000 40000 50000 60000 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Direct Tax Revenue 24.7% Indirect Taxes 69.6% Non-Tax Revenue 5.7%

Third Quarter 2018/19 63 National Bank of Ethiopia Quarterly Bulletin 6.1 Revenue and Grants    As indicated above, Birr 61.6 billion was collected in the form of revenue and grants during the review quarter. About 79.3 percent of the total revenue was collected from domestic source and 20.7 percent from was from grants and relief. Out of the total domestic revenue Birr 46.1 billion (94.3 percent) was derived from tax and Birr 2.7 billion (5.7 percent) from non-tax sources (Table 6.2). Table 6.2: Summary of Federal Government Revenue by Component  (In Millions of Birr) No Particulars 2017/18 2018/19   Percentage   Change Performance  Rate  QIII Budget QII QIII A B C D [D/A] [D/C] [D/B] Total Revenue and  Grants 46,584.9 255,060.3 57,572.7 61,618.5 32.3 7.0 24.2 Total Domestic    Revenue  46,584.9 235,732.5 56,183.3 48,889.9 4.9 (13.0) 20.7 1 Tax Revenue 42,657.6 211,111.4 53,314.5 46,099.5 8.1 (13.5) 21.8 1.1    Direct Tax Revenue 14,003.4 56,684.3 22,034.3 12,038.5 (14.0) (45.4) 21.2 1.1.1        Income Taxes 7,830.8 50,761.3 20,211.7 10,041.0 28.2 (50.3) 19.8

• Personal 3,482.4 8,821.4 2,912.1 2,604.5 (25.2) (10.6) 29.5
• Business 4,348.4 41,939.9 17,299.6 7,436.5 71.0 (57.0) 17.7 1.1.2 Others1 6,172.6 5,923.0 1,822.6 1,997.1 (67.6) 9.6 33.7 1.2    Indirect Taxes 28,654.2 154,427.1 31,280.3 34,061.0 18.9 8.9 22.1 1.2.1 Domestic Taxes 12,342.9 62,593.6 13,714.7 14,888.2 20.6 8.6 23.8 1.2.2 Foreign Trade Taxes 16,311.3 91,833.5 17,565.6 19,172.8 17.5 9.1 20.9
• Import 16,311.3 91,833.5 17,565.6 19,172.8 17.5 9.1 20.9 2 Non-Tax Revenue 3,927.3 24,621.1 2,868.7 2,790.4 (28.9) (2.7) 11.3 3 Privatization 7,990.1 - 4 Grants and Relief - 19,327.8 1,389.5 12,728.7 816.1 65.9 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal                                         Government                               Tax revenue, at Birr 46.1 billion, showed a 8.1 percent annual growth owing to 18.9 percent increase of revenue from indirect taxes. Hence, tax revenue performance was 21.8 percent of the annual target (Table 6.2). Fig.VI.2: Domestic Revenue by Major Components during the Third Quarter of 2018/19 0 10000 20000 30000 40000 50000 60000 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Direct Tax Revenue 24.7% Indirect Taxes 69.6% Non-Tax Revenue 5.7%

64 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 6.2 Expenditure Federal government expenditure (including regional transfers) reached Birr 74.9 billion showing a 21.2 percent quarter-on-quarter growth (Table 6.3). Current expenditure rose 10 percent and stood at Birr 18.7 billion as expenditure for general and debt services tended to increase. Likewise, regional transfers depicted 8.1 percent growth and reached Birr 32.4 billion showing a 23.6 percent increase. Tale 6.3: Summary of Federal Government Expenditure by components      (In Millions of Birr) No Particulars 2017/18 2018/19 Percentage Change Performance Rate QIII Budget QII QIII [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 71,063.4 352,906.2 79,527.4 74,955.6 5.5 (5.7) 21.2 1 Current Expenditure 17,023.7 118,131.4 16,014.9 18,725.1 10.0 16.9 15.9

• General Services 6,221.1 28,890.8 6,417.3 7,520.4 20.9 17.2 26.0
• Economic Services 976.2 5,325.9 1,228.8 938.5 (3.9) (23.6) 17.6
• Social Services 8,053.9 27,260.8 5,678.2 7,193.3 (10.7) 26.7 26.4
• Others expenditure 163.4 41,432.1 50.0 70.5 (56.9) 41.0 0.2
• Debt Service 1,609.0 15,221.9 2,640.6 3,002.4 86.6 13.7 19.7 2 Capital Expenditure 24,029.5 97,556.1 21,396.7 23,779.6 (1.0) 11.1 27.6
• Economic Development 15,110.3 67,862.4 14,530.4 16,907.1 11.9 16.4 24.9
• Social Development 7,606.7 22,861.6 6,077.3 5,999.1 (21.1) (1.3) 26.2
• General Development 1,312.6 6,592.1 788.9 873.4 (33.5) 10.7 13.2 3 Regional Transfers 30,010.2 137,218.7 42,115.7 32,450.9 8.1 (22.9) 23.6 Source: Ministry of Finance Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2017/18 2018/19 Percentage Change Performance QIII Budget QII QIII Rate [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 71,063.4 352,906.2 79,527.4 74,955.6 5.5 (5.7) 21.2 1 Current Expenditure 17,023.7 118,131.4 16,014.9 18,725.1 10.0 16.9 15.9
• General Services 6,221.1 28,890.8 6,417.3 7,520.4 20.9 17.2 26.0
• Economic Services 976.2 5,325.9 1,228.8 938.5 (3.9) (23.6) 17.6
• Social Services 8,053.9 27,260.8 5,678.2 7,193.3 (10.7) 26.7 26.4
• Others expenditure 163.4 41,432.1 50.0 70.5 (56.9) 41.0 0.2
• Debt Service 1,609.0 15,221.9 2,640.6 3,002.4 86.6 13.7 19.7 2 Capital Expenditure 24,029.5 97,556.1 21,396.7 23,779.6 (1.0) 11.1 27.6
• Economic Development 15,110.3 67,862.4 14,530.4 16,907.1 11.9 16.4 24.9
• Social Development 7,606.7 22,861.6 6,077.3 5,999.1 (21.1) (1.3) 26.2
• General Development 1,312.6 6,592.1 788.9 873.4 (33.5) 10.7 13.2 3 Regional Transfers 30,010.2 137,218.7 42,115.7 32,450.9 8.1 (22.9) 23.6 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the third Quarter of                  2018/19 Current Expenditure 25.0% Capital Expenditure 31.7% Regional Transfer 43.3% Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

Third Quarter 2018/19 65 National Bank of Ethiopia Quarterly Bulletin 6.2 Expenditure Federal government expenditure (including regional transfers) reached Birr 74.9 billion showing a 21.2 percent quarter-on-quarter growth (Table 6.3). Current expenditure rose 10 percent and stood at Birr 18.7 billion as expenditure for general and debt services tended to increase. Likewise, regional transfers depicted 8.1 percent growth and reached Birr 32.4 billion showing a 23.6 percent increase. Tale 6.3: Summary of Federal Government Expenditure by components      (In Millions of Birr) No Particulars 2017/18 2018/19 Percentage Change Performance Rate QIII Budget QII QIII [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 71,063.4 352,906.2 79,527.4 74,955.6 5.5 (5.7) 21.2 1 Current Expenditure 17,023.7 118,131.4 16,014.9 18,725.1 10.0 16.9 15.9

• General Services 6,221.1 28,890.8 6,417.3 7,520.4 20.9 17.2 26.0
• Economic Services 976.2 5,325.9 1,228.8 938.5 (3.9) (23.6) 17.6
• Social Services 8,053.9 27,260.8 5,678.2 7,193.3 (10.7) 26.7 26.4
• Others expenditure 163.4 41,432.1 50.0 70.5 (56.9) 41.0 0.2
• Debt Service 1,609.0 15,221.9 2,640.6 3,002.4 86.6 13.7 19.7 2 Capital Expenditure 24,029.5 97,556.1 21,396.7 23,779.6 (1.0) 11.1 27.6
• Economic Development 15,110.3 67,862.4 14,530.4 16,907.1 11.9 16.4 24.9
• Social Development 7,606.7 22,861.6 6,077.3 5,999.1 (21.1) (1.3) 26.2
• General Development 1,312.6 6,592.1 788.9 873.4 (33.5) 10.7 13.2 3 Regional Transfers 30,010.2 137,218.7 42,115.7 32,450.9 8.1 (22.9) 23.6 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the third Quarter of                  2018/19 Current Expenditure 25.0% Capital Expenditure 31.7% Regional Transfer 43.3% Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

66 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin   6.3 Deficit Financing   Hence, Federal government budget operations resulted in an overall deficit (including grant) of Birr 13.3 billion, compared with Birr 24.4 billion deficit of a year ago. The deficit was financed from net external borrowing and net domestic borrowing (Table6.1). Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2018/19 VIII. International Economic Developments 8.1 Overview of the World Economy6 Global survey indicators point to some deceleration in global activity in the third quarter of 2018/19. The PMI recorded during the quarter was below the level recorded in 2017 and the first half of 2018, consistent with some deceleration in the global growth momentum. 6 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2019. Across advanced economies, the US market the all-industry survey indicator declined from rather high levels during the third quarter. PMIs also decreased in the United Kingdom and Japan, due to weaker readings in March. In emerging market economies, the quarterly PMI picked up strongly in Brazil, while decreasing in India and Russia. The PMI remained unchanged in China in 0 20000 40000 60000 80000 100000 120000 140000 160000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants VII. Developments in Investment During the third quarter of 2018/19, 40 investment projects having investment capital of Birr 249.8 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed 92.8 and 96.1 percent decline. Likewise, when compared with previous quarter it shows a down ward movement by 77.4 and 69.3 percent respectively. All reported investment projects were private and about 90 percent were domestic and merely 10 percent foreign. The domestic projects had Birr 202.2 million (81 percent) investment capital while that of foreign projects Birr 47.6 million (19 percent). All the investment projects have generated employment opportunities for 2,437 people which was 64.8 percent lower than last year same quarter. Of the total employment about 54.6 percent was permanent and 45.4 percent casual (Table 7.1).

Third Quarter 2018/19 67 National Bank of Ethiopia Quarterly Bulletin   6.3 Deficit Financing   Hence, Federal government budget operations resulted in an overall deficit (including grant) of Birr 13.3 billion, compared with Birr 24.4 billion deficit of a year ago. The deficit was financed from net external borrowing and net domestic borrowing (Table6.1). Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2018/19 VIII. International Economic Developments 8.1 Overview of the World Economy6 Global survey indicators point to some deceleration in global activity in the third quarter of 2018/19. The PMI recorded during the quarter was below the level recorded in 2017 and the first half of 2018, consistent with some deceleration in the global growth momentum. 6 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2019. Across advanced economies, the US market the all-industry survey indicator declined from rather high levels during the third quarter. PMIs also decreased in the United Kingdom and Japan, due to weaker readings in March. In emerging market economies, the quarterly PMI picked up strongly in Brazil, while decreasing in India and Russia. The PMI remained unchanged in China in 0 20000 40000 60000 80000 100000 120000 140000 160000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants VII. Developments in Investment During the third quarter of 2018/19, 40 investment projects having investment capital of Birr 249.8 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed 92.8 and 96.1 percent decline. Likewise, when compared with previous quarter it shows a down ward movement by 77.4 and 69.3 percent respectively. All reported investment projects were private and about 90 percent were domestic and merely 10 percent foreign. The domestic projects had Birr 202.2 million (81 percent) investment capital while that of foreign projects Birr 47.6 million (19 percent). All the investment projects have generated employment opportunities for 2,437 people which was 64.8 percent lower than last year same quarter. Of the total employment about 54.6 percent was permanent and 45.4 percent casual (Table 7.1).

68 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2017/18 2018/19 QIII QII QIII Percentage Changes A B C Share C/A C/B

1. Total Investment Number of projects 557 177 40 100 -92.8 -77.4 Capital 6,386.4 814.3 249.8 100 -96.1 -69.3 Permanent Employment 5,186 2,202 1,330 100 -74.4 -39.6 Temporary Employment 1,743 1,887 1,107 100 -36.5 -41.3
2. Private Investment Number of projects 557 177 40 100 -92.8 -77.4 Capital 6,386.4 814.3 249.8 100 -96.1 -69.3 Permanent Employment 5,186 2,202 1,330 100 -74.4 -39.6 Temporary Employment 1,743 1,887 1,107 100 -36.5 -41.3 2.1 Domestic Investment Number of projects 557 174 36 90.0 -93.5 -79.3 Capital 6,386.4 747.4 202.2 81.0 -96.8 -72.9 Permanent Employment 5,186 1,401 840 63.2 -83.8 -40.0 Temporary Employment 1,743 1,782 1,067 96.4 -38.8 -40.1 2.2. Foreign Investment Number of projects - 3 4 10.0 - 33.3 Capital - 66.9 47.6 19.0 - -28.9 Permanent Employment - 801 490 36.8 - -38.8 Temporary Employment - 105 40 3.6 - -61.9
3. Public Investment Number of projects - - - - - - - Capital - - - - - - - Permanent Employment - - - - - - - Temporary Employment - - - - - - - Source: Ethiopian Investment Commission. As for sectoral distribution, manufacturing accounted for 32.5 percent of total investment projects followed by construction and real estate, renting & business activities (22.5 percent each), Agriculture, hunting and forestry (17.5 percent) and Mining & quarrying (5 percent). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2017/18 2018/19 QIII QII QIII Percentage Changes A B C Share C/A C/B
4. Total Investment Number of projects 557 177 40 100 -92.8 -77.4 Capital 6,386.4 814.3 249.8 100 -96.1 -69.3 Permanent Employment 5,186 2,202 1,330 100 -74.4 -39.6 Temporary Employment 1,743 1,887 1,107 100 -36.5 -41.3
5. Private Investment Number of projects 557 177 40 100 -92.8 -77.4 Capital 6,386.4 814.3 249.8 100 -96.1 -69.3 Permanent Employment 5,186 2,202 1,330 100 -74.4 -39.6 Temporary Employment 1,743 1,887 1,107 100 -36.5 -41.3 2.1 Domestic Investment Number of projects 557 174 36 90.0 -93.5 -79.3 Capital 6,386.4 747.4 202.2 81.0 -96.8 -72.9 Permanent Employment 5,186 1,401 840 63.2 -83.8 -40.0 Temporary Employment 1,743 1,782 1,067 96.4 -38.8 -40.1 2.2. Foreign Investment Number of projects - 3 4 10.0 - 33.3 Capital - 66.9 47.6 19.0 - -28.9 Permanent Employment - 801 490 36.8 - -38.8 Temporary Employment - 105 40 3.6 - -61.9
6. Public Investment Number of projects - - - - - - - Capital - - - - - - - Permanent Employment - - - - - - - Temporary Employment - - - - - - - Source: Ethiopian Investment Commission. As for sectoral distribution, manufacturing accounted for 32.5 percent of total investment projects followed by construction and real estate, renting & business activities (22.5 percent each), Agriculture, hunting and forestry (17.5 percent) and Mining & quarrying (5 percent). Out of the total Birr 249.9 million capital invested, manufacturing sector received 54.1 percent followed by construction (21.2 percent), Mining & quarrying (12.4 percent), real estate, renting & business activities (10.7 percent) and Agriculture, hunting and forestry (1.6 percent). With regard to job opportunity, more than half of permanent employment (58.1 percent) was created by manufacturing followed by real estate, renting & business activities (30.5 percent), construction (6.4 percent), Agriculture, hunting & forestry (3.2 percent) and Mining & quarrying (1.9 percent). On the other hand, Agriculture, hunting & forestry was the leading sector by employing (50.6 percent) of temporary labor force followed by construction (26.7 percent), manufacturing (15.3 percent), Mining & quarrying (5.6 percent) and real estate, renting & business activities (1.8 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2018/19 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 17.5 4 1.6 42 3.2 560 50.6 Construction 9 22.5 53 21.2 85 6.4 296 26.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 13 32.5 135 54.1 773 58.1 169 15.3 Mining and quarrying 2 5.0 31 12.4 25 1.9 62 5.6 Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 9 22.5 27 10.7 405 30.5 20 1.8 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 40 100 249.9 100 1,330 100 1,107 100 Source: Ethiopian Investment Commission.

Third Quarter 2018/19 69 National Bank of Ethiopia Quarterly Bulletin Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2017/18 2018/19 QIII QII QIII Percentage Changes A B C Share C/A C/B

1. Total Investment Number of projects 557 177 40 100 -92.8 -77.4 Capital 6,386.4 814.3 249.8 100 -96.1 -69.3 Permanent Employment 5,186 2,202 1,330 100 -74.4 -39.6 Temporary Employment 1,743 1,887 1,107 100 -36.5 -41.3
2. Private Investment Number of projects 557 177 40 100 -92.8 -77.4 Capital 6,386.4 814.3 249.8 100 -96.1 -69.3 Permanent Employment 5,186 2,202 1,330 100 -74.4 -39.6 Temporary Employment 1,743 1,887 1,107 100 -36.5 -41.3 2.1 Domestic Investment Number of projects 557 174 36 90.0 -93.5 -79.3 Capital 6,386.4 747.4 202.2 81.0 -96.8 -72.9 Permanent Employment 5,186 1,401 840 63.2 -83.8 -40.0 Temporary Employment 1,743 1,782 1,067 96.4 -38.8 -40.1 2.2. Foreign Investment Number of projects - 3 4 10.0 - 33.3 Capital - 66.9 47.6 19.0 - -28.9 Permanent Employment - 801 490 36.8 - -38.8 Temporary Employment - 105 40 3.6 - -61.9
3. Public Investment Number of projects - - - - - - - Capital - - - - - - - Permanent Employment - - - - - - - Temporary Employment - - - - - - - Source: Ethiopian Investment Commission. As for sectoral distribution, manufacturing accounted for 32.5 percent of total investment projects followed by construction and real estate, renting & business activities (22.5 percent each), Agriculture, hunting and forestry (17.5 percent) and Mining & quarrying (5 percent). Out of the total Birr 249.9 million capital invested, manufacturing sector received 54.1 percent followed by construction (21.2 percent), Mining & quarrying (12.4 percent), real estate, renting & business activities (10.7 percent) and Agriculture, hunting and forestry (1.6 percent). With regard to job opportunity, more than half of permanent employment (58.1 percent) was created by manufacturing followed by real estate, renting & business activities (30.5 percent), construction (6.4 percent), Agriculture, hunting & forestry (3.2 percent) and Mining & quarrying (1.9 percent). On the other hand, Agriculture, hunting & forestry was the leading sector by employing (50.6 percent) of temporary labor force followed by construction (26.7 percent), manufacturing (15.3 percent), Mining & quarrying (5.6 percent) and real estate, renting & business activities (1.8 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2018/19 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 17.5 4 1.6 42 3.2 560 50.6 Construction 9 22.5 53 21.2 85 6.4 296 26.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 13 32.5 135 54.1 773 58.1 169 15.3 Mining and quarrying 2 5.0 31 12.4 25 1.9 62 5.6 Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 9 22.5 27 10.7 405 30.5 20 1.8 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 40 100 249.9 100 1,330 100 1,107 100 Source: Ethiopian Investment Commission. Out of the total Birr 249.9 million capital invested, manufacturing sector received 54.1 percent followed by construction (21.2 percent), Mining & quarrying (12.4 percent), real estate, renting & business activities (10.7 percent) and Agriculture, hunting and forestry (1.6 percent). With regard to job opportunity, more than half of permanent employment (58.1 percent) was created by manufacturing followed by real estate, renting & business activities (30.5 percent), construction (6.4 percent), Agriculture, hunting & forestry (3.2 percent) and Mining & quarrying (1.9 percent). On the other hand, Agriculture, hunting & forestry was the leading sector by employing (50.6 percent) of temporary labor force followed by construction (26.7 percent), manufacturing (15.3 percent), Mining & quarrying (5.6 percent) and real estate, renting & business activities (1.8 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2018/19 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 17.5 4 1.6 42 3.2 560 50.6 Construction 9 22.5 53 21.2 85 6.4 296 26.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 13 32.5 135 54.1 773 58.1 169 15.3 Mining and quarrying 2 5.0 31 12.4 25 1.9 62 5.6 Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 9 22.5 27 10.7 405 30.5 20 1.8 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 40 100 249.9 100 1,330 100 1,107 100 Source: Ethiopian Investment Commission.

70 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin About 47.5 percent of the total projects with 38.6 percent of total investment capital were operational in Addis Ababa, about 42.5 percent of total projects with 42.3 percent of capital in Tigray and 10 percent of the projects having 19 percent of total capital become operational by Ethiopian investment commission (EIC). In terms of job creation Tigray is the leading region followed by Addis Ababa and Ethiopian investment commission (EIC) (Table 7.3).

Third Quarter 2018/19 71 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Source: Ethiopian Investment Commission 2017/18 2018/19 Growth Rate QIII QII QIII C/A C/B A B C Share in (%) Region Proj No of Capital Perm emp emp Temp Proj. No of Capital emp Perm emp Temp Proj. No of Capital. Perm.emp emp Temp Proj. No of Capital. Perm.emp Temp.emp Proj. No of Capital. Perm emp Temp emp Proj. No of Capital. emp Perm emp Temp Addis Ababa 543 6,239.9 5,008 1,241 25 276.8 1,554 338 19 96.6 598 170 47.5 38.6 45.0 15.4 (96.5) (98.5) (88.1) (86.3) (24.0) (65.1) (61.5) (49.7) Afar 13 144.0 160 490 - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - 145 519.8 578 789 - - - - - - - - - - - - - - - - SNNPR 1 2.5 18 12 - - - - - - - - - - - - - - - - - - - - Gambellaa - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - 7 17.7 70 760 17 105.7 242 897 42.5 42.3 18.2 81.0 - - - - 142.9 498.0 245.7 18.0 EIC - - - - - - - - 4 47.6 490 40 10.0 19.0 36.8 3.6 - - - - - - - - Grand Total 557 6,386.4 5,186 1,743 177 814.3 2,202 1,887 40 249.8 1,330 1,107 100 (92.8) (96.1) (74.4) (36.5) (77.4) (69.3) (39.6) (41.3)

72 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin the third quarter, although it recorded a strong increase in March. In the United States real GDP growth expanded at an annualized rate of 2.2 percent in the second quarter of 2018/197 which was supported by the contributions from private consumption and non￾residential fixed investment, despite the negative contributions of government spending and net exports. While overall GDP growth remains supported by strong fundamentals, economic activity is expected to decelerate in the third quarter of 2018/19. In the United Kingdom, growth of GDP sowed to 0.2 percent in the second quarter of 2018/19. Short-term indicators suggest continued subdued GDP growth in the third quarter of 2018/19, as elevated Brexit￾related uncertainty dampens consumption and investment. 7 In some parts of international economic development report, quarter II data is used when quarter III statistics unavailable. In Japan economic activity slowed in early 2019, following a rebound towards the end of last year. Real GDP increased by 0.5 percent, quarter on quarter, in the second quarter of 2018/19, mainly supported by domestic demand, particularly non￾residential investment. However, high frequency indicators point to a slowdown in underlying momentum at the start of the year. In China growth is stabilizing, the weakening in the manufacturing sector is partly offset by resilience in services. During January and February 2019, industrial production softened further and fixed-asset investment growth recovered slightly, while growth in nominal retail sales remained robust.   6.3 Deficit Financing   Hence, Federal government budget operations resulted in an overall deficit (including grant) of Birr 13.3 billion, compared with Birr 24.4 billion deficit of a year ago. The deficit was financed from net external borrowing and net domestic borrowing (Table6.1). Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2018/19 VIII. International Economic Developments 8.1 Overview of the World Economy6 Global survey indicators point to some deceleration in global activity in the third quarter of 2018/19. The PMI recorded during the quarter was below the level recorded in 2017 and the first half of 2018, consistent with some deceleration in the global growth momentum. 6 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2019. Across advanced economies, the US market the all-industry survey indicator declined from rather high levels during the third quarter. PMIs also decreased in the United Kingdom and Japan, due to weaker readings in March. In emerging market economies, the quarterly PMI picked up strongly in Brazil, while decreasing in India and Russia. The PMI remained unchanged in China in 0 20000 40000 60000 80000 100000 120000 140000 160000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

Third Quarter 2018/19 73 National Bank of Ethiopia Quarterly Bulletin the third quarter, although it recorded a strong increase in March. In the United States real GDP growth expanded at an annualized rate of 2.2 percent in the second quarter of 2018/197 which was supported by the contributions from private consumption and non￾residential fixed investment, despite the negative contributions of government spending and net exports. While overall GDP growth remains supported by strong fundamentals, economic activity is expected to decelerate in the third quarter of 2018/19. In the United Kingdom, growth of GDP sowed to 0.2 percent in the second quarter of 2018/19. Short-term indicators suggest continued subdued GDP growth in the third quarter of 2018/19, as elevated Brexit￾related uncertainty dampens consumption and investment. 7 In some parts of international economic development report, quarter II data is used when quarter III statistics unavailable. In Japan economic activity slowed in early 2019, following a rebound towards the end of last year. Real GDP increased by 0.5 percent, quarter on quarter, in the second quarter of 2018/19, mainly supported by domestic demand, particularly non￾residential investment. However, high frequency indicators point to a slowdown in underlying momentum at the start of the year. In China growth is stabilizing, the weakening in the manufacturing sector is partly offset by resilience in services. During January and February 2019, industrial production softened further and fixed-asset investment growth recovered slightly, while growth in nominal retail sales remained robust.   6.3 Deficit Financing   Hence, Federal government budget operations resulted in an overall deficit (including grant) of Birr 13.3 billion, compared with Birr 24.4 billion deficit of a year ago. The deficit was financed from net external borrowing and net domestic borrowing (Table6.1). Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2018/19 VIII. International Economic Developments 8.1 Overview of the World Economy6 Global survey indicators point to some deceleration in global activity in the third quarter of 2018/19. The PMI recorded during the quarter was below the level recorded in 2017 and the first half of 2018, consistent with some deceleration in the global growth momentum. 6 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2019. Across advanced economies, the US market the all-industry survey indicator declined from rather high levels during the third quarter. PMIs also decreased in the United Kingdom and Japan, due to weaker readings in March. In emerging market economies, the quarterly PMI picked up strongly in Brazil, while decreasing in India and Russia. The PMI remained unchanged in China in 0 20000 40000 60000 80000 100000 120000 140000 160000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

74 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin 8.2. Inflation Developments Global inflation remained stable in February. Annual consumer price inflation in the Organization for Economic Co￾operation and Development (OECD) countries remained unchanged in February at 2.1 percent, following a sequence of declines since the peak registered in October last year. Excluding food and energy prices, OECD annual inflation slowed marginally to 2.1 percent. Tight labor market conditions across major advanced economies have so far translated into only moderate wage increases, suggesting that the underlying inflation pressures remain subdued. In the United States, annual headline inflation declined to 1.5 percent in February, 2019 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, annual headline inflation declined to 0.2 percent in both January and February, 2019, reflecting mostly a decline in the energy price contribution and strong declines in fresh food prices. Core inflation (i.e. excluding food and energy) has picked up slightly to 0.3 percent. In U.K. annual CPI inflation has continued to decline, falling to 1.8 percent in the first two months of 2019. This is well below the depreciation-induced peak at 3.0 percent seen one year earlier and reflects both the waning impact of earlier strong rises in import prices and rapid declines in energy prices. In Euro area annual HICP inflation declined to 1.4 percent in March 2019, from 1.5 percent in February, despite higher energy price inflation and reflected lower food price inflation. 8.3 Commodity Price Oil prices have continued to increase since mid-March. After the surge in mid￾February, following the release of data that show an improvement in OPEC+ compliance with its supply-cut agreements. After OPEC+ reset its two-year-old agreement at the end of last year to reduce oil supply, overall production by the cartel has decreased since January 2019. In addition, the US sanctions against Iran and Venezuela continued to affect the supply. 8.4 Exchange Rate Developments In foreign exchange markets, the euro has remained broadly unchanged in trade￾weighted terms. Over the review period, the nominal effective exchange rate of the euro, measured against the currencies of 38 of the euro area’s most important trading partners, Non-oil commodity prices have remained broadly unchanged since early March. appreciated by 0.1 percent. This resulted a modest strengthening of the euro against the US dollar (by 0.1 percent) and the Chinese renminbi (by 0.1 percent), as well as a more pronounced appreciation against the pound sterling (by 0.5 percent) and the currencies of most other non-euro area EU Member States (with the exception of the Swedish krona and the Polish zloty). These developments were only partly offset by a depreciation of the euro against other major currencies. 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2018/19, global economic indicators pointed a deceleration in global activity. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the third quarter of 2018/19. Global headline inflation declined in most countries in February. This, together with high domestic prices, made the REER to appreciate 23.3 percent. On the other hand, stagnation of non-oil commodity prices since early March, 2019 may decrease the country’s export receipts that could have depressing effect on the current account deficit.

Third Quarter 2018/19 75 National Bank of Ethiopia Quarterly Bulletin 8.2. Inflation Developments Global inflation remained stable in February. Annual consumer price inflation in the Organization for Economic Co￾operation and Development (OECD) countries remained unchanged in February at 2.1 percent, following a sequence of declines since the peak registered in October last year. Excluding food and energy prices, OECD annual inflation slowed marginally to 2.1 percent. Tight labor market conditions across major advanced economies have so far translated into only moderate wage increases, suggesting that the underlying inflation pressures remain subdued. In the United States, annual headline inflation declined to 1.5 percent in February, 2019 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, annual headline inflation declined to 0.2 percent in both January and February, 2019, reflecting mostly a decline in the energy price contribution and strong declines in fresh food prices. Core inflation (i.e. excluding food and energy) has picked up slightly to 0.3 percent. In U.K. annual CPI inflation has continued to decline, falling to 1.8 percent in the first two months of 2019. This is well below the depreciation-induced peak at 3.0 percent seen one year earlier and reflects both the waning impact of earlier strong rises in import prices and rapid declines in energy prices. In Euro area annual HICP inflation declined to 1.4 percent in March 2019, from 1.5 percent in February, despite higher energy price inflation and reflected lower food price inflation. 8.3 Commodity Price Oil prices have continued to increase since mid-March. After the surge in mid￾February, following the release of data that show an improvement in OPEC+ compliance with its supply-cut agreements. After OPEC+ reset its two-year-old agreement at the end of last year to reduce oil supply, overall production by the cartel has decreased since January 2019. In addition, the US sanctions against Iran and Venezuela continued to affect the supply. 8.4 Exchange Rate Developments In foreign exchange markets, the euro has remained broadly unchanged in trade￾weighted terms. Over the review period, the nominal effective exchange rate of the euro, measured against the currencies of 38 of the euro area’s most important trading partners, Non-oil commodity prices have remained broadly unchanged since early March. appreciated by 0.1 percent. This resulted a modest strengthening of the euro against the US dollar (by 0.1 percent) and the Chinese renminbi (by 0.1 percent), as well as a more pronounced appreciation against the pound sterling (by 0.5 percent) and the currencies of most other non-euro area EU Member States (with the exception of the Swedish krona and the Polish zloty). These developments were only partly offset by a depreciation of the euro against other major currencies. 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2018/19, global economic indicators pointed a deceleration in global activity. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the third quarter of 2018/19. Global headline inflation declined in most countries in February. This, together with high domestic prices, made the REER to appreciate 23.3 percent. On the other hand, stagnation of non-oil commodity prices since early March, 2019 may decrease the country’s export receipts that could have depressing effect on the current account deficit. 8.3 Commodity Price Oil prices have continued to increase since mid-March. After the surge in mid￾February, following the release of data that show an improvement in OPEC+ compliance with its supply-cut agreements. After OPEC+ reset its two-year-old agreement at the end of last year to reduce oil supply, overall production by the cartel has decreased since January 2019. In addition, the US sanctions against Iran and Venezuela continued to affect the supply. 8.4 Exchange Rate Developments In foreign exchange markets, the euro has remained broadly unchanged in trade￾weighted terms. Over the review period, the nominal effective exchange rate of the euro, measured against the currencies of 38 of the euro area’s most important trading partners, Non-oil commodity prices have remained broadly unchanged since early March. appreciated by 0.1 percent. This resulted a modest strengthening of the euro against the US dollar (by 0.1 percent) and the Chinese renminbi (by 0.1 percent), as well as a more pronounced appreciation against the pound sterling (by 0.5 percent) and the currencies of most other non-euro area EU Member States (with the exception of the Swedish krona and the Polish zloty). These developments were only partly offset by a depreciation of the euro against other major currencies. 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2018/19, global economic indicators pointed a deceleration in global activity. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the third quarter of 2018/19. Global headline inflation declined in most countries in February. This, together with high domestic prices, made the REER to appreciate 23.3 percent. On the other hand, stagnation of non-oil commodity prices since early March, 2019 may decrease the country’s export receipts that could have depressing effect on the current account deficit. 8.3 Commodity Price Oil prices have continued to increase since mid-March. After the surge in mid￾February, following the release of data that show an improvement in OPEC+ compliance with its supply-cut agreements. After OPEC+ reset its two-year-old agreement at the end of last year to reduce oil supply, overall production by the cartel has decreased since January 2019. In addition, the US sanctions against Iran and Venezuela continued to affect the supply. 8.4 Exchange Rate Developments In foreign exchange markets, the euro has remained broadly unchanged in trade￾weighted terms. Over the review period, the nominal effective exchange rate of the euro, measured against the currencies of 38 of the euro area’s most important trading partners, Non-oil commodity prices have remained broadly unchanged since early March. appreciated by 0.1 percent. This resulted a modest strengthening of the euro against the US dollar (by 0.1 percent) and the Chinese renminbi (by 0.1 percent), as well as a more pronounced appreciation against the pound sterling (by 0.5 percent) and the currencies of most other non-euro area EU Member States (with the exception of the Swedish krona and the Polish zloty). These developments were only partly offset by a depreciation of the euro against other major currencies. 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2018/19, global economic indicators pointed a deceleration in global activity. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the third quarter of 2018/19. Global headline inflation declined in most countries in February. This, together with high domestic prices, made the REER to appreciate 23.3 percent. On the other hand, stagnation of non-oil commodity prices since early March, 2019 may decrease the country’s export receipts that could have depressing effect on the current account deficit.

76 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Statistical Tables

Third Quarter 2018/19 77 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 Foreign Assets Claims on Government Advance To DBE Silver Coins Other Assets Total Gold 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 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13

78 Third Quarter 2018/19 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 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91

Third Quarter 2018/19 79 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 4 Claims On Gov’t 5 Claims on Non-Central Gov’t Other Assets 10 Total (2+3) 1 Cash in Hand 2 Deposits with NBE 3 Total (7+8+9) 6 Loans &Adv. 7 Invest￾ment 8 Commercial Banks 9 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28223.2 54,596.39 26880.8 22,952.93 843659.7 418,777.00 417474.7 7,408.00 168443.2

80 Third Quarter 2018/19 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 89,728.17 45,987.14 17,473.75 3,518.97 24,994.42 8,168.85 2,113.06 7,946.79 6,022.73 695.08 1,228.98 25,512.32 Qtr.II 95,673.86 47,523.93 17,472.88 3,750.36 26,300.69 9,082.98 2,221.78 8,502.57 6,230.90 715.86 1,555.81 28,342.59 Qtr.III 101,744.62 49,881.89 18,402.82 3,649.27 27,829.80 9,410.19 2,384.41 9,480.25 6,372.34 755.06 2,352.85 30,587.89 Qtr.IV 106,633.30 51,175.42 18,343.64 3,354.13 29,477.65 8,978.26 2,301.87 8,692.68 6,650.58 1,160.15 881.95 35,485.08 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10

Third Quarter 2018/19 81 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 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88

82 Third Quarter 2018/19 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 Items Total N.B.E Others 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.07 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86

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

84 Third Quarter 2018/19 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 13,712.29 16,510.38 30,222.68 29,425.82 59,648.49 59,174.10 33,710.70 14,665.76 Qtr.II 11,480.07 16,418.87 27,898.94 29,450.03 57,348.97 67,467.54 24,608.36 14,224.64 Qtr.III 16,554.53 17,986.66 34,541.18 30,912.45 65,453.63 76,782.51 32,495.86 13,585.07 Qtr.IV 20,537.02 18,123.44 38,660.46 32,831.78 71,492.24 81,092.02 65,088.31 11,829.42 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 QII 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 QIII 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 1/ Obtained by multiplying each original observation by appropriate index for the month

Third Quarter 2018/19 85 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 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2017/18 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 QII 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 QIII 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50

86 Third Quarter 2018/19 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 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.09 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2017/18 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 QII 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 QIII 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71

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

88 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits

(In Millions of Birr) End of Period Reserve Requir￾ments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 Foreign Liabilities Actual Reserve+ Net For. Assets 7=2+4-5 Liqui￾dity Ratio

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

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

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.
2. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
3. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits.

Third Quarter 2018/19 89 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 QtrIV 113,081.0 112,020.6 384.1 1,467.8 3,512.8 11,143.4 95,512.5 1,060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 111,045.7 109,958.3 380.4 1,464.1 3,497.5 10,696.4 93,919.9 1,087.3 0.8 41.4 99.8 73.2 119.9 752.2 QII 120,517.6 119,396.7 378.1 1,525.6 3,764.1 11,944.2 101,784.7 1,120.9 0.8 41.5 99.7 73.5 120.5 784.9 QIII 125,466.5 124,323.0 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5

90 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Coopera￾tives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov’t 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15

B. Deposit rates Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov’nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 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

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

B. Deposit rates Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov’nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 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

C. Minimum and Maximum Interest Rates Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- August-02 Aug. 2002 to 7-Feb-05 8-Feb-05 04-Jul-07 04-Jul-07 30-Nov-10 01-Dec-10 to 10-Oct -2017 11-Oct-17 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined deter￾mined determined Central Government loan 12 6 6 5 3

Third Quarter 2018/19 91 National Bank of Ethiopia Quarterly Bulletin Table 12: Government Internal Debt by Holder (In Millions of Birr) End of Period Total Gov’t Indebt￾edness 1=2+6+9 National Bank of Ethiopia Commercial Banks Others NBE Total 2=3 to 5 Direct Advance 3 Gov’t Bonds Noninterest bearing 4 Interest bearing 5 Comm. Banks Total 6=7+8 Gov’t Bonds 7 Treasury Bills 8 Others Total 9=10+11 Gov’t Bonds 10 Treasury Bills 11 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 Qtr.IV 286601.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 104285.7 18.1 104267.6 2018/19 Qtr.I 306121.1 166685.3 159264.9 7404.4 16.0 22567.1 22567.1 0.0 116868.7 18.1 116850.6 Qtr.II 324319.7 178685.3 171264.9 7404.4 16.0 22521.7 22521.7 0.0 123112.7 18.1 123094.6 Qtr.III 334556.9 182685.3 175264.9 7404.4 16.0 22952.9 22952.9 0.0 128918.7 18.1 128900.6

92 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 13: General Government Quarterly Revenue Ethiopian fiscal year Fiscal year ending July 7 2010 2011 2017/18 2018/19 Pre actual Pre actual Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III (In million Birr) Tax revenue 266,609.4 53,367.7 119,446.2 66,078.5 177,027.8 57,581.6 235229.5 58,201.7 289,521.3 60,080.5 135,807.6 75,727.1 194,642.5 58,834.8 Direct taxes 101,768.6 19,902.6 50,054.4 30,151.8 74,130.6 24,076.3 97646.0 23,515.4 114,487.6 24,546.3 63,348.8 38,802.4 84,463.6 21,114.8 Income and profits tax 98,632.1 19,320.1 48,693.0 29,373.0 72,068.6 23,375.5 94837.3 22,768.8 109,067.1 23,865.0 61,802.0 37,936.9 82,227.3 20,425.3 Personal income 30,896.0 6,759.0 15,302.6 8,543.6 24,487.7 9,185.1 34810.6 10,322.9 36,708.6 8,326.0 19,071.6 10,745.6 27,792.3 8,720.7 Rental income tax 2,354.3 782.1 1,362.6 580.5 1,610.5 248.0 1727.2 116.7 2,488.1 913.8 1,850.1 936.3 1,942.6 92.5 Business profits 52,146.7 9,931.1 28,118.6 18,187.6 35,219.0 7,100.3 44732.7 9,513.7 57,607.9 12,851.3 36,695.3 23,844.0 45,958.7 9,263.4 Withholding income tax on imports 4,005.8 919.7 1,782.1 862.4 2,528.0 745.9 3308.6 780.5 2,916.9 889.0 1,742.0 853.0 2,654.7 912.7 Agriculture income 617.8 9.3 103.1 93.8 272.0 168.9 401.0 129.0 698.1 7.1 59.9 52.8 229.3 169.5 Other income 7,720.2 637.9 1,408.7 770.8 6,851.0 5,442.3 8356.9 1,505.9 7,632.4 449.7 1,550.0 1,100.4 2,218.7 668.7 Interest income tax 799.9 247.3 517.0 269.7 957.2 440.1 1261.8 304.6 877.2 370.0 685.0 315.0 1,189.0 504.0 Capital gains tax 91.4 33.7 98.2 64.5 143.2 45.0 238.7 95.5 137.9 58.3 148.1 89.8 242.0 93.9 Rural land use fee 486.1 10.6 85.9 75.3 243.2 157.3 376.3 133.1 2,300.4 12.1 70.2 58.1 225.7 155.5 Urban land lease fee 2,650.4 572.0 1,275.4 703.5 1,818.8 543.4 2,432.4 613.6 3,120.0 669.2 1,476.6 807.3 2,010.6 534.0 Domestic indirect taxes 78,503.1 14,524.3 30,824.7 16,300.4 48,018.7 17,194.0 67172.4 19,153.7 83,200.3 17,349.9 36,708.9 19,359.1 55,256.1 18,547.2 Sales/TOT/excise taxes 39,788.0 6,120.2 12,739.3 6,619.2 20,821.0 8,081.7 28849.4 8,028.4 40,833.5 7,266.0 15,452.7 8,186.7 24,627.7 9,175.0 Petroleum products 763.9 190.0 347.7 157.7 491.0 143.3 610.6 119.6 820.3 160.4 386.0 225.5 522.6 136.7 Alcohol and tobacco 7,092.6 1,207.8 2,827.8 1,620.0 4,634.2 1,806.4 6483.4 1,849.2 7,638.8 1,459.2 3,504.8 2,045.7 5,947.2 2,442.4 Other goods 31,931.4 4,722.3 9,563.9 4,841.6 15,695.8 6,131.9 21755.3 6,059.5 32,374.4 5,646.4 11,561.9 5,915.5 18,157.8 6,595.9 Services TOT/ sales tax 36,303.7 8,052.1 17,319.3 9,267.3 26,043.7 8,724.3 36587.7 10,544.0 38,999.8 9,638.3 19,934.8 10,296.5 28,672.4 8,737.6 Stamp duties 2,411.4 352.0 766.0 414.0 1,154.0 388.0 1735.4 581.4 3,367.0 445.5 1,321.4 875.9 1,956.0 634.6 Import duties and taxes 86,337.7 18,940.9 38,567.2 19,626.3 54,878.4 16,311.3 70411.0 15,532.6 91,833.5 18,184.3 35,749.9 17,565.6 54,922.7 19,172.8 Custom duties 28,644.8 6,471.8 13,382.6 6,910.8 19,136.6 5,754.0 24393.7 5,257.1 30,548.3 6,171.2 12,037.4 5,866.2 18,318.8 6,281.4 Sales/excise taxes 40,849.5 8,805.4 17,699.3 8,893.9 25,013.2 7,313.8 32188.5 7,175.3 43,423.5 8,418.9 16,773.5 8,354.6 25,993.9 9,220.4 Petroleum products 2,872.9 384.8 477.6 92.8 944.2 466.6 1340.7 396.5 3,088.4 401.5 671.4 269.8 1,502.8 831.4 Alcohol and tobacco 603.0 90.8 151.4 60.6 225.0 73.5 307.7 82.8 648.2 82.2 207.9 125.7 306.0 98.0 Other imports 37,373.6 8,329.8 17,070.3 8,740.5 23,844.0 6,773.7 30540.1 6,696.0 39,686.9 7,935.1 15,894.2 7,959.1 24,185.1 8,290.9 Surtax on imports 16,843.4 3,663.7 7,485.2 3,821.5 10,728.6 3,243.4 13828.8 3,100.2 17,861.7 3,594.2 6,938.9 3,344.8 10,610.0 3,671.1 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 54,493.9 10,085.4 18,164.4 8,079.0 25,210.0 7,045.7 34418.7 9,208.7 45,812.3 11,306.6 17,819.3 6,512.7 24,861.8 7,042.5 Charges and fees 2,697.3 478.5 1,730.5 1,252.0 3,086.9 1,356.4 4182.5 1,095.6 3,115.8 587.9 1,232.5 644.6 2,172.1 939.6 Sales of goods & services 5,679.5 665.2 2,071.7 1,406.5 3,145.6 1,074.0 5282.4 2,136.8 6,580.9 922.1 2,218.2 1,296.2 3,720.9 1,502.7 Residual surplus, capital charge, interest 0.0 payments and state dividend 17,210.9 6,498.8 8,776.8 2,278.0 10,956.4 2,179.5 12222.8 1,266.4 15,668.4 7,612.2 8,939.2 1,327.0 10,369.0 1,429.7 Reimbursement & property sales 9,986.6 15.6 40.8 25.2 86.5 45.6 121.2 34.8 323.1 13.1 32.6 19.5 80.9 48.3 Miscellaneous 9,722.9 1,503.1 3,018.0 1,514.9 3,828.4 810.4 6168.1 2,339.7 9,686.5 885.0 2,363.5 1,478.5 3,475.2 1,111.7 Other extraordinary 0.0 Privatization proceeds 0.0 7,990.2 7,990.1 9349.1 1,358.9 0.0 Other revenue 9,196.8 924.1 2,526.6 1,602.5 4,106.3 1,579.7 6441.7 2,335.4 10,437.6 1,286.3 3,033.2 1,746.9 5,043.7 2,010.5 Total revenue 321,103.3 63,453.1 137,610.6 74,157.5 202,237.8 64,627.2 269648.2 67,410.4 335,333.7 71,387.1 153,626.9 82,239.9 219,504.3 65,877.3 External grants 17,176.7 2,386.1 8,512.2 6,126.0 13,732.4 5,220.3 17913.9 4,181.5 19,148.0 3,362.7 8,619.3 5,256.6 26,728.3 18,109.0 Grants in kind/earmarked 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 Untied cash & CPF/grants 2,263.3 0.0 2,546.8 2,546.8 2,547.4 0.6 3746.2 1,198.8 2,334.4 0.0 1,389.5 1,389.5 14,118.1 12,728.7 Total revenue and grants 338,280.0 65,839.2 146,122.7 80,283.5 215,970.2 69,847.5 287562.1 71,591.9 354,481.7 74,749.8 162,246.2 87,496.4 246,232.6 83,986.4

Third Quarter 2018/19 93 National Bank of Ethiopia Quarterly Bulletin Table 14: General Government Quarterly Expenditure Ethiopian fiscal year Fiscal year ending July 7 2010 2011 2017-18 2018-19 Pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon(Qrt.I.Re ) 6mon Qrt.II 9mon Qrt.III A. Capital Expenditure Economic development 119,557.6 16,678.3 38,346.6 21,668.2 63,162.9 24,816.3 89,717.1 26,554.2 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 Agriculture 17544.3 2128.7 5,415.9 3,287.2 10,687.3 10,687.3 16,487.9 5,800.6 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 Natural Resource 21,455.7 1,832.6 7,453.5 5,620.9 12,748.3 12,748.3 18,038.9 5,290.6 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 o/w: Water 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 11,450.1 17,904.5 9,255.9 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 Mines & Energy 97.0 598.1 1,541.5 943.4 2,279.3 2,279.3 2,476.0 196.6 76.5 790.6 781.5 -9.1 778.7 -2.8 Trade, Industry & Tourism 5,823.5 343.2 1,548.7 1,205.5 2,233.5 0.0 3,396.9 1,163.4 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 Urban dev't & housing 12,943.4 531.2 2,725.2 2,193.9 4,612.6 2,233.5 7,762.6 3,150.0 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 Road construction 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 4,612.6 37,827.4 9,113.6 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 Transport & communication 2,893.2 610.9 1,513.0 902.1 1,888.0 28,713.8 3,727.4 1,839.4 4,923.7 108.9 996.5 887.6 1,643.7 647.2 Social Development 45,711.1 9,405.2 19481.8 10,076.6 26,860.5 7,378.7 37,477.1 10,616.5 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 Education 28,662.7 7,346.5 14613.9 7,267.4 18,110.6 3,496.7 23,346.9 5,236.3 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 Health 12,508.4 1,479.2 3,812.3 2,333.0 6,833.3 3,021.0 11,126.7 4,293.4 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 Socail welfare 1,229.8 228.3 93.1 -135.2 203.3 110.1 706.2 502.9 1,870.9 224.6 380.8 156.2 506.7 125.9 Culture & sport 3,310.2 351.1 962.4 611.4 1,713.4 750.9 2,297.3 583.9 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 General Development 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 16,540.9 7,053.2 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 Compensation payments 0.0 External assistance 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14,167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 Sub Total Capital Expenditure 189,012.8 28,575.4 63,945.7 35,370.3 99,511.1 35,565.4 143,735.1 44,224.0 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 B. Current Expenditure General Services 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 62,715.7 19,757.2 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 Organ of the State 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 9,979.3 3,213.4 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 Justice 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 8,079.5 2,913.4 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 Defence 12,000.0 3164.7 6,411.3 3,246.7 9,570.9 6,411.3 12,813.6 3,242.7 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 Public order & security 12,688.3 2944.1 6,439.5 3,495.4 9,988.7 6,439.5 14,171.0 4,182.2 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 Other General services 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 17,672.3 6,205.5 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 Economic Services 30,787.4 4,903.3 12,602.1 16,588.1 19,463.6 6,861.5 26,503.3 7,039.6 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 Agriculture&natural resource 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 16,553.4 4,862.9 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 12,214.4 3,537.0 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 Natural resource 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 4,339.0 1,325.8 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 o/w: Water 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 3,390.4 1,063.7 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 Trade, Industry & Tourism 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 5,434.8 1,041.4 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 Mines & Energy 214.8 28.5 64.8 36.3 112.7 47.9 164.0 51.3 208.1 36.3 61.0 24.7 103.8 42.8 Tourism 0.0 Transport & communication 1,193.7 83.6 278.1 194.4 466.9 188.9 644.4 177.4 1,622.8 167.9 309.4 141.5 470.2 160.8 Urban devt. & construction 2,982.8 638.4 1,416.6 778.2 2,424.9 1,008.3 3,256.5 831.6 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 o/w: Road Construction 1,205.3 292.3 651.6 359.3 1,039.2 387.6 1,497.0 457.7 1,278.4 270.2 765.8 495.7 1,224.9 459.1 Economic development studies 531.6 136.8 270.9 134.1 375.1 104.2 450.2 75.1 584.1 120.4 301.9 181.5 413.0 111.1 Social Services 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 97,845.8 28,101.3 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 Education & training 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 65,313.7 19,218.1 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 Culture & sports 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 3,361.5 977.9 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 Public health 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 20,702.5 6,807.7 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 Labour & social welfare 778.5 161.3 432.7 271.5 686.9 254.2 993.0 306.1 923.8 163.6 498.0 334.4 803.4 305.5 Rehabilitation 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 7,475.0 791.5 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 Interest & Charges 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 11,570.7 3,661.7 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 Internal debt 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 6,180.7 2,191.7 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 External debt 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 5,390.0 1,470.0 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 O/w: defence commercial Miscellaneous 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 11,834.9 8,994.7 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 External assistance * 0.0 Sub Total Expenditure 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 210,470.2 67,554.7 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 Grand Total Expenditure 402,120.8 66,852.6 156,720.2 89,867.6 242,426.7 85,706.5 354,205.3 111,778.6 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4

• Estimated value Re = First Quarter Capital part is reviesed

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

Third Quarter 2018/19 95 National Bank of Ethiopia Quarterly Bulletin Annex 16: GDP By Economic Activity at Constant Prices (In millions of Birr) Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 130,614.3 145,042.0 158,645.8 170,428.1 181,074.4 194,869.2 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 542,700.2 579,022.9 599,331.5 Crop 83,361.1 95,838.1 106,406.4 114,904.0 122,343.4 133,039.9 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,293.6 374,649.8 392,291.8 Animal Farming and Hunting 30,872.0 32,385.2 34,936.0 37,494.4 40,136.6 42,619.2 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 146,959.5 153,170.4 154,037.9 Forestry 16,381.2 16,818.7 17,303.4 18,029.7 18,594.5 19,210.0 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,202.7 53,001.7 Fishing 120.3 110.4 118.9 159.3 201.5 204.9 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 1,546.7 Mining and Quarrying 2,412.6 2,585.5 2,187.2 2,655.5 2,994.8 4,317.5 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 3,402.8 Manufacturing 10,140.9 11,176.0 12,091.7 13,302.1 14,487.3 16,127.1 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 89,246.7 111,249.6 117,410.7 Large and Medium Scale Manufacturing 6,152.4 6,992.2 7,655.2 8,617.9 9,504.4 10,797.1 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 73,528.2 77,966.5 Small Scale and Cottage Industries 3,988.5 4,183.8 4,436.5 4,684.3 4,982.8 5,329.9 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 27,559.2 37,721.5 39,444.2 Electricity and Water 3,302.7 3,595.0 4,084.3 4,282.3 4,496.6 4,608.7 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,015.5 11,552.5 11,928.9 Construction 10,022.8 11,074.4 12,282.1 13,675.2 15,271.9 16,935.0 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.0 286,749.6 331,691.4 Whole Sale and Retail Trade 34,482.7 40,529.6 47,343.9 54,847.5 61,280.3 66,974.3 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 202,241.5 215,351.1 241,936.3 Hotels and Restaurants 4,724.2 5,646.8 7,197.7 8,876.1 10,993.6 13,663.7 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 41,601.3 41,625.2 44,335.3 Transport and Com￾munications 11,292.7 11,935.3 13,048.7 14,545.3 15,842.3 18,130.2 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 70,453.3 81,097.4 86,310.3 Financial Intermediation 4,375.6 5,631.9 6,481.9 8,304.6 9,672.7 9,645.6 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 39,768.8 47,061.1 52,114.6 Real Estate, Renting and Business Activities 16,779.4 19,215.0 22,138.9 25,965.8 30,089.8 36,096.7 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 67,062.9 70,005.2 74,364.3 Public Administration and Defense 9,242.8 9,831.9 10,991.7 12,368.4 14,639.8 15,944.3 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 62,259.3 70,488.5 76,754.1 Education 4,820.1 5,235.0 6,347.1 7,284.0 8,230.3 9,626.5 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 42,385.6 41,031.1 42,520.8 Health and Social Work 1,732.1 1,902.4 2,202.2 2,544.2 3,063.7 3,493.6 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 15,669.5 16,767.9 18,153.4 Other Community , So￾cial & Personal Services 7,342.9 8,016.1 8,696.7 9,713.7 10,330.6 11,164.0 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 18,371.3 19,198.4 20,177.9 Private Households with Employed Persons 841.0 896.3 932.0 981.1 1,018.2 1,066.9 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,063.8 16,633.3 17,276.1 Total 251,406.0 281,527.3 313,858.9 348,952.3 382,669.6 421,801.1 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,463,883.8 1,613,519.9 1,739,254.9 Less : FISIM 1,155.6 16,216.0 1,841.1 2,393.7 2,693.7 2,898.1 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 14,485.8 17,038.3 19,763.6 Gross Value Added at Constant Basic Prices 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,947.0 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 Taxes on Products 23,444.0 24,071.6 25,803.6 27,238.6 24,975.4 36,321.6 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,700.0 120,645.6 114,575.2 GDP at Constant Market Prices 271,798.7 301,085.0 335,490.3 371,570.5 403,882.7 455,268.5 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 Source:MoFED

96 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Annex 17 Growth Rate Of GDP By Economic Activity at Constant Prices (In millions of Birr) Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 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 3.5 Crop 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 Animal Farming and Hunting 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.6 3.5 Fishing 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 Mining and Quarrying 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 Manufacturing 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 24.7 5.5 Large and Medium Scale Manufacturing 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 36.9 4.6 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 4.9 3.3 Construction 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 Whole Sale and Retail Trade 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 Hotels and Restaurants 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 Transport and Communications 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 Financial Intermediation 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 Real Estate, Renting and Business Activities 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 Education 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 7 8.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 -1.1 12.4 18.4 3.8 3.7 3.0 4.5 5.1 Private Households with Employed Persons 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 Total 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.2 7.8 Less : FISIM 16.5 1303.2 -88.6 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16 Gross Value Added at Constant Basic Prices 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 Taxes on Products 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 2.9 -5.0 GDP at Constant Market Prices 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 6.8 Source:MoFED

Third Quarter 2018/19 97 National Bank of Ethiopia Quarterly Bulletin Table 18: GDP by Economic Activity at Current Prices (In million Birr) Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 542,700 616,843 684,644 Crop 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,294 393,324 427,193 Animal Farming and Hunting 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 146,960 164,730 191,867 Forestry 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,788 65,584 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 Mining and Quarrying 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 4,054 Manufacturing 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 89,247 113,387 128,200 Large and Medium Scale Manufacturing 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 74,763 84,791 Small Scale and Cottage Industries 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 27,559 38,624 43,410 Electricity and Water 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,016 13,714 15,026 Construction 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 300,209 452,978 Whole Sale and Retail Trade 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 202,242 225,076 275,513 Hotels and Restaurants 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 41,601 44,922 53,441 Transport and Communications 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 70,453 77,659 82,947 Financial Intermediation 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 39,769 51,810 69,359 Real Estate, Renting and Business Activities 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 67,063 70,793 79,553 Public Administration and Defense 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 62,259 80,817 94,614 Education 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 42,386 61,123 75,776 Health and Social Work 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 15,669 18,770 24,101 Other Community , Social & Personal Services 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 18,371 20,568 23,634 Private Households with Employed Persons 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,064 19,879 25,428 Total 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,463,883 1,722,669 2,091,618 Less : FISIM 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 14,486 18,870 26,829 Gross Value Added at Current Basic Prices 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833 1,449,397 1,703,798 2,064,789 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,756 137,584 GDP at Current Market Prices 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,568,098 1,832,554 2,202,373 Source: MoFED

98 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) (In million Birr) Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 13.7 11.0 Crop 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 Animal Farming and Hunting 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 Forestry 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.9 11.6 Fishing 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 Mining and Quarrying 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 27.0 13.1 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 21.2 13.4 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 40.1 12.4 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 Construction 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 Whole Sale and Retail Trade 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 Hotels and Restaurants 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 Transport and Communications 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 Financial Intermediation 56.0 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 Real Estate, Renting and Business Activities 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 29.8 17.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 44.2 24.0 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 19.8 28.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 12.0 14.9 Private Households with Employed Persons 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 Total 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.7 21.4 Less : FISIM 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.6 21.2 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 GDP at Current Market Prices 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 16.9 20.2 Source: MoFED

Third Quarter 2018/19 99 National Bank of Ethiopia Quarterly Bulletin Annex 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Gross Value Added at Current Basic Prices 96,391.0 119,934.0 157,170.0 227,703.0 311,073.0 348,686.0 475,647.5 690,444.5 796,303.1 974,727.0 1,192,833.0 1,449,397.0 1,703,798.0 2,064,789.0 Taxes on Products, net 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,129.0 118,700.0 128,755.0 137,583.0 GDP at Current Market Prices 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.0 515,078.5 747,326.5 866,921.1 1,060,825.0 1,297,962.0 1,568,097.0 1,832,554.0 2,202,373.0 Incomes from ROW, net 180.1 399.4 696.7 723.7 (57.1) (614.6) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.0) (10,884.1) (14,349.1) Gross National Income at Current Basic Prices 96,498.0 119,925.0 157,434.0 228,020.0 310,714.0 347,973.0 474,527.4 688,784.7 794,360.3 971,813.0 1,187,558.0 1,444,275.0 1,692,914.1 2,050,440.2 Gross National Income at Current Market Prices 105,522.0 130,324.0 170,544.0 246,152.0 331,731.0 378,422.0 513,958.4 745,666.7 864,978.3 1,057,911.0 1,292,686.0 1,562,975.0 1,821,669.6 2,188,023.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,194.0 44,191.0 59,485.0 74,261.2 86,849.9 93,355.1 106,357.3 128,401.0 155,964.0 154,959.0 188,527.0 Gross National Disposable Income 120,857.0 148,487.0 195,989.0 280,346.0 375,922.0 437,907.0 588,219.5 832,516.6 958,333.4 1,164,268.0 1,421,087.0 1,718,939.0 1,976,629.0 2,376,551.0 Government Final Consumption Expenditure 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.0 53,147.1 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 Private Final Consumption Expenditure 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.0 373,088.5 541,536.3 636,901.3 744,978.0 896,208.0 1,042,265.0 1,219,366.0 1,441,581.0 Gross Capital Formation (Investment) 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.0 165,379.7 277,243.0 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 Exports of Goods and Services 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.0 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 Imports of Goods and Services 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.0 162,487.1 236,383.9 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 Resource Balance (21,699.4) (29,887.0) (33,234.4) (48,247.0) (61,052.0) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) Gross Domestic Savings 9,999.0 10,781.0 21,040.0 22,593.0 32,514.0 35,202.0 88,843.0 143,745.7 152,382.9 217,726.0 284,759.0 351,233.0 409,580.0 535,269.0 Gross National Savings 25,441.0 28,934.0 46,748.0 57,103.0 76,376.0 93,973.0 161,984.0 228,935.8 243,795.2 321,169.0 407,884.0 502,076.0 553,655.0 709,447.0 Mid-year Population (In Million) 68.3 70.0 72.4 74.9 76.8 78.8 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 Per Capita Nominal GDP (In Birr) 1,475.0 1,783.0 2,302.0 3,282.0 4,318.0 4,803.0 6,384.1 9,031.8 10,218.7 12,200.3 14,571.0 17,192.0 19,630.0 23,061.0 Per Capita Real GDP (In Birr) 3,636.2 3,957.3 4,277.4 4,597.2 4,933.7 5,316.6 6,384.1 6,763.3 7,294.5 7,847.6 8,455.8 17,192.0 18,345.8 19,217.5 Average Exchange Rate (Birr/USD) 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 26.1 Real GDP (In USD) 11,201.2 12,390.0 13,108.2 15,279.6 16,665.6 18,754.4 29,543.3 30,007.3 31,095.9 32,877.7 34,438.9 74,297.0 76,411.2 70,296.7 Nominal GDP (In USD)(Million) 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.1 29,543.3 40,072.2 43,561.4 51,113.1 59,344.9 74,297.0 81,760.0 84,356.0 Per Capita Nominal GDP (In USD) 171.0 205.0 262.0 355.0 414.0 373.0 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 Per Capita Real GDP (In USD) 164.0 177.0 181.1 204.0 217.0 238.0 396.1 392.0 399.1 411.4 420.7 815.0 818.7 735.8 GDP Deflator 38.8 43.3 50.8 66.2 82.2 83.3 100.0 133.5 140.1 155.5 172.3 100.0 107.0 120.0 Source: MOFED

100 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Annex 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings (In Millions of Birr) Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 GDP at Current Basic Prices 23.8 24.4 31.0 44.9 36.6 12.1 36.4 45.2 15.3 22.4 22.4 18.2 17.9 21.2 Taxes on Products, net 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.8 8.5 6.9 GDP at Current Market Prices 22.9 23.6 30.6 44.4 35.1 14.2 35.9 45.1 16.0 22.4 22.4 17.7 16.9 20.2 Incomes from ROW, net -132.1 121.7 74.4 3.9 -107.9 976.5 82.3 -48.2 -17.1 -50.0 -81.0 -1.5 -112.5 -31.8 Gross National Income at Current Basic Price 24.4 24.3 31.3 44.8 36.3 12.0 36.4 45.2 15.3 22.3 22.2 18.2 17.2 21.1 Gross National Income at Current Market Price 23.5 23.5 30.9 44.3 34.8 14.1 35.8 45.1 16.0 22.3 22.2 17.8 16.6 20.1 Current Transfers from ROW, net 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 23.4 -0.6 21.7 Gross National Disposable Income 27.4 22.9 32.0 43.0 34.1 16.5 34.3 41.5 15.1 21.5 22.1 18.3 15.0 20.2 Government Final Consumption Expenditure 16.7 21.8 12.4 34.8 22.3 10.3 52.7 16.7 25.1 26.4 19.2 27.2 16.6 10.8 Private Final Consumption Expenditure 33.8 26.9 51.8 35.7 15.3 20.7 45.1 17.6 17.0 20.3 15.7 17.0 18.2 Gross Capital Formation (Investment) 10.1 31.2 14.7 45.9 37.2 24.0 61.5 67.6 6.6 36.4 27.0 15.1 20.3 6.7 Exports of Goods and Services 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 -1.6 0.7 14.1 31.8 Imports of Goods and Services 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 Resource Balance 50.1 37.7 11.2 45.2 26.5 21.5 3.2 -74.4 -7.2 -29.4 -46.7 -11.2 3.9 -9.4 Gross Domestic Savings -22.9 7.8 95.2 7.4 43.9 8.3 152.4 61.8 6.0 43.0 30.8 20.1 16.6 30.7 Gross National Savings 15.3 13.7 61.6 22.2 33.8 23.0 72.4 41.3 6.5 31.8 27.0 21.4 16.9 28.1 Mid-year Population (in Million) 2.7 2.5 3.4 3.5 2.5 2.6 2.4 2.5 2.5 2.6 2.4 2.2 Per Capita GDP (Birr) (Nominal) 20.1 20.9 29.1 42.6 31.6 11.2 32.9 41.5 13.1 19.4 19.4 15.0 14.2 17.5 Per Capita GDP (Birr) (Real) 9.7 8.8 8.1 7.5 7.3 7.8 10.9 5.9 7.9 7.6 7.7 4.8 6.7 4.8 Average Exchange Rate (Birr/USD) 0.3 0.3 1.3 5.1 12.8 23.7 24.9 7.0 6.1 4.3 5.4 5.0 6.2 16.5 Real GDP (USD) 12.3 10.6 5.8 16.6 9.1 12.5 57.6 1.6 3.6 5.7 4.7 2.8 2.8 -8.0 GDP at Current Market Prices(USD) 22.6 23.2 29.0 37.4 19.8 -7.7 8.6 35.6 9.5 17.3 16.1 12.1 10.0 3.2 Per Capita GDP (USD) (Nominal) 20.4 19.9 27.8 35.5 16.6 -9.9 6.2 32.2 6.8 14.4 13.4 9.5 7.8 0.8 Per Capita GDP (USD) (Real) 9.3 7.9 2.3 12.7 6.4 9.7 53.8 -1.0 1.8 3.1 2.3 -0.1 0.5 -10.1 Percentage Change in GDP Deflator 9.9 11.6 17.3 30.4 24.3 1.3 20.1 33.5 4.9 11.0 6.4 0.0 6.3 12.5 Source: MOFED

Third Quarter 2018/19 101 National Bank of Ethiopia Quarterly Bulletin Table 22(A): National Non-Food Consumer Price Index,

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

102 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (B): National Food Consumer Price Index,

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

Third Quarter 2018/19 103 National Bank of Ethiopia Quarterly Bulletin Table 22 (C): Addis Ababa Non-Food Consumer Price Index ,

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

104 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22(D): Addis Ababa Food Consumer Price Index

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

Third Quarter 2018/19 105 National Bank of Ethiopia Quarterly Bulletin Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, House￾hold Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

106 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (E2): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.17197753 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.36613529 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.7695656 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

Third Quarter 2018/19 107 National Bank of Ethiopia Quarterly Bulletin Table 22 (E3): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Main￾tenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

108 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (E4): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

Third Quarter 2018/19 109 National Bank of Ethiopia Quarterly Bulletin Table 22 (E5): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

110 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (E6): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

Third Quarter 2018/19 111 National Bank of Ethiopia Quarterly Bulletin Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods OROMIA 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

112 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (E8): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

Third Quarter 2018/19 113 National Bank of Ethiopia Quarterly Bulletin Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods SOMALI 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

114 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food)

December 2016=100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Trans￾port Com￾munica￾tion Recrea￾tion and Culture Educa￾tion Restau￾rants and Hotels Miscel￾laneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 Source: Central Statistical Agency

Third Quarter 2018/19 115 National Bank of Ethiopia Quarterly Bulletin Table 22 (F1): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

116 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (F2): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

Third Quarter 2018/19 117 National Bank of Ethiopia Quarterly Bulletin Table 22 (F3): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

118 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (F4): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

Third Quarter 2018/19 119 National Bank of Ethiopia Quarterly Bulletin Table 22 (F5): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

120 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (F6): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

Third Quarter 2018/19 121 National Bank of Ethiopia Quarterly Bulletin Table 22 (F7): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

122 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (F8): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

Third Quarter 2018/19 123 National Bank of Ethiopia Quarterly Bulletin Table 22 (F9): Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

124 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 22 (F10):: Regional States’ Consumer Price Index (Food)

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco￾late and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 Source: Central Statistical Agency

Third Quarter 2018/19 125 National Bank of Ethiopia Quarterly Bulletin Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Continents “Country of Destination” 2010 2011 2012 2013 2014 2015 2016 2017 Africa Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 Somali Land - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 Europe Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 Yugoslavia - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 Cuba - - - 325.5 15,043.2 - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6

126 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 23 A1: continued: (In Thousands of Birr) Continents “Country of Destination” 2010 2011 2012 2013 2014 2015 2016 2017 Asia China, Mainland 3,330,807.6 4,764,263.2 5,167,985.4 5,682,920.3 8,071,388.2 6,145,483.9 7,498,265.1 5,111,009.8 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 Unspecified - - - - Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 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

Third Quarter 2018/19 127 National Bank of Ethiopia Quarterly Bulletin Table 23 A2: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr ) Continents Country 2011 2012 2013 2014 2015 2016 2017 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 1,374.8 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 0.7 Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 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 2,467,773.4 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 1,485,372.3 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8

128 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 23 A2:continued: (In thousands of Birr ) Continents Country 2011 2012 2013 2014 2015 2016 2017 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 74,862,982.4 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 4,488,842.1 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 1,353,867.2 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 15,130.0 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 249,402.2 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 30,200,872.0 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 201,799.7 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 36,509,913.2 Asia China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 107,569,979.9 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 1,297,890.5 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 2,768,923.7 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 24,233,274.2 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 1,792,675.0 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 14,722,312.6 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 531,235.1 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 5,588,986.2 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 22,424,256.5 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 842,739.1 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 7,515,151.6 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 1,937,665.6 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 12,937,477.5 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 446,466.6 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 434,498.0 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 4,782,068.8 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 35,454,493.4 Total 82,600,681.2 98,800,401.1 146,401,883.6 140,643,557.9 212,305,178.3 229,899,884.7 218,753,773.5 245,280,094.4 Oceania Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 471,334.6 Unspecified 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 - Grand total 121,889,145.28 150,434,677.44 211,124,145.40 201,848,232.54 303,076,356.23 343,504,673.4 355,911,369.3 379,130,652.5 Source: Ethiopian Customs Authority

Third Quarter 2018/19 129 National Bank of Ethiopia Quarterly Bulletin Table 24: Direction of Trade** (In millions of USD) Country of Origin 2016/17 2017/18 2018/19 QI QII QIII QIV QI QII QIII QIV QI QII QIII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F G H A B C D E F G H A B C D E F Africa: Djibouti 43.1 - 27.5 - 31.1 0.0 31.27 - 29.6 0.0 32.8 0.0 26.8 0.1 38.1 0.1 36.9 0.2 34.0 0.1 31.4 2.0 Egypt 3.6 48.2 0.6 51.0 2.4 33.4 2.45 51.6 1.8 44.8 0.7 51.3 4.5 58.5 3.3 139.1 1.7 53.5 4.3 57.1 17.0 63.8 Ghana 0.0 0.1 0.00 0.2 0.0 0.1 0.1 0.0 0.6 0.0 1.2 0.0 0.3 0.1 Kenya 4.4 11.0 7.5 6.1 13.3 7.2 25.70 10.3 15.5 9.2 8.9 8.4 9.1 9.1 7.8 7.3 6.2 10.8 2.2 10.3 4.3 9.3 Libia - 0.0 - - - 0.0 - - - - - - - - - - - - - - 0.0 0.0 Morocco 0.0 0.2 0.1 35.7 0.2 74.3 0.07 141.5 0.1 0.0 0.1 75.8 0.1 105.5 0.1 107.8 0.0 0.7 0.4 0.8 0.1 130.2 Nigeria 0.3 - 1.3 0.0 2.4 2.0 10.39 1.9 1.5 32.2 9.4 3.7 2.1 1.4 1.3 0.7 2.5 1.4 3.8 0.1 3.3 0.0 Ruwanda 0.5 0.0 0.4 3.0 1.1 0.0 2.19 0.0 0.5 0.0 1.7 0.0 1.0 0.0 2.6 0.0 1.1 0.0 0.2 0.0 0.1 0.0 Somali Land - - - - - 0.5 - 0.5 - 0.3 - 0.2 - 0.0 - 0.3 - 0.1 - 0.1 0.0 0.4 Somalia 79.5 0.4 61.9 0.6 60.9 0.1 63.53 - 63.5 - 56.0 - 43.7 - 65.4 - 70.0 - 66.7 - 59.4 0.0 South Africa 2.9 48.4 1.8 38.9 5.2 56.6 3.07 62.5 1.5 59.3 1.0 51.2 2.7 56.0 3.3 120.9 2.0 46.9 2.3 53.6 2.5 106.1 Sudan 15.2 32.4 16.7 20.5 28.5 41.1 28.98 31.4 19.8 8.2 18.4 23.8 28.5 27.6 32.5 34.1 14.6 9.9 22.2 16.6 21.0 30.6 Tanzania 0.0 0.7 0.0 0.3 0.0 1.0 - 0.0 0.0 0.2 0.0 0.6 0.1 0.8 - 0.0 0.2 0.8 0.1 0.9 0.2 1.0 Uganda 0.0 0.2 0.0 0.0 0.1 0.0 0.06 0.0 0.1 0.0 0.1 0.0 0.1 0.2 0.1 0.4 0.1 0.2 Zambia 0.1 0.3 0.2 0.0 0.2 0.0 0.15 0.3 0.1 0.0 0.1 0.1 0.2 0.0 1.6 0.0 0.9 0.0 0.3 0.3 0.1 0.0 Zembabwe 0.1 0.0 0.01 0.0 0.1 0.0 0.1 0.0 0.1 0.0 Others 7.9 4.5 13.2 7.3 6.3 4.5 17.71 2.1 9.7 1.1 10.2 22.3 25.8 1.2 6.3 1.8 5.4 3.2 7.3 6.7 5.7 1.8 Total 157.8 146.5 131.4 163.4 151.6 220.8 183.21 302.2 143.7 155.5 139.5 237.7 144.7 260.3 163.2 412.1 142.9 127.7 144.3 147.0 145.2 345.5 %Share Of Continent 23.9 3.6 22.9 4.1 19.7 5.9 20.23 7.4 21.18 3.85 20.84 5.90 19.57 7.34 21.69 11.32 22.75 3.47 24.68 3.31 21.1 9.7 Europe: Austria 0.1 17.9 0.0 8.1 0.0 8.8 0.02 10.1 1.7 18.5 0.0 23.4 0.1 13.5 0.1 10.6 0.0 9.3 0.0 4.5 0.0 11.3 Belgium 17.7 50.6 10.9 57.6 26.8 53.8 31.79 46.3 22.7 42.7 15.0 32.9 14.6 14.7 20.4 24.2 19.7 38.9 11.5 130.2 10.6 48.8 Bulgaria 0.3 12.4 0.4 12.9 0.8 11.2 0.41 1.2 0.3 25.0 0.9 1.6 0.9 1.0 1.0 0.5 0.9 16.2 0.5 1.4 1.2 14.0 Cyprus - 1.2 0.0 1.5 - 1.4 0.05 2.1 0.2 1.4 - 1.0 0.2 1.5 0.3 1.3 0.2 1.1 - 1.0 0.1 1.9 Czech Republic 0.3 6.3 0.3 4.0 0.2 7.2 0.13 8.5 0.1 4.5 0.1 2.6 0.0 4.9 0.1 4.0 0.0 7.2 0.1 5.5 0.0 4.0 Slovakia 0.0 2.3 0.1 0.5 0.1 0.3 0.10 0.2 0.1 0.3 0.0 0.4 0.0 3.6 0.0 0.6 0.0 0.3 0.0 0.3 0.0 0.5 Denmark 0.3 8.1 0.3 9.5 0.4 4.1 0.31 4.9 0.4 9.0 0.2 4.6 0.1 4.2 0.6 6.1 0.1 7.6 0.2 25.6 0.3 12.4 Finland 1.0 3.8 0.0 3.7 1.9 15.8 2.54 7.8 0.4 6.1 0.6 5.0 0.8 1.5 1.5 2.8 1.6 4.8 0.1 1.9 1.5 2.3 France 8.9 49.6 6.6 54.6 9.1 51.1 12.03 45.7 9.9 46.1 5.3 43.3 7.2 54.0 9.2 38.8 6.0 43.2 4.0 56.1 3.4 28.6 Germany 33.6 83.8 27.2 58.4 44.8 61.2 61.76 52.1 43.4 69.3 39.3 59.6 40.7 71.5 57.3 77.6 35.5 79.6 18.0 82.9 22.0 79.9 Greece 2.1 3.3 2.4 5.5 1.8 4.3 4.17 4.1 3.5 3.5 1.9 5.5 3.7 2.1 1.6 1.2 0.8 1.9 0.7 1.2 2.8 2.4 Hungary 0.3 5.3 0.2 8.5 0.1 4.0 0.14 2.8 0.2 4.8 0.1 2.2 0.0 5.2 0.1 2.7 0.4 3.9 0.2 3.8 0.1 1.6 Ireland 0.0 8.7 0.1 8.1 0.1 8.8 0.43 16.4 0.0 8.3 0.1 5.5 0.1 7.5 0.0 7.5 0.2 14.9 0.2 8.5 0.2 12.6 Italy 12.2 144.8 9.3 203.9 17.0 133.0 20.36 209.9 14.6 143.9 8.2 167.2 10.9 110.2 23.1 95.0 12.6 91.8 5.0 99.0 8.0 85.5 Netherlands 43.2 16.2 38.8 16.2 51.2 19.8 52.34 147.4 47.6 29.9 40.2 24.0 53.6 26.2 50.1 151.3 45.1 30.3 43.0 27.6 53.2 20.7 Norway 2.2 4.6 1.6 1.0 1.7 1.0 2.45 1.0 1.7 0.9 1.2 0.7 1.3 1.4 1.7 0.2 1.5 0.7 1.4 1.3 1.7 0.8 Poland 0.1 5.5 0.1 48.7 0.0 9.6 0.39 11.5 0.1 5.2 0.0 10.4 0.1 6.4 0.3 6.5 0.3 10.3 0.0 6.2 0.1 11.5 Portugal 1.3 4.4 1.7 2.1 2.8 3.4 1.23 4.3 1.4 3.6 1.2 2.8 1.7 2.5 2.7 2.9 1.2 2.6 1.9 1.7 2.0 3.0 Rumania 0.5 34.1 0.0 12.7 0.2 38.9 0.38 0.9 0.1 46.0 0.1 10.1 0.2 1.7 0.1 33.0 0.0 73.3 0.4 15.0 0.0 9.9 Spain 2.0 41.5 2.0 42.5 4.1 36.6 3.08 40.3 4.2 42.1 3.2 22.0 2.4 12.7 4.3 10.2 5.2 15.8 2.9 22.4 4.8 21.7 Sweden 3.7 356.0 3.0 34.2 2.5 13.5 2.36 8.9 3.9 12.5 1.8 13.3 1.6 10.1 2.2 5.6 1.5 6.8 1.5 11.7 1.3 3.1 Switzerland 65.8 13.2 34.5 15.4 45.2 13.7 64.56 7.1 28.9 25.5 15.0 15.0 46.3 5.9 6.9 9.7 15.8 19.5 4.4 9.3 3.8 6.8 Turkey 1.6 123.2 5.5 125.1 10.5 144.3 9.13 147.2 7.9 176.4 14.0 133.6 18.2 157.2 7.5 124.3 2.6 160.9 13.7 166.4 19.6 137.7 Ukraine 0.4 19.0 0.1 48.7 0.3 17.0 0.27 26.3 0.3 37.5 0.5 39.4 0.1 14.8 0.5 33.6 0.3 38.3 0.1 71.3 0.4 36.7 United Kingdom 13.9 36.4 11.7 47.9 14.4 28.6 16.75 54.2 15.1 85.0 8.2 31.8 8.6 63.2 12.9 52.9 10.5 116.5 7.6 69.2 11.1 84.2

130 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 24: continued: (In millions of USD) Country of Origin 2016/17 2017/18 2018/19 QI QII QIII QIV QI QII QIII QIV QI QII QIII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F G H A B C D E F G H A B C D E F Russia 3.9 11.8 3.3 17.2 4.9 1.4 5.07 11.9 5.5 2.6 5.8 33.3 3.1 35.2 3.8 21.1 1.7 56.1 2.8 17.9 3.9 41.0 Yugoslavia - - - - - - - 0.0 - - - 0.0 - - - - - - - - 0.0 0.0 Others 15.4 39.3 6.5 10.8 7.1 6.8 5.18 6.3 0.8 3.2 3.5 25.5 0.9 15.3 2.1 3.3 8.1 7.7 11.3 12.2 12.2 21.1 Total 230.8 1,103.5 166.3 859.2 248.2 699.7 297.43 879.5 215.0 853.7 170.4 716.6 217.6 648.1 210.6 727.6 171.4 859.3 131.6 854.1 164.5 704.0 %Share Of Continent 35.0 27.2 28.9 21.8 32.3 18.8 32.85 21.5 31.70 21.16 25.46 17.78 29.44 18.28 27.98 19.98 27.30 23.34 22.51 19.25 23.9 19.7 America: Brazil 0.4 6.8 - 40.3 - 59.6 0.00 16.7 0.1 58.0 - 54.0 - 16.7 0.0 11.6 0.0 41.8 0.0 11.2 0.0 7.7 Canada 2.8 27.1 1.9 14.1 3.5 9.1 3.51 14.6 4.3 15.8 3.1 16.7 3.8 17.8 6.2 23.3 4.4 12.1 2.9 21.3 2.4 5.6 Cuba - 0.0 - 0.0 - 0.0 - 0.5 - 0.1 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 Mexico 0.7 0.8 0.4 0.8 0.8 1.0 0.94 3.2 0.4 5.3 0.8 1.2 1.0 1.2 1.6 1.4 1.0 3.7 0.2 1.1 2.2 0.6 United States 35.4 229.6 19.3 291.3 49.4 253.3 77.34 247.4 60.8 301.1 35.8 438.9 65.0 247.0 92.3 209.6 50.6 166.1 25.5 949.8 47.7 180.9 Others 7.3 3.2 7.6 2.1 5.0 2.0 2.98 1.9 0.4 1.9 3.2 2.6 0.7 3.2 2.2 2.4 13.0 2.3 15.7 2.0 25.7 1.5 Total 46.7 267.4 29.2 348.8 58.7 324.9 84.77 284.4 66.0 382.1 42.9 513.4 70.5 285.9 102.3 248.2 69.0 226.0 44.2 985.4 78.0 196.3 %Share Of Continent 7.1 6.6 5.1 8.8 7.6 8.7 9.36 7.0 9.72 9.47 6.41 12.73 9.53 8.07 13.60 6.82 10.98 6.14 7.56 22.21 11.3 5.5 Asia: China, Mainland 44.6 1,272.2 36.9 1,253.8 74.6 1,273.4 65.89 1,326.1 54.3 829.6 89.5 1,090.2 63.4 1,066.8 33.3 859.2 40.6 1,083.1 35.4 959.8 34.5 1001.0 China, Taiwan 4.4 15.4 3.7 12.7 2.0 11.4 5.77 14.8 3.6 17.0 1.9 11.6 1.3 8.9 5.2 8.8 5.2 12.5 2.1 16.5 2.6 12.7 Hong Kong 4.2 1.7 3.8 2.0 3.9 11.4 6.54 1.8 4.7 104.1 4.3 2.2 3.5 0.7 4.8 24.9 3.1 2.8 3.0 2.4 2.9 2.7 India 19.0 346.8 7.6 329.2 15.4 251.3 10.11 263.8 9.7 240.6 11.2 258.7 29.3 238.8 12.9 252.3 7.5 266.2 14.0 367.8 25.2 335.3 Indonesia 8.9 84.1 6.6 76.2 3.2 57.0 7.08 73.6 13.3 53.0 8.0 62.0 8.4 57.0 8.3 63.9 7.9 71.5 11.4 84.6 5.9 69.0 Israel 13.5 9.0 15.3 3.4 17.7 4.0 19.56 12.2 17.9 53.2 25.3 7.1 31.8 3.3 22.2 4.2 18.6 7.3 29.5 7.7 31.6 8.3 Japan 19.6 171.9 18.2 191.2 17.7 171.9 43.27 159.0 17.5 115.5 25.1 169.0 16.7 135.1 30.9 98.1 26.6 80.5 24.6 99.7 29.9 93.2 N.Korea, Pdrk 0.4 1.9 0.0 0.8 0.1 2.9 0.32 0.9 0.2 18.4 0.1 0.7 0.2 0.6 0.0 0.4 0.2 0.3 0.1 0.5 0.0 0.7 S.Korea 9.4 41.8 12.0 37.8 14.7 37.6 18.31 49.8 12.4 107.8 10.3 41.1 10.7 40.2 13.4 46.9 12.5 46.2 8.5 50.7 10.9 40.5 Kuwait 0.4 204.1 0.2 221.4 0.4 241.4 0.64 116.6 0.6 125.6 0.7 422.9 0.4 329.2 1.9 354.3 0.6 514.6 0.6 381.3 0.8 202.6 Lebanon 0.1 1.4 0.2 0.6 0.3 0.3 0.74 1.3 0.5 34.6 0.5 0.2 0.8 0.3 0.2 0.4 0.8 0.4 0.5 0.4 0.3 0.2 Malaysia 2.2 68.4 0.7 79.0 0.2 63.9 0.43 88.6 0.0 67.3 0.1 92.4 0.5 84.1 0.5 83.6 0.0 84.3 0.0 115.1 0.1 65.5 Pakistan 10.6 5.5 20.9 10.0 15.7 6.4 1.47 10.0 3.6 55.6 6.1 10.3 4.1 23.2 2.2 30.9 2.7 24.7 2.1 14.5 1.0 4.4 Saudi Arabia 39.2 70.3 44.7 103.5 50.3 160.6 61.23 154.3 39.1 141.2 56.6 93.8 51.2 32.9 42.5 88.9 42.2 41.4 45.5 89.8 47.8 85.2 Singapore 0.5 9.9 0.6 3.5 0.8 2.6 2.29 6.2 2.6 3.6 6.6 6.2 2.6 3.9 2.7 3.1 1.2 4.0 1.8 4.3 8.0 28.5 Yemen 3.4 1.3 5.7 0.5 4.5 1.4 6.68 1.1 17.4 16.0 7.2 0.2 9.4 0.1 12.1 0.4 11.3 0.6 10.3 0.7 17.5 0.7 Thailand 1.4 30.4 0.7 33.3 0.6 28.4 1.28 44.9 1.1 59.9 1.4 64.9 1.6 26.8 1.5 25.8 1.1 72.0 1.3 48.2 1.2 32.0 UAE 22.0 100.9 21.7 106.1 39.9 77.2 35.92 92.1 30.8 52.0 22.5 64.6 24.2 195.3 33.5 221.4 28.2 102.4 26.9 135.7 39.2 221.4 Others 14.2 93.9 44.8 97.2 42.5 66.0 41.77 196.9 16.4 541.6 35.7 161.6 44.2 102.2 40.6 84.4 25.0 51.5 43.7 63.7 37.2 113.4 Total 218.0 2,531.0 244.4 2,562.2 304.6 2,469.0 329.32 2,614.1 245.6 2,636.7 313.4 2,559.8 304.3 2,349.4 268.7 2,252.0 235.1 2,466.2 261.3 2,443.4 295.9 2317.3 %Share Of Continent 33.1 62.5 42.5 65.0 39.7 66.4 36.37 63.9 36.20 65.35 46.81 63.49 41.15 66.26 35.71 61.83 37.44 66.98 44.69 55.08 43.0 65.0 Oceania: Australia 4.3 1.8 2.5 6.0 4.6 5.1 9.52 7.8 5.6 4.5 3.3 2.7 1.8 0.8 4.1 1.2 7.3 2.2 3.0 4.4 2.7 1.3 Others 1.4 1.8 1.1 1.9 0.4 0.7 1.27 1.3 2.6 1.8 0.0 1.2 0.5 1.0 3.6 0.8 2.4 0.7 0.2 2.0 0.6 0.7 Total 5.6 3.6 3.7 7.9 5.0 5.7 10.79 9.0 8.1 6.4 3.3 4.0 2.3 1.8 7.6 2.0 9.7 2.9 3.3 6.4 3.9 2.0 % Share Of Continent 0.9 0.1 0.6 0.2 0.7 0.2 1.19 0.2 1.20 0.16 0.49 0.10 0.31 0.05 1.01 0.05 1.54 0.08 0.56 0.14 0.6 0.1 Unspecified Unspecified - - - - - - - - - - - - - - - - - - Grand Total Grand Total 658.9 4,051.9 575.0 3,941.5 768.1 3,720.1 905.5 4,089.2 678.5 4,034.5 669.5 4,031.4 739.3 3,545.5 752.5 3,641.9 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 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

Third Quarter 2018/19 131 National Bank of Ethiopia Quarterly Bulletin Table 25: Volume of Exports, by major commodity groups (In metric tone) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 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 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9 2018/19 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Qtr III 48,139.8 87,260.6 1,166.0 150,345.7 4,417.6 41,420.9 10,006.2 0.1 - 7,066.4 12,529.6 - 69.5 35.1 70.9 5,158.2 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity .

132 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 25 continued: (In metric tone) 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 26,276.4 231,466.1 227,486.9 473,315.4 473,315.4 Qtr II 544.4 1,119.3 - - - 204.7 - 10,208.7 681.5 5,194.0 31,560.3 180,250.5 167,731.1 415,252.9 415,252.9 Qtr III 1,510.2 785.6 - - - 207.3 - 12,670.2 387.4 6,663.8 47,816.9 154,391.3 193,582.5 564,581.0 564,581.0 Qtr IV 16,794.7 629.2 - - - 180.5 - 12,719.0 393.2 5,230.0 65,437.2 216,445.6 243,120.7 558,834.9 558,834.9 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 551,181.3 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 445,888.6 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 543,788.7 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 452,218.5 452,218.5 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 65,804.0 332,720.8 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 342,023.7 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 495,004.5 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 437,412.3 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 343,541.7 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 379,233.8 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 88,974.8 479,745.5 479,745.5 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 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 6,053.6 295,001.7 295,001.7 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 39,730.5 390,866.2 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0 387,781.0 Qtr IV 739.8 448.5 - - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 4,490.2 338,312.3 338,312.3 2018/19 Qtr I 553.9 108.1 - - - 16.4 - 12,122.2 989.9 3,446.0 9,478.5 293,768.7 5,062.2 252,459.3 252,459.3 Qtr II 264.2 197.4 - - - 45.0 - 11,998.8 1,032.3 2,316.8 17,858.8 298,893.7 38,560.4 326,726.8 326,726.8 Qtr III 1,692.9 393.9 - - - 72.5 - 13,785.0 1,035.8 2,016.5 20,034.3 280,763,322.9 280,763.3 643,185.9 643,185.9 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity .

Third Quarter 2018/19 133 National Bank of Ethiopia Quarterly Bulletin Table 26: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 2,571,879.02 1,368,355.56 599,029.96 888,604.25 376,049.06 185,036.53 - 1,465,413.10 - 1,196,022.71 1,427,123.25 - 8,236.86 3,478.96 16,932.10 535,850.02 Qtr II 1,613,907.40 2,590,227.05 665,155.27 1,129,528.18 298,627.99 262,105.31 - 2,225,243.14 - 788,435.10 1,370,729.01 - 14,174.58 20,383.51 - 553,399.09 Qtr III 3,166,700.91 5,770,739.28 614,057.55 1,569,048.72 331,095.19 237,001.35 - 2,407,850.09 - 874,204.57 1,425,240.39 - 14,660.42 34,633.96 2,026.11 497,720.31 Qtr IV 6,355,627.05 2,747,887.38 596,407.36 1,203,261.48 418,241.25 235,010.32 - 2,623,684.49 - 694,613.64 1,405,654.33 - 14,974.08 27,925.47 1,097.70 513,947.93 2014/15 Qtr I 3,601,606.60 1,782,898.66 650,939.82 1,231,102.44 472,079.61 202,646.32 - 1,548,672.59 - 1,182,546.88 1,316,313.98 - 21,439.25 74,818.49 4.74 420,448.06 Qtr II 2,518,466.43 2,455,328.14 599,692.01 1,157,023.03 416,795.93 256,407.19 - 1,283,486.68 - 615,036.67 1,658,532.63 - 21,584.25 82,407.47 - 364,718.87 Qtr III 3,450,896.65 3,515,303.69 693,219.39 1,243,523.40 473,887.80 245,897.65 - 2,365,432.58 - 462,946.54 1,325,665.80 - 16,251.30 23,524.21 231.25 779,611.07 Qtr IV 6,163,963.66 2,515,767.17 700,896.33 777,563.07 503,104.87 251,662.78 - 1,201,434.50 - 716,025.97 1,167,518.10 - 36,452.15 21,895.90 - 404,544.21 2015/16 Qtr I 3,833,482.55 1,117,113.73 611,869.33 1,008,591.81 536,437.89 284,426.10 - 1,533,270.26 - 1,513,932.09 1,513,299.59 - 12,738.43 43,474.09 - 462,484.53 Qtr II 2,483,305.88 1,744,206.98 599,845.57 1,270,029.37 461,902.72 285,570.28 - 1,353,852.86 - 562,849.10 1,382,213.41 - 14,305.96 40,780.40 - 399,474.19 Qtr III 3,468,404.77 4,246,993.00 565,811.69 1,296,829.87 503,926.11 283,215.63 - 1,428,736.52 - 444,847.26 1,286,804.44 - 7,269.83 44,244.54 11.59 384,833.83 Qtr IV 5,482,069.78 2,968,529.53 646,580.27 1,311,552.35 524,281.73 274,857.76 - 1,797,371.68 - 568,958.88 1,329,711.26 - 17,011.91 23,065.16 - 387,202.37 2016/17 Qtr I 3,967,681.81 1,566,890.84 568,470.09 1,122,225.51 481,858.65 294,980.86 - 1,429,988.74 - 729,289.63 1,646,044.16 - 12,745.69 41,717.52 - 461,145.78 Qtr II 2,947,226.42 1,545,549.69 642,588.05 1,736,431.27 533,074.66 325,785.53 - 751,520.29 - 214,348.91 1,504,475.06 - 10,395.38 29,485.20 - 457,402.49 Qtr III 5,262,982.58 2,447,326.56 570,064.32 2,162,962.11 562,140.77 305,094.56 59,869.51 1,020,138.31 - 212,897.51 1,460,530.31 - 19,689.21 33,777.29 - 516,886.85 Qtr IV 7,719,668.05 2,331,595.43 777,873.35 1,254,944.02 637,647.65 331,887.52 55,562.19 1,482,343.45 - 349,972.81 1,502,640.11 - 17,736.43 32,881.43 - 568,850.61 2017/18 Qtr I 5,011,278.90 1,744,858.76 769,891.95 1,067,855.73 562,830.79 362,770.12 73,122.09 665,027.05 - 698,508.03 1,478,336.66 - 3,557.04 32,525.56 35,581.39 709,998.20 Qtr II 4,443,198.44 3,834,235.78 949,826.11 1,839,139.38 563,485.93 417,619.41 7,754.76 501,643.73 - 212,460.16 1,641,071.57 - 27,767.27 73,565.65 44,337.81 508,420.22 Qtr III 4,861,307.06 3,706,619.53 788,275.50 2,307,768.02 684,152.76 386,724.14 27,284.49 1,256,940.42 - 217,174.16 1,846,728.64 - 27,095.50 35,121.47 49,979.95 678,085.12 Qtr IV 7,577,696.00 1,903,139.95 947,815.16 1,909,501.27 851,498.53 436,383.47 25,421.15 182,145.95 - 410,929.25 1,916,101.39 - 22,891.58 104,794.87 10,452.29 798,725.24 2018/19 Qtr I 5,606,714.42 1,595,732.93 912,007.83 1,193,432.93 664,247.51 406,255.91 18,005.50 429,197.17 - 400,073.40 2,162,094.27 - 20,306.93 41,732.37 6,947.01 932,321.83 Qtr II 3,612,728.79 2,533,022.91 939,790.06 1,917,614.35 589,620.38 408,648.39 22,162.45 103,196.93 - 124,210.78 2,244,183.10 - 7,953.53 102,966.16 - 964,078.79 Qtr III 4,674,836.41 3,683,306.94 688,275.06 2,550,109.98 612,962.22 393,723.19 24,457.76 97,457.01 - 360,827.07 2,047,883.83 - 16,807.45 82,487.28 1,625.18 1,139,113.35 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

134 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 26 continued: (In Thusands of Birr) 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 27,777.70 56,608.67 - - - 9,910.90 - 739,115.07 19,556.85 98,147.13 232,015.90 246,301.16 556,261.08 - 10,642,011.39 Qtr II 12,120.35 65,847.07 - - - 12,728.26 - 854,266.66 19,129.72 127,691.94 281,688.78 195,215.97 573,782.60 - 11,531,915.63 Qtr III 25,020.02 60,823.94 - - - 13,211.00 - 1,144,376.26 10,384.12 178,127.80 338,091.96 177,870.44 534,380.38 - 16,944,978.84 Qtr IV 148,196.53 48,180.11 - - - 11,376.45 - 1,079,625.85 10,824.22 157,185.08 503,732.86 244,529.18 542,971.10 - 16,838,332.48 2014/15 Qtr I 150,602.42 48,948.61 - - - 9,515.37 - 863,071.79 17,535.03 139,740.12 478,824.02 301,876.97 495,271.29 - 12,505,517.44 Qtr II 45,667.00 50,931.24 - - - 18,480.82 - 941,129.15 19,768.74 214,032.25 317,035.83 205,459.11 447,126.34 - 11,429,479.30 Qtr III 56,976.52 61,952.36 - - 250.92 12,177.23 - 1,114,876.62 17,489.82 166,314.22 352,692.15 213,847.85 803,366.52 - 14,596,391.33 Qtr IV 66,311.12 69,121.82 - - - 5,966.71 - 1,167,788.58 25,107.58 127,762.90 308,093.40 136,269.21 426,440.11 - 14,460,828.72 2015/16 Qtr I 46,093.59 34,858.54 - - - 18,622.23 - 1,112,635.18 27,384.59 81,105.78 315,695.13 114,332.66 505,958.62 - 12,471,120.40 Qtr II 38,982.52 43,255.52 - - - 6,606.44 - 1,106,521.26 23,434.28 136,724.05 399,943.14 163,153.89 440,254.59 - 10,598,336.69 Qtr III 66,187.87 47,327.01 - - - 11,996.87 - 1,336,078.82 26,837.95 208,123.71 464,528.36 116,892.36 429,089.96 - 13,961,929.09 Qtr IV 33,947.12 50,557.29 - - - 4,703.20 - 1,182,616.71 32,124.90 140,268.60 366,561.08 322,189.21 410,267.52 - 15,331,192.67 2016/17 Qtr I 15,454.20 41,522.18 - - - 10,707.79 - 1,105,141.90 20,112.72 131,608.91 399,218.95 394,411.57 502,863.29 - 12,323,039.26 Qtr II 38,022.84 56,872.05 - - - 3,649.66 - 1,045,226.32 20,345.58 111,679.53 500,765.25 300,235.98 486,887.69 10,698,282.95 Qtr III 102,075.77 64,418.22 - - - 13,778.95 - 1,366,378.54 22,716.24 176,613.38 593,113.21 384,298,139.26 550,664.13 14,634,359.88 Qtr.IV 195,142.14 118,724.11 - - - 22,421.80 - 2,287,106.82 36,930.87 302,310.02 1,015,628.87 671,946,659.59 940,887.77 - 25,243,562.23 2017/18 Qtr I 64,616.68 38,735.39 - - - 10,124.92 - 1,266,346.36 22,798.98 101,110.03 443,307.74 517,682.43 778,105.16 - 13,216,142.28 Qtr II 29,613.61 86,711.99 - - - 5,137.37 - 1,322,830.19 35,531.87 106,985.75 296,197.05 399,594.85 2,908,926.36 17,347,128.89 Qtr III 42,778.32 52,128.29 - - - 3,808.18 - 1,776,936.74 22,194.74 101,646.73 326,520.65 500,366.79 763,186.55 16,873,256.77 Qtr.IV 19,770.96 56,224.93 - - - 4,624.29 - 1,615,957.90 28,273.77 131,539.76 251,415.39 780,060.63 3,801,840.03 19,985,363.74 2018/19 Qtr I 17,470.15 16,093.37 - - - 1,475.15 - 1,451,212.49 25,556.93 113,331.98 277,665.97 456,745.80 3,340,553.05 16,748,621.86 Qtr II 10,513.78 30,837.40 - - - 4,216.15 - 1,467,006.89 25,714.57 76,167.11 295,922.64 465,255.34 3,442,678.83 15,945,810.49 Qtr.III 33,496.23 49,308.62 - - - 7,549.68 - 1,805,661.75 28,921.70 81,210.40 384,709.47 455,941.67 4,070,025.33 19,220,672.25 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

Third Quarter 2018/19 135 National Bank of Ethiopia Quarterly Bulletin Table 27: Value of Imports, by Major Commodity Groups** (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 1,215 163 19 0 11,978 674 1,534 690 467 1,446 512 Qtr II 3,913 124 27 0 10,006 899 3,728 747 580 1,625 564 Qtr III 2,581 139 32 - 12,565 899 1,062 421 601 1,361 502 Qtr IV 1,458 108 15 0 13,071 1,174 1,485 531 539 1,426 414 2014/15 Qtr I 3,614,064 169,116 18,366 45 11,125,318 929,302 1,310,143 242,236 483,501 1,587,620 522,434 Qtr II 3,357,999 148,421 22,050 71 11,793,269 954,461 1,081,713 1,269,710 607,792 1,426,216 514,790 Qtr III 3,352,714 165,580 29,315 - 7,415,455 899,651 2,045,870 209,194 582,277 1,477,470 578,833 Qtr IV 2,830,621 86,928 25,046 84 9,488,497 968,581 4,204,046 847,847 513,167 1,488,362 446,776 2015/16 Qtr I 2,723,464 177,134 37,401 47 7,269,778 910,225 1,649,390 328,325 582,691 1,649,379 495,802 Qtr II 5,738,333 204,992 48,584 50 7,186,215 723,846 1,859,882 1,191,311 680,624 1,572,598 567,087 Qtr II 9,814,431 198,590 31,413 5 5,534,198 816,529 1,861,968 292,866 692,295 1,603,370 691,583 Qtr IV 6,316,660 165,606 36,197,015,302 1,166,104 5,120,080 719,231 738,846 1,525,275 771,085 2016/17 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 Qtr IV 6,829,349 153,048 32,263 96 18,551,748 1,172,184 5,286,696 311,339 875,399 1,533,488 432,250 2018/19 Qtr I 6,108,505 171,395 18,926 - 17,291,911 1,640,216 3,200,286 537,018 997,360 1,938,502 563,586 Qtr II 4,400,932 119,231 35,128 876 17,632,840 1,406,331 4,955,085 1,001,683 891,969 2,117,501 866,013 Qtr III 5,007,888 92,947 28,053 - 17,506,737 1,179,234 1,885,652 447,431 1,013,454 1,792,978 693,449

136 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 27: (continued) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 96,527,340 Qtr IV 1,286,900 1,828,263 579,208 7,929,223 14,869,246 4,900,213 6,092,034 1,782,783 82,770 26,492,914 99,238,631 2018/19 Qtr I 1,562,470 2,163,693 701,640 9,627,455 17,850,408 4,941,253 7,724,711 1,251,621 80,252 23,862,895 100,982,482 Qtr II 1,732,147 1,348,460 742,908 11,005,781 14,079,383 5,621,035 6,815,022 942,366 73,570 48,546,021 123,391,918 Qtr III 1,679,391 1,234,317 737,995 10,736,343 15,201,505 5,282,974 7,548,035 1,388,347 540,334 28,166,238 100,774,956 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

Third Quarter 2018/19 137 National Bank of Ethiopia Quarterly Bulletin Table 28: Volume of Imports, by Major Commodity Groups** 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 Qtr III 450,363 5,909 352 0 915,650 31,762 5,462 183 12,043 25,729 28,015 Qtr IV 243,404 7,732 403 71 876,711 41,865 7,640 200 17,801 27,887 24,745 2017/18 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 Qtr II 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 Qtr III 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 Qtr IV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641 2018/19 Qtr I 626,714 5,466 240 - 907,140 61,064 18,233 249 19,140 24,312 21,371 Qtr II 395,944 3,051 382 30 964,153 55,976 4,802 347 20,690 26,814 30,290 Qtr III 432,852 3,160 310 - 1,050,653 42,018 5,097 308 50,288 22,808 24,747

138 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 28: (continued) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 Qtr I 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 11,924 87,517 341,447 64,339 151,947 28,805 94,562 43 852,618 3,035,870 Qtr IV 23,505 13,513 73,709 429,518 62,441 56,958 34,794 84,699 84 1,204,839 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 Qtr IV 21,398 10,066 36,166 324,198 54,745 43,797 20,781 250,677 48 1,408,728 3,715,243 2018/19 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 Qtr III 27,469 6,297 52,633 390,714 58,356 38,979 26,554 136,824 128 1,221,897 3,455,268 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

Third Quarter 2018/19 139 National Bank of Ethiopia Quarterly Bulletin Table 29: Value of Imports by End-Use** Categories 2015/16 2016/17 2017/18 2018/19 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII 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 1,077.3 1,382.7 1,151.8 835.5 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 19,306.6 15,194.9 17,589.9 23,876.8 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 2,553.4 2,996.0 2,917.9 2,372.2 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 7,265.5 209.4 193.3 7,439.9 Textile Materials 283.7 403.7 309.8 338.4 339.8 424.8 370.7 445.5 338.4 380.9 335.9 540.2 515.1 652.9 524.0 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 8,947.4 11,474.3 13,825.8 13,540.7 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 19,170.1 18,198.8 18,727.0 17,890.4 Crude petroleum 0.0 0.1 3.6 - 0.2 1.5 0.1 - 0.9 - 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 18,551.7 17,291.9 17,632.8 17,506.7 Others 422.9 344.7 132.9 340.1 361.7 598.6 265.7 567.2 509.5 808.9 460.4 618.2 906.9 1,093.3 383.6 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 27,346.3 32,791.2 50,759.8 31,527.1 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 4,042.7 3,841.9 25,889.3 5,238.9 Tyres for Heavy Vehicles 662.8 685.1 732.4 738.6 816.1 871.2 745.4 753.9 710.8 752.6 511.4 642.8 732.7 888.6 751.5 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 2,937.0 2,157.7 2,748.2 2,843.5 Aircraft 451.9 295.7 1,500.1 1,215.3 828.2 1,142.1 815.8 576.7 628.4 5,990.6 536.6 374.0 364.3 21,987.4 1,583.8 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 89.0 587.2 265.1 60.1 Agricultural 485.4 399.6 321.7 554.7 477.0 553.5 353.0 307.9 230.8 611.6 239.4 256.9 451.2 389.6 413.8 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 23,046.7 28,498.2 24,480.9 25,874.4 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 30,721.6 31,495.7 33,094.3 24,831.1 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 6,778.1 8,090.8 8,803.1 7,912.6 Radio & T.V. 682.4 1,162.8 596.1 628.2 7,770.0 713.6 490.7 582.5 960.2 710.4 663.1 490.3 652.9 635.7 941.4 Tyres for cars & Other Veh. 274.2 295.5 327.4 314.4 319.3 344.4 382.7 388.7 371.4 462.2 372.8 408.2 355.1 324.6 458.7 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 2,202.2 2,212.7 2,722.0 2,483.0 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 3,677.3 4,870.0 5,120.8 4,029.6 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 23,943.5 23,404.9 24,291.2 16,918.5 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 6,047.1 5,607.4 3,963.5 4,289.5 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 4,061.5 4,408.7 5,079.7 3,007.0 Medical & Pharma- ceuticals 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 5,771.1 4,038.3 6,336.6 2,534.0 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 2,841.6 3,363.5 2,351.6 2,211.1 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 5,222.1 5,986.9 6,559.9 4,876.9 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 1,616.9 1,919.2 2,069.1 1,814.0 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 99,238.6 100,982.5 123,391.9 100,775.0 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

140 Third Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin Table 30: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Sector/Sub-sector 2010(2017/18) 2011(2018/19) QIII QIV QI QII QIII “No of projects” Investment Capital “No of projects” Investment Capital “No of projects” Investment Capital “No of projects” Investment Capital “No of projects” Investment Capital Manufacturing 215 2901.3 278 6036.541963 232 3435.7 19.0 274.6 13.0 135.2 Agriculture, hunting and forestry 9 105.3 7 190.997666 8 58.2 7.0 12.5 7.0 4.0 Real estate, renting and business activities 229 2873.7 208 4069.373636 169 1076.8 135.0 470.0 9.0 26.79 Hotels and restaurants 2 19.8 2 21.1 Education 2 16.0 3 50 3 13.1 2.0 15.0 Health and social work 2 24.3 8 200.9 3 22.3 Construction 97 443.9 143 2076.304382 122 1243.6 13.0 36.0 9.0 53.0 Wholesale, retail trade and repair service 1 2.0 169 1076.8 Transport, storage and communication 3 10.9 Mining and Quarrying 4 21.76555 1 3 2 31 Electricity, gas, steam and water supply 1 100 Construction machinery leasing Fishing “Other community, social and personal service activities” 45 244.811372 1 4,525.60 Others 1.0 6.0 Grand Total 557 6,386.4 697 12990.69457 544 5886.8 177.0 814.1 40.0 250.0 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included.

Third Quarter 2018/19 141 National Bank of Ethiopia Quarterly Bulletin Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Sector/Sub-sector 2010(2017/18) 2011(2018/19) QIII QIV QI QII QIII “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” Manufacturing 3657 624 100,039 5,220 8,377 3,556 1,416.0 172.0 773 169 Agriculture, hunting and forestry 91 225 28 308 50 225 48.0 710.0 42 560 Real estate, renting and business activities 829 389 54 560 1,036 408 537 710 405 20 Hotels and restaurants 21 35 18 Education 7 5 6 18 20 132.0 130.0 Health and social work 4 203 25 Construction 575 465 125 877 2,940 965 57.0 60.0 85 296 Wholesale, retail trade and repair service 2 Transport, storage and communication 30 Mining and Quarrying 52 184 25 62 Electricity, gas, steam and water supply 250 Construction machinery leasing Fishing “Other community, social and personal service activities” 125,000 107 12 Others 12.0 105.0 Grand Total 5,186 1,743 225,298 7,715 12,506 5,174 2,202.0 1,887.0 1,330.0 1,107.0 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included.