National Bank of Ethiopia Quarterly Bulletin Third Quarter 2019/20

NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 35, No. 3 Third Quarter 2019/20 Fiscal Year Series Addis Ababa 2020

Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i I. Overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -----------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia-------------------------------------------------------------------2 II. Energy Production and Processing-------------------------------------------------------------------------5 2.1: Import of Petroleum Products------------------------------------------------------------------------------------5 2.2: Electric Power Generation-----------------------------------------------------------------------------------------9 III. Quarterly Price Developments----------------------------------------------------------------------------11 3.1: Developments in National CPI----------------------------------------------------------------------------------11 3.2: Developments in Regional CPI---------------------------------------------------------------------------------11 IV. Monetary Developments-----------------------------------------------------------------------------------16 4.1: Money Supply and Credit----------------------------------------------------------------------------------------16 4.2: Developments in Reserve Money and Monetary Ratio--------------------------------------------------18 4.3: Interest Rate Developments ------------------------------------------------------------------------------------20 4.4: Developments in the Financial Sector------------------------------------------------------------------------23 4.5: Activities of the Banking System-------------------------------------------------------------------------------26 4.5.1: Resource Mobilization-------------------------------------------------------------------------------------26 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---------------------------------------------------------------------------29 4.5.3: Outstanding Credit----------------------------------------------------------------------------------------30 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 V. External Sector Developments ----------------------------------------------------------------------------35 5.1: Balance of Payments ---------------------------------------------------------------------------------------------35 5.2: Current Receipts and Payments--------------------------------------------------------------------------------37

5.3: Balance of Trade ------------------------------------------------------------------------------------------------- 38 5.3.1: Exports of goods --------------------------------------------------------------------------------------- 39 5.3.2: Imports of goods ---------------------------------------------------------------------------------------43 5.3.3: Direction of Trade ---------------------------------------------------------------------------------------44 5.3.3.1: Exports of goods ------------------------------------------------------------------------------44 5.3.3.2: Imports of goods-------------------------------------------------------------------------------45 5.4: Services and Transfers ------------------------------------------------------------------------------------------46 5.4.1: Net Services ---------------------------------------------------------------------------------------------- 46 5.4.2: Transfers ---------------------------------------------------------------------------------------------------49 5.5: Current Account Balance --------------------------------------------------------------------------------------50 5.6: Capital Account---------------------------------------------------------------------------------------------------50 5.7: Changes in Reserve Position ---------------------------------------------------------------------------------50 5.8: Developments in Foreign Exchange Market--------------------------------------------------------------50 5.8.1: Exchange Rate Movements ---------------------------------------------------------------------------50 5.8.2: Movements in the Real Effective Exchange Rate ------------------------------------------------57 5.8.3: Volume of Transactions --------------------------------------------------------------------------------58 VI. Federal Government Finance----------------------------------------------------------------------------59 6.1: Revenue and Grants---------------------------------------------------------------------------------------------60 6.2: Expenditure--------------------------------------------------------------------------------------------------------63 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-----------------------------------------------------------------------------------------72 8.3: Commodity Price ------------------------------------------------------------------------------------------------73 8.4: Exchange Rate Developments -------------------------------------------------------------------------------73 8.5: Impact of Global Economic Development on Ethiopian Economy---------------------------------73 STATISTICAL TABLES--------------------------------------------------------------------------------------------75

Third Quarter 2019/20 I National Bank of Ethiopia Quarterly Bulletin ETHIOPIA: Macroeconomic and Social Indicators Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011)

1. Country Profile Land Area (total, In Sq.Km) 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.0 45.00 NA 15.20 15.2 Irrigated Land ( % of total area ) 3.0 3.0 NA 2,900.00 3100.0 Population Density ( person per sq.km )* 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) 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 (o/w Urban Poulation, in %) 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21.0 Working Age Population ( In Millions ) Urban 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 Rural 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 Total 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 Age Dependency Ratio 93.00 93.00 93.0 75.0 69 69.0 Life Expectancy at Birth ( Male - Female ) 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 Crude Birth Rate 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 Crude Death Rate 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.3:1000 6:1000 Natural Rate of Population Increase ( In % ) 2.7 2.7 2.60 2.40 2.40 2.31 2.07 2.1 Total Fertility Rate 5.4child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W People : Hospital Beds 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 People : Physician1 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 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 Infant Mortality Rate 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 Access to Safe Water ( In %) Country Level 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.00 71.00 76.0 Urban Population 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.00 60.00 66.0 Rural Population 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.00 74.00 79.0 Student-Teacher Ratio Primary ( 1-8 ) 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 43.00 43.00 39.0 Secondary ( 9-12 ) 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 26.00 26.00 22.5 Technical & Vocational 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 11.00 15.00 13.3 Student-School Ratio Primary ( 1-8 ) 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 580:1 567:1 628:1 Secondary ( 9-12 ) 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 754:1 741:1 568:1 Technical & Vocational 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 329:1 318:1 246.8:1

II Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3. Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 256,766.1 346,823.9 395,991.17 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 Nominal GDP Growth Rate (In %) 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Average Marginal Exchange Rate (Birr per USD) 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 GDP at Current Market Price (IN Mn. USD) 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 Nominal GDP per Capita (In USD) 370.8 433.4 389.9 406.4 537.5 574.0 656.0 743.9 814.7 875.4 883.3 983.1 Real GDP per Capita ( In Birr ) 9,088.2 9,753.4 10,510.3 11,431.4 12,125.4 13,000.8 13,977.2 15,068.0 15,892.5 17,093.0 18,005.1 19,207.9 Real GDP per Capita Growth Rate (In %) 7.5 7.3 7.8 8.8 6.1 7.2 7.5 7.8 5.5 7.6 5.3 6.7 GDP Deflator (% change) 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 Real GDP at constant basic price (In Mn. Birr) 680,706.9 749,058.8 828,212.74 922,512.81 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491 1,874,689.3 Real GDP at constant market price (In Mn. Birr) 732,242.1 796,697.6 896,687.51 996,921.82 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066 1,987,157.5 Real GDP Growth Rate (In %) 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 Agriculture & Allied Activties(In Billion Birr) 337.9 359.5 386.9 421.7 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 Industrial Sector (In Billion Birr) 84.6 93.4 104.40 119.95 146.9 188.6 225.9 281.3 343.9 413.8 464 526.2 Service Sector(In Billion Birr) 255.1 289.1 322.50 357.36 393.4 426.3 479.5 530.0 575.9 619.3 674 745.7 Agriculture & Allied Activties (% of GDP) 49.6 48.0 46.7 45.7 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 Industrial Sector ( % of GDP ) 12.4 12.5 12.6 13.0 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 Service Sector ( % of GDP ) 37.5 38.6 38.9 38.7 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 Private Consumption Expenditure 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Government Consumption Expenditure 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Investment 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (48,247.0) (61,052.0) (74,151.0) (76,537.0) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) Gross Private Consumption (% of GDP) 72.5 72.9 73.6 70.9 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 Gross Government Cosumption (% of GDP) 14.3 13.0 12.6 11.8 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 Gross Domestic Fixed Investment (% of GDP) 27.3 27.7 30.1 31.1 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 Resource Balance (% of GDP) (18.8) (17.6) (18.7) (14.5) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9) 3.2: Monetary Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.10 Broad Money Supply (M2) ( In Mn. Birr ) 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.50 Net Foreign Assets ( In Mn. Birr ) 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.20 Reserve Requirement ( CBs ) 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.80 Interest Rate ( In % ) Minimum Deposit Rate 4 4.0 4.0 5.00 7.00 7.00 Lending Rate 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.50 Total Net Domestic Credit (in mn. Birr) 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.90 Continued….

Third Quarter 2019/20 III National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Government 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.20 Other Sectors 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.70 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.60 -Food inflation 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.10 -Non-food inflation (core inflation) 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.90 Addis Ababa -General inflation 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.60 -Food inflation 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.00 -Non-Food inflation (core inflation) 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.00 3.4: External Trade(In Mn.USD) Export of goods & services 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.93 Import of goods & services 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.05 Net trade in goods & services -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 (12,996.12) Current account balance including official transfers -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 (4,534.06) Capital account balance 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,578.6 6,889.4 6,156.8 4,839.86 Overall balance of payments -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 (941.64) 3.5: Government Finance (In Mn .Birr)4 Total Revenue (including grants) 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 Total Revenue (excluding grants) 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 o/w Tax-Revenue 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 Tax-Revenue as % of GDP 9.3 6.7 10.94 11.16 11.18 12.50 12.71 15.09 14.71 14.00 12.26 11.55 Total Expenditures 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 Current Expenditures 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 Capital Expenditures 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 Equity Contribution ( Sinking Fund ) Special Programs 0.0 - - - Total Expenditures as % of GDP 18.3 12.7 18.0 17.8 16.2 18.1 17.7 18.64 17.41 17.97 16.10 15.32 Current Surplus/Deficit 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 Overall Budget Deficit ( including grants ) -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) Deficit as % of GDP -2.8 -1.0 -1.3 -1.6 -1.1 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) Overall Budget Deficit ( excluding grants ) -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) Deficit as % of GDP -6.7 -3.4 -4.4 -4.7 -2.8 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) Continued….

IV Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5 * Period weighted Average 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.05 * End period 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 28.91 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 T-Bills Sold 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 Average Weighted Yield (in %) 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 T-Bills Outstanding by holder 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 Banks 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 605.00 Non-Banks 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 3.8: Inter Bank Money Market Rate5 8.5 _ 3.9: Financial Institutions Number of Commercial Banks 11 12.00 14.00 17.00 ( o/w Private banks ) 9 10.00 12.00 14.00 16.00 Number of Bank Branches 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 Population : Insurance Branch 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1 1.00 Number of Development Bank Branches 32 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 28 30.00 30.00 31.00 35.00 38.00 38.00 Continued…. Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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

Third Quarter 2019/20 1 National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1. International Economic Developments According to the European Central Bank monthly bulletin of 3/2020, the outbreak of Corona virus knocked the global economy severely during the third quarter. The global survey indicators point to contraction in global activity in the third quarter of 2019/20. The Purchasing Managers’ Index (PMI) excluding the Euro area declined sharply from 52 in January to 45 in February and further to 41 in March. The decline was driven by the strong contraction in the services index. Across advanced economies, the all-industry survey indicator in the US market declined during the third quarter. PMIs also decreased in the United Kingdom and Japan due to weaker readings in March. There is no exception in terms of economic slowdown in emerging market economies. Global inflation slowed slightly in February. Annual consumer price inflation in the Organization for Economic Co-operation and Development (OECD) countries declined to 2.2 percent in February, mainly due to moderation in energy price inflation though food price inflation increased slightly. The slowdown in inflation was broad-based across most advanced economies and major non-OECD emerging market economies. In the United States, advance estimates for the third quarter of 2019/20 suggest that GDP will be contracting at annualized rate of 4.8 percent, which is the largest decline since the global financial crisis. The containment measures to COVID-19 are expected to hit the economy harshly. Similarly, the outbreak of COVID-19 and its containment measures affected Euro area countries significantly. During the period, total economic activity declined by 3.8 percent, quarter on quarter. Annual HICP inflation declined further to 0.4 percent in April 2020 from 0.7 percent in March and 1.2 percent in February 2020, mainly due to drop in annual energy inflation rates from -4.5 percent in March to -9.6 percent in April on account of recent oil price slump along with decline on services and non-energy industrial goods inflation. In the United Kingdom, growth of GDP continued to slowdown during the third quarter of 2019/20. The monthly GDP release for February, on a three-month￾on-three-month basis, showed that the UK economy was stagnating even ahead of the pending corona virus outbreak. Since then, the March PMI Composite Output Index has plummeted to a new series low, far below even the worst readings seen at the depths of the Global Financial Crises. In China, economic growth has fallen to its lowest level in decades due to the global pandemic and the associated weak external demand. During the review period, GDP decreased by 6.8 percent year on year. 1.2. Macroeconomic Developments in Ethiopia A. Inflation During the third quarter of 2019/20, headline inflation increased to 4.3 percent from 2.4 percent in the preceding quarter and 3.2 percent a year earlier. The rise in quarterly headline inflation rate was ascribed to 2.6 and 2.7 percentage points increase in non￾food inflation and food & non-alcoholic beverages inflation, respectively. Similarly, headline inflation registered 1.1 percentage point increment due to 1.0 percentage point rise in food & non- alcoholic beverages and 1.3 percentage points in non-food inflation. Of the total 4.3 percent headline inflation registered during the review period, 2.1 percent emanated from food & non-alcoholic beverages while non-food inflation contributed the remaining 2.2 percent.

2 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin B. Monetary Developments At the end of third quarter of 2019/20, broad money supply (M2) reached Birr 986.8 billion, depicting 18.6 percent growth over last year same quarter. This was mainly driven by 29.6 percent expansion in domestic credit against 195.7 percent contraction in net foreign assets (NFA). The increase in domestic credit resulted mainly from 61.4 percent upsurge in credit to central government (net) and 26.4 percent growth in credit to non-central government. Likewise, reserve money amounted to Birr 222.7 billion showing 25.3 percent growth over last year same quarter owing to a 11 percent increase in currency in circulation and 59.2 percent rise in banks’ deposits at NBE. C. Interest rate In the third quarter of 2019/20, the average saving deposit rate remained constant at 8.0 percent while average lending rate stood at 14.25 percent. On the contrary, weighted average time deposit rate declined by 0.11 percentage point on annual basis. Meanwhile, weighted average yield on T-bills increased by 3.6 percentage points. Hence, considering the 22.5 percent inflation in March 2020, all deposit and lending rates as well as T-bills yield remained negative in real terms. 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 226 new branches during the review period, raising the total number of bank branches to 6,362 of which 70 percent were that of private banks. Consequently, one branch on average serves 15,848.61 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 110.9 billion, of which, private banks accounted for 48 percent, while that of state owned banks, namely Commercial Bank of Ethiopia and Development Bank of Ethiopia, constituted 45.1 percent and 6.9 percent, respectively. The banking sector disbursed Birr 50.7 billion in new loans during the review quarter indicating a 36.8 percent annual growth. Of the total new loans, state owned banks took a 54.3 percent share while that of private banks was 45.7 percent. Of the total fresh loans, industry sector was the largest beneficiary, accounting for 39 percent followed by international trade (16.3 percent), domestic trade (12.3 percent), agriculture (11.9 percent), personal credit (8.7 percent), and housing & construction (6.3 percent). The remaining balance was taken up by other economic sectors. During the same period, the banking sector collected loans to the tune of Birr 44.6 billion which was about 61.1 percent higher than a year earlier. Of the total loan, 50.5 percent was collected by private banks and 49.5 percent by state owned banks. Meanwhile, total outstanding credit of the banking system (excluding credit to government) increased to Birr 605.4 billion, showing a 28.2 percent year-on￾year growth. About 99.7 percent of private banks’ and 49.7 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 privately owned. Their branches increased to 595 from 558 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. Similarly, their total capital reached Birr 9.0 billion, of which about 68.8 percent was owned by private insurance companies. 1 Total population is 100,829,000 as CSA estimation for 2020

Third Quarter 2019/20 3 National Bank of Ethiopia Quarterly Bulletin 3. Microfinance Institutions The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 43.3 billion in saving deposit by end of the third quarter which was 12.6 percent higher than last year same period. Their total outstanding credit also increased by 17.6 percent and reached Birr 60.8 billion. Similarly, their total asset grew by 17.1 percent to reach Birr 89.6 billion. E. External Sector and Foreign Exchange Developments

1. External Sector Development In the third quarter of 2019/20, total merchandise export earnings amounted to USD 757.6 million, showing 10.2 percent increment relative to last year same quarter. This was largely attributed to improvements in receipts from flower (77.3 percent), chat (13.5 percent), gold (293.1 percent), textile & textile products (4.5 percent), electricity (9.0 percent) and other export products (25.9 percent). During the same period, the country received lower earnings from oilseeds (1.2 percent), pulses (26.8 percent), leather & leather products (39.5 percent), meat & meat products (19.0 percent) and live-animals (33.1 percent). Similarly, total merchandise import bill increased by 1.7 percent to reach USD 3.6 billion, on account of higher import values of consumer goods (15.5 percent), semi-finished goods (12.1 percent) and raw materials (32.1 percent) outweighing lower import values of fuel (13.5 percent) and capital goods (7.5 percent). The average price of Brent crude oil, a point of reference for international oil price, depicted a 5.6 percent slowdown to USD 59.7 per barrel vis-à-vis USD 63.2 a year ago. It also showed a 5.9 percent reduction relative to the preceding quarter. Contrary to slowdown in international oil price, the average retail prices of fuel in Addis Ababa were adjusted upward to Birr 23.9 per liter from Birr 21.6 per liter a year ago. During the review period, total transfer receipts registered 14.9 percent decline to 1.7 billion due to lower receipts from official transfers 47.8 percent and private transfers 5.9 percent. At the same time, total transfer payments dropped 14.6 percent owing to 52.3 percent reduction in private transfers and 1.6 percent in official transfer payments. Consequently, the current account balance (including official transfers) recorded USD 1.44 billion in deficit compared with USD 1.2 billion deficit a year ago. In contrast, capital account registered USD 780.2 million surplus which was 3.6 percent higher than that of a year earlier. This was attributed to a 69.2 percent decrease in net deficit of other public long term capital and 13.7 percent decline in private sector long term capital, foreign direct investment (9.7 percent), net official long term capital (35.9 percent) and net short term capital inflow. As a result, the deficit in overall balance of payments narrowed to USD 420.9 million from USD 572.7 million from USD 572.7 million a year ago.
2. Exchange Rate Development During the third quarter of 2019/20, weighted average official exchange rate of the Birr showed a 14.0 percent annual depreciation and reached Birr 32.2146/USD. Meanwhile, real effective exchange rate index (REERI) of the Birr depreciated by 2.1 percent on annual basis mainly due to faster deprecation of Birr vis-à￾vis trading partners currency. Similarly, the nominal effective exchange rate index (NEERI) appreciated 9.0 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 2019/20 reached Birr 56.9 billion, depicting 7.6 percent annual contraction. On the other hand, total Federal government expenditure stood at Birr 81.3 billion, registering 8.5 percent increase relative to last year same period.

4 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin As a result, the overall fiscal deficit (including grants) was Birr 24.4 billion compared to Birr 13.3 billion deficit a year ago. G. Investment During the third quarter of 2019/20, 7 investment projects having investment capital of Birr 360.9 million became operational. Both the number of investment projects and investment capital showed 96 and 55.7 percent decline relative to last year same quarter respectively.

Third Quarter 2019/20 5 National Bank of Ethiopia Quarterly Bulletin 2.1. Import of Petroleum Products During the third quarter of 2019/20 the volume of petroleum products imported was 955.2 thousand metric tons, showing 9.1 percent annual decline owing to lower imports of jet fuel (35.7 percent) and gas oil (4.5 percent). Similarly, the amount of petroleum products imported related to the preceding quarter went down by 5.8 percent. The share of gas oil, in total petroleum import was 69.1 percent while that of regular gasoline and jet fuel constituted 14.9 and 14 percent, respectively (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. III Qtr. II Qtr. III A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 135,787.6 12.9 133,745.9 13.2 141,900.1 14.9 4.5 6.1 Jet Fuel 208,436.3 19.8 212,529.5 21.0 133,970.7 14.0 (35.7) (37.0) Fuel Oil 15,882.1 1.5 19,007.9 1.9 19,684.2 2.1 23.9 3.6 Gas Oil (ADO) 690,546.5 65.7 648,408.0 64.0 659,674.5 69.1 (4.5) 1.7 Total 1,050,652.6 100 1,013,691.3 100 955,229.4 100 (9.1) (5.8) Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported National Bank of Ethiopia Quarterly Bulletin 8 | Third Quarter 2019/20 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 IV I II III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the review period, total petroleum import value reached Birr 16.8 billion, about 4.4 percent lower than the same quarter of last year. This was in response to reduction in international oil price and volume of petroleum imports. On annual basis, regular gasoline and gas oil showed 13.4 and 0.3 percent respective growth while jet fuel and fuel oil declined by 30.8 and 1.6 percent, respectively (Table 2.2). Source: Ethiopian Petroleum Enterprise II. Energy Production and Processing

6 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin During the review period, total petroleum import value reached Birr 16.8 billion, about 4.4 percent lower than the same quarter of last year. This was in response to reduction in international oil price and volume of petroleum imports. On annual basis, regular gasoline and gas oil showed 13.4 and 0.3 percent respective growth while jet fuel and fuel oil declined by 30.8 and 1.6 percent, respectively (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,312,342.0 13.2 2,624,239.4 14.1 2,621,096.6 15.6 13.4 (0.1) Jet Fuel 3,628,926.8 20.7 4,054,106.7 21.8 2,512,531.5 15.0 (30.8) (38.0) Fuel Oil 239,624.2 1.4 215,528.2 1.2 235,830.0 1.4 (1.6) 9.4 Gas Oil (ADO) 11,343,475.7 64.7 11,722,479.5 63.0 11,382,144.6 67.9 0.3 (2.9) Total 17,524,368.7 100 18,616,353.8 100 16,751,602.8 100 (4.4) (10.0) Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported National Bank of Ethiopia Quarterly Bulletin 9 | Third Quarter 2019/20 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,312,342.0 13.2 2,624,239.4 14.1 2,621,096.6 15.6 13.4 (0.1) Jet Fuel 3,628,926.8 20.7 4,054,106.7 21.8 2,512,531.5 15.0 (30.8) (38.0) Fuel Oil 239,624.2 1.4 215,528.2 1.2 235,830.0 1.4 (1.6) 9.4 Gas Oil (ADO) 11,343,475.7 64.7 11,722,479.5 63.0 11,382,144.6 67.9 0.3 (2.9) Total 17,524,368.7 100 18,616,353.8 100 16,751,602.8 100 (4.4) (10.0) 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 IV I II III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products decreased by 13.1 percent over last year same quarter owing to lower FOB prices of all petroleum products except regular gasoline. Likewise, average FOB price of petroleum products went down by 18.9 percent vis - a￾vis the preceding quarter due to decline in all of its components except fuel oil. (Table 2.3) Source: Ethiopian Petroleum Enterprise

Third Quarter 2019/20 7 National Bank of Ethiopia Quarterly Bulletin Average FOB price of petroleum products decreased by 13.1 percent over last year same quarter owing to lower FOB prices of all petroleum products except regular gasoline. Likewise, average FOB price of petroleum products went down by 18.9 percent vis - a- vis the preceding quarter due to decline in all of its components except fuel oil. (Table 2.3) Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 563.3 867.4 686.8 21.9 (20.8) Jet Fuel 591.5 583.3 443.1 (25.1) (24.0) Fuel Oil 393.8 251.8 254.2 (35.4) 1.0 Gas Oil (ADO) 557.9 554.9 447.3 (19.8) (19.4) Average 526.6 564.3 457.9 (13.1) (18.9) Brent Crude Oil (USD/Barrel) 63.2 63.4 59.7 (5.6) (5.9) Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products National Bank of Ethiopia Quarterly Bulletin 10 | Third Quarter 2019/20 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2018/19 2019/20 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 563.3 867.4 686.8 21.9 (20.8) Jet Fuel 591.5 583.3 443.1 (25.1) (24.0) Fuel Oil 393.8 251.8 254.2 (35.4) 1.0 Gas Oil (ADO) 557.9 554.9 447.3 (19.8) (19.4) Average 526.6 564.3 457.9 (13.1) (18.9) Brent Crude Oil (USD/Barrel) 63.2 63.4 59.7 (5.6) (5.9) Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 5.6 percent and reached USD 59.7 per barrel compared with USD 63.2 a year ago. Source: Ethiopian Petroleum Enterprise

8 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin The average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 5.6 percent and reached USD 59.7 per barrel compared with USD 63.2 a year ago. In line with movements in international oil prices and domestic macroeconomic considerations, domestic fuel retail prices were adjusted upward against last year. Despite slowdown in international fuel prices average retail price of fuel in Addis Ababa went up 10.7 percent to reach Birr 23.9 per liter from Birr 21.6 a year ago and 2.4 percent quarter on-quarter bases (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (In ‘000 of K.W.H) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 20.02 21.53 21.53 7.5 0.0 Fuel Oil 30.64 32.91 32.91 7.4 0.0 Gas Oil (ADO) 17.95 18.75 18.75 4.5 0.0 Kerosene 17.95 18.75 18.75 4.5 0.0 Jet fuel 21.33 26.58 27.50 29.0 3.5 Average 21.58 23.32 23.89 10.7 2.4 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices National Bank of Ethiopia Quarterly Bulletin 12 | Third Quarter 2019/20 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation During the third quarter of 2019/20 3.9 billion KWH of electric power was generated about 6.7 percent higher than a year ago due to higher production from hydropower (5.4 percent) and wind sources (2.2 percent). Of the total energy generated, about 94.1 percent was from hydropower, 4.5 percent from wind and 1.4 from biomass (Table 2.5). By system of generation, all the power was generated through interconnected systems (ICS) 2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution Source: Ministry of Trade

Third Quarter 2019/20 9 National Bank of Ethiopia Quarterly Bulletin 2.2. Electric Power Generation During the third quarter of 2019/20 3.9 billion KWH of electric power was generated about 6.7 percent higher than a year ago due to higher production from hydropower (5.4 percent) and wind sources (2.2 percent). Of the total energy generated, about 94.1 percent was from hydropower, 4.5 percent from wind and 1.4 from biomass (Table 2.5). By system of generation, all the power was generated through interconnected systems (ICS)2 (Table 2.6). Table 2.5: Electricity Generation by Sources Power Source 2018/19 2019/20 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,461,447.3 95.3 3,591,542.1 93.4 3,647,601.8 94.1 5.4 1.6 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 171,018.7 4.7 203,219.8 5.3 174,746.2 4.5 2.2 -14.0 Biomass - - 48,522.0 1.3 53,237.0 1.4 0.0 9.7 Total 3,632,466.0 100 3,843,283.8 100 3,875,585.0 100 6.7 0.8 Source: Ethiopian Electric Power Table 2.6: generation of electricity power in the interconnected system (ICS) and self-contained system (SCS) System of Power supply 2018/19 2019/20 Percentage Qtr. III Qtr. II Qtr. III Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,461,447.3 95.3 3,591,542.1 93.4 3,647,601.8 94.1 5.38 1.6 Thermal Power - - - - - 0.0 Geothermal - - - - 0.0 Wind 171,018.7 4.7 203,219.8 5.3 174,746.2 4.5 2.18 -14.0 Biomass - - 48,522.0 1.3 53,237.0 1.4 0 0 Sub-Total 3,632,466.0 100 3,843,283.8 100 3,875,585.0 100 6.7 0.8 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,632,466.0 100 3,843,283.8 100 3,875,585.0 100 6.7 0.8 Source: Ethiopian Electric Power 2 The generated power from different power stations stored in substations before distribution

10 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.2.5: Volume of Electricity Production by Type National Bank of Ethiopia Quarterly Bulletin 14 | Third Quarter 2019/20 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 QIV 2019/20 QI QII QIII Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power Source: Ethiopian Electric Power

Third Quarter 2019/20 11 National Bank of Ethiopia Quarterly Bulletin 3.1. Developments in National CPI Headline inflation has increased to 4.3 percent during the third quarter of 2019/20 from 2.4 percent a quarter earlier. It was also higher than 3.2 percent inflation recorded last year same quarter. The rise in quarterly headline inflation was attributed to 2.6 and 1.0 percentage point increase in food & non-alcoholic beverages and non-food inflation, respectively. Likewise, headline inflation scaled up annually by 1.1 percentage points on account of a 1.0 percentage point increase in food & non-alcoholic beverages inflation and 1.3 percentage points in non-food inflation. Food & non-alcoholic beverages and non￾food inflations contributed 2.1 and 2.2 percent, respectively, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). In the review quarter, food & non-alcoholic beverages inflation increased to 3.8 percent from 1.2 percent registered in the previous quarter, owing to higher inflation in the prices of food products not classified elsewhere (14.9 percentage point), oil & fats (7.3 percentage point), vegetables (7.2 percentage point), non-alcoholic beverages (4.0 percentage point), fish and sea food (3.4 percentage point) milk, cheese & egg (3.3 percentage point), and meat (0.3 percentage point). On the other hand, inflation related to fruit, sugar jam, honey & chocolate and bread & cereals scaled down (Table 3.2). Similarly, non-food inflation rose to 4.9 percent in the review quarter from 3.8 percent a quarter earlier and 3.5 percent compared to last year same quarter. The rise in quarterly non-food inflation was attributed mainly to higher inflation for transport service (2.5 percentage point), housing, water, electricity, gas & other fuel (2.5 percentage point), communication (0.9 percentage point), alcoholic beverage & tobacco (0.9 percentage point), miscellaneous goods (1.0 percentage point) and furnishings, household equipment & routine maintenance of houses (0.5 percentage point) (Table 3.3). Fig.3.1: Quarterly Movement in National Inflation National Bank of Ethiopia Quarterly Bulletin 16 | Third Quarter 2019/20 Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Items Weights in % 2019/20 2019/20 Change in %age Points Contributions in (%) to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII-2019/20 Headline Inflation Change Over QII-2019/20 QIII-2019/20 Headline Inflation Absolute Relative Headline 100 3.2 2.4 4.3 1.1 1.9 1.1 1.9 4.3 100 Food & Non￾alcoholic beverage 54 2.8 1.2 3.8 1.0 2.6 0.5 1.4 2.1 48.0 Non-food 46 3.5 3.8 4.9 1.3 1.0 0.6 0.5 2.2 52.0 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 16 | Third Quarter 2019/20 Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Items Weights in % 2019/20 2019/20 Change in %age Points Contributions in (%) to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII-2019/20 Headline Inflation Change Over QII-2019/20 QIII-2019/20 Headline Inflation Absolute Relative Headline 100 3.2 2.4 4.3 1.1 1.9 1.1 1.9 4.3 100 Food & Non￾alcoholic beverage 54 2.8 1.2 3.8 1.0 2.6 0.5 1.4 2.1 48.0 Non-food 46 3.5 3.8 4.9 1.3 1.0 0.6 0.5 2.2 52.0 Source: CSA and NBE Staff Computation Source: CSA III. Quarterly Price Developments

12 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Items Weights in % 2018/19 2019/20 Change in %age Points Contributions in (%) to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII-2019/20 Headline Inflation Change Over QII-2019/20 QIII-2019/20 Headline Inflation Absolute Relative Headline 100 3.2 2.4 4.3 1.1 1.9 1.1 1.9 4.3 100 Food & Non￾alcoholic beverage 54 2.8 1.2 3.8 1.0 2.6 0.5 1.4 2.1 48.0 Non-food 46 3.5 3.8 4.9 1.3 1.0 0.6 0.5 2.2 52.0 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 17 | Third Quarter 2019/20

Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Dec2011=100) Items Weights 2019/20 2019/20 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII￾2019/20(%) Headline Inflation Change over QII￾2019/20(%) Food & Non-alcoholic beverages Inflation 0.54 2.8 1.2 3.8 1.0 2.6 0.5 1.4 Bread & Cereals 0.17 1.5 3.9 0.1 -1.4 -3.8 -0.2 -0.7 Meat 0.04 3.5 2.4 2.7 -0.8 0.3 0.0 0.0 Fish and sea food 0.00 0.9 1.9 5.3 4.3 3.4 0.0 0.0 Milk, cheese & egg 0.03 4.2 -0.4 2.9 -1.3 3.3 0.0 0.1 Oils & Fats 0.04 0.6 -1.3 6.0 5.4 7.3 0.2 0.3 Fruit 0.00 4.9 8.5 2.5 -2.4 -5.9 0.0 0.0 Vegetables 0.12 7.5 -2.3 4.9 -2.6 7.2 -0.3 0.9 Sugar jam, honey, chocolate 0.01 1.4 -2.3 -6.9 -8.3 -4.6 -0.1 -0.1 Food products n.e.c 0.06 3.9 0.5 15.3 11.5 14.9 0.6 0.8 Non-alcoholic beverages 0.05 -5.0 2.8 6.8 11.9 4.0 0.6 0.2 Source: CSA and NBE Staff Computation Source: NBE Staff Computation

Third Quarter 2019/20 13 National Bank of Ethiopia Quarterly Bulletin Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Dec2011=100) Items Weights 2018/19 2019/20 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII￾2019/20(%) Headline Inflation Change over QII-2019/20(%) Food & Non-alcoholic beverages Inflation 0.54 2.8 1.2 3.8 1.0 2.6 0.5 1.4 Bread & Cereals 0.17 1.5 3.9 0.1 -1.4 -3.8 -0.2 -0.7 Meat 0.04 3.5 2.4 2.7 -0.8 0.3 0.0 0.0 Fish and sea food 0.00 0.9 1.9 5.3 4.3 3.4 0.0 0.0 Milk, cheese & egg 0.03 4.2 -0.4 2.9 -1.3 3.3 0.0 0.1 Oils & Fats 0.04 0.6 -1.3 6.0 5.4 7.3 0.2 0.3 Fruit 0.00 4.9 8.5 2.5 -2.4 -5.9 0.0 0.0 Vegetables 0.12 7.5 -2.3 4.9 -2.6 7.2 -0.3 0.9 Sugar jam, honey, chocolate 0.01 1.4 -2.3 -6.9 -8.3 -4.6 -0.1 -0.1 Food products n.e.c 0.06 3.9 0.5 15.3 11.5 14.9 0.6 0.8 Non-alcoholic beverages 0.05 -5.0 2.8 6.8 11.9 4.0 0.6 0.2 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations (Dec2011=100) Items Weights 2018/19 2019/20 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII￾2019/20(%) Headline Inflation Change over QII-2019/20(%) Non-Food Inflation 0.46 3.5 3.8 4.9 1.4 1.1 0.7 0.5 Alcoholic Beverages and tobacco 0.05 7.9 3.6 4.5 -3.4 0.9 -0.2 0.0 Clothing and Footwear 0.06 4.1 1.4 0.7 -3.4 -0.7 -0.2 0.0 Housing, Water, Electricity, Gas and other Fuel 0.17 2.3 6.2 8.8 6.5 2.5 1.1 0.4 Furnishings, Household Equipment and Routine maintenance of houses 0.05 3.8 0.9 1.4 -2.4 0.5 -0.1 0.0 Health 0.01 4.9 5.3 2.9 -2.0 -2.3 0.0 0.0 Transport 0.02 7.6 2.5 5.1 -2.6 2.5 -0.1 0.1 Communication 0.02 0.4 -2.7 -1.8 -2.2 0.9 0.0 0.0 Recreation and culture 0.00 1.4 8.9 1.3 -0.1 -7.6 0.0 0.0 Education 0.00 0.4 1.1 0.2 -0.2 -0.9 0.0 0.0 Restaurant & hotel 0.05 2.1 4.2 3.1 1.0 -1.1 0.1 -0.1 Miscellaneous Goods 0.03 3.2 3.1 4.1 0.9 1.0 0.0 0.0 Source: CSA and NBE Staff Computation

14 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 3.2. Developments in Regional CPI During the third quarter of 2019/20, regional average headline inflation has increased to 4.7 percent from 2.2 percent in the preceding quarter and 2.9 percent last year same quarter. Afar, Gambella, Amhara, Benshangul, and SNNP registered higher headline inflation than the regional average headline inflation during the review quarter. The highest headline inflation (12.0 percent) was witnessed in Afar, while the lowest headline inflation (-1.2 percent) was in Somali, showing a 13.2 percentage point margin. The deviation in the regional headline inflation from the average as signified by standard deviation stood at 3.2 percent from 2.6 percent in the preceding quarter and 0.8 percent last year same quarter (Table 3.4). Meanwhile, the regional average food & non￾alcoholic beverage inflation scaled up to 3.6 percent from 1.4 percent in the preceding quarter and 2.2 percent a year ago. Food & non-alcoholic beverages inflation in Afar, Amhara, Gambella, Oromia and Benshangul, was higher than the regional average. The highest food & non-alcoholic beverages inflation was recorded in Afar (11.8 percent) and the lowest in Somali (-2.2 percent), signifying a 14 percentage point margin. The variation in food & non-alcoholic beverages inflation measured by standard deviation was 4.3 percent compared to the 3.2 percent a quarter earlier and 1.1 percent in previous year same quarter (Table 3.4). Likewise, the regional average non-food inflation increased to 5.7 percent from 3.2 percent in the previous quarter and 3.5 percent last year same quarter. Afar, SNNP, Harari and Benshangul registered higher non-food inflation than the regional average. The highest non-food inflation was recorded in Afar (12.2 percent), while the lowest (0.2 percent) was in Somali, revealing a 12.0 percentage point margin. The variation in non-food inflation measured by the standard deviation was 3.1 percent compared to 2.5 percent in the previous quarter and 1.6 percent last year same quarter (Table 3.4).

Third Quarter 2019/20 15 National Bank of Ethiopia Quarterly Bulletin Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2018/19 2019/20 Annual Change Quarterly Change QIII QII QIII A B C C-A C-B General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food SNNP 1.8 0.4 3.8 5.3 3.7 7.5 5.0 2.4 8.5 3.2 2.1 4.8 -0.2 -1.3 1.1 Harari 4.2 1.8 6.0 2.5 4.0 1.3 4.0 -0.5 7.7 -0.1 -2.2 1.7 1.5 -4.4 6.4 Oromia 3.4 2.9 4.0 1.9 1.7 2.1 3.9 0.5 1.0 0.0 2.0 2.2 1.8 Tigray 2.3 0.5 4.0 4.0 2.1 6.1 3.8 3.6 3.9 1.5 3.1 0.0 -0.3 1.5 -2.1 Gambella 1.7 3.3 -0.3 0.6 -1.1 2.8 6.6 7.9 5.0 4.9 4.6 5.3 6.0 8.9 2.2 Addis Ababa 3.4 3.0 3.6 2.5 1.0 3.8 4.1 2.4 5.3 0.7 -0.6 1.7 1.5 1.4 1.5 Dire Dawa 2.8 3.6 2.1 5.2 4.5 5.9 2.0 -1.5 5.5 -0.8 -5.1 3.4 -3.2 -6.0 -0.4 Benshangul. Gumuz 3.7 2.0 5.2 1.5 1.3 1.6 5.2 3.8 6.7 1.5 1.8 1.5 3.7 2.4 5.1 Somali 2.9 2.6 3.2 3.5 4.7 2.0 -1.2 -2.2 0.2 -4.0 -4.8 -3.0 -4.6 -6.9 -1.8 Afar 2.6 1.4 3.8 -4.0 -6.4 -1.1 12.0 11.8 12.2 9.4 10.4 8.4 15.9 18.2 13.4 Amhara 2.9 1.35 -0.27 3.3 6.26 8.22 4.1 3.4 5.4 1.1 4.9 8.5 0.8 Regions Average 2.9 2.2 3.5 2.2 1.4 3.2 4.7 3.6 5.7 Standard deviation 0.8 1.1 1.6 2.6 3.2 2.5 3.2 4.3 3.1 Coefficient of variation 0.3 0.5 0.5 1.2 2.3 0.8 0.7 1.2 0.5 Source: CSA and NBE Staff Computation

16 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit At the end of third quarter of 2019/20, broad money supply (M2) stood at Birr 986.8 billion, showing a 18.6 percent growth over the corresponding quarter of last year. The annual growth in broad money was mainly driven by 29.6 percent expansion in domestic credit offsetting the 195.7 percent contraction in external asset (net). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars Qtr. III Qtr. II Qtr. III Percentage Change Contributions of each component to Broad Money Growth (Mar. 19) (Dec. 19) (Mar. 20) A B C C/A C/B Annual

1. External Assets (net) 30,199.2 (14,628.6) (28,903.0) -195.7 97.6 -38.2
2. Domestic Credit 885,845.8 1,040,967.8 1,147,907.3 29.6 10.3 169.3 . Claims on Central Gov’t (net) 80,755.6 111,154.2 130,343.0 61.4 17.3 32.0 . Claims on Non-Central Gov’t 805,090.2 929,813.5 1,017,564.3 26.4 9.4 137.3 . Financial Institutions 52,792.7 55,942.7 55,242.7 4.6 -1.3 1.6 . Others 752,297.5 873,870.8 962,321.6 27.9 10.1 135.7
3. Other Items (net) 84,035.1 75,786.6 132,240.9 57.4 74.5 31.2
4. Broad Money (M2) 832,009.9 950,552.6 986,763.4 18.6 3.8 100.0 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) National Bank of Ethiopia Quarterly Bulletin 21 | Third Quarter 2019/20 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 -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign -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 Domestic Credit Credit to Non-Central Source: Staff Computation, NBE

Third Quarter 2019/20 17 National Bank of Ethiopia Quarterly Bulletin Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) National Bank of Ethiopia Quarterly Bulletin 21 | Third Quarter 2019/20 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 -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign -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 Domestic Credit Credit to Non-Central Source: Staff computation, NBE Component wise, at the end of third quarter of 2019/20, quasi-money supply depicted 14.9 percent annual expansion and 1.9 percent quarterly increase. Narrow money supply surged 25.7 percent on annual and 7.3 percent on quarterly basis. Narrow money contributed 47.0 percent and quasi money 53.0 percent to the annual M2 growth (Table 4.2). 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. 19) (Dec. 19) (Mar. 20) A B C C/A C/B Annual

1. Narrow Money Supply 283,142.7 331,684.1 355,892.0 25.7 7.3 47.0 . Currency outside banks 97,075.1 98,665.3 109,335.3 12.6 10.8 7.9 . Demand Deposits (net) 186,067.6 233,018.8 246,556.7 32.5 5.8 39.1
2. Quasi-Money 548,867.2 618,868.5 630,871.4 14.9 1.9 53.0 . Savings Deposits 462,795.7 529,147.6 550,106.1 18.9 4.0 56.4 . Time Deposits 86,071.5 89,720.9 80,765.3 -6.2 -10.0 -3.4
3. Broad Money Supply 832,009.9 950,552.6 986,763.4 18.6 3.8 100.0 Source: Staff Computation, NBE

18 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.IV.3: Composition of Monetary Stock National Bank of Ethiopia Quarterly Bulletin 23 | Third Quarter 2019/20 Fig.IV.3: Composition of Monetary Stock

4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 222.7 billion at the end of third quarter of 2019/20, showing 25.3 percent a year-on-year and 13.0 percent quarterly growth. Excess reserve of commercial banks also grew significantly (179.3 percent) on annual terms while it contracted 10.0 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, slowed down both on quarterly and annual basis while the ratio of broad money to reserve money decreased by 5.3 percent (Table 4.3). 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Source: staff computation, NBE Reserve money reached Birr 222.7 billion at the end of third quarter of 2019/20, showing 25.3 percent a year-on-year and 13.0 percent quarterly growth. Excess reserve of commercial banks also grew significantly (179.3 percent) on annual terms while it contracted 10.0 percent on quarterly basis. The money multiplier, measured by the ratio of broad money to reserve money, slowed down both on quarterly and annual basis while the ratio of broad money to reserve money decreased by 5.3 percent (Table 4.3). 4.2. Developments in Reserve Money and Monetary Ratio

Third Quarter 2019/20 19 National Bank of Ethiopia Quarterly Bulletin Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III Percentage Change (Mar. 19) (Dec. 19) (Mar. 20) A B C C/A C/B

1. Reserve Requirement (CB’s) 41,755.4 47,858.3 49,362.0 18.2 3.1
2. Actual Reserve (CB’s) 54,596.4 87,714.4 85,227.8 56.1 -2.8
3. Excess Reserve (CB’s) 12,841.0 39,856.1 35,865.8 179.3 -10.0
4. Reserve Money 177,808.3 197,049.9 222,721.9 25.3 13.0 . Currency in Circulation 125,298.3 128,071.6 139,106.3 11.0 8.6 . Banks deposits at NBE 52,510.0 68,978.3 83,615.7 59.2 21.2
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.7 1.6 0.3 -5.1 . Broad Money to Reserve Money 4.7 4.8 4.4 -5.3 -8.2
6. Other Monetary Ratios (%): . Currency to Narrow Money 44.3 38.6 39.1 -11.7 1.2 . Currency to Broad Money 15.1 13.5 14.1 -6.4 4.6 . Narrow Money to Broad Money 34.0 34.9 36.1 6.0 3.4 . Quasi Money to Broad Money 66.0 65.1 63.9 -3.1 -1.8 Source: Staff Computation, NBE Fig.IV.4: Quarterly Growth of Reserve Money and Its Components National Bank of Ethiopia Quarterly Bulletin 24 | Third Quarter 2019/20 Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III Percentage (Mar. 19) (Dec. 19) (Mar. 20) Change A B C C/A C/B
7. Reserve Requirement (CB's) 41,755.4 47,858.3 49,362.0 18.2 3.1
8. Actual Reserve (CB's) 54,596.4 87,714.4 85,227.8 56.1 -2.8
9. Excess Reserve (CB's) 12,841.0 39,856.1 35,865.8 179.3 -10.0
10. Reserve Money 177,808.3 197,049.9 222,721.9 25.3 13.0 . Currency in Circulation 125,298.3 128,071.6 139,106.3 11.0 8.6 . Banks deposits at NBE 52,510.0 68,978.3 83,615.7 59.2 21.2
11. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.7 1.6 0.3 -5.1 . Broad Money to Reserve Money 4.7 4.8 4.4 -5.3 -8.2
12. Other Monetary Ratios (%): . Currency to Narrow Money 44.3 38.6 39.1 -11.7 1.2 . Currency to Broad Money 15.1 13.5 14.1 -6.4 4.6 . Narrow Money to Broad Money 34.0 34.9 36.1 6.0 3.4 . Quasi Money to Broad Money 66.0 65.1 63.9 -3.1 -1.8 Source: Staff Computation, NBE Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII 2017/18 2018/19 2019/20 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE

20 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.IV.5: Monetary Aggregates National Bank of Ethiopia Quarterly Bulletin 25 | Third Quarter 2019/20 Fig.IV.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 80,000.0 90,000.0 100,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate remained at 8.0 percent and average lending rate at 14.25 percent while weighted average time deposit rate witnessed minor decline (0.11 percent) on annual basis. In contrast, weighted average yield on T￾bills increased by 3.6 percentage points over last year same quarter. Yet, considering March 2020 headline inflation of 22.5 percent, all deposit and lending rates as well as T-bill yields remained negative in real terms (Table 4.4). Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate remained at 8.0 percent and average lending rate at 14.25 percent while weighted average time deposit rate witnessed minor decline (0.11 percent) on annual basis. In contrast, weighted average yield on T-bills increased by 3.6 percentage points over last year same quarter. Yet, considering March 2020 headline inflation of 22.5 percent, all deposit and lending rates as well as T-bill yields remained negative in real terms (Table 4.4).

Third Quarter 2019/20 21 National Bank of Ethiopia Quarterly Bulletin Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2018/19 2019/20 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 8.03 8.00 7.90 (0.12) (0.10) 1-2 years 8.07 8.05 7.95 (0.11) (0.10) Over 2 years 8.11 8.09 8.00 (0.11) (0.09) Average Time Dep. Rate (Weighted) 8.07 8.05 7.95 (0.11) (0.10)
3. Demand Deposit (Weighted) 0.04 0.05 0.05 0.00 (0.00)
4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 21.50 21.50 1.50 - Average Lending Rate 13.50 14.25 14.25 0.75 -
5. T-bills Rate (Weighted) 1.91 3.45 7.01 5.10 3.56
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on-year) 11.1 19.5 22.5 11.40 3.00
8. Food Inflation (Year-on-year) 11.4 22.8 26.9 15.49 4.10
9. Core/non-food Inflation (Year-on-year) 10.9 15.8 17.5 6.60 1.70 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

22 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) National Bank of Ethiopia Quarterly Bulletin 28 | Third Quarter 2019/20 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) *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 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 0.00 5.00 10.00 15.00 20.00 25.00 0.00 5.00 10.00 15.00 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) National Bank of Ethiopia Quarterly Bulletin 28 | Third Quarter 2019/20 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) *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 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 0.00 5.00 10.00 15.00 20.00 25.00 0.00 5.00 10.00 15.00 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE

Third Quarter 2019/20 23 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector Total number of banks operating in Ethiopia remained at 18 by the end of March 2020, of which 16 were private and the remaining two state owned. The number of bank branches however, increased to 6,362, with 226 new bank branches opened in the third quarter. Thus, population to bank branch ratio reached 15,848.63 . About 34.1 percent of the total bank branches were located in Addis Ababa. Out of total bank branches, the share of state owned banks in total bank branches was 30.0 percent and that of private banks 70 percent. At the same time, total capital of the banking system reached Birr 110.9 billion, of which state owned banks accounted for 52 percent and private banks 48 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 45.1 percent (Table 4.5). Similarly, the number of insurance companies stood at 17, of which 16 were private and one while one state owned. Their branches increased to 595 from a year ago. Of the total branches, about 54 percent were located in Addis Ababa. The total capital of insurance companies reached Birr 9.0 billion compared to 6.8 billion last year same quarter. Private insurance companies constituted 68.8 percent of the total capital (Table 4.6). There were 38 micro-finance institutions (MFIs) in the country which mobilized Birr 43.3 billion in saving deposit which was 12.6 percent higher than last year same period. Their outstanding credit increased by 17.6 percent to Birr 60.8 billion and their assets increased by 17.1 percent and reached Birr 89.6 billion. Similarly, their total capital went up to Birr 18.5 billion showing a 19.7 annual growth (Table 4.7). The top five MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Saving Institutions) accounted for 82.9 percent of the total capital, 90.3 percent of the total deposit, 85.7 percent of total credit and 86.8 percent of total asset of micro finance institutions. All in all, MFIs are playing significant role in poverty reduction and wealth creation both in rural and urban areas through their resource mobilization and fund allocation. 3 Total population is 100,829,000 estimation for 2020

24 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Banks Branch Network Capital 2018/19 2019/20 2018/19 2019/20 Quarter III Quarter II Quarter III Quarter III Quarter II Quarter III Reg A.A Total % Share Reg. A.A Total % Share Reg. A.A Total % Share 1. Public Banks Commercial Bank of Ethiopia 1,200 337 1,537 28.5 1,383 392 1,775 28.9 1419 399 1,818 28.6 49,367.0 49,979.25 49,979.25 Development Bank of Ethiopia 103 4 107 2.0 88 5 93 1.5 88 5 93 1.5 7,676.5 7,676.53 7,676.53 Total Public Banks 1,151 318 1,644 31 1,471 397 1,868 30 1,507 404 1,911 30 57,043.5 57,655.8 57,655.8 2. Private Banks - Awash International Bank 236 175 411 7.6 259 188 447 7.3 268 191 459 7.2 5,919.5 7,782.6 7,862.83 Dashen Bank 260 151 411 7.6 268 158 426 6.9 275 159 434 6.8 4,434.0 5,761.2 5,002.36 Abyssinia Bank 186 155 341 6.3 290 196 486 7.9 321 209 530 8.3 3,640.2 4,160.6 4,177.44 Wegagen Bank 206 140 346 6.4 247 144 391 6.4 254 144 398 6.3 3,674.3 3,866.8 3,866.82 United Bank 131 127 258 4.8 163 148 311 5.1 179 158 337 5.3 2,806.1 3,854.1 4,161.10 Nib International Bank 126 148 274 5.1 141 163 304 5.0 147 170 317 5.0 3,504.5 4,269.7 4,687.60 Cooperative Bank of Oromiya 328 73 401 7.4 344 79 423 6.9 347 82 429 6.7 2,506.5 3,244.5 3,860.36 Lion International Bank 158 73 231 4.3 178 81 259 4.2 180 84 264 4.1 1,928.8 2,456.3 2,680.66 Oromia International Bank 176 94 270 5.0 186 101 287 4.7 193 107 300 4.7 2,878.8 3,475.9 2,334.89 Zemen Bank 18 22 40 0.7 22 27 49 0.8 22 30 52 0.8 1,709.3 2,170.3 3,640.39 Buna International Bank 103 98 201 3.7 120 109 229 3.7 128 113 241 3.8 2,009.9 2,369.9 2,292.40 Berhan International Bank 104 99 203 3.8 124 111 235 3.8 129 117 246 3.9 2,166.7 2,247.3 2,493.33 Abay Bank 125 72 197 3.7 143 79 222 3.6 148 83 231 3.6 1,815.2 2,150.6 2,440.28 Addis International Bank 28 39 67 1.2 28 43 71 1.2 31 45 76 1.2 885.5 1,033.7 1,082.97 Debub Global Bank 25 25 50 0.9 32 41 73 1.2 36 44 80 1.3 754.7 891.2 1,054.63 Enat Bank S.C 16 28 44 0.8 25 30 55 0.9 27 30 57 0.9 1,288.1 1,558.2 1,579.98 Total Private Banks 2,226 1,519 3,745 69 2,542 1,631 4,268 70 2,685 1,766 4,451 70 41,922 51,293 53,218 3.Grand Total Banks 3,377 1,837 5,389 100 4,034 2,006 6,136 100 4,192 2,170 6,362 100 98,966 108,949 110,874 Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ stands for Region and ‘A.A’ for Addis Ababa

Third Quarter 2019/20 25 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 31 | Third Quarter 2019/20

Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter III Quarter II Quarter III S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 63 88 25 63 88 25 65 90 1,581 2,768 2,803 2 27 19 46 28 20 48 28 20 48 1,082 1,224 1,296 3 16 13 29 17 14 31 17 14 31 204 232 220 4 21 16 37 22 17 39 22 17 39 141 152 173 5 25 12 37 26 12 38 27 12 39 569 621 635 6 11 8 19 11 8 19 11 8 19 160 183 204 7 20 20 40 22 21 43 24 22 46 484 539 604 8 15 16 31 16 16 32 16 17 33 784 892 854 9 27 14 41 27 14 41 27 14 41 407 521 520 10 16 16 32 16 19 35 16 19 35 167 192 195 11 16 5 21 17 5 22 18 5 23 116 155 150 12 20 20 40 22 20 42 22 20 42 300 431 471 13 26 13 13 26 13 13 26 265 307 260 14 Berhan insurance S.C 10 5 15 12 6 18 12 6 18 124 131 139 15 14 7 21 18 8 26 18 8 26 153 181 183 16 Lucy Insurance S.C 12 4 16 12 4 16 12 5 17 107 125 129 17 Bunna Insurance S.C 13 6 19 13 8 21 14 8 22 134 139 146 301 257 558 317 268 585 322 273 595 6,778 8,793 8,982 Africa Insurance Company Quarter II Insurance Companies Branch Capital Quarter III 2018/19 2019/20 2019/20 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance S.C Lion Insurance Company Tsehay Insurance S.C National Insurance Corporation of Ethiopia Quarter III Ethiopian Insurance Corporation Awash Insurance Company Source: Bank Supervision Directorate, NBE 82.7 69.6 70.0 42.4 47.1 48.0 0% 20% 40% 60% 80% 100% 2018/19 (Branch) 2019/20 QII (Branch) 2019/20 QIII (Branch) 2018/19 QIII (Capital) 2019/20 QII (Capital ) 2019/20 (Capital) Public Private QIII QIII Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 31 | Third Quarter 2019/20

Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter III Quarter II Quarter III S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 63 88 25 63 88 25 65 90 1,581 2,768 2,803 2 27 19 46 28 20 48 28 20 48 1,082 1,224 1,296 3 16 13 29 17 14 31 17 14 31 204 232 220 4 21 16 37 22 17 39 22 17 39 141 152 173 5 25 12 37 26 12 38 27 12 39 569 621 635 6 11 8 19 11 8 19 11 8 19 160 183 204 7 20 20 40 22 21 43 24 22 46 484 539 604 8 15 16 31 16 16 32 16 17 33 784 892 854 9 27 14 41 27 14 41 27 14 41 407 521 520 10 16 16 32 16 19 35 16 19 35 167 192 195 11 16 5 21 17 5 22 18 5 23 116 155 150 12 20 20 40 22 20 42 22 20 42 300 431 471 13 26 13 13 26 13 13 26 265 307 260 14 Berhan insurance S.C 10 5 15 12 6 18 12 6 18 124 131 139 15 14 7 21 18 8 26 18 8 26 153 181 183 16 Lucy Insurance S.C 12 4 16 12 4 16 12 5 17 107 125 129 17 Bunna Insurance S.C 13 6 19 13 8 21 14 8 22 134 139 146 301 257 558 317 268 585 322 273 595 6,778 8,793 8,982 Africa Insurance Company Quarter II Insurance Companies Branch Capital Quarter III 2018/19 2019/20 2019/20 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance S.C Lion Insurance Company Tsehay Insurance S.C National Insurance Corporation of Ethiopia Quarter III Ethiopian Insurance Corporation Awash Insurance Company Source: Bank Supervision Directorate, NBE 82.7 69.6 70.0 42.4 47.1 48.0 0% 20% 40% 60% 80% 100% 2018/19 (Branch) 2019/20 QII (Branch) 2019/20 QIII (Branch) 2018/19 QIII (Capital) 2019/20 QII (Capital ) 2019/20 (Capital) Public Private QIII QIII Source: Bank Supervision Directorate, NBE Fig.IV.8: Share of Branch Network and Capital of Banking System by Type

26 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.7: Microfinance Institutions Performance as of March 31, 2019 (In Thousands of Birr) Particulars (2018/19) (2019/20) % Change QIII QII QIII A B C C/A C/B Total Capital 15,471,941.3 17,663,808.0 18,517,846.7 19.7 4.8 Saving 38,440,253.8 41,604,016.4 43,297,668.9 12.6 4.1 Credit 51,676,568.3 61,612,556.3 60,769,714.0 17.6 -1.4 Total Assets 76,464,131.5 85,735,527.9 89,570,702.6 17.1 4.5 Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system increased by 10.3 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 32 | Third Quarter 2019/20 Table 4.7: Microfinance Institutions Performance as of March 31, 2019 (In Thousands of Birr) (2018/19) QIII QII QIII A B C C/A C/B Total Capital 15,471,941.3 17,663,808.0 18,517,846.7 19.7 4.8 Saving 38,440,253.8 41,604,016.4 43,297,668.9 12.6 4.1 Credit 51,676,568.3 61,612,556.3 60,769,714.0 17.6 -1.4 Total Assets 76,464,131.5 85,735,527.9 89,570,702.6 17.1 4.5 % Change (2019/20) Particulars Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system increased by 10.3 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) QIII 2018/19 QII 2019/20 QIII 2019/20 A B C C/A C/B 1.Deposits (net change) 22,229.6 22,124.4 19,489.8 8,155.1 44,858.9 41,719.4 30,279.5 -32.5 -27.4 -Demand 6,411.5 23,566.4 9,147.6 -6,886.4 1,533.6 15,559.0 16,680.1 987.7 7.2 -Saving 14,642.5 8,030.0 12,345.1 13,133.4 32,726.2 26,987.6 21,163.4 -35.3 -21.6 -Time 1,175.6 -9,472.1 -2,002.9 1,908.1 10,599.2 -827.3 -7,564.0 -171.4 814.3 2. Borrowing (net change) -2,230.0 6,029.9 0.0 0.0 805.3 -2,230.0 6,029.9 648.8 -370.4 -Local -2,238.9 4,767.6 0.0 0.0 448.3 -2,238.9 4,767.6 963.5 -312.9 -Foreign 8.9 1,262.3 0.0 0.0 357.0 8.9 1,262.3 253.5 14,154.0 3. Collection of Loans* 9,168.2 22,082.7 25,127.8 22,546.8 27,700.2 34,296.0 44,629.4 61.1 30.1 4. Total Resources Mobilized (1+2+3) 29,167.7 50,236.9 44,617.6 30,701.9 73,364.5 73,785.4 80,938.9 10.3 9.7 5. Disbursement 19,489.3 27,519.1 39,255.6 23,165.0 37,037.6 58,744.9 50,684.1 36.8 -13.7 6. Change in Liquidity (4-5) 9,678.5 22,717.9 5,362.0 7,536.9 36,326.9 15,040.5 30,254.8 -16.7 101.2 Memorandum Item: Outstanding Credit* 259,106.0 281,075.5 313,153.6 324,362.0 472,368.1 572,259.5 605,437.6 28.2 5.8 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) QII 2019/20 QIII 2019/20 QII 2019/20 QIII 2019/20 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding & redemptions of CBE and Development Bank of Ethiopia (DBE) Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding & redemptions of CBE and Development Bank of Ethiopia (DBE)

Third Quarter 2019/20 27 National Bank of Ethiopia Quarterly Bulletin Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans National Bank of Ethiopia Quarterly Bulletin 33 | Third Quarter 2019/20 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 989.2 billion by the end of third quarter of 2019/20, indicating a 18.1 percent annual growth due to branch expansion, improved access to finance, growing saving culture of the public and increasing per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 350.2 billion showing 24 percent annual increase. Saving deposits also went up by 19 percent to Birr 550.6 billion and accounted for 55.7 percent of the total deposits. Time deposit, which constituted 8.9 percent of the total deposit liabilities, however, decreased by 4.2 percent to Birr 88.3 billion. The share of state owned banks in total deposits outstanding was 59 percent while that of private banks was 41 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 2018/19 2019/20 2019/20 A B C Demand Deposit 282,470.6 33.7 333,564.6 34.8 350,244.6 35.4 24.0 5.0 Saving Deposit 462,872.8 55.3 529,446.7 55.2 550,610.2 55.7 19.0 4.0 Time Deposit 92,209.9 11.0 95,903.5 10.0 88,339.5 8.9 (4.2) (7.9) Total 837,553.3 100.0 958,914.8 100.0 989,194.3 100.0 18.1 3.2 Share of Public Banks 60.4 58.6 59.0 Share of Private Banks 39.6 41.4 41.0 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE (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 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 19/20 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 989.2 billion by the end of third quarter of 2019/20, indicating a 18.1 percent annual growth due to branch expansion, improved access to finance, growing saving culture of the public and increasing per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 350.2 billion showing 24 percent annual increase. Saving deposits also went up by 19 percent to Birr 550.6 billion and accounted for 55.7 percent of the total deposits. Time deposit, which constituted 8.9 percent of the total deposit liabilities, however, decreased by 4.2 percent to Birr 88.3 billion. The share of state owned banks in total deposits outstanding was 59 percent while that of private banks was 41 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 33 | Third Quarter 2019/20 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 989.2 billion by the end of third quarter of 2019/20, indicating a 18.1 percent annual growth due to branch expansion, improved access to finance, growing saving culture of the public and increasing per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 350.2 billion showing 24 percent annual increase. Saving deposits also went up by 19 percent to Birr 550.6 billion and accounted for 55.7 percent of the total deposits. Time deposit, which constituted 8.9 percent of the total deposit liabilities, however, decreased by 4.2 percent to Birr 88.3 billion. The share of state owned banks in total deposits outstanding was 59 percent while that of private banks was 41 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 2018/19 2019/20 2019/20 A B C Demand Deposit 282,470.6 33.7 333,564.6 34.8 350,244.6 35.4 24.0 5.0 Saving Deposit 462,872.8 55.3 529,446.7 55.2 550,610.2 55.7 19.0 4.0 Time Deposit 92,209.9 11.0 95,903.5 10.0 88,339.5 8.9 (4.2) (7.9) Total 837,553.3 100.0 958,914.8 100.0 989,194.3 100.0 18.1 3.2 Share of Public Banks 60.4 58.6 59.0 Share of Private Banks 39.6 41.4 41.0 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE (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 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 19/20 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Commercial Banks and DBE

28 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership National Bank of Ethiopia Quarterly Bulletin 34 | Third Quarter 2019/20 Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans amounting to Birr 44.6 billion, which showed a 61.1 percent annual increase (Table 4.11). Of the total loan collection, 50.5 percent was collected by private banks and 49.5 percent by state owned banks. About 61.2 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 77.6 billion, about 6.8 percent higher than last year same quarter. Of the total borrowing, Birr 65.8 billion (84.9 percent) was mobilized from domestic sources and Birr 11.7 billion (15.1 percent) from external sources (Table 4.10). Table 4.10: Public Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2018/19 QIII QII QIII A B C C/B C/A Domestic Borrowing 64,040.9 61,046.5 65,814.1 7.8 2.8 Foreign Borrowing 8,552.2 10,476.7 11,739.0 12.0 37.3 Total 72,593.1 71,523.2 77,553.1 8.4 6.8 Bank's borrowing Percentage change 2019/20 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia -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 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 19/20 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 amounting to Birr 44.6 billion, which showed a 61.1 percent annual increase (Table 4.11). Of the total loan collection, 50.5 percent was collected by private banks and 49.5 percent by state owned banks. About 61.2 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 77.6 billion, about 6.8 percent higher than last year same quarter. Of the total borrowing, Birr 65.8 billion (84.9 percent) was mobilized from domestic sources and Birr 11.7 billion (15.1 percent) from external sources (Table 4.10). Table 4.10: Public Banks’ Outstanding Borrowing by Sources (In Millions of Birr) Bank’s borrowing 2018/19 2019/20 Percentage change QIII QII QIII A B C C/B C/A Domestic Borrowing 64,040.9 61,046.5 65,814.1 7.8 2.8 Foreign Borrowing 8,552.2 10,476.7 11,739.0 12.0 37.3 Total 72,593.1 71,523.2 77,553.1 8.4 6.8 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia

Third Quarter 2019/20 29 National Bank of Ethiopia Quarterly Bulletin 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 50.7 billion was disbursed in fresh loans, indicating 36.8 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 54.3 percent and that of private banks 45.7 percent (Table 4.12). The major beneficiaries of fresh loans were industrial sector accounting for Birr 19.8 billion (39 percent), international trade Birr 8.3 billion (16.3 percent), domestic trade Birr 6.2 billion (12.3 percent), agriculture sector Birr 6.0 billion (11.9 percent), personal credit Birr 4.4 billion (8.7 percent) and ‘housing & construction’ Birr 3.2 billion (6.3 percent). The remaining balance was taken up by other economic sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership National Bank of Ethiopia Quarterly Bulletin 35 | Third Quarter 2019/20 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 50.7 billion was disbursed in fresh loans, indicating 36.8 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 54.3 percent and that of private banks 45.7 percent (Table 4.12). The major beneficiaries of fresh loans were industrial sector accounting for Birr 19.8 billion (39 percent), international trade Birr 8.3 billion (16.3 percent), domestic trade Birr 6.2 billion (12.3 percent), agriculture sector Birr 6.0 billion (11.9 percent), personal credit Birr 4.4 billion (8.7 percent) and ‘housing & construction’ Birr 3.2 billion (6.3 percent). The remaining balance was taken up by other economic sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia

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 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 19/20 In Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Summary of Banking Loans & advances by receiving Sectors in QIII-2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 36 | Third Quarter 2019/20 Table 4.11: Summary of Banking Loans & advances by receiving Sectors in QIII-2019/20 (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 55,056 - - - - - 55,056 Agriculture 5,938 3,154 21,933 100 139 2,559 6,038 3,292 24,492 Industry 17,215 13,878 167,328 2,547 2,275 48,665 19,762 16,153 215,993 Domestic Trade 585 371 7,628 5,640 6,288 74,307 6,225 6,659 81,935 International Trade 693 1,384 25,602 7,584 6,997 105,682 8,277 8,381 131,284 Export 244 202 12,747 5,536 4,945 75,278 5,779 5,147 88,025 Imports 450 1,182 12,855 2,048 2,051 30,405 2,498 3,234 43,259 Hotels and Tourism 126 255 597 553 565 10,885 678 820 11,482 Transport & Communication 5 126 1,200 461 1,384 10,654 465 1,510 11,853 Housing & Construction 370 254 16,444 2,849 3,167 46,710 3,218 3,420 63,154 Mines, Power & Water Res. 316 363 1,294 17 16 123 333 380 1,417 Others 654 886 12,483 640 546 2,551 1,294 1,432 15,034 Personal 1,617 1,410 26,568 2,776 1,171 22,227 4,393 2,581 48,794 Total 27,519 22,083 281,076 23,165 22,547 324,362 50,684 44,629 605,438 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government and bond sales of SOE’s to CBE) increased to Birr 605.4 billion, about 28.2 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.7 percent was claims on the private sector compared with 49.7 percent claims on state owned banks’ (Table 4.12). Sector wise, industrial sector was the major recipient of total credit outstanding with Birr 216.0 billion (35.7 percent) followed by international trade Birr 131.3 billion (21.7 percent), domestic trade Birr 81.9 billion (13.5 percent), ‘housing & construction’ Birr 63.2 billion (10.1percent), personal credit Birr 48.8 billion (8.1 percent), agriculture Birr 24.5 billion (4.0 percent) and credit to other economic sectors took the remaining balance (Table 4.11). Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit

30 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government and bond sales of SOE’s to CBE) increased to Birr 605.4 billion, about 28.2 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.7 percent was claims on the private sector compared with 49.7 percent claims on state owned banks’ (Table 4.12). Sector wise, industrial sector was the major recipient of total credit outstanding with Birr 216.0 billion (35.7 percent) followed by international trade Birr 131.3 billion (21.7 percent), domestic trade Birr 81.9 billion (13.5 percent), ‘housing & construction’ Birr 63.2 billion (10.1percent), personal credit Birr 48.8 billion (8.1 percent), agriculture Birr 24.5 billion (4.0 percent) and credit to other economic sectors took the remaining balance (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 37 | Third Quarter 2019/20 Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2019/20 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 27,519.1 54.3 22,082.7 49.5 336,131.3 50.9 Central Government* 0.0 55,055.7 16.4 State Enterprises 15,479.2 56.2 13,041.6 59.1 141,277.9 42.0 Cooperatives 6,104.1 22.2 3,589.6 16.3 18,747.6 5.6 Private Enterprises 5,935.8 21.6 5,451.5 24.7 121,050.1 36.0 Private Banks 23,165.0 45.7 22,546.8 50.5 324,362.0 49.1 Central Government* 0.0 State Enterprises 127.4 0.6 27.4 0.1 854.3 0.3 Cooperatives 794.7 3.4 638.3 2.8 4,446.1 1.4 Private Enterprises 22,242.9 96.0 21,881.1 97.0 319,061.7 98.4 Grand Total 50,684.1 100.0 44,629.4 100.0 660,493.3 100.0 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 Source: Staff computation, NBE 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 221.2 billion by the end of March 2020, showing a 21.1 percent annual growth. Of this sum, direct advances accounted for 96.8 percent 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 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 19/20 Value in Percent Years/Quarters Total Public Total Private 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 National Bank of Ethiopia Quarterly Bulletin 37 | Third Quarter 2019/20 Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2019/20 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 27,519.1 54.3 22,082.7 49.5 336,131.3 50.9 Central Government 0.0 55,055.7 16.4 State Enterprises 15,479.2 56.2 13,041.6 59.1 141,277.9 42.0 Cooperatives 6,104.1 22.2 3,589.6 16.3 18,747.6 5.6 Private Enterprises 5,935.8 21.6 5,451.5 24.7 121,050.1 36.0 Private Banks 23,165.0 45.7 22,546.8 50.5 324,362.0 49.1 Central Government 0.0 State Enterprises 127.4 0.6 27.4 0.1 854.3 0.3 Cooperatives 794.7 3.4 638.3 2.8 4,446.1 1.4 Private Enterprises 22,242.9 96.0 21,881.1 97.0 319,061.7 98.4 Grand Total 50,684.1 100.0 44,629.4 100.0 660,493.3 100.0 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 Source: Staff computation, NBE 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 221.2 billion by the end of March 2020, showing a 21.1 percent annual growth. Of this sum, direct advances accounted for 96.8 percent 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 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 19/20 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE

Third Quarter 2019/20 31 National Bank of Ethiopia Quarterly Bulletin 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 221.2 billion by the end of March 2020, showing a 21.1 percent annual growth. Of this sum, direct advances accounted for 96.8 percent and government bonds constituted 3.2 percent. Direct advance to central government increased by 22.3 percent while financial institutions’ deposit at NBE surged by 59.0 percent (Table 4.13). Table 4 .13: Financial Activities of NBE during the Third Quarter of 2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 2 | Third Quarter 2019/20 and government bonds constituted 3.2 percent. Direct advance to central government increased by 22.3 percent while financial institutions’ deposit at NBE surged by 59.0 percent (Table 4.13). (In Millions of Birr) 2018/19 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances 235,478.01 260,180.46 276,480.46 17.4 6.3 1.1. To Central Government 182,685.30 204,237.75 221,237.75 21.1 8.3 Direct Advances 175,264.95 197,264.95 214,264.95 22.3 8.6 Bonds 7,420.35 6,972.80 6,972.80 -6.0 0.0 1.2.To Development Bank of Ethiopia 52,792.71 55,942.71 55,242.71 4.6 -1.3 2.Deposit Liabilities 93,113.43 100,001.41 109,863.87 18.0 9.9 2.1. Government 40,445.41 30,939.51 26,131.42 -35.4 -15.5 2.2. Financial Institutions 52,668.01 69,061.91 83,732.46 59.0 21.2 O/W: -Banks 52,640.71 69,053.92 83,724.46 59.0 21.2 -Insurance companies 27.3 8.0 8.0 -70.7 0.0 3.Net Claims of NBE(1-2) 142,364.6 160,179.0 166,616.6 17.0 4.0 % Change Particulars Table 4 .13: Financial Activities of NBE during the Third Quarter of 2019/20 2019/20 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the third quarter of 2019/20, the amount of T-bills supplied to the bi-weekly T-bills auction market amounted to Birr 8.4 billion, reflecting a 91.4 percent contraction compared to same period last year. This sharp drop in T-bills supply was attributed to conversion of a large part of the T-bills held by institutional investors prior to December 2019 into long term securities in agreement with the government. Similarly, the demand for T-bills declined by 90.2 percent relative to a year earlier and reached Birr 10.1 billion (Table 14). The total amount of T-bills sold was Birr 8.1 billion, which was 92.2 percent lower than last year the same quarter. The non-bank institutions bought T-bills to the tune of Birr 8.0 billion and the remaining balance (Birr 140.0 million) was sold to the banks. Thus, total outstanding T-bills at the end of the quarter stood at Birr 29.7 billion, reflecting a 76.7 percent decline over last 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the third quarter of 2019/20, the amount of T-bills supplied to the bi-weekly T-bills auction market amounted to Birr 8.4 billion, reflecting a 91.4 percent contraction compared to same period last year. This sharp drop in T-bills supply was attributed to conversion of a large part of the T-bills held by institutional investors prior to December 2019 into long term securities in agreement with the government. Similarly, the demand for T-bills declined by 90.2 percent relative to a year earlier and reached Birr 10.1 billion (Table 14). The total amount of T-bills sold was Birr 8.1 billion, which was 92.2 percent lower than last year the same quarter. The non-bank institutions bought T-bills to the tune of Birr 8.0 billion and the remaining balance (Birr 140.0 million) was sold to the banks. Thus, total outstanding T-bills at the end of the quarter stood at Birr 29.7 billion, reflecting a 76.7 percent decline over last year same period. Average weighted yield on T- bills was 7.1 percent which was 5.2 percentage points higher than a year ago (Table 4.14). The increase in T-bills yield was ascribed to the government’s decision to let market forces determine the yield on T-bills, as part of the broader reform measures undertaken under Home Grown Economic Reform program.

32 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 14: Results of Treasury Bills Auction ( 2019/20 Third Quarter) National Bank of Ethiopia Quarterly Bulletin 40 | Third Quarter 2019/20 Table 14: Results of Treasury Bills Auction ( 2019/20 Third Quarter) 2018/19 2019/20 Quarter III Quarter II Quarter III % Change A B C C/A C/B Number of Bidders 48.0 49.0 26.0 (45.8) (46.9) Public 48.0 36.0 24.0 (50.0) (33.3) Private - 13.0 2.0 - - Number of Bids received 50.0 42.0 23.0 (54.0) (45.2) Public 50.0 35.0 21.0 (58.0) (40.0) Private - 7.0 2.0 - (27.6) Amount Demanded (Mn. Birr) 103,970.1 89,622.5 10,139.0 (90.2) (88.7) 28-day bill 300.0 659.0 780.0 160.0 18.4 91-day bill 100,654.1 86,313.5 4,729.0 (95.3) (94.5) 182-day bill 216.0 650.0 4,630.0 2,043.5 612.3 364-day bill 2,800.0 2,000.0 - - (100.0) Amount Supplied (Mn. Birr) 97,483.6 84,916.5 8,396.0 (91.4) (90.1) 28-day bill 300.0 630.0 906.0 202.0 43.8 91-day bill 94,167.6 81,626.5 3,490.0 (96.3) (95.7) 182-day bill 216.0 660.0 4,000.0 1,751.9 506.1 364-day bill 2,800.0 2,000.0 - - Amount Sold (Mn. Birr) 103,970.1 407,971.6 8,106.0 (92.2) (98.0) Banks - 196.0 140.0 Non-Banks 103,970.1 407,775.6 7,966.0 (92.3) (98.0) Average Weighted Price for Successful bids (%) 98.6 98.5 98.1 (0.6) (0.5) 28-day bill 99.9 99.8 99.5 (0.5) (0.3) 91-day bill 99.7 99.3 98.4 (1.3) (1.0) 182-day bill 99.7 99.7 96.3 (3.4) (3.4) 364-day bill 95.3 95.3 - - Average Weighted Yield for Successful bids (%) 1.9 3.4 7.1 271.1 105.3 28-day bill 0.8 2.7 7.0 777.8 163.6 91-day bill 1.2 2.7 6.6 446.0 147.7 182-day bill 0.6 0.5 7.7 1,113.9 1,349.1 364-day bill 5.0 8.0 - - Outstanding bills at the end of Period (Mn.Br.) 127,782.6 112,045.5 29,726.0 (76.7) (73.5) Banks - 196.0 100.0 Non-Banks 127,782.6 111,849.5 29,626.0 (76.8) (73.5) Source: NBE Source: NBE

Third Quarter 2019/20 33 National Bank of Ethiopia Quarterly Bulletin Fig.IV.15: Development in Treasury- bills Markets National Bank of Ethiopia Quarterly Bulletin 39 | Third Quarter 2019/20 Fig.IV.15: Development in Treasury- bills Markets. Source: NBE Fig.IV.16: Weighted Yield of Treasury- bills Markets. 0.00 50000.00 100000.00 150000.00 200000.00 250000.00 300000.00 I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Supply Demand 0 5 10 15 20 25 I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Weighted Yield Weighted Yield 28-day 91-day 182-day 364-day Source: NBE Fig.IV.16: Weighted Yield of Treasury- bills Markets National Bank of Ethiopia Quarterly Bulletin 39 | Third Quarter 2019/20 Fig.IV.15: Development in Treasury- bills Markets. Source: NBE Fig.IV.16: Weighted Yield of Treasury- bills Markets. 0.00 50000.00 100000.00 150000.00 200000.00 250000.00 300000.00 I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III V I II III 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Supply Demand 0 5 10 15 20 25 I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III I III 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Weighted Yield Weighted Yield 28-day 91-day 182-day 364-day

34 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review. 4.7.3. Corporate Bond Market Corporate bond market is not a well-developed in Ethiopia and the big players are few public institutions and regional governments. The Commercial Bank of Ethiopia (CBE) is the sole purchaser of these bonds. CBE purchased corporate bonds worth of Birr 48.4 billion during the third quarter of 2019/20 of which bonds valued at Birr 28.2 billion were issued by EEPCO followed by Railway Corporation (Birr 18.8 billion) and City Government of Addis Ababa (Birr 1.4 billion). Thus, the stock of corporate bonds held by CBE stood at Birr 386.3 billion, of which 93.5 percent was claims on public enterprises, and the remaining balance claims on regional governments (Table 4.15). Corporate bonds issued by EEPCO accounted for 60.0 percent of the bonds issued during the quarter under review and 80.0 percent of the total outstanding corporate bond. Table 15: Corporate Bond Purchase, Redemption and Outstand during the third Quarter of 2019/20 (In millions of Birr) National Bank of Ethiopia Quarterly Bulletin 42 | Third Quarter 2019/20 Table 15: Corporate Bond Purchase, Redemption and Outstand during the third Quarter of 2019/20 (In millions of Birr) Issuer of the Bond 2019/20 2019/20 QII QIII New Purchase Redemption Outstanding New Purchase Redemption Outstanding 1.Puplic Enterprises 2,500.0 50.0 316,654.6 47,000.0

2,458.8 361,195.8 EEPCO 2,500.0 50.0 273,748.9 28,200.0

127.1 301,821.8 Railways Corporation - - 42,905.7 18,800.0

2,331.7 59,374.1 DBE - - - - - - 2. Regional Governments - 3,096.5 24,222.4 1,400.0

632.8 25,113.2 Oromia - 0.5 426.9 - 3.6 423.3 Amhara - - 0.2 - - 0.2 Tigray - - 4.9 - 39.9 88.6 SNNPRS - - 7.6 - - 7.6 Dire Dawa - - 0.0 - - 0.0 Harari - - 0.0 - - 0.0 City Government of Addis Ababa - 3,096.0 23,782.7 1,400.0

589.3 24,593.4 3.Grand Total (1+2) 2,500.0 3,146.5 340,877.1 48,400.0

3,091.6 386,309.1 Source: NBE Source: NBE

Third Quarter 2019/20 35 National Bank of Ethiopia Quarterly Bulletin 5.1. Balance of Payments The deficit in the overall balance of payments narrowed to USD 420.9 million during the third quarter of FY 2019/20 compared to USD 572.7 million deficit a year ago mainly due to a decrease in merchandise trade deficit (0.3 percent) and net services (8.1 percent) coupled with an increase in surplus of net capital account (3.6 percent). Net private transfers and net official transfers also slowed down by 5.7 percent and 50.1 percent, respectively (Table 5.1). V. EXTERNAL SECTOR DEVELOPMENTS

36 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.1: Balance of Payments* (In Millions of USD) National Bank of Ethiopia Quarterly Bulletin 44 | Third Quarter 2019/20 Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QIII QII4 QIII A B C D=C/A E=C/B 1 Exports, f.o.b. 687.5 610.5 757.6 10.2 24.1 Coffee 165.2 133.3 197.4 19.5 48.1 Other 522.4 477.2 560.2 7.2 17.4 2 Imports 3,565.0 3,820.0 3,626.3 1.7 -5.1 Fuel 632.5 639.0 546.8 -13.5 -14.4 Cereals 151.9 203.1 218.6 43.9 7.6 Aircraft 56.0 28.9 16.7 -70.2 -42.2 Imports excl. fuel, cereals, aircraft 2,724.6 2,949.0 2,844.2 4.4 -3.6 3 Trade Balance (1-2) -2,877.5 -3,209.5 -2,868.7 -0.3 -10.6 4 Services, net -295.1 -23.2 -271.2 -8.1 1,071.6 Non-factor services, net -106.4 117.9 -64.3 -39.6 -154.5 Exports of non-factor services 1,085.2 1,281.4 1,087.9 0.2 -15.1 Imports of non-factor services 1,191.6 1,163.4 1,152.2 -3.3 -1.0 Factor services (Investment income), net -188.7 -141.1 -207.0 9.7 46.7 Interest, net -188.7 -141.1 -207.0 9.7 46.7 Dividend, net 5 Private transfers, net 1,579.8 1,648.1 1,490.5 -5.7 -9.6 o/w: NGO's, net 147.2 288.4 170.5 15.8 -40.9 Private Individuals, net 1,432.6 1,359.7 1,320.0 -7.9 -2.9 6 Current account balance excluding official transfers (3+4+5) -1,592.8 -1,584.5 -1,649.5 3.6 4.1 7 Official transfers, net 415.2 395.6 207.0 -50.1 -47.7 8 Current account balance including official transfers(6+7) -1,177.7 -1,188.9 -1,442.5 22.5 21.3 9 Capital account 753.0 1,469.2 780.2 3.6 -46.9 Official Long-term Capital, net 357.2 594.5 229.0 -35.9 -61.5 Disbursements 410.8 755.7 477.0 16.1 -36.9 Amortization 53.6 161.3 248.0 362.8 53.8 Other public long-term capital, net -351.1 157.5 -108.2 -69.2 -168.7 Private sector, long term 50.9 51.8 57.9 13.7 11.9 Foreign Direct Investment, net 621.6 661.6 561.4 -9.7 -15.1 Short-term Capital, net 74.4 3.9 40.1 -46.1 919.8 10 Errors and Omissions [11- (9+8)] -148.0 -371.5 241.4 11 Overall balance (-13) -572.7 -91.1 -420.9 12 Financing (13+16) 572.7 91.1 420.9 13 Reserves [ Increase(-), Decrease (+)] (14+15) 572.7 91.1 420.9 14 Central Bank (NFA) 467.0 -69.1 367.2 Asset 38.1 -367.4 514.2 Liabilities 428.8 298.3 -147.0 15 Commercial banks (NFA) 105.7 160.2 53.7 16 Debt Relief Principal Interest Source: NBE Staff Compilation *Preliminary 4 Revised Source: NBE Staff Compilation *Preliminary 4 Revised

Third Quarter 2019/20 37 National Bank of Ethiopia Quarterly Bulletin 5.2. Current Receipts and Payments Total current account receipts during the review quarter amounted to USD 3.6 billion which was 6.3 percent lower than a year earlier. This was on account of a decline in receipts from services (0.8 percent), private transfers (5.9 percent) and public transfers (47.8 percent) despite a 10.2 percent increase in receipts from merchandise export. In contrast, total current account payments increased by 0.5 percent and reached USD 5.02 billion due to 1.7 percent increase in merchandise import despite 2.3 percent decline in services payments, private transfer payments (52.3 percent) and public transfer payments (1.6 percent). Thus, current account balance recorded USD 1.44 billion deficit which was 22.5 percent higher than that of a year ago (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Current Receipts 3,816.9 3,971.1 3,576.7 -6.3 -9.9 Export Proceeds 687.5 610.5 757.6 10.2 24.1 Service Proceeds 1,105.7 1,292.5 1,097.2 -0.8 -15.1 Private Transfers 1,587.2 1,654.2 1,494.0 -5.9 -9.7 Public Transfers 436.5 414.0 228.0 -47.8 -44.9 2 Current Payments 4,994.6 5,160.0 5,019.2 0.5 -2.7 Import Payments 3,565.0 3,820.0 3,626.3 1.7 -5.1 Service Payments 1,400.8 1,315.6 1,368.4 -2.3 4.0 Private Transfers 7.4 6.1 3.5 -52.3 -42.4 Public Transfers 21.3 18.3 21.0 -1.6 14.2 3 Net, (1-2) -1,177.7 -1,188.9 -1,442.5 22.5 21.3 Source: NBE Staff Compilation

38 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 46 | Third Quarter 2019/20 Source: NBE Staff Compilation 5.3. Balance of Trade Merchandise trade deficit in the third quarter slightly narrowed to USD 2.87 billion from USD 2.88 billion a year ago because of a 10.2 percent increase in merchandise export receipts which outweighed a 1.7 percent the rise in import bill. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 7000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments Source: NBE Staff Compilation 5.3. Balance of Trade Merchandise trade deficit in the third quarter slightly narrowed to USD 2.87 billion from USD 2.88 billion a year ago because of a 10.2 percent increase in merchandise export receipts which outweighed a 1.7 percent the rise in import bill. National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2019/20 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 Q4 Q1 Q2 Q3 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenues Source: Ethiopian Ministry of Revenues 5.2.1. Export of Goods Receipts from goods export showed a 10.2 percent growth over last year same quarter owing to higher export revenue from coffee (19.5 percent), fruits & vegetables (3.2 percent), flower (77.3 percent), chat (13.5 percent), gold (293.1 percent),textile & textile products 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 2019/20 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: Ethiopian Ministry of Revenues

Third Quarter 2019/20 39 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2019/20 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 Q4 Q1 Q2 Q3 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenues Source: Ethiopian Ministry of Revenues 5.2.1. Export of Goods Receipts from goods export showed a 10.2 percent growth over last year same quarter owing to higher export revenue from coffee (19.5 percent), fruits & vegetables (3.2 percent), flower (77.3 percent), chat (13.5 percent), gold (293.1 percent),textile & textile products 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 2019/20 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: Ethiopian Ministry of Revenues 5.3.1. Export of Goods Receipts from goods export showed a 10.2 percent growth over last year same quarter owing to higher export revenue from coffee (19.5 percent), fruits & vegetables (3.2 percent), flower (77.3 percent), chat (13.5 percent), gold (293.1 percent),textile & textile products (4.5 percent), electricity (9.0 percent) and other export product (25.9 percent). On the other hand, some export items, such as oilseeds, pulses, leather & leather products, meat & meat products and live-animals have exhibited a varying degree of slow down. Export earnings from coffee rose 19.5 percent over last year same quarter due to 27.0 percent growth in export volume despite 5.8 percent decline in international price. Hence, the share of coffee in total export earnings increased to 26.1 percent from 24.0 percent a year ago. Export revenue from fruits & vegetables stood at USD 14.4 million, showing 3.2 percent annual growth owing to a 14.1 percent increase in export volume despite 9.6 percent drop in international price. Therefore, the share of fruits & vegetables in total merchandise export went down to 1.9 percent compared with 2.0 percent a year earlier. Export revenue from textile & textile products registered a 4.5 percent increase on account of 14.7 percent rise in export volume regardless of a 9.0 percent fall in international price. As a result, their share in total merchandise export earnings decreased to 5.6 percent from 5.9 percent last year same quarter. Similarly, receipts from flower export surged by 77.3 percent vis-à-vis the same quarter of last year due to 77.7 percent upsurge in export volume despite 0.2 percent fall in price. Thus, the share of flower in total export earnings was boosted to 14.9 percent from 9.3 percent a year earlier. Income from chat export showed 13.5 percent annual expansion owing to 15.5 percent increase in volume in spite of 1.7 percent reduction in price. As result, the share of chat in total merchandise export earnings marginally rose to 10.9 percent from 10.5 percent a year ago. Export earnings from gold increased by 293.1 percent on annual basis mainly due to 231.8 percent growth in export volume and 18.5 percent increase in price. As a result, the share of gold in total merchandise export went up to 1.8 percent from 0.5 percent last year same quarter.

40 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Meanwhile, export revenue from electricity showed a 9.0 percent annual expansion mainly because of 9.8 percent increase in export volume despite 0.7 percent decrease in international price. Hence, the share of electricity in total merchandise export revenue remained unchanged at 2.3 percent. In contrast, earnings from oilseeds export fell by 1.2 percent and reached USD 128.6 million because of 2.6 percent drop in international price despite 1.4 percent increase in export volume. As a result, the share of oilseeds in total merchandise export earnings decreased to 17 percent from 18.9 percent a year earlier. Similarly, export revenue from pulses decreased by 26.8 percent vis-à-vis the same quarter of last year due to a 41.7 percent fell in export volume albeit 25.6 percent rise in international price. Thus, the share of pulses in total export earnings went down to 8.7 percent from 13.1 percent a year earlier. Receipts from export of leather & leather products decreased by 39.5 percent due to 32.7 percent decline in export volume and 10.1 percent drop in price. Consequently, their share in total merchandise export earnings fell to 1.9 percent from 3.5 percent a year ago. Likewise, export receipts from meat & meat products decelerated to USD 17.6 million showing a 19.0 percent annual decline as export volume slowed down by 27.3 percent though international price increased by 11.4 percent. As a result, the share of meat & meat products in total export earnings stood at 2.3 percent compared with 3.2 percent last year same quarter. Revenue from export of live-animals decreased by 33.1 percent as both export volume and international price decreased by 32.3 percent and 1.1 percent, respectively. Consequently, the share of live-animals in total merchandise export declined to 1.1 percent from 1.9 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2018/19 2019/20 Percentage QIII QII QIII Change A %share B %share C %share C/A C/B Coffee 165.2 24.0 133.3 21.8 197.4 26.1 19.5 48.1 Oilseeds 130.2 18.9 53.3 8.7 128.6 17.0 -1.2 141.1 Leather and Leather Products 24.3 3.5 25.5 4.2 14.7 1.9 -39.5 -42.2 Pulses 90.2 13.1 49.4 8.1 66.1 8.7 -26.8 33.6 Meat & Meat Products 21.7 3.2 16.9 2.8 17.6 2.3 -19.0 4.1 Fruits & Vegetables 13.9 2.0 37.1 6.1 14.4 1.9 3.2 -61.3 Textile & Textile Products 40.3 5.9 48.0 7.9 42.1 5.6 4.5 -12.4 Live Animals 12.7 1.9 8.5 1.4 8.5 1.1 -33.1 0.4 Chat 72.4 10.5 81.2 13.3 82.2 10.9 13.5 1.2 Gold 3.4 0.5 7.4 1.2 13.5 1.8 293.1 83.5 Flower 63.9 9.3 109.8 18.0 113.2 14.9 77.3 3.1 Electricity 16.1 2.3 15.2 2.5 17.5 2.3 9.0 15.3 Others 33.1 4.8 24.8 4.1 41.6 5.5 25.9 68.1 Total Export 687.5 100.0 610.5 100.0 757.6 100.0 10.2 24.1 Total Export excluding Electricity 671.4 595.3 740.0 10.2 24.3 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

Third Quarter 2019/20 41 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 50 | Third Quarter 2019/20 Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2018/19 2019/20 Percentage QI Change II QII QIII A %share B %share C %share C/A C/B Coffee 165.2 24.0 133.3 21.8 197.4 26.1 19.5 48.1 Oilseeds 130.2 18.9 53.3 8.7 128.6 17.0 -1.2 141.1 Leather and Leather Products 24.3 3.5 25.5 4.2 14.7 1.9 -39.5 -42.2 Pulses 90.2 13.1 49.4 8.1 66.1 8.7 -26.8 33.6 Meat & Meat Products 21.7 3.2 16.9 2.8 17.6 2.3 -19.0 4.1 Fruits & Vegetables 13.9 2.0 37.1 6.1 14.4 1.9 3.2 -61.3 Textile & Textile Products 40.3 5.9 48.0 7.9 42.1 5.6 4.5 -12.4 Live Animals 12.7 1.9 8.5 1.4 8.5 1.1 -33.1 0.4 Chat 72.4 10.5 81.2 13.3 82.2 10.9 13.5 1.2 Gold 3.4 0.5 7.4 1.2 13.5 1.8 293.1 83.5 Flower 63.9 9.3 109.8 18.0 113.2 14.9 77.3 3.1 Electricity 16.1 2.3 15.2 2.5 17.5 2.3 9.0 15.3 Others 33.1 4.8 24.8 4.1 41.6 5.5 25.9 68.1 Total Export 687.5 100.0 610.5 100.0 757.6 100.0 10.2 24.1 Total Export excluding Electricity 671.4 595.3 740.0 10.2 24.3 Source: Ministry of Revenues, 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 IV QI QII QIII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2018/19 2019/20 Percentage Change QIII QII QIII A B C C/A C/B Coffee 48.1 52.5 61.1 27.0 16.4 Oilseeds 87.3 35.6 88.5 1.4 148.8 Leather and Leather Products 1.2 1.1 0.8 -32.7 -30.5 Pulses 150.3 80.8 87.6 -41.7 8.5 Meat & Meat Products 4.4 3.1 3.2 -27.3 4.6 Fruits & Vegetables 41.4 43.4 47.2 14.1 8.8 Textile & Textile product 5.2 5.8 5.9 14.7 2.2 Live Animals 7.1 4.8 4.8 -32.3 0.2 Chat 12.5 14.2 14.5 15.5 2.1 Gold(In Mn. of grams) 0.1 0.2 0.3 231.8 61.7 Flower 13.8 24.1 24.5 77.7 1.8 Electricity(InMn. of kwh) 280.4 262.4 307.7 9.8 17.3 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 51 | Third Quarter 2019/20 Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2018/19 2019/20 Percentage Change QIII QII QIII A B C C/A C/B Coffee 48.1 52.5 61.1 27.0 16.4 Oilseeds 87.3 35.6 88.5 1.4 148.8 Leather and Leather Products 1.2 1.1 0.8 -32.7 -30.5 Pulses 150.3 80.8 87.6 -41.7 8.5 Meat & Meat Products 4.4 3.1 3.2 -27.3 4.6 Fruits & Vegetables 41.4 43.4 47.2 14.1 8.8 Textile & Textile product 5.2 5.8 5.9 14.7 2.2 Live Animals 7.1 4.8 4.8 -32.3 0.2 Chat 12.5 14.2 14.5 15.5 2.1 Gold(In Mn. of grams) 0.1 0.2 0.3 231.8 61.7 Flower 13.8 24.1 24.5 77.7 1.8 Electricity(InMn. of kwh) 280.4 262.4 307.7 9.8 17.3 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power 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 QIV QI QII QIII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (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 Source: NBE Staff Computation

42 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2018/19 2019/20 Percentage Change QIII QII QIII A B C C/A C/B Coffee 3.4 2.5 3.2 -5.8 27.3 Oilseeds 1.5 -2.6 -3.1 Leather and Leather Products 20.9 22.6 18.8 -10.1 -16.9 Pulses 0.6 0.6 0.8 25.6 23.2 Meat & Meat Products 4.9 5.5 5.5 11.4 -0.5 Fruits & Vegetables 0.3 0.9 0.3 -9.6 -64.4 Textile & Textile product 7.8 8.3 7.1 -9.0 -14.3 Live Animals 1.8 -1.1 0.3 Chat 5.8 5.7 5.7 -1.7 -0.9 Gold (in USD/gm) 35.4 36.9 41.9 18.5 13.5 Flower 4.6 -0.2 1.3 Electricity(In USD/kwh) 0.1 -0.7 -1.7 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 52 | Third Quarter 2019/20 Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2018/19 2019/20 Percentage Change QIII QII QIII A B C C/A C/B Coffee 3.4 2.5 3.2 -5.8 27.3 Oilseeds 1.5 -2.6 -3.1 Leather and Leather Products 20.9 22.6 18.8 -10.1 -16.9 Pulses 0.6 0.6 0.8 25.6 23.2 Meat & Meat Products 4.9 5.5 5.5 11.4 -0.5 Fruits & Vegetables 0.3 0.9 0.3 -9.6 -64.4 Textile & Textile product 7.8 8.3 7.1 -9.0 -14.3 Live Animals 1.8 -1.1 0.3 Chat 5.8 5.7 5.7 -1.7 -0.9 Gold (in USD/gm) 35.4 36.9 41.9 18.5 13.5 Flower 4.6 -0.2 1.3 Electricity(In USD/kwh) 0.1 -0.7 -1.7 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power 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 QIII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (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 Source: NBE Staff Computation

Third Quarter 2019/20 43 National Bank of Ethiopia Quarterly Bulletin 5.3.2 Import of Goods Total merchandise import stood at USD 3.6 billion during the third quarter of 2019/20, depicting 1.7 percent yearly increase due to higher imports of raw materials, semi-finished and consumer goods. Semi-finished goods import rose 12.1 percent as a result of 27.6 percent surge in import bills of fertilizer. Thus, the share of semi-finished goods in total goods import increased to 26.1 percent from 23.7 percent a year earlier. Similarly, import of raw materials expanded by 32.1 percent over last year same quarter and their share in total merchandise import slightly went up to 1.1 percent from 0.8 percent. Import payments for consumer goods increased by 15.5 percent as import of non-durable goods was hiked by 28.2 percent despite a 11.9 percent drop in durable goods. As a result, the share of consumer goods in total imports increased to 28.0 percent from 24.7 percent a year ago. In contrast, capital goods import slowed down by 7.5 percent due to 46.8 percent decrease in import of transport goods and 0.3 percent fall in industrial capital goods. Agricultural capital goods, however, increased by 36.6 percent. Hence, the share of capital goods in total goods import stood at 28.5 percent compared with 31.3 percent a year earlier. Likewise, import value of fuel decreased by 13.5 percent and its share in total import payments dropped to 15.1 percent from 17.7 percent during the review period. Similarly, imports of miscellaneous goods decreased by 26.4 percent. As a result, their share in total imports went down to 1.3 percent from 1.8 percent a year ago. Meanwhile, total franco-valuta import slowed down by 2.5 percent and stood at USD 0.9 billion accounting for 25.4 percent of the total imports. Table 5.6: Values of Major Import Itms (In millions Of USD) Particular 2018/19 2019/20 Percentage Qtr. III Changes Share (%) Qtr. II Share (%) Qtr. III Share (%) A B C C/A C/B Raw Materials 29.5 0.8 43.7 1.1 39.0 1.1 32.1 -10.8 Semi-finished Goods 844.4 23.7 704.5 18.4 946.8 26.1 12.1 34.4 Fertilizers 262.9 7.4 8.9 0.2 335.5 9.3 27.6 3,664.5 Fuel 632.5 17.7 639.0 16.7 546.8 15.1 -13.5 -14.4 Petroleum Products 618.9 17.4 614.1 16.1 520.8 14.4 -15.9 -15.2 Others 13.6 0.4 24.9 0.7 26.0 0.7 91.2 4.3 Capital Goods 1,115.6 31.3 1,310.3 34.3 1,031.7 28.5 -7.5 -21.3 Transport 185.3 5.2 108.3 2.8 98.6 2.7 -46.8 -9.0 Agricultural 14.6 0.4 31.3 0.8 20.0 0.6 36.6 -36.1 Industrial 915.6 25.7 1,170.7 30.6 913.2 25.2 -0.3 -22.0 Consumer Goods 878.8 24.7 1,051.3 27.5 1,014.7 28.0 15.5 -3.5 Durables 279.9 7.9 246.2 6.4 246.7 6.8 -11.9 0.2 Non-durables 598.9 16.8 805.1 21.1 768.0 21.2 28.2 -4.6 Miscellaneous 64.2 1.8 71.1 1.9 47.2 1.3 -26.4 -33.6 Total Imports 3,565.0 100 3,820.0 100 3,626.3 100 1.7 -5.1 Source: Ministry of Revenues

44 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In Millions of USD Commodity Group 2018/19 2019/20 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Beverages 0.1 0.2 0.7 380.7 301.6 Chemicals 4.2 5.1 2.0 -52.0 -60.4 Clothing 2.9 3.9 4.8 63.9 24.2 Food and Live animals 95.8 110.6 97.5 1.8 -11.8 Textiles 5.2 11.6 16.0 206.0 37.5 Tobacco 0.0 -53.3 -45.9 Soap & polish 0.4 0.4 0.3 -23.6 -19.3 Fertilizer 35.1 59.4 42.3 20.4 -28.8 Paper & Paper Manufacturing 0.9 3.3 2.6 171.5 -21.8 Metal & Metal Manufacturing 66.8 104.2 118.5 77.3 13.7 Medical and Pharmaceuticals Products 12.5 26.3 35.4 183.2 35.0 Rubber products 9.8 7.6 14.4 46.7 89.0 Petroleum Crude - 0.0 - 0.0 -100.0 Petroleum product 78.6 7.0 6.7 -91.5 -5.1 Glass & glass ware 2.3 2.1 3.6 58.3 71.0 Electrical material 70.8 88.2 69.6 -1.7 -21.1 Machine 297.3 374.7 305.2 2.7 -18.5 Road & motor vehicles 51.7 26.6 17.3 -66.5 -34.9 Tele apparatus 14.9 1.2 0.6 -95.7 -47.0 Cement 0.08 0.0 0.0 Others 196.4 244.8 184.5 -6.1 -24.6 Total 946.0 1,077.3 922.2 -2.5 -14.4 Source: Ministry of Revenues 5.3.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian exports were Asia, Europe and Africa. Asia accounted for 38.9 percent of the total exports with Saudi Arabia being the main destination for Ethiopia’s exports having a 18.8 percent share, followed by United Arab Emirates (16.1 percent), Israel (12.3 percent), Japan (8.6 percent), China (7.9 percent), Singapore (5.6 percent), South Korea (5.4 percent), India (3.8 percent), Indonesia (2.5 percent) and Yemen (2.3 percent). Europe constituted 29.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 36.9 percent share distantly followed by Germany (16.4 percent), Belgium (9.5 percent), Switzerland (6.4 percent), Turkey (6.0 percent), United Kingdom (3.9 percent), Italy (3.2 percent), France (2.4 percent), and Spain (1.6 percent) and Russia (1.6 percent). These European countries altogether had a 88.2 percent share of Ethiopia’s total exports to Europe.

Third Quarter 2019/20 45 National Bank of Ethiopia Quarterly Bulletin About 20.4 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (30.6 percent), Djibouti (17.7 percent), Sudan (13.2 percent), Nigeria (3.5 percent), Egypt (1.8 percent), Kenya (1.5 percent) and South Africa (1.4 percent) which altogether accounted for 69.7 percent of the total exports to Africa. America had 10.7 percent share in Ethiopia’s total export earnings, of which 56.8 percent was from exports to the United States and 5.2 percent to Canada. Both countries accounted for 62.0 percent of Ethiopia’s total exports to the American continent. National Bank of Ethiopia Quarterly Bulletin 57 | Third Quarter 2019/20 Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the third quarter of 2019/20, Asia accounted for 56.6 percent of the total imports of Ethiopia with the major imports coming from China (43.6 percent), India (14.0 percent), U.A.E (9.4 percent), Kuwait (6.9 percent), Saudi Arabia (5.9 percent), Singapore (5.5 percent), Indonesia (3.9 percent), South Korea (2.2 percent), Malaysia (1.8 percent), Japan (1.6 percent) and Thailand (1.5 percent) whose combined share was 96.2 percent. Imports from Europe constituted 17.2 percent of Ethiopia’s total imports with the major importing countries being Turkey (25.3 percent), Belgium (14.5 percent), Italy (12.3 percent), Germany (12.1 percent),Ukraine (6.4 percent),France (5.0percent), United Kingdom (4.8 percent), the Netherlands (3.8 percent),Spain (2.8 percent),Denmark (2.1 percent), Czech Republic (1.5 percent), Ireland (1.3 percent), Switzerland(1.1 percent) and Austria (1.0 percent). These countries jointly accounted for 94.1 percent of Ethiopia’s total imports from Europe. Africa had about 14.0 percent share in Ethiopia’s total merchandise import. The major countries of origin were Morocco 20.4% 29.5% 10.7% 38.9% 0.4% Fig.V.7: Export by Destination Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the third quarter of 2019/20, Asia accounted for 56.6 percent of the total imports of Ethiopia with the major imports coming from China (43.6 percent), India (14.0 percent), U.A.E (9.4 percent), Kuwait (6.9 percent), Saudi Arabia (5.9 percent), Singapore (5.5 percent), Indonesia (3.9 percent), South Korea (2.2 percent), Malaysia (1.8 percent), Japan (1.6 percent) and Thailand (1.5 percent) whose combined share was 96.2 percent. Imports from Europe constituted 17.2 percent of Ethiopia’s total imports with the major importing countries being Turkey (25.3 percent), Belgium (14.5 percent), Italy (12.3 percent), Germany (12.1 percent),Ukraine (6.4 percent),France (5.0percent), United Kingdom (4.8 percent), the Netherlands (3.8 percent),Spain (2.8 percent),Denmark (2.1 percent), Czech Republic (1.5 percent), Ireland (1.3 percent), Switzerland(1.1 percent) and Austria (1.0 percent). These countries jointly accounted for 94.1 percent of Ethiopia’s total imports from Europe.

46 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Africa had about 14.0 percent share in Ethiopia’s total merchandise import. The major countries of origin were Morocco (56.2 percent), Egypt (18.8 percent), South Africa (12.6 percent), Sudan (3.8 percent), Kenya (3.4 percent), and Djibouti (0.9 percent) which altogether represented 95.7 percent of the total imports from the African continent. Imports from America comprised 12.1 percent of the total import bill, of which the share of the United States was 68.5 percent followed by Canada (6.1 percent) and Brazil (1.2 percent). National Bank of Ethiopia Quarterly Bulletin 58 | Third Quarter 2019/20 (56.2 percent), Egypt (18.8 percent), South Africa (12.6 percent), Sudan (3.8 percent), Kenya (3.4 percent), and Djibouti (0.9 percent) which altogether represented 95.7 percent of the total imports from the African continent Imports from America comprised 12.1 percent of the total import bill, of which the share of the United States was 68.5 percent followed by Canada (6.1 percent) and Brazil (1.2 percent). . Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services In the review quarter, net payments for services trade narrowed to USD 271.2 million compared with USD 295.1 million deficit a year ago due to rise in surplus of net travel services (99.4 percent) coupled with the decline in net other services payment (17 percent) (Table 5.8). 14% 17.2% 12.1% 56.6% 0.1% Fig.V.8: Import by Origion Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.4. Services and Transfers 5.4.1. Net Services In the review quarter, net payments for services trade narrowed to USD 271.2 million compared with USD 295.1 million deficit a year ago due to rise in surplus of net travel services (99.4 percent) coupled with the decline in net other services payment (17 percent) (Table 5.8).

Third Quarter 2019/20 47 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2019/20 Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Million USD) Fig.V.9: Trends in Net Service Net Travel Transportation Government (n.i.e) Investment Income Source: NBE Staff Compilation

48 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) National Bank of Ethiopia Quarterly Bulletin 60 | Third Quarter 2019/20 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Investment Income (2+5) -188.7 -141.1 -207.0 9.7 46.7 2 Interest, net (3-4) -188.7 -141.1 -207.0 9.7 46.7 3 Credit 20.5 11.1 9.3 -54.8 -16.5 4 Debit 209.2 152.2 216.2 3.3 42.1 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -106.4 117.9 -64.3 -39.6 -154.5 7 Exports of non-factor services 1,085.2 1,281.4 1,087.9 0.2 -15.1 8 Travel 180.4 215.8 183.8 1.9 -14.8 9 Transport 1 771.8 927.9 799.5 3.6 -13.8 10 Gov't 2 63.0 47.9 23.8 -62.3 -50.3 11 Other 3 69.9 89.8 80.8 15.6 -10.0 12 Imports of non-factor services 1,191.6 1,163.4 1,152.2 -3.3 -1.0 13 Travel 140.7 144.2 104.6 -25.7 -27.4 14 Transport 1 640.1 678.4 679.3 6.1 0.1 15 Gov't 2 17.9 14.1 19.4 8.6 38.1 16 Other 3 392.9 326.8 348.9 -11.2 6.8 17 Net Services (18+19+20+21+22) -295.1 -23.2 -271.2 -8.1 1071.6 18 Travel (8-13) 39.7 71.6 79.2 99.4 10.6 19 Transport (9-14) 131.7 249.5 120.2 -8.7 -51.8 20 Gov't (10-15) 45.1 33.8 4.3 -90.4 -87.1 21 Other (11-16) -323.0 -237.0 -268.1 -17.0 13.1 22 Investment Income (2+5) -188.7 -141.1 -207.0 9.7 46.7 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes receipts and payments of the Ethiopian Airlines 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: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes receipts and payments of the Ethiopian Airlines 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

Third Quarter 2019/20 49 National Bank of Ethiopia Quarterly Bulletin 5.4.2. Transfers During the review period, total transfer receipts slowed down to USD 1.7 billion due to 47.8 percent decline in receipts from official transfers and 5.9 percent drop in private transfers. Likewise, total transfer payments decreased by 14.6 percent owing to 52.3 percent shrinkage in private transfers and 1.6 percent fall in official transfers. As a result, net transfers went down by 14.9 percent and reached USD 1.7 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) National Bank of Ethiopia Quarterly Bulletin 61 | Third Quarter 2019/20 5.3.2. Transfers During the review period, total transfer receipts slowed down to USD 1.7 billion due to 47.8 percent decline in receipts from official transfers and 5.9 percent drop in private transfers. Likewise, total transfer payments decreased by 14.6 percent owing to 52.3 percent shrinkage in private transfers and 1.6 percent fall in official transfers. As a result, net transfers went down by 14.9 percent and reached USD 1.7 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QIII Percent Share QII Percent Share QIII Percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,579.8 79.2 1,648.1 80.6 1,490.5 87.8 -5.7 -9.6 2 Credit (3+4) 1,587.2 78.4 1,654.2 80.0 1,494.0 86.8 -5.9 -9.7 3 NGO's 154.6 7.6 294.5 14.2 174.0 10.1 12.5 -40.9 4 Private individuals 1,432.6 70.8 1,359.7 65.7 1,320.0 76.7 -7.9 -2.9 5 Debit 7.4 25.8 6.1 25.0 3.5 14.4 -52.3 -42.4 6 Official transfers, net (7-8) 415.2 20.8 395.6 19.4 207.0 12.2 -50.1 -47.7 7 Credit 436.5 21.6 414.0 20.0 228.0 13.2 -47.8 -44.9 8 Debit 21.3 74.2 18.3 75.0 21.0 85.6 -1.6 14.2 9 Total Receipts 2,023.6 100.0 2,068.2 100.0 1,722.0 100.0 -14.9 -16.7 10 Total Payments 28.7 100.0 24.5 100.0 24.5 100.0 -14.6 0.1 11 Net Transfers 1,995.0 100.0 2,043.7 100.0 1,697.5 100.0 -14.9 -16.9 Source: NBE Staff Computation Source: NBE Staff Computation

50 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 62 | Third Quarter 2019/20 Source: NBE Staff Compilation 5.4. Current Account Balance The deficit in the current account balance (including official transfers) widened to USD 1.44 billion compared to USD 1.2 billion deficit a year ago. This was due to the rise in merchandise import and the decline in the surplus of private and official transfers (Table 5.1). 5.5. Capital Account The capital account recorded USD 780.2 million surplus which was 3.6 percent higher than that of a year earlier. The rise in surplus was attributed to a 69.2 percent decline in net deficit of other public long term capital and 13.7 percent rise in private sector long term capital despite 9.7 percent slowdown in foreign direct investment and 35.9 percent drop in net official long term capital (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 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V. 10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers Source: NBE Staff Compilation 5.5. Current Account Balance The deficit in the current account balance (including official transfers) widened to USD 1.44 billion compared to USD 1.2 billion deficit a year ago. This was due to the rise in merchandise import and the decline in the surplus of private and official transfers (Table 5.1). 5.6. Capital Account The capital account recorded USD 780.2 million surplus which was 3.6 percent higher than that of a year earlier. The rise in surplus was attributed to a 69.2 percent decline in net deficit of other public long term capital and 13.7 percent rise in private sector long term capital despite 9.7 percent slowdown in foreign direct investment and 35.9 percent drop in net official long term capital (Table 5.1). 5.7. Changes in Reserve Position The deficit in the overall balance of payments during the third quarter of 2019/20 reached USD 420.9 million compared to USD 572.7 million deficit a year ago. Consequently, net foreign assets of the National Bank of Ethiopia and commercial banks showed a respective decline of USD 367.2 million and USD 53.7 million. Thus, as of March 31, 2020, gross foreign reserve coverage stood at 1.6 months of imports of goods and non-factor services of next fiscal year (Table 5.1). 5.8. Developments in the Foreign Exchange Market 5.8.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate reached Birr 32.2146/USD in the, depicting 14.0 percent annual depreciation while end period exchange rate was Birr 32.8128/ USD, indicating that the Birr has lost ground by 15.2 percent against USD over last year same period.

Third Quarter 2019/20 51 National Bank of Ethiopia Quarterly Bulletin Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) National Bank of Ethiopia Quarterly Bulletin 63 | Third Quarter 2019/20 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the third quarter of 2019/20 reached USD 420.9 million compared to USD 572.7 million deficit a year ago. Consequently, net foreign assets of the National Bank of Ethiopia and commercial banks showed a respective decline of USD 367.2 million and USD 53.7 million. Thus, as of March 31, 2020, gross foreign reserve coverage stood at 1.6 months of imports of goods and non-factor services of next fiscal year (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate reached Birr 32.2146/USD in the, depicting 14.0 percent annual depreciation while end period exchange rate was Birr 32.8128/USD, indicating that the Birr has lost ground by 15.2 percent against USD over 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 2018/19 28.9109 28.0543 12.6 0.0 Qtr. III C 28.4854 28.2700 3.15 0.00 January 28.2006 28.1238 1.10 0.00 February 28.3363 28.2718 1.00 0.00 March 28.4854 28.4143 1.05 0.00 2019/20 Qtr. II B 31.8041 30.2107 3.30 0.00 October 29.4303 29.3560 1.15 0.00 November 30.6158 29.8168 1.05 0.00 December 31.8041 31.4594 1.10 0.00 Qtr. III A 32.8128 32.2146 3.05 0.00 January 32.0606 31.9427 1.05 0.00 February 32.2739 32.1731 1.00 0.00 March 32.8128 32.5280 1.00 0.00 Percentage Changes A/B 3.17 6.63 -7.58 A/C 15.19 13.95 -3.17 Source: National Bank of Ethiopia Source: National Bank of Ethiopia On the other hand, average buying rate in the forex bureau of commercial banks stood at Birr 32.2220/ USD, showing a 14.4 percent depreciation, while the selling rate at Birr 32.8461/USD, saw a 14.4 percent annual depreciation. Thus, the average spread between the buying and selling rates was 1.94 percent (Table 5.11).

52 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) National Bank of Ethiopia Quarterly Bulletin 65 | Third Quarter 2019/20 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureau 2018/19 2019/20 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 64,723.2 18,503.0 69,690.8 20,966.9 69,203.5 10,045.8 -0.70 -52.09 6.92 -45.71 2 Bank of Abyssinia 2,926.5 7,443.1 2,329.4 6,012.7 963.6 3,843.0 -58.63 -36.08 -67.07 -48.37 3 Dashen Bank 3,891.2 5,525.2 5,700.3 7,207.7 5,177.5 5,190.2 -9.17 -27.99 33.06 -6.06 4 Awash International Bank 3,094.3 9,505.9 1,979.8 13,382.6 1,249.2 6,993.5 -36.9 -47.7 -59.6 -26.4 5 Construction & Business Bank - - - - 6 Wegagen Bank 5,771.4 4,256.2 4,523.9 2,283.1 1,910.5 1,535.9 -57.8 -32.7 -66.9 -63.9 7 United Bank 10,730.0 8,498.9 17,112.3 6,308.2 10,622.2 2,806.5 -37.9 -55.5 -1.0 -67.0 8 Development Bank 40.0 59.8 2.3 207.0 - 11.5 -94.4 -80.8 9 Nib International Bank 2,689.2 1,647.3 982.3 1,795.6 1,131.3 1,207.8 15.2 -32.7 -57.9 -26.7 10 Lion International Bank 17,955.2 929.4 25,653.3 1,847.1 14,513.7 450.9 -43.4 -75.6 -19.2 -51.5 11 Oromia International Bank 6,282.2 3,658.0 4,935.1 4,362.0 4,059.0 2,592.4 -17.8 -40.6 -35.4 -29.1 12 Zemen Bank 418.3 3,665.9 74.3 4,795.1 87.2 2,792.2 17.4 -41.8 -79.2 -23.8 13 Cooperative Bank of Oromia 224.4 3,425.8 250.1 3,428.0 179.9 1,974.5 -28.1 -42.4 -19.8 -42.4 14 Buna International Bank 2,311.0 509.1 1,435.2 578.1 752.8 153.9 -47.5 -73.4 -67.4 -69.8 15 Birhan International Bank 219.7 2,295.4 153.9 2,367.1 69.9 1,116.7 - -52.8 -68.2 - 16 Abay Bank 376.1 312.7 331.5 362.8 91.6 185.1 -72.4 - -75.7 -40.8 17 Addis International Bank 2,373.1 808.4 1,764.1 644.1 1,560.3 363.3 -11.6 -43.6 -34.3 -55.1 18 Debub Global Bank 162.3 508.9 211.6 522.5 4,917.3 319.8 2224.3 -38.8 2930.5 -37.2 19 Enat Bank 1,032.2 1,307.4 4,146.1 713.2 2,144.5 410.4 -48.3 -42.5 107.8 -68.6 Total 125,220.5 72,860.4 141,276.5 77,783.6 118,634.0 41,993.3 -16.0 -46.0 -5.3 -42.4 Average Exchange Rate 28.1722 28.7232 30.2650 30.8663 32.2220 32.8461 6.5 6.4 14.4 14.4 Spread* 1.96 1.99 1.94 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. 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 2019/20 53 National Bank of Ethiopia Quarterly Bulletin Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks National Bank of Ethiopia Quarterly Bulletin 66 | Third Quarter 2019/20 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 2012/13 QI 17.8639 18.2219 2.0 QII 18.0790 18.4290 1.9 QIII 18.2967 18.6470 1.9 QIV 18.5481 18.9369 2.1 2013/14 QI 18.7380 19.0775 1.8 QII 18.9603 19.3088 1.8 QIII 19.2028 19.5492 1.8 QIV 19.4455 19.8035 1.8 2014/15 QI 19.7238 20.1010 1.9 QII 19.9699 20.3568 1.9 QIII 20.1878 20.6066 2.1 QIV 20.4457 20.8274 1.9 2015/16 QI 20.6938 21.0941 1.9 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 5 10 15 20 25 30 35 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (RA) Source: NBE Staff Compilation In the official forex market, the US dollar has appreciated against Japanese Yen (5.0 percent), Euro (2.9 percent), Pound Sterling (1.7 percent) and SDR (1.3 percent), while it depreciated against Swiss Franc (3.0 percent). Likewise, on quarterly basis, USD appreciated against Pound Sterling (0.5 percent), Euro (0.4 percent) and SDR (0.03 percent), while it depreciated against Swiss Franc (2.4 percent) and Japanese Yen (0.2 percent) (Table 5.12). Source: NBE Staff Compilation In the official forex market, the US dollar has appreciated against Japanese Yen (5.0 percent), Euro (2.9 percent), Pound Sterling (1.7 percent) and SDR (1.3 percent), while it depreciated against Swiss Franc (3.0 percent). Likewise, on quarterly basis, USD appreciated against Pound Sterling (0.5 percent), Euro (0.4 percent) and SDR (0.03 percent), while it depreciated against Swiss Franc (2.4 percent) and Japanese Yen (0.2 percent) (Table 5.12).

54 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) National Bank of Ethiopia Quarterly Bulletin 67 | Third Quarter 2019/20 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 2018/19 QIII C 1.1364 0.0091 1.3925 1.3013 1.0032 January 1.1422 0.0092 1.3931 1.2862 1.0117 February 1.1356 0.0091 1.3918 1.3000 0.9986 March 1.1313 0.0090 1.3925 1.3178 0.9994 2019/20 QII B 1.1067 0.0086 1.3747 1.2859 1.2861 1.2860 1.0093 October 1.1042 0.0092 1.3707 1.2605 1.0060 November 1.1059 0.0083 1.3754 1.2880 1.2887 1.2884 1.0065 December 1.1100 0.0083 1.3780 1.3091 1.0155 1.0154 1.0155 QIII A 1.1027 1.1029 1.1028 0.0086 1.3742 1.3744 1.3743 1.2813 1.2774 1.2794 1.0330 1.0332 1.0331 January 1.1115 1.1120 1.1117 0.0082 1.3805 1.3810 1.3807 1.3081 1.2964 1.3023 1.0308 1.0313 1.0311 February 1.0906 1.0907 1.0907 0.0083 1.3696 1.2973 1.0238 March 1.1060 0.0093 1.3725 1.2387 1.0443 Percentage Changes A/B -0.36 -0.35 -0.35 0.23 0.24 0.24 -0.04 -0.02 -0.03 -0.35 -0.67 -0.51 2.34 2.36 2.35 A/C -2.96 -2.95 -2.96 -5.02 -1.31 -1.30 -1.31 -1.53 -1.83 -1.68 2.97 2.99 2.98 Source: National Bank of Ethiopia Source: National Bank of Ethiopia

Third Quarter 2019/20 55 National Bank of Ethiopia Quarterly Bulletin In contrast, the Birr has depreciated against all major currencies both on annual and quarterly basis. On yearly basis, it depreciated against Swiss Franc (17.3 percent), Japanese Yen (15.2 percent), USD (13.9 percent), SDR (12.4 percent), Pound Sterling (11.9 percent) and Euro (10.6 percent). Similarly, in quarter terms, the Birr weakened against Swiss Franc (9.1 percent), USD (6.6 Percent), SDR (6.6 percent), Euro (6.2 percent), Pound Sterling (6.0 percent) and Japanese Yen (6.4 percent) (Table5.13).

56 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) National Bank of Ethiopia Quarterly Bulletin 69 | Third Quarter 2019/20 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 2018/19 QIII C 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 2019/20 QII B 30.2107 30.5128 30.3618 33.4366 33.7710 33.6038 0.2779 0.2807 0.2793 41.5331 41.9484 41.7408 38.8643 39.2604 39.0624 30.4973 30.8008 30.6491 October 29.3560 29.6495 29.5028 32.4149 32.7391 32.5770 0.2715 0.2742 0.2729 40.2385 40.6408 40.4397 37.0042 37.3742 37.1892 29.5329 29.8283 29.6806 November 29.8168 30.1150 29.9659 32.9730 33.3027 33.1379 0.2740 0.2767 0.2754 41.0103 41.4205 41.2154 38.4038 38.8102 38.6070 30.0094 30.3095 30.1595 December 31.4594 31.7740 31.6167 34.9219 35.2711 35.0965 0.2881 0.2910 0.2895 43.3505 43.7840 43.5673 41.1850 41.5969 41.3909 31.9496 32.2647 32.1071 QIII A 32.2146 32.5331 32.3721 35.5221 35.8774 35.6998 0.2957 0.2987 0.2972 44.2661 44.7088 44.4875 41.2782 41.4913 41.3847 33.2743 33.6077 33.4410 January 31.9427 32.2513 32.0916 35.5048 35.8599 35.6824 0.2922 0.2951 0.2936 44.0912 44.5321 44.3117 41.8125 41.6314 41.7219 32.9152 33.2462 33.0807 February 32.1731 32.4949 32.3340 35.0892 35.4401 35.2646 0.2923 0.2952 0.2938 44.0639 44.5045 44.2842 41.7372 42.1545 41.9459 32.9389 33.2683 33.1036 March 32.5280 32.8533 32.6906 35.9725 36.3322 36.1523 0.3026 0.3057 0.3041 44.6433 45.0896 44.8665 40.2850 40.6879 40.4864 33.9689 34.3086 34.1387 Percentage Change A/B 6.63 6.62 6.62 6.24 6.41 6.42 6.42 6.58 6.21 5.68 5.95 9.11 A/C 13.95 13.94 13.94 10.58 15.22 15.23 15.22 12.44 12.17 11.63 11.90 17.34 Source: National Bank of Ethiopia Source: National Bank of Ethiopia

Third Quarter 2019/20 57 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency Mar 2019 Dec 2019 Mar 2020 Percentage Change A B C C/B C/A USD 28.6277 31.9631 32.9769 3.17 15.19 Pound 37.6485 41.9389 40.9408 -2.38 8.74 Swedish Kroner 3.0714 3.4271 3.2902 -3.99 7.13 Djibouti Frank 0.1607 0.1794 0.1851 3.18 15.19 Swiss Frank 28.7544 32.8873 34.4191 4.66 19.70 Saudi Riyal 7.6335 8.5194 8.7763 3.01 14.97 UAE Dirhams 7.7933 8.7020 8.9770 3.16 15.19 Canadian Dollar 21.3180 24.4628 23.3349 -4.61 9.46 Japanese Yen 0.2595 0.2929 0.3047 4.05 17.42 Euro 32.1920 35.7700 36.3636 1.66 12.96 SDR 39.8299 44.1155 45.0365 2.09 13.07 Source: NBE Staff Compilation 5.8.2. Movements in the Real Effective Exchange Rate During the third quarter of 2019/20, the Birr depreciated by 2.1 percent in real terms due to the weakening of nominal effective exchanged rate (NEERI) largely due to deprecation of Birr vis-à-vis major trading partner currencies. Likewise, the NEERI depreciated by 9.0 percent compared with last year same quarter (Table 5.15). Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 Percentage Change QIII QII QIII A B C C/B C/A REERI 190.6 190.2 186.5 -2.0 -2.1 NEERI 42.7 40.3 38.9 -3.4 -9.0 Source: NBE Staff Compilation NB: • REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index • A decrease in the REERI and NEERI implies depreciation and vice versa.

58 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2019/20 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 QIII QII QIII Percentage Change A B C C/B C/A REERI 190.6 190.2 186.5 -2.0 -2.1 NEERI 42.7 40.3 38.9 -3.4 -9.0 Source: NBE Staff Compilation NB: • REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index • A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 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 QIV QI QII QIII 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 2019/20 NEERI REERI Source: NBE Staff Compilation 5.7.3. Volume of Transactions In the third quarter of 2019/20, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.05 million, similar to that of last year. The foreign exchange was supplied exclusively by NBE with a view of stabilizing the foreign exchange market (Table 5.10). Source: NBE Staff Compilation 5.8.3. Volume of Transactions In the third quarter of 2019/20, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.05 million, similar to that of last year. The foreign exchange was supplied exclusively by NBE with a view of stabilizing the foreign exchange market (Table 5.10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market National Bank of Ethiopia Quarterly Bulletin 72 | Third Quarter 2019/20 Fig.V.13: 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 QIII QIV QI QII QIII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Mill. USD) Total Amount Traded Amount Traded among CBs Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 118.6 million and sold USD 42 million. Hence, the amount of forex purchased and sold in the retail market decreased by 5.3 percent and 42.4 percent, respectively (Table 5.11). Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 118.6 million and sold USD 42 million. Hence, the amount of forex purchased and sold in the retail market decreased by 5.3 percent and 42.4 percent, respectively (Table 5.11).

Third Quarter 2019/20 59 National Bank of Ethiopia Quarterly Bulletin VI. FEDERAL GOVERNMENT FINANCE During the third quarter of 2019/20, total revenue and grants collected by Federal government was Birr 56.9 billion showing a 7.6 percent annual decline while Federal government expenditure went up by 8.5 percent over last year same period. (Table 6.1) As a result, the overall fiscal deficit (including grants) stood at Birr 24.4 billion (Table 6.1).

60 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 6.1: Summary of Quarterly Federal Government Finance [in Million Birr] National Bank of Ethiopia Quarterly Bulletin 74 | Third Quarter 2019/20 Table 6.1: Summary of Quarterly Federal Government Finance [in Million Birr] No Finer points 2018/19 2019/20 Percentage changes performance rate A B C D D/A D/C D/B QIII Budget QII QIII 1 Revenue and Grants 61,618.5 271,009.4 72,490.0 56,913 .0 (7.6) (21.5) 21.0 1.1 Total Revenue 48,889.9 253,010.6 71,531.2 56,911.0 16.4 (20.4) 22.5 Tax Revenue 46,099.5 224,815.9 68,936.3 54,178.0 17.5 (21.4) 24.1 Direct tax 12,038.5 67,912.7 26,991.5 13,738.5 14.1 (49.1) 20.2 Indirect tax 34,061.0 156,903.2 41,944.8 40,439.6 18.7 (3.6) 25.8 Non-Tax Revenue 2,790.4 28,194.7 2,594.9 2,732.9 (2.1) 5.3 9.7 1.2 Grant & Relief 12,728.7 17,998.8 958.7 2 (100.0) (99.8) 0.0 2 Current Expenditure 18,725.1 101,656.0 18,931.5 24,028.5 28.3 26.9 23.6 3 Current Surplus/Deficit - - (Including Grants) 42,893.5 169,353.4 53,558.4 32,884.7 (23.3) (38.6) 19.4 (Excluding Grants) 30,164.8 151,354.6 52,599.7 32,882.4 9.0 (37.5) 21.7 4 Capital Expenditure 23,779.6 112,260.4 24,674.5 19,994.1 (15.9) (19.0) 17.8 5 Regional Transfers 32,450.9 143,779.6 35,654.9 37,338.0 15.1 4.7 26.0 6 Total Expenditure (2+4+5) 74,955.6 357,696.0 79,260.9 81,360.6 8.5 2.6 22.7 7 Overall Surplus/Deficit - - (Including Grants) (13,337.0) (86,686.6) (6,771.0) (24,447.4) 83.3 261.1 28.2 (Excluding Grants) (26,065.7) (104,685.4) (7,729.7) (24,449.7) (6.2) 216.3 23.4 8 Total Financing 13,337.0 86,686.6 6,771.0 24,447.4 83.3 261.1 28.2 8.1 Net External Borrowings 11,684.1 30,323.3 10,990.4 6,046.0 (48.3) (45.0) 19.9 External Borrowing 6,377.1 17,746.3 8,349.4 7,401.5 16.1 (11.4) 41.7 Amortization 1,421.6 7,349.0 1,118.9 2,318.9 63.1 107.3 31.6 8.2 Net Domestic Borrowings 9,135.0 56,363.3 (5,296.8) 37,723.8 313.0 (812.2) 66.9 Banking System 2,491.0 (11,360.8) 29,037.8 1,065.7 (355.6) Non-Bank Sources 6,644.0 6,064.0 8,686.0 30.7 43.2 8.3 Privatization receipts - - 8.4 Others and Residuals (7,482.1) 0 1,077.3 19,322.4) 158.2 (1,893.6) Source: Ministry of Finance and Economy Source: Ministry of Finance and Economy 6.1. Revenue and Grants Of the total Birr 56.9 billion revenue and grants collected during the review period 99.9 percent was from domestic sources. Similarly, of the total domestic revenue 95.2 percent was from taxes and the remaining 4.8 percent from non-taxes. The amount of grant & relief in the quarter was only Birr 2.0 million. The performance of total revenue and grant against annual plan was 21 percent (Table 6.2).

Third Quarter 2019/20 61 National Bank of Ethiopia Quarterly Bulletin Table 6.2: Summary of Quarterly Federal Government Revenue by Component (In million Birr) National Bank of Ethiopia Quarterly Bulletin 76 | Third Quarter 2019/20 Table 6.2 Summary of Quarterly Federal Government Revenue by Component (In million Birr) No Particulars 2018/19 2019/20 Percentage Change Performance QIII Budget QII QIII Rate A B C D D/A D/C D/B Total Revenue and Grants 61,618.5 271,009.4 72,487.4 56,913 (7.6) (21.5) 21.0 Total Domestic Revenue 48,889.9 253,010.6 71,528.6 56,911 16.4 (20.4) 22.5 1 Tax Revenue 46,099.5 224,815.9 68,933.7 54,177.9 17.5 (21.4) 24.1 1.1 Direct Tax Revenue

12,038.5

67,912.7

26,991.5

13,738.5 14.1 (49.1) 20.2 1.1.1 Income Taxes

10,041.0

58,776.3

24,307.0

11,540.4 14.9 (52.5) 19.6

• Personal

2,604.5

11,229.4

3,678.1 3556.7 36.6 (3.3) 31.7

• Business 7,436.5 47,546.9 20,628.8 7983.7 7.4 (61.3) 16.8 1.1.2 Others1

1,997.1

9,136.4

2,684.5 2198.1 10.1 (18.1) 24.1 1.2 Indirect Taxes

34,061.0

156,903.2

41,942.2

40,439.4 18.7 (3.6) 25.8 1.2.1 Domestic Taxes 14,888.2 65,569.9 15,324.7 13,454.6 (9.6) (12.2) 20.5 1.2.2 Foreign Trade Taxes 19,172.8 91,333.3 26,617.4 26,984.7 40.7 1.4 29.5

• Import 19,172.8 91,333.3 26,617.4 26,984.7 40.7 1.4 29.5 2 Non-Tax Revenue 2,790.4 28,194.7 2,594.9 2,732.9 (2.1) 5.3 9.7 3 Privatization

4 Grants and Relief 12,728.7 17,998.8 958.7 2.0 (100.0) (99.8) 0.0 Source: Ministry of Finance Source: Ministry of Finance

62 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government National Bank of Ethiopia Quarterly Bulletin 77 | Third Quarter 2019/20 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government During the review period indirect taxes accounted for 74.6 percent of the total tax revenue which grew by 18.7 percent compared to a year ago. About 66.7 percent of the indirect tax revenue was derived from foreign trade taxes and 33.3 percent from domestic taxes. Direct tax revenue also increased by about 14.1 percent during the same period. 0 10000 20000 30000 40000 50000 60000 70000 80000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue During the review period indirect taxes accounted for 74.6 percent of the total tax revenue which grew by 18.7 percent compared to a year ago. About 66.7 percent of the indirect tax revenue was derived from foreign trade taxes and 33.3 percent from domestic taxes. Direct tax revenue also increased by about 14.1 percent during the same period. Fig.VI.2: Domestic Revenue of federal government by Major Components during Third Quarter of 2019/20

Third Quarter 2019/20 63 National Bank of Ethiopia Quarterly Bulletin 6.2 Expenditure Total Federal government expenditure (including regional transfers) amounted to Birr 81.3 billion and showed a 8.5 percent annual growth due to higher current expenditure and regional transfers. Current expenditure reached Birr 24.0 billion and accounted for 29.5 percent of the total expenditure. The share of capital expenditure at Birr 19.9 billion 24.6 percent while regional transfer constituted Birr 37.3 billion or 45.9 percent (Table 6.3). Tale 6.3: Summary of Federal Government Expenditure by components (In Million Birr) National Bank of Ethiopia Quarterly Bulletin 79 | Third Quarter 2019/20 Tale 6.3: Summary of Federal Government Expenditure by components (In Million Birr) No Particulars 2018/19 2019/20 Percentage Change Performance Rate QIII Budget QII QIII A B C D D/A D/C D/B Total Expenditure 74,955.6

357,696.0

86,600.2

81,360.6

8.5

(6.1) 22.7 1 Current Expenditure 18,725.1 101,656.0 26,270.8 24,028.7 28.3 (8.5) 23.6

• General Services 7,520.4 33,495.5 8,716.3 9,724.1 29.3 11.6 29.0
• Economic Services 938.5 5,240.2 1,616.8 1,158.0 23.4 (28.4) 22.1
• Social Services 7,193.3 31,103.3 9,590.6 8,432.6 17.2 (12.1) 27.1
• Others expenditure 3,072.9 14,409.1 3,731.3 4611 50.0 23.6 32.0
• Debt Service 70.5 17,407.8 2,615.8 103.4 46.6 (96.0) 0.6 2 Capital Expenditure 23,779.6 112,260.4 24,674.5 19,993.9 (15.9) (19.0) 17.8
• Economic Development 16,907.1 79,800.7 16,455.9 14355.5 (15.1) (12.8) 18.0
• Social Development 5,999.1 27,281.2 7,379.6 5215.0 (13.1) (29.3) 19.1
• General Development 873.4 5,178.4 839.0 423.4 (51.5) (49.5) 8.2 4 Regional Transfers 32,450.9 143,779.6 35,654.9 37338.0 15.1 4.7 26.0 Source: Ministry of Finance Source: Ministry of Finance

64 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.VI.3: Major Components of Federal Governments Expenditure during the Third Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 80 | Third Quarter 2019/20 Fig.VI.3: Major Components of Federal Governments Expenditure during the Third Quarter of 2019/20 Current Expenditure 29.5% Capital Expenditure 24.6% Regional Transfer 45.9%

Third Quarter 2019/20 65 National Bank of Ethiopia Quarterly Bulletin Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components National Bank of Ethiopia Quarterly Bulletin 81 | Third Quarter 2019/20 Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

66 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 6.3 Deficit Financing Consequently, Federal government budget operation depicted an overall deficit (including grant) of Birr 24.4 billion, which was higher than Birr 13.3 billion deficit recorded a year ago. The deficit was financed by net domestic and external borrowing. Fig.VI.5: Federal Government Finance during Third Quarter of F.Y 2019/20 National Bank of Ethiopia Quarterly Bulletin 82 | Third Quarter 2019/20 6.3 Deficit Financing Consequently, Federal government budget operation depicted an overall deficit (including grant) of Birr 24.4 billion, which was higher than Birr 13.3 billion deficit recorded a year ago. The deficit was financed by net domestic and external borrowing. Fig.VI.5: Federal Government Finance during Third Quarter of F.Y 2019/20 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 2017/18 2018/19 2019/20 (In Millions of Birr) Quarters/Years Revenue Including Grants Deficit Expenditure

Third Quarter 2019/20 67 National Bank of Ethiopia Quarterly Bulletin During the third quarter of 2019/20, 7 investment projects having investment capital of Birr 360.9 million became operational. Both the number of investment projects and investment capital showed 96 and 55.7 percent decline relative to last year same quarter respectively. Similarly, when compared with previous quarter, investment projects depict a down ward movement by 30 percent despite 262.2 percent increase of investment capital. All investment projects were private owned, of which 71.4 percent were domestic investors and that of foreigners accounted 28.6 percent. These investment projects have generated employment opportunities for 152 employees which was 85.5 percent lower than the previous quarter. Of the total employment created during the period, 96.1 percent was permanent and 3.9 percent casual (Table 7.1). VII. Developments in Investment

68 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) National Bank of Ethiopia Quarterly Bulletin 84 | 2019/20 Third Quarter Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2018/19 2019/20 Percentage Changes QIII QII QIII A B C Share C/A C/B

1. Total Investment Number of projects 177 10 7 100 -96.0 -30.0 Capital 814.3 99.7 360.9 100 -55.7 262.2 Permanent Employment 2,202 387 146 100 -93.4 -62.3 Temporary Employment 1,887 660 6 100 -99.7 -99.1
2. Private Investment Number of projects 177 10 7 100 -96.0 -30.0 Capital 814.3 99.7 360.9 100 -55.7 262.2 Permanent Employment 2,202 387 146 100 -93.4 -62.3 Temporary Employment 1,887 660 6 100 -99.7 -99.1 2.1 Domestic Investment Number of projects 174 6 5 71.4 -97.1 -16.7 Capital 747.4 51.4 339.5 94.0 -54.6 560.7 Permanent Employment 1,401 12 2 1.4 -99.9 -83.3 Temporary Employment 1,782 160 1 16.7 -99.9 -99.4 2.2. Foreign Investment Number of projects 3 4 2 28.6 -33.3 -50.0 Capital 66.9 48.3 21.5 6.0 -67.9 -55.5 Permanent Employment 801 375 144 98.6 -82.0 -61.6 Temporary Employment 105 500 5 83.3 -95.2 -99.0
3. Public Investment Number of projects

---

Capital

---

Permanent Employment

---

Temporary Employment

---

Source: Ethiopian Investment Commission. As for sectoral distribution, both hotel & restaurants and real estate, renting & business activities constituted 28.6 percent while that of construction, Tour operation, transport, & communication and others* constitutes 14.3 percent each. Out of the total Birr 360.9 million capitals invested, hotel and restaurants constitutes the lion shares by accounting 83.7 percent followed by Real estate, renting and business Source: Ethiopian Investment Commission.

Third Quarter 2019/20 69 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, both hotel & restaurants and real estate, renting & business activities constituted 28.6 percent while that of construction, Tour operation, transport, & communication and others* constitutes 14.3 percent each. Out of the total Birr 360.9 million capitals invested, hotel and restaurants constitutes the lion shares by accounting 83.7 percent followed by Real estate, renting and business activities (9.4 percent), Tour operation, transport, and communication (3.3 percent), others* (2.7 percent) and construction (1 percent). With regard to job opportunity, Tour operation, transport, and communication sector created about 80.1 percent of permanent employment, Others* 18.5 percent and Construction 1.4 percent. On the other hand, others* sector was the leading sector by employing 83.3 percent of temporary labor force while construction constituted 16.7 percent (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 85 | 2019/20 Third Quarter activities (9.4 percent), Tour operation, transport, and communication (3.3 percent), others* (2.7 percent) and construction (1 percent). With regard to job opportunity, Tour operation, transport, and communication sector created about 80.1 percent of permanent employment, Others* 18.5 percent and Construction 1.4 percent. On the other hand, others* sector was the leading sector by employing 83.3 percent of temporary labor force while construction constituted 16.7 percent (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2019/20 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 14.3 3.6 1.0 2 1.4 1 16.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants 2.0 28.6 302 83.7 - - - - Manufacturing - - - - - - - - Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 2 28.6 33.9 9.4 - - - - Tour operation, transport, and communication 1 14.3 11.9 3.3 117.0 80.1 - - Wholesale, retail trade & repair service - - - - - - - - Others* 1.0 14.3 9.6 2.7 27.0 18.5 5.0 83.3 Grand Total 7 100 360.9 100 146 100 6 100 Source: Ethiopian Investment Commission.

• Data center services, Importation of LPG and Bitumen. Source: Ethiopian Investment Commission.
• Data center services, Importation of LPG and Bitumen.

70 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin In terms of regional distribution, Addis Ababa account about 71.4 percent of the total projects with 94 percent of total investment capital while multiregional projects constitutes 28.6 percent of the total projects with 6 percent of total investment capital. In terms of job creation multiregional projects accounted for 98.6 and 83.3 percent of the total permanent and temporary employments respectively and Addis Ababa on their part constitutes (1.4 and (16.7 percent) (Table 7.3).

Third Quarter 2019/20 71 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects National Bank of Ethiopia Quarterly Bulletin 87 | Third Quarter 2019/20 Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2018/19 2019/20 Growth Rate QIII QII QIII C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 543 6,239.9 5,008 1,241 7 57.4 16 160 5 339.5 2 1 71.4 94.0 1.4 16.7 -99.1 -94.6 -100.0 -99.9 -28.6 491.6 -87.5 -99.4 Afar 13 144 160 490 - - - - - - - - - - - - - - - - - - - - Amhara

---

B.Gumuz

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

• • • • 3 42.3 371 500 - - - - - - - - - - - - - - - - SNNPR 1 2.5 18 12 - - - - - - - - - - - - - - - - - - - - Gamb

---

Somali

---

Harari

---

Tigray

---

Multi￾regional - - - - - - - - 2 21.5 144 5 28.6 6.0 98.6 83.3 - - - - - - - - Grand Total 557 6,386.4 5,186 1,743 10 99.7 387 660 7 360.9 146 6 100 -98.7 -94.3 -97.2 -99.7 -30.0 262.2 -62.3 -99.1 Source: Ethiopian Investment Commission Source: Ethiopian Investment Commission

72 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 8.1. Overview of the World Economy5 The global economic and trade has paralyzed due to corona virus (COVID-19) outbreak. The measures taken by governments to contain the spread of the virus are a key factor driving the sharp decline in economic activity in the near term. Other factors also weighing on economic activity, especially in emerging market economies, include a sharp reduction in commodity prices, significant tightening of financial conditions and substantial capital outflow. Survey data suggest that the economic fallout from containment measures is likely to be abrupt and deep. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area declined sharply from 52 in January to 45 in February and further to 41 in March. The decline was driven by the strong contraction in the services index, which plummeted to 39.4, the lowest level since December 2008. This points to a sharp contraction in global activity (excluding the euro area) in the first half of 2020, which is likely to be more pronounced than at the trough observed during the global financial crisis (GFC). In United States, containment measures will lead to a decline in economic activity in the first half of 2020. Advance estimates for the third quarter of 2019/20 suggest that GDP contracted at an annualized rate of 4.8 percent. This constitutes the largest decline in GDP since the global financial crisis, when GDP fell by 8.4 percent in the final quarter of 2008. Euro area real GDP contracted sharply in the third quarter of 2019/20, reflecting in particular the impact of the corona virus (COVID-19) outbreak and the associated containment measures. Total economic activity declined by 3.8 percent, quarter on quarter, in the third quarter of 2019/20. In the United Kingdom, corona virus outbreak has had a significant adverse impact on an already slowing economy. The monthly GDP release for February, on a three-month-on-three-month basis, showed that the UK economy was stagnating even ahead of the pending corona virus outbreak. Since then, the March PMI Composite Output Index has plummeted to a new series low, far below even the worst readings seen at the depths of the Global Financial Crises (GFC). Economic policy responses have been swift and strong. In China, economic growth has fallen to its lowest level in decades as a result of the pandemic and weak external demand. In the third quarter of 2019/20, GDP decreased by 6.8 percent year on year owing to virus containment measures. 8.2. Inflation Developments Global inflation slowed slightly in February. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) declined to 2.2 percent in February, driven by a moderation in energy price inflation, while food price inflation increased slightly. Meanwhile, inflation excluding food and energy remained stable at 2.2 percent in February. The slowdown in inflation was broad-based across most advanced economies and major non-OECD emerging market economies. Looking ahead, global inflationary pressures are expected to decelerate further as a result of both the sharp fall in oil prices and weak demand. According to Eurostat’s flash estimate, HICP inflation decreased further to 0.4 percent in April, after 0.7 percent in March 2020 and 1.2 percent in February 2020. The decrease in April mainly reflected a drop in annual energy inflation rates from -4.5 percent 5 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 3/2020. VIII. International Economic Developments

Third Quarter 2019/20 73 National Bank of Ethiopia Quarterly Bulletin in March to -9.6 percent in April on account of the recent oil price slump, but services and non-energy industrial goods inflation also declined compared to the previous month. These declines more than offset an increase in food inflation, which in turn was mostly due to a doubling of unprocessed food inflation. According to Eurostat, prices for at least 50 percent or more of the underlying basket for the euro area HICP flash estimate and the special aggregates were collected as usual. 8.3. Commodity Price Brent crude oil prices have declined by approximately 43 percent since the March meeting of the Governing Council, primarily owing to a sudden collapse in demand associated with the COVID-19 pandemic. Lack of adequate storage capacity has put further downward pressure on oil prices. Notably, North American producers were temporarily forced to dispose of oil at negative prices to avoid shutting down oil wells, as doing so would have permanently damaged their production capacity. Total non-oil commodity prices have declined markedly (-8.5 percent) since the March Governing Council meeting as both metal prices (-9.2 percent) and food prices (-5.7 percent) decreased. 8.4. Exchange Rate Developments In foreign exchange markets, the euro weakened slightly in trade-weighted terms over the review period, reflecting an appreciation against the currencies of several emerging market economies which was largely offset by depreciation against the US dollar. The euro’s nominal effective exchange rate, as measured against the currencies of 38 of the euro area’s most important trading partners, depreciated by 0.8 percent. Regarding bilateral exchange rate developments, the euro depreciated (by 3.5 percent) against the US dollar and pound sterling (by 1.4 percent) following a phase of increased volatility. The euro also depreciated against the Chinese renminbi (by 2.7 percent), reversing an earlier appreciation and reflecting the different timing of the main economic impacts of the COVID-19 pandemic. By contrast, the euro strengthened vis-à-vis the majority of currencies of non-euro area EU Member States and emerging economies, most notably the Turkish lira and the Brazilian real (both by 7.7 percent). 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2019/20, global economic has paralyzed due to corona virus (COVID-19) outbreak. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area declined sharply from 52 in January to 45 in February and further to 41 in March. The decline was driven by the strong contraction in the services index, which plummeted to 39.4, the lowest level since December 2008. This points to a sharp contraction in global activity (excluding the euro area) in the first half of 2020, which is likely to be more pronounced than at the trough observed during the global financial crisis (GFC). Likewise, global consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) declined to 2.2 percent in February, driven by a moderation in energy price inflation, while food price inflation increased slightly. During the review quarter, the fast depreciation of Birr outweighed the relative price differential between domestic and trading partners economy, which resulted in the REER to depreciate by 2.1 percent. Thus, it enhances international competitiveness of the country in global market. On the other, decline in crude oil prices helped the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance.

74 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin

Third Quarter 2019/20 75 National Bank of Ethiopia Quarterly Bulletin STATISTICAL TABLES

76 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 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 Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 2019/20

Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 192,264.95 - 52,142.71 - 106,893.95 Qtr.II 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Qtr.III 80,407.49 316.70 488.33 74,412.19 5,190.27 221,237.75 6,972.80 214,264.95 - 55,242.71 - 120,561.48 Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr)

Third Quarter 2019/20 77 National Bank of Ethiopia Quarterly Bulletin End of Period Total Liab.= Assets Currency (Notes + Coins) Deposits Foreign Liabilities Capital Account Other Total Gov't Banker Total Fund Credit Others Liab. 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 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr)

78 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (In Millions of Birr) End of Period Reserves Foreign Assets Claims On Gov't Claims on Non-Central Gov't Other Assets Total (2+3) Cash in Hand Deposits with NBE Total (7+8+9) Loans &Adv. Invest￾ment Commercial Banks 1 2 3 4 5 6 7 8 9 10 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116740.09 32453.58 84286.52 25980.84 22927.78 928496.12 463151.74 456261.93 9082.46 211425.69 Qtr.II 117120.70 29406.33 87714.37 23973.08 23123.42 977370.59 512299.58 456233.83 8837.18 232194.69 Qtr.III 114998.82 29771.00 85227.82 24606.29 22927.78 1025047.29 528438.89 487766.96 8841.44 257616.79 Table 2(a): Statement of Condition of Commercial Banks: Assets

Third Quarter 2019/20 79 National Bank of Ethiopia Quarterly Bulletin End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Gov't Depos. Foreign Liab. Capital Account Other Liab. Total (3+4+5) Demand Time Saving Total (9+10+11) Capital Legal Reserve Others 1 2 3 4 5 6 7 8 9 10 11 12 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 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr)

80 Third Quarter 2019/20 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 Cooperatives 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 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35

Third Quarter 2019/20 81 National Bank of Ethiopia Quarterly Bulletin 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 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr)

82 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply (1+2) Quasi￾Money Total Volume (3+4) Total Credit (7+10) Net Claims on Gov't Claims on Non-Cen Gov’t Total (8+9) Nat. Bank Comm. Banks Total (13+12) Nat. Bank Comm. Banks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 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 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 Table 4: Money Supply and its Determinants

Third Quarter 2019/20 83 National Bank of Ethiopia Quarterly Bulletin 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 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 529575.8 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) 1/ Obtained by multiplying each original observation by appropriate index for the month Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr)

84 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia international Reserves Comm. Banks Reserve 6 Gross 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 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95,770.88 69,790.04 15.26 64,693.13 4,646.29 435.36 25,980.84 112,813.99 18,605.21 94,208.78 (17,043.11) (24,418.74) 7,375.63 Qtr.II 118,262.24 94,289.16 19.38 88,749.48 5,041.96 478.35 23,973.08 132,890.84 21,056.84 111,833.99 (14,628.59) (17,544.83) 2,916.24 Qtr.III 105,013.78 80,407.49 316.70 74,412.19 5,190.27 488.33 24,606.29 133,916.77 23,358.51 110,558.25 (28,902.99) (30,150.76) 1,247.77

Third Quarter 2019/20 85 National Bank of Ethiopia Quarterly Bulletin End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total Loans & Advances Investments 1=2+5 2=3+4 3 4 5=6+7 6 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 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 Table 7: Domestic Credit by Sector (In Millions of Birr)

86 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 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 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 Table 8: Deposits by Type and Sector

Third Quarter 2019/20 87 National Bank of Ethiopia Quarterly Bulletin End of Period Reserve Requir￾ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio: Loans Adv.to Dep. Debit Balance

Turn Over of Deposit Total Short Term Long Term 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 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) Qtr.II 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 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 62.54 30,715.28 0.09

1. Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
2. Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
3. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

88 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin (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 Qtr.II 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 Qtr.III 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 QtrIV 121,967.5 120,805.0 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 124,143.8 122,970.8 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 Qtr.II 128,238.0 127,057.0 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 Qtr.III 139,272.7 138,080.7 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 Table 10: Circulating Notes and Coins by Denomination

Third Quarter 2019/20 89 National Bank of Ethiopia Quarterly Bulletin Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: 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- Dec. 1, 1995- June 1, 1996- Sep.16,1996- Jan. 1,1998- Mar. 4,2002- Aug. 2002 to 8-Feb-05 04-Jul-07 01-Dec-10 11-Oct-17 Nov. 30, 1995 May 30, 1996 Sep. 15, 1996 Dec. 31,1997 Mar. 3, 2002 August-02 7-Feb-05 04-Jul-07 30-Nov-10 to 10-Oct -2017 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3

90 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Total Gov’t Indebtedness National Bank of Ethiopia Commercial Banks Others NBE Total Direct Advance Gov't Bonds Comm. Banks Total Gov’t Bonds Treasury Bills Others Total Gov’t Bonds Treasury Bills Noninterest bearing Interest bearing 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2008/09 Qtr.I 56,674.45 44,270.98 34,578.00 9,270.88 422.10 6,234.94 3,891.83 2,343.11 6,168.53 430.32 5,738.21 Qtr.II 54,951.33 42,948.98 33,256.00 9,270.88 422.10 5,547.24 3,879.25 1,667.98 6,455.12 413.91 6,041.21 Qtr.III 54,449.46 42,248.98 32,556.00 9,270.88 422.10 5,548.90 3,878.19 1,670.71 6,651.58 370.61 6,280.97 Qtr.IV 56,589.88 44,498.73 34,891.00 9,193.63 414.10 5,409.36 3,741.62 1,667.73 6,681.79 370.61 6,311.18 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 376,131.83 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 148,770.66 18.10 148,752.56 Qtr.III 396,116.18 221,237.75 214,264.95 6,968.80 4.00 22,927.78 22,927.78 - 151,950.66 18.10 151,932.56 Table 12: Government Internal Debt by Holder (In Millions of Birr)

Third Quarter 2019/20 91 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year Fiscal year ending July 7 2011 2012 2018/19 2019/20 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 Tax revenue 289,521.3 60,080.5 135,807.6 75,727.1 194,642.5 58,834.8 268,457.4 73,815.0 311,067.9 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 Direct taxes 114,487.6 24,546.3 63,348.8 38,802.4 84,463.6 21,114.8 115,857.8 31,394.2 127,778.3 27,968.8 74,812.5 46,843.7 102,822.5 28,010.0 Income and profits tax 109,067.1 21,177.3 55,766.9 34,589.6 73,750.9 17,984.1 100,609.1 26,858.2 124,751.6 27,315.0 73,381.0 46,066.0 100,643.8 27,262.8 Personal income 36,708.6 8,326.0 19,071.6 10,745.6 27,792.3 8,720.7 41,202.5 13,410.2 44,392.5 9,169.6 22,964.8 13,795.2 35,965.2 13,000.4 Rental income tax 2,488.1 913.8 1,850.1 936.3 1,942.6 92.5 2,137.6 195.0 2,556.5 1,049.6 2,318.6 1,269.0 2,476.5 157.9 Business profits 57,607.9 12,851.3 36,695.3 23,844.0 45,958.7 9,263.4 59,406.6 13,448.0 65,411.5 14,246.5 42,088.1 27,841.6 52,963.0 10,875.0 Withholding income tax on imports 2,916.9 889.0 1,742.0 853.0 2,654.7 912.7 3,648.5 993.8 3,806.8 1,208.3 2,511.4 1,303.1 3,851.7 1,340.3 Agriculture income 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 565.0 10.7 59.5 48.8 252.6 193.1 Other income 7,632.4 449.7 1,550.0 1,100.4 2,218.7 668.7 3,973.9 1,755.2 5,388.2 984.2 2,152.0 1,167.8 2,947.5 795.5 Interest income tax 877.2 370.0 685.0 315.0 1,189.0 504.0 1,689.3 500.3 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 Capital gains tax 137.9 58.3 148.1 89.8 242.0 93.9 388.0 146.0 860.6 98.3 159.0 60.7 523.6 364.6 Rural land use fee 2,300.4 12.1 70.2 58.1 225.7 155.5 356.0 130.3 560.7 15.3 65.5 50.2 238.5 173.1 Urban land lease fee 3,120.0 669.2 1,476.6 807.3 2,010.6 534.0 2,703.3 692.7 2,465.9 638.6 1,366.0 727.4 1,940.1 574.1 Domestic indirect taxes 83,200.3 17,349.9 36,708.9 19,359.1 55,256.1 18,547.2 77,774.0 22,517.9 91,956.4 20,490.4 41,054.6 20,564.1 59,807.0 18,752.4 Sales/TOT/excise taxes 40,833.5 7,266.0 15,452.7 8,186.7 24,627.7 9,175.0 35,541.9 10,914.2 45,973.6 9,425.5 18,017.1 8,591.6 26,377.7 8,360.6 Petroleum products 820.3 160.4 386.0 225.5 522.6 136.7 629.1 106.4 688.3 140.9 323.1 182.2 358.2 35.1 Alcohol and tobacco 7,638.8 1,459.2 3,504.8 2,045.7 5,947.2 2,442.4 8,408.9 2,461.7 8,826.5 1,988.8 4,661.9 2,673.0 6,485.8 1,824.0 Other goods 32,374.4 5,646.4 11,561.9 5,915.5 18,157.8 6,595.9 26,503.9 8,346.1 36,458.8 7,295.8 13,032.1 5,736.4 19,533.7 6,501.5 Services TOT/ sales tax 38,999.8 9,638.3 19,934.8 10,296.5 28,672.4 8,737.6 39,400.5 10,728.1 43,707.3 10,453.2 21,399.5 10,946.3 31,013.8 9,614.2 Stamp duties 3,367.0 445.5 1,321.4 875.9 1,956.0 634.6 2,831.6 875.6 2,275.4 611.7 1,637.9 1,026.2 2,415.5 777.6 Import duties and taxes 91,833.5 18,184.3 35,749.9 17,565.6 54,922.7 19,172.8 74,825.6 19,902.8 91,333.3 25,062.9 51,680.4 26,617.4 78,665.1 26,984.7 Custom duties 30,548.3 6,171.2 12,037.4 5,866.2 18,318.8 6,281.4 24,883.6 6,564.8 31,303.5 8,632.5 17,603.9 8,971.4 26,846.9 9,243.0 Sales/excise taxes 43,423.5 8,418.9 16,773.5 8,354.6 25,993.9 9,220.4 35,544.1 9,550.2 42,430.6 11,583.8 24,042.2 12,458.4 36,383.1 12,340.9 Petroleum products 3,088.4 401.5 671.4 269.8 1,502.8 831.4 2,348.5 845.7 2,284.3 726.9 1,584.2 857.3 2,248.8 664.7 Alcohol and tobacco 648.2 82.2 207.9 125.7 306.0 98.0 430.9 125.0 445.9 124.1 217.8 93.6 309.7 91.9 Other imports 39,686.9 7,935.1 15,894.2 7,959.1 24,185.1 8,290.9 32,764.6 8,579.5 39,700.4 10,732.8 22,240.2 11,507.5 33,824.6 11,584.4 Surtax on imports 17,861.7 3,594.2 6,938.9 3,344.8 10,610.0 3,671.1 14,397.9 3,787.9 17,599.1 4,846.6 10,034.3 5,187.7 15,435.1 5,400.8 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 45,812.3 11,306.6 17,819.3 6,512.7 24,861.8 7,042.5 42,860.0 17,998.2 54,136.2 12,795.2 20,049.4 7,254.2 26,681.1 6,631.7 Charges and fees 3,115.8 587.9 1,232.5 644.6 2,172.1 939.6 4,428.6 2,256.5 3,492.5 1,085.0 2,222.8 1,137.7 3,400.7 1,177.9 Sales of goods & services 6,580.9 922.1 2,218.2 1,296.2 3,720.9 1,502.7 6,872.8 3,151.9 4,474.2 1,201.5 2,580.2 1,378.7 4,195.0 1,614.8 Residual surplus, capital charge, interest payments and state dividend 15,668.4 7,612.2 8,939.2 1,327.0 10,369.0 1,429.7 15,821.6 5,452.7 19,454.4 7,152.5 8,018.9 866.4 8,443.9 425.0 Reimbursement & property sales 323.1 13.1 32.6 19.5 80.9 48.3 245.9 165.0 543.4 25.7 159.1 133.4 178.8 19.7 Miscellaneous 9,686.5 885.0 2,363.5 1,478.5 3,475.2 1,111.7 7,197.0 3,721.8 10,619.2 2,003.9 3,677.1 1,673.2 5,889.0 2,211.9 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 10,437.6 1,286.3 3,033.2 1,746.9 5,043.7 2,010.5 8,293.9 3,250.2 15,552.5 1,326.5 3,391.3 2,064.8 4,573.7 1,182.3 Total revenue 335,333.7 71,387.1 153,626.9 82,239.9 219,504.3 65,877.3 311,317.4 91,813.1 365,204.1 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 External grants 19,148.0 3,362.7 8,619.3 5,256.6 26,728.3 18,109.0 33,619.1 6,890.8 36,793.6 4,083.9 9,365.4 5,281.6 14,442.3 5,076.9 Grants in kind/earmarked 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 Untied cash & CPF/grants 2,334.4 0.0 1,389.5 1,389.5 14,118.1 12,728.7 17,646.2 3,528.0 17,998.8 324.9 1,283.6 958.7 1,285.9 2.3 Total revenue and grants 354,481.7 74,749.8 162,246.2 87,496.4 246,232.6 83,986.4 344,936.5 98,703.9 401,997.7 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 Table 13: General Government Quarterly Revenue (In Millions of Birr)

92 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year Fiscal year ending July 7 2011 2012 2018-19 2019-20 Pre actual Budget 3mon (Qrt.I.Re) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III A. Capital Expenditure Economic development 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 106,518.0 38,714.2 145,030.4 22,862.7 51,179.8 28,317.1 78,260.3 27,080.5 Agriculture 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 22,228.9 9,150.9 20,861.6 3,888.9 8,652.0 4,763.1 13,675.0 5,023.0 Natural Resource 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 20,563.1 9,360.9 30,003.2 2,726.1 7,153.8 4,427.7 11,280.1 4,126.3 o/w: Water 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 19,699.8 8,632.6 29,957.3 2,724.0 7,071.8 4,347.8 11,273.4 4,201.6 Mines & Energy 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 49.8 2.5 15.6 13.1 23.6 8.0 Trade, Industry & Tourism 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 6,237.0 1,909.5 6,790.8 155.4 1,011.5 856.1 2,036.2 1,024.7 Urban dev't & housing 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 12,619.5 6,202.6 25,269.8 4,504.0 10,148.7 5,644.7 15,331.9 5,183.3 Road construction 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 39,585.9 9,229.1 57,637.5 11,311.1 21,974.5 10,663.4 32,503.1 10,528.6 Transport & communication 4,923.7 108.9 996.5 887.6 1,643.7 647.2 4,495.5 2,851.8 4,417.7 274.7 2,223.8 1,949.1 3,410.4 1,186.6 Social Development 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 47,891.4 18,746.7 51,314.6 10,759.9 22,661.2 11,901.3 31,965.7 9,304.5 Education 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 30,109.1 11,031.7 29,380.8 8,207.8 14,312.5 6,104.7 19,854.0 5,541.5 Health 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 12,863.1 4,995.1 15,626.4 2,116.4 6,882.8 4,766.3 10,354.1 3,471.3 Socail welfare 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 359.8 312.9 651.7 291.8 Culture & sport 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 2,327.8 635.1 4,862.3 388.7 1,106.1 717.4 1,105.9 General Development 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 22,926.5 1,887.6 5,061.0 3,173.4 8,448.4 3,387.4 Compensation payments 0.0 External assistance 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 Sub Total Capital Expenditure 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 174,949.1 69,409.4 219,271.5 35,510.1 78,902.0 43,391.9 118,674.4 39,772.4 B. Current Expenditure General Services 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 74,660.4 26,511.3 77,008.6 15,035.1 37,075.7 22,040.7 59,840.1 22,764.4 Organ of the State 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 12,175.0 4,640.2 12,632.8 2,332.1 5,858.3 3,526.2 9,894.5 4,036.2 Justice 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 9,295.7 3,896.2 8,575.5 1,590.9 4,808.7 3,217.8 7,926.9 3,118.2 Defence 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15,605.0 5,121.4 15,000.0 3,586.8 7,443.2 3,856.4 12,131.0 4,687.7 Public order & security 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 17,221.1 5,549.3 20,581.8 3,875.7 8,984.3 5,108.6 14,226.8 5,242.5 Other General services 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 20,363.6 7,304.2 20,218.5 3,649.5 9,981.2 6,331.6 15,661.0 5,679.9 Economic Services 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 31,233.4 11,679.0 37,281.8 5,523.7 15,131.6 9,607.9 23,563.2 8,431.6 Agriculture&natural resource 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 20,182.5 8,093.0 24,511.7 3,359.1 9,753.6 6,394.5 14,930.4 5,176.8 Agriculture 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 15,397.6 6,275.3 19,298.3 2,967.6 7,360.7 4,393.2 11,453.5 4,092.8 Natural resource 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 4,784.9 1,817.7 5,213.4 391.5 2,392.8 2,001.3 3,476.9 1,084.1 o/w: Water 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 3,746.1 1,528.5 5,128.5 349.8 1,760.0 1,410.2 2,577.4 817.4 Trade, Industry & Tourism 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 6,058.1 2,004.7 6,595.2 1,199.7 3,173.0 1,973.3 5,127.0 1,954.0 Mines & Energy 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 192.4 48.2 102.0 53.8 148.3 46.2 Tourism 0.0 Transport & communication 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 355.6 208.7 585.6 230.0 Urban devt. & construction 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 3,474.4 1,050.0 3,387.4 615.3 1,527.1 911.8 2,348.3 821.2 o/w: Road Construction 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 1,361.6 305.4 856.3 550.9 1,298.6 442.4 Economic development studies 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 1,098.0 154.5 220.3 65.8 423.7 203.4 Social Services 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 112,516.0 43,531.1 114,933.3 22,659.6 54,534.3 31,874.7 84,026.8 29,492.5 Education & training 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 72,707.2 24,674.2 80,686.1 15,491.1 37,667.7 22,176.6 58,395.8 20,728.1 Culture & sports 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 3,470.6 1,077.4 3,539.6 563.1 1,251.7 688.6 2,006.2 754.4 Public health 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 25,518.5 10,424.5 29,071.1 4,138.9 11,735.4 7,596.5 19,227.6 7,492.2 Labour & social welfare 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 1,011.8 240.9 644.7 403.8 1,042.5 397.9 Rehabilitation 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 9,590.4 6,929.1 624.7 2,225.6 3,234.8 1,009.2 3,354.7 119.9 Interest & Charges 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 13,525.8 4,199.9 17,407.8 8,106.3 6,990.8 -1,115.5 11,341.6 4,350.8 Internal debt 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 7,436.1 2,212.8 9,351.2 6,746.2 3,658.4 -3,087.8 6,376.0 2,717.6 External debt 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 6,089.8 1,987.1 8,056.6 1,360.0 3,332.3 1,972.3 4,965.6 1,633.2 O/w: defence commercial 0.0 Miscellaneous 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 6,221.0 1,739.7 24,422.6 826.2 2,414.4 1,588.2 3,934.1 1,519.6 External assistance * 0.0 Sub Total Current Expenditure 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 238,156.6 87,660.9 271,054.2 52,150.8 116,146.9 63,996.0 182,705.8 66,559.0 Grand Total Expenditure 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4 413,105.7 157,070.3 490,325.7 87,660.9 195,048.9 107,388.0 301,380.3 106,331.4

• Estimated value Re = First Quarter Capital part is reviesed Table 14: General Government Quarterly Expenditure

Third Quarter 2019/20 93 National Bank of Ethiopia Quarterly Bulletin 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 QIV 128,524.0 8,695.8 11,076.0 19,771.8 635,440.9 803,508.4 2019/20 QI 159,613.1 8,886.7 14,477.8 23,364.5 616,810.6 823,152.8 QII 133,745.9 10,582.6 8,425.3 19,007.9 648,408.0 820,169.7 QIII 141,900.1 9,393.6 10,290.6 19,684.2 659,674.5 840,942.9 Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons)

94 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 258,637.3 286,869.8 313,975.7 337,502.8 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 Crop 146,545.6 168,479.8 187,053.1 201,996.9 215,075.1 233,879.2 258,009.7 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 Animal Farming and Hunting 84,931.4 89,093.2 96,111.9 103,150.3 110,419.1 117,249.1 126,016.6 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 Forestry 34,883.0 35,814.5 36,846.7 38,393.2 39,595.9 40,906.7 42,138.1 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 Fishing 305.4 280.3 301.9 404.5 511.9 520.3 551.2 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 Mining and Quarrying 2,598.2 2,784.4 2,355.4 2,859.8 3,225.2 4,649.7 7,333.7 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 Manufacturing 23,177.6 25,633.8 27,772.7 30,636.9 33,417.3 37,292.5 41,815.8 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 Large and Medium Scale Manufacturing 11,623.1 13,209.7 14,462.2 16,280.9 17,955.8 20,398.0 23,282.3 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 Small Scale and Cottage Industries 16,324.3 17,123.4 18,157.6 19,171.7 20,393.7 21,814.3 23,384.1 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 Electricity and Water 4,135.7 4,501.6 5,114.4 5,362.3 5,630.6 5,771.0 6,872.5 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 Construction 33,548.2 37,068.0 41,110.6 45,773.6 51,117.9 56,684.7 63,932.5 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 Whole Sale and Retail Trade 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 Hotels and Restaurants 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 Transport and Communications 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 Financial Intermediation 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 Real Estate, Renting and Business Activities 21,104.9 24,168.3 27,845.9 32,659.3 37,846.4 45,401.8 55,423.4 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 Public Administration and Defense 23,516.8 25,015.9 27,966.7 31,469.5 37,248.7 40,567.8 44,391.8 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 Education 14,508.7 15,757.7 19,105.0 21,925.3 24,773.6 28,976.1 30,247.9 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 Health and Social Work 3,985.6 4,377.5 5,067.3 5,854.2 7,049.6 8,038.8 8,540.0 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 Other Community , Social & Personal Services 7,805.7 8,521.3 9,244.9 10,326.0 10,981.8 11,867.6 12,443.7 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 Private Households with Employed Persons 8,444.9 9,000.3 9,358.5 9,851.6 10,224.1 10,714.0 11,256.4 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 Total 494,086.6 552,177.4 617,397.5 687,588.5 756,824.5 836,539.1 931,759.1 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 Less : FISIM 3,323.6 4,663.8 5,294.9 6,884.3 7,747.2 8,334.9 9,258.8 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 Gross Value Added at Constant Basic Prices 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Taxes on Products 44,257.1 45,442.0 48,711.5 51,420.5 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 GDP at Constant Market Prices 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Table 16: GDP By Economic Activity at Constant Prices Source: MoF (In millions of Birr)

Third Quarter 2019/20 95 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 13.5 10.9 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 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 3 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 6 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 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 2.3 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 -21.9 Manufacturing 12.8 10.6 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 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 6.0 10 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 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 15 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 11.7 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 9 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 21 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 10.1 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 7.5 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 Education 12.6 8.6 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 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 2.5 Total 12.7 11.8 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 Less : FISIM 16.5 40.3 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 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 9 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 1.6 -5.0 -1.8 GDP at Constant Market Prices 11.8 10.8 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 Source: MoF Table 17 : Growth Rate of GDP by Economic Activity at Constant Prices ( In percent)

96 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 2018/19 Agriculture, Hunting and Forestry 45,752 58,423 75,872 117,112 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 Crop 27,155 35,218 48,112 79,596 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 Animal Farming and Hunting 12,418 16,100 19,185 25,474 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 Forestry 6,681 7,434 8,954 12,646 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 Mining and Quarrying 503 608 572 828 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 Manufacturing 7,679 9,073 11,701 15,170 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 Large and Medium Scale Manufacturing 4,299 5,226 6,997 9,197 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 Small Scale and Cottage Industries 4,250 4,759 5,671 7,126 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 Electricity and Water 2,388 2,833 3,836 4,259 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 Construction 5,547 6,967 9,330 12,080 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 Whole Sale and Retail Trade 13,046 17,211 23,695 34,184 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 Hotels and Restaurants 941 1,263 1,940 2,883 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 Transport and Communications 5,898 5,933 6,853 8,078 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 Financial Intermediation 1,693 2,290 2,768 3,767 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 Real Estate, Renting and Business Activities 6,006 7,317 10,736 16,035 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 Public Administration and Defense 7,771 9,030 10,516 13,878 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 Education 4,167 5,292 6,740 8,641 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 Health and Social Work 1,477 1,697 2,068 2,748 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 Other Community , Social & Personal Services 1,504 1,843 2,357 3,295 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 Private Households with Employed Persons 1,290 1,706 1,974 2,694 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 Total 101,350 126,266 165,345 239,463 327,394 366,976 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507 Less : FISIM 476 702 837 1,156 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 Gross Value Added at Current Basic Prices 101,034 125,712 164,742 238,672 326,026 365,483 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 GDP at Current Market Prices 110,102 136,128 177,851 256,766 346,824 395,991 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,223 Source: MoF Table 18: GDP by Economic Activity at Current Prices )In Million of Birr(

Third Quarter 2019/20 97 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 2018/19 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 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 37.5 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 28.9 Forestry 9.3 11.3 20.5 41.2 21.9 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 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 28.5 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 -16.9 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 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 9.3 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 32.4 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 25.1 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 20.4 Financial Intermediation 22.2 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 22.6 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 33.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 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 22.6 Total 24 25 31 45 37 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 Less : FISIM 15 47 19 38 54 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 GDP at Current Market Prices 23 24 31 44 35 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Source: MoF

98 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Gross Value Added at Current Basic Prices 101,034.4 125,711.9 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 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 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 GDP at Current Market Prices 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Incomes from ROW, net 107.3 (9.5) 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) Gross National Income at Current Basic Prices 101,141.7 125,702.3 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 Gross National Income at Current Market Prices 110,209.2 136,118.9 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 Gross National Disposable Income 125,543.9 154,281.8 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 Government Final Consumption Expenditure 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Private Final Consumption Expenditure 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Gross Capital Formation (Investment) 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports of Goods and Services 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports of Goods and Services 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (21,699.4) (29,887.0) (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) Gross Domestic Savings 13,348.6 15,137.6 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 Gross National Savings 28,790.6 33,291.0 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 Mid-year Population (In Million) 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 Per Capita Nominal GDP (In Birr) 1,540.9 1,862.3 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 Per Capita Real GDP (In Birr) 7,487.9 8,112.3 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 Real GDP (In USD) 61,840.7 68,310.4 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 Nominal GDP (In USD)(Million) 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 Per Capita Nominal GDP (In USD) 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 Per Capita Real GDP (In USD) 865.5 934.5 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 GDP Deflator 0.21 0.23 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 Source: Planning Commission

Third Quarter 2019/20 99 National Bank of Ethiopia Quarterly Bulletin Description / Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 2018/19 GDP at Current Basic Prices 1.2 (2.0) 10.4 16.1 23.8 24.4 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products, net 14.0 (3.6) 9.4 43.0 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 GDP at Current Market Prices 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 Incomes from ROW, net (37.6) 25.4 (10.2) (44.9) 132.1 (108.9) 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) Gross National Income at Current Basic Price 1.1 (1.9) 10.4 16.0 24.4 24.3 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 Gross National Income at Current Market Price 2.0 (2.1) 10.3 17.9 23.4 23.5 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 Current Transfers from ROW, net 13.8 3.1 41.5 0.5 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 Gross National Disposable Income 2.9 (1.6) 13.1 16.0 27.2 22.9 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 Government Final Consumption Expenditure (16.4) (0.9) (0.2) 14.9 16.7 21.8 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 Private Final Consumption Expenditure 5.2 2.8 15.1 7.2 33.8 25.9 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 Gross Capital Formation (Investment) 8.3 9.6 1.6 40.9 10.1 31.2 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 Exports of Goods and Services 1.7 3.0 16.6 32.0 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 Imports of Goods and Services 1.0 9.9 13.7 35.9 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 11.8 Resource Balance (0.2) (17.0) (11.1) (39.6) (50.1) (37.7) (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) Gross Domestic Savings 27.3 (26.3) 1.7 101.0 (11.7) 13.4 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 Gross National Savings 21.4 (14.6) 20.7 45.2 18.9 15.6 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 Mid-year Population (in Million) 2.9 2.8 2.6 2.6 2.3 2.3 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) (0.8) (4.8) 7.5 15.0 20.1 20.9 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 Per Capita GDP (Birr) (Real) 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 Average Exchange Rate (Birr/USD) 2.3 2.5 0.5 0.6 0.3 0.3 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 Real GDP (USD) 5.8 (1.0) (2.6) 12.9 11.5 10.5 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 GDP at Current Market Prices(USD) (0.3) (4.6) 9.8 17.3 22.6 23.2 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.9 Per Capita GDP (USD) (Nominal) (3.1) (7.1) 7.0 14.4 19.8 20.4 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 Per Capita GDP (USD) (Real) 2.8 (3.6) (5.1) 10.1 9.0 8.0 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) Percentage Change in GDP Deflator (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 Source:Planning commission Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings )Inpercent(

100 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Table 22(A): National Non-Food Consumer Price Index, December 2016=100

Third Quarter 2019/20 101 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 Source: CSA and NBE Staff Compilation. Table 22 (B): National Food Consumer Price Index, December 2016=100

102 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100

Third Quarter 2019/20 103 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 Source: Central Statistical Agency & NBE staff Compilation Table 22(D): Addis Ababa Food Consumer Price Index December 2016=100

104 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 Source: Central Statistical Agency Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100

Third Quarter 2019/20 105 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 Source: Central Statistical Agency Table 22 (E2): Regional States' Consumer Price Indices (Non-Food)

106 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.1 173.0 161.6 161.4 136.3 131.0 173.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 Source: Central Statistical Agency Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) December 2016= 100

Third Quarter 2019/20 107 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 Source: Central Statistical Agency Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100

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

Third Quarter 2019/20 109 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 Source: Central Statistical Agency Table 22 (E6): Regional States' Consumer Price Indices (Non-Food)

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

Third Quarter 2019/20 111 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 Source: Central Statistical Agency Table 22 (E8): Regional States' Consumer Price Indices (Non-Food)

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

Third Quarter 2019/20 113 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 Source: Central Statistical Agency Table 22 (E10): Regional States' Consumer Price Indices (Non-Food)

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

Third Quarter 2019/20 115 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 Source: Central Statistical Agency Table 22 (F2): Regional States' Consumer Price Index (Food)

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

Third Quarter 2019/20 117 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 Source: Central Statistical Agency Table 22 (F4): Regional States' Consumer Price Index (Food)

118 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 Source: Central Statistical Agency Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100

Third Quarter 2019/20 119 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 Source: Central Statistical Agency Table 22 (F6): Regional States' Consumer Price Index (Food)

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

Third Quarter 2019/20 121 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 Source: Central Statistical Agency Table 22 (F8): Regional States' Consumer Price Index (Food)

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

Third Quarter 2019/20 123 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 Source: Central Statistical Agency Table 22 (F10): Regional States' Consumer Price Index (Food)

124 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Country of Origin 2017/18 2018/19 2019/20 Percentage Change 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 U V W X Y Z A B C D E F G H I J K L M=K/C N=L/D Africa: Djibouti 26.8 0.1 38.1 0.1 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 29.2 5.3 27.5 4.7 (12.5) 137.7 Egypt 4.5 58.5 3.3 139.1 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 1.0 51.4 2.8 95.3 (83.6) 49.5 Ghana 0.1 0.0 0.6 0.0 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 0.1 0.0 0.1 0.3 (28.7) 214.7 Kenya 9.1 9.1 7.8 7.3 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 4.8 41.3 2.3 17.4 (47.3) 86.8 Libia - - - - - - - - - - - - - - - - - - - - Morocco 0.1 105.5 0.1 107.8 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 0.1 0.4 - 284.7 - 118.7 Nigeria 2.1 1.4 1.3 0.7 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 0.9 0.1 5.4 0.1 63.3 1,647.7 Ruwanda 1.0 0.0 2.6 0.0 1.1 0.0 0.2 0.0 0.1 - 0.0 - 0.1 0.0 0.1 0.0 6.6 - Somali Land - 0.0 - 0.3 - 0.1 - 0.1 - 0.4 - 0.0 - 0.3 - 0.1 - 0.1 - (67.5) Somalia 43.7 - 65.4 - 70.0 - 66.7 - 59.4 - 61.1 - 78.7 - 43.0 - 47.3 - (20.3) - South Africa 2.7 56.0 3.3 120.9 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.3 54.7 2.2 64.0 (11.7) (39.7) Sudan 28.5 27.6 32.5 34.1 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 18.0 5.8 20.4 19.1 (2.5) (37.4) Tanzania 0.1 0.8 - 0.0 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 0.0 1.8 1.1 0.9 522.3 (7.2) Uganda 0.1 0.0 0.1 0.0 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.2 (22.1) (3.9) Zambia 0.2 0.0 1.6 0.0 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 0.3 0.0 - 0.0 1.8 0.0 2,387.2 - Zembabwe 0.0 0.1 0.0 0.1 0.0 0.1 - 0.0 - 0.0 0.2 149.2 2,748.5 Others 25.8 1.2 6.3 1.8 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 55.6 1.3 43.8 19.7 664.5 1,017.5 Total 144.7 260.3 163.2 412.1 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 154.0 162.4 154.8 506.9 6.6 46.7 %Share Of Continent 19.57 7.34 21.69 11.32 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 20.40 3.42 25.22 4.25 20.43 13.98 - - Europe: Austria 0.1 13.5 0.1 10.6 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 0.0 7.3 0.0 6.3 (52.6) (43.9) Belgium 14.6 14.7 20.4 24.2 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 12.5 79.8 21.2 90.9 99.6 86.4 Bulgaria 0.9 1.0 1.0 0.5 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 0.3 8.9 1.3 0.3 14.5 (97.9) Cyprus 0.2 1.5 0.3 1.3 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 - 3.1 0.3 1.4 70.6 (25.4) Czech Republic 0.0 4.9 0.1 4.0 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 - 1.9 0.0 9.5 48.9 141.0 Slovakia 0.0 3.6 0.0 0.6 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 0.0 0.4 0.0 0.9 - 0.4 - (21.6) Denmark 0.1 4.2 0.6 6.1 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 0.2 13.2 0.2 13.4 (29.0) 8.0 Finland 0.8 1.5 1.5 2.8 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 0.0 0.3 1.1 0.6 (31.3) (71.9) France 7.2 54.0 9.2 38.8 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 9.7 56.9 5.4 31.0 58.1 8.6 Germany 40.7 71.5 57.3 77.6 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 33.7 95.5 36.7 75.7 66.8 (5.3) Greece 3.7 2.1 1.6 1.2 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 0.8 1.8 1.1 2.5 (62.7) 2.8 Hungary 0.0 5.2 0.1 2.7 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 0.0 4.1 0.1 1.7 7.0 8.8 Ireland 0.1 7.5 0.0 7.5 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 0.1 12.9 0.1 8.4 (63.6) (33.3) Italy 10.9 110.2 23.1 95.0 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 9.7 63.5 7.2 76.9 (9.5) (10.1) Netherlands 53.6 26.2 50.1 151.3 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 73.2 22.3 82.5 23.7 55.1 14.9 Norway 1.3 1.4 1.7 0.2 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 3.2 0.7 2.8 3.0 60.6 267.4 Poland 0.1 6.4 0.3 6.5 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.3 12.8 0.1 5.0 (2.8) (56.3) Portugal 1.7 2.5 2.7 2.9 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 1.2 0.8 1.7 2.6 (10.8) (13.1) Rumania 0.2 1.7 0.1 33.0 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 0.3 12.2 0.3 0.5 5,336.9 (94.6) Spain 2.4 12.7 4.3 10.2 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 3.8 28.6 3.7 17.5 (23.5) (19.6) Sweden 1.6 10.1 2.2 5.6 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 1.0 9.1 1.8 3.7 37.1 18.9 Switzerland 46.3 5.9 6.9 9.7 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 7.8 5.1 14.4 6.7 278.6 (0.7) Turkey 18.2 157.2 7.5 124.3 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 8.2 176.0 13.5 158.0 (31.2) 14.8 Ukraine 0.1 14.8 0.5 33.6 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 0.2 106.0 0.3 40.0 (18.0) 8.9 United Kingdom 8.6 63.2 12.9 52.9 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 7.2 133.6 8.8 30.0 (20.9) (64.4) Russia 3.1 35.2 3.8 21.1 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 2.3 9.8 3.5 5.5 (9.7) (86.6) Yugoslavia - - - - - - - - - - - - - - - - - - - - Others 0.9 15.3 2.1 3.3 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 5.9 3.6 15.4 10.0 25.8 (52.8) Total 217.6 648.1 210.6 727.6 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 181.5 870.8 223.5 625.4 35.9 (11.2) %Share Of Continent 29.44 18.28 27.98 19.98 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 30.19 23.61 29.73 22.80 29.50 17.25 - - America: Brazil - 16.7 0.0 11.6 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 (100.0) (34.0) Canada 3.8 17.8 6.2 23.3 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 4.1 37.8 4.2 26.6 78.1 378.5 Cuba - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - 92.8 Mexico 1.0 1.2 1.6 1.4 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 (88.0) 452.9 United States 65.0 247.0 92.3 209.6 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 42.1 316.7 46.3 299.8 (3.0) 65.7 Others 0.7 3.2 2.2 2.4 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 13.2 2.6 30.7 102.9 19.2 6,831.4 Total 70.5 285.9 102.3 248.2 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 59.5 363.1 81.4 437.6 4.4 122.9 %Share Of Continent 9.53 8.07 13.60 6.82 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 9.75 9.51 10.74 12.07 - - Asia: China, Mainland 63.4 1,066.8 33.3 859.2 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.7 1,072.7 23.3 894.5 (32.4) (10.6) China, Taiwan 1.3 8.9 5.2 8.8 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 24.2 6.0 Hong Kong 3.5 0.7 4.8 24.9 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 80.9 (49.5) India 29.3 238.8 12.9 252.3 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.4 341.2 11.1 286.6 (55.8) (14.5) Indonesia 8.4 57.0 8.3 63.9 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 24.9 17.3 Israel 31.8 3.3 22.2 4.2 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 23.7 8.6 36.3 6.0 14.9 (27.2) Japan 16.7 135.1 30.9 98.1 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 20.2 45.4 25.2 32.4 (15.7) (65.3) N.Korea, Pdrk 0.2 0.6 0.0 0.4 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.0 (92.4) (94.0) S.Korea 10.7 40.2 13.4 46.9 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 8.6 43.6 15.9 44.3 45.2 9.5 Kuwait 0.4 329.2 1.9 354.3 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 1.2 417.3 0.8 141.0 0.2 (30.4) Lebanon 0.8 0.3 0.2 0.4 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 116.0 (61.1) Malaysia 0.5 84.1 0.5 83.6 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 149.1 (44.5) Pakistan 4.1 23.2 2.2 30.9 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 475.3 33.2 Saudi Arabia 51.2 32.9 42.5 88.9 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 48.8 181.7 55.5 121.7 16.2 42.7 Singapore 2.6 3.9 2.7 3.1 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.7 10.0 16.4 113.4 105.7 297.6 Yemen 9.4 0.1 12.1 0.4 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 (61.7) (18.9) Thailand 1.6 26.8 1.5 25.8 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 (70.0) (5.9) UAE 24.2 195.3 33.5 221.4 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 27.4 99.3 47.5 193.7 21.1 (12.5) Others 44.2 102.2 40.6 84.4 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 20.3 30.3 33.3 50.4 (10.6) (55.6) Total 304.3 2,349.4 268.7 2,252.0 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 212.6 2,421.6 294.8 2,052.8 (0.4) (11.4) %Share Of Continent 41.15 66.26 35.71 61.83 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 34.83 63.39 38.91 56.61 - - Oceania: Australia 1.8 0.8 4.1 1.2 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.6 1.1 2.5 2.1 (7.7) 62.0 Others 0.5 1.0 3.6 0.8 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 19.2 113.1 Total 2.3 1.8 7.6 2.0 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 (18.5) 80.1 % Share Of Continent 0.31 0.05 1.01 0.05 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.47 0.05 0.00 0.10 - - Unspecified Unspecified - - - - - - - - - - - - - - - - - - GrandTotal Grand Total 739.3 3,545.5 752.5 3,641.9 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 610.5 3,820.0 757.6 3,626.3 10.2 1.7 Source: Ethiopian Revenues

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Revenues and Customs Authority, while export data includes electricity export Table 23: Direction of Trade** )in millions of USD(

Third Quarter 2019/20 125 National Bank of Ethiopia Quarterly Bulletin Table 24 continued: 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* 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0 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 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 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 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 Qtr IV 1,069.0 411.9 - - - 0.6 - 19,943.2 1,346.9 3,810.5 45,367.5 453,904.8 280,763.3 - 657,363.9 2019/20Qtr I 669.8 709.6 - - - 12.5 - 26,141.5 812.2 4,361.9 30,467.7 167,043.2 70,125.9 363,216.7 Qtr II 164.6 311.6 - - - 38.7 - 24,070.4 935.6 3,605.5 39,044.7 262,447.5 73,978.5 - 311,972.2 Qtr III 1,053.1 196.6 - - - 94.9 - 24,493.7 814.3 1,827.1 46,756.6 116,328.4 81,171.5 - 393,986.7 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity Table 24: Volume of Exports, by major commodity groups )In metric tone( Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 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 Qtr IV 79,617.4 69,662.1 1,159.0 133,806.5 4,264.1 50,170.1 17,500.3 0.1 - 7,780.1 12,547.0 - 93.9 17.5 - 5,336.9 2019/20Qtr I 80,530.9 35,026.1 1,122.7 87,604.0 3,654.0 48,805.8 7,500.2 0.2 - 12,498.8 16,282.2 - 66.0 16.7 - 6,934.0 Qtr II 52,528.2 35,569.5 1,129.7 80,765.1 3,071.7 43,433.0 2,507.1 0.2 - 4,773.8 14,171.3 - 44.0 17.2 - 5,790.3 Qtr III 61,118.6 88,514.3 785.3 87,635.3 3,211.9 47,246.0 5,007.3 0.3 - 4,781.0 14,474.7 - 40.5 16.4 - 5,918.7 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

126 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 25 continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re- Exports Grand Total 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 Qtr.IV 20,460.31 48,683.46 - - - 227.39 - 2,504,340.79 34,552.63 111,198.37 556,139.47 136,119.39 4,719,577.34 21,958,354.82 2019/20 Qtr I 19,375.25 65,291.30 - - - 1,011.08 - 3,357,991.98 20,282.22 126,256.43 570,324.43 297,530.17 5,989,756.76 21,030,549.39 Qrt II 29,972.9 37,492.49 - - 3,755.86 - 3,324,188.09 31,360.27 182,452.95 418,410.69 461,911.04 5,973,937.96 18,486,498.20 Qtr.III 29,388.3 26,247.86 - - - 11,105.88 - 3,641,116.64 27,848.94 90,699.61 1,093,323.75 565,631.47 6,879,568.92 24,418,853.17 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 25: 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 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 Qtr IV 7,596,429.28 3,109,261.04 745,400.80 1,998,393.93 618,118.57 500,841.03 42,084.77 145,854.56 - 402,843.34 2,056,960.28 - 22,589.88 47,105.95 - 1,260,749.58 2019/20 Qtr I 6,750,439.44 1,568,071.12 686,309.06 1,416,493.64 538,072.54 476,181.88 17,614.88 178,598.49 - 702,058.85 2,691,144.01 - 15,808.72 23,708.43 - 1,507,985.47 Qtr II 4,005,575.11 1,626,802.81 767,530.69 1,491,982.14 512,495.87 1,149,065.65 8,359.28 228,186.77 - 255,711.34 2,455,099.54 - 11,751.05 30,848.47 - 1,453,545.15 Qtr III 6,376,313.89 4,146,223.57 474,334.74 2,130,169.09 565,407.22 463,014.17 13,886.68 438,497.09 - 274,004.89 2,647,652.62 - 9,780.30 39,209.03 - 1,354,997.49 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

Third Quarter 2019/20 127 National Bank of Ethiopia Quarterly Bulletin Table 26 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 Qtr IV 1,771,434 1,824,720 806,768 9,306,267 12,236,842 6,306,055 5,842,118 1,071,067 670,598 25,058,207 98,244,794 2019/20Qtr I 2,285,861 1,462,753 880,465 10,749,605 16,282,976 4,480,745 5,902,375 791,672 248,197 30,995,465 108,993,105 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 Qtr III 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 26: Value of Imports, by 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. 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 Qtr IV 3,765,871 163,893 25,126 9 17,511,115 1,129,430 7,668,833 445,573 1,020,599 1,849,875 841,461 2019/20Qtr I 9,086,741 204,261 29,042 - 16,699,933 1,479,065 3,582,154 267,772 1,274,355 2,038,489 1,042,851 Qtr II 7,072,204 259,326 32,121 257 18,616,354 1,791,221 3,766,270 973,466 1,283,965 2,185,393 1,278,813 Qtr III 8,528,815 232,640 36,685 1,707 16,751,624 1,403,444 3,512,864 1,376,255 1,251,560 2,862,753 1,107,819

128 Third Quarter 2019/20 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 2016/17 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 Qtr IV 23,505 13512.66092 73,709 429517.7858 62,441 56958.21949 34,794 84698.61926 84 1204838.776 3,147,818 2017/18 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 Qtr III 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 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 Qtr IV 28,819 13,511 50,875 533,747 47,746 41,545 31,910 157,898 29 1,225,197 3,368,308 2019/20Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 Qtr II 34,370.0 8,558.8 47,399.8 533,019.9 73,839.3 18,454.0 43,820.0 173,982.6 142.3 1,255,710.3 4,401,337.5 Qtr III 31,491.6 6,171.2 41,289.8 406,143.0 59,162.4 11,940.7 29,510.5 139,008.2 166.6 1,558,799.3 3,897,705.9 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 27: Volume of Imports, by Major Commodity Groups** )In Metric Tons( Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2016/17 Qtr I 656,575.3 7,189.1 256.9 1.0 775,800.0 52,454.3 4,200.2 146.8 19,567.4 27,536.6 30,826.7 Qtr II 377,203.0 5,792.5 494.5 0.0 871,155.9 47,715.1 5,384.4 321.6 16,094.6 27,204.1 30,786.3 QIII 450,362.8 5,909.1 351.8 0.5 915,649.9 31,761.7 5,461.9 183.1 12,043.4 25,729.3 28,015.0 QIV 243,403.6 7,732.0 403.1 71.1 876,710.6 41,864.5 7,640.5 199.9 17,800.8 27,886.6 24,745.3 2017/18 Qtr I 571,803.0 6,717.2 226.4 - 884,057.5 43,516.3 4,568.8 183.8 27,279.8 26,124.3 29,369.4 QII 607,089.8 6,229.2 346.9 1.6 961,433.7 41,481.4 4,565.1 334.3 23,443.3 22,726.2 24,825.0 QIII 371,970.4 7,600.1 281.6 49.2 915,435.2 44,888.4 2,882.0 152.1 13,414.0 57,132.3 18,798.8 QIV 666,646.9 6,005.0 347.6 0.1 1,009,662.5 53,379.0 3,405.1 435.0 20,199.6 18,594.5 16,641.2 2018/19 Qtr I 626,714.2 5,465.7 240.0 - 907,139.9 61,063.8 18,232.9 249.4 19,140.1 24,312.0 21,370.8 QII 395,944.2 3,050.7 381.9 29.8 964,153.1 55,976.2 4,802.0 347.3 20,690.4 26,813.8 30,290.4 QIII 432,851.7 3,159.5 310.4 - 1,050,652.6 42,017.6 5,097.3 308.2 50,288.3 22,808.3 24,746.8 QIV 367,234.4 5,131.5 232.4 0.2 898,277.4 40,590.1 5,827.5 245.7 24,447.0 24,004.7 28,937.9 2019/20Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 QII 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 QIII 658,195.9 3,863.4 281.0 37.7 955,229.4 46,049.3 5,627.1 786.2 21,135.6 29,753.0 32,072.4

Third Quarter 2019/20 129 National Bank of Ethiopia Quarterly Bulletin Categories 2016/17 2017/18 2018/19 2019/20 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV Qtr I Qtr II QIII Raw Materials 836.64 761.61 516.87 694.11 729.49 751.46 1,059.66 1,077.25 1,382.74 1,151.76 835.52 863.31 1,246.52 1,328.60 1,258.09 Semi-finished Goods 13,774.36 13,368.46 12,979.43 18,718.24 16,608.67 16,030.99 13,722.86 19,306.55 15,194.93 17,589.88 23,876.85 21,454.84 20,576.67 21,285.22 30,481.29 Chemicals 2,289.95 1,383.79 1,426.13 2,424.31 2,489.66 2,059.94 1,807.53 2,553.40 2,996.00 2,917.90 2,372.24 2,572.77 5,879.40 3,564.76 3,304.81 Fertilizers 88.79 1,509.88 2,406.27 4,349.93 133.00 2,156.43 3,446.63 7,265.53 209.45 193.32 7,439.91 6,377.18 657.48 269.57 10,787.89 Textile Materials 339.85 424.76 370.75 445.54 339.85 373.55 335.92 540.25 515.15 652.90 524.03 584.87 816.41 755.30 1,090.54 Others 11,055.77 10,050.03 8,776.28 11,498.44 13,646.16 11,441.07 8,132.77 8,947.37 11,474.33 13,825.77 13,540.67 11,920.01 13,223.37 16,695.59 15,298.05 Fuel 8,174.61 10,377.97 11,462.17 10,925.45 10,730.48 15,288.66 15,824.75 19,170.06 18,198.76 18,727.02 17,890.37 18,125.75 17,268.47 19,365.31 17,590.10 Crude petroleum 0.03 0.01 0.08 3.61 - 0.17 1.53 0.10 - 0.88 - 0.01 - 0.26 1.71 Petroleum Products 7,812.91 9,779.33 11,196.39 10,354.65 10,217.55 14,481.84 15,362.85 18,551.75 17,291.91 17,632.84 17,506.74 17,511.12 16,699.93 18,616.35 16,751.62 Others 361.67 598.64 265.69 567.19 512.92 806.65 460.37 618.22 906.85 1,093.30 383.63 614.63 568.54 748.69 836.77 Capital Goods 31,112.00 35,495.51 33,157.35 35,520.33 34,924.77 40,498.39 33,914.62 27,346.30 32,791.25 50,759.84 31,527.12 25,492.20 29,668.84 39,592.26 33,220.65 Transport 7,642.28 9,673.61 7,953.13 6,736.56 7,222.04 13,252.80 4,821.57 4,042.73 3,841.91 25,889.34 5,238.93 4,847.52 4,017.79 3,279.03 3,169.64 Tyres for Heavy Vehicles 816.06 871.22 745.37 753.93 716.95 757.80 511.43 642.79 732.70 888.63 751.55 799.85 833.18 939.29 1,218.87 Heavy Road Motor Veh. 5,587.41 6,029.64 5,627.27 5,155.86 5,820.54 6,371.53 3,537.37 2,937.00 2,157.72 2,748.20 2,843.47 3,692.17 2,632.86 1,334.55 1,278.05 Aircraft 828.18 1,142.15 815.76 576.69 628.38 5,990.55 536.61 373.97 364.25 21,987.41 1,583.85 293.68 460.65 884.88 537.36 Others 410.63 1,630.60 764.73 250.08 56.17 132.91 236.16 88.96 587.23 265.10 60.06 61.82 91.10 120.30 135.37 Agricultural 476.95 553.55 352.96 307.92 233.92 612.77 239.42 256.91 451.15 389.55 413.81 361.50 484.19 933.41 645.06 Industrial 22,992.77 25,268.36 24,851.26 28,475.84 27,468.81 26,632.82 28,853.64 23,046.66 28,498.18 24,480.95 25,874.38 20,283.18 25,166.87 35,379.83 29,405.95 Consumer Goods 33,084.51 25,949.60 24,413.52 26,177.38 28,442.08 32,972.73 30,435.70 30,721.60 31,495.66 33,094.30 24,831.12 30,336.96 33,456.83 31,708.67 32,693.08 Durables 14,574.92 7,774.60 7,950.54 7,846.70 9,244.15 10,197.31 8,803.03 6,778.12 8,090.79 8,803.07 7,912.65 8,863.90 8,185.50 7,433.48 7,944.02 Radio & T.V. 7,769.98 713.57 490.66 582.46 965.66 717.51 663.06 490.33 652.88 635.72 941.39 1,187.16 682.68 768.96 309.54 Tyres for cars & Other Veh. 319.26 344.35 382.72 388.74 375.19 468.40 372.75 408.22 355.13 324.58 458.72 373.39 343.29 438.93 508.47 Cars & Other Veh. 2,355.92 2,770.67 2,373.24 2,417.90 2,916.00 3,861.79 3,021.82 2,202.24 2,212.74 2,721.97 2,482.96 2,581.68 1,931.12 1,151.77 313.54 Others 4,129.77 3,946.01 4,703.92 4,457.60 4,987.30 5,149.60 4,745.40 3,677.34 4,870.05 5,120.80 4,029.57 4,721.66 5,228.42 5,073.83 6,812.48 Non-durables 18,509.59 18,175.00 16,462.98 18,330.68 19,197.94 22,775.43 21,632.66 23,943.47 23,404.87 24,291.23 16,918.47 21,473.06 25,271.33 24,275.19 24,749.06 Cereals 4,545.45 2,686.95 3,355.88 1,775.40 4,667.22 5,960.54 3,368.73 6,047.13 5,607.41 3,963.48 4,289.46 2,873.85 8,375.00 6,079.64 7,056.97 Other Food 3,600.41 3,167.24 3,440.85 2,798.54 2,873.00 4,424.25 4,895.35 4,061.54 4,408.68 5,079.67 3,007.04 3,146.73 4,341.13 4,872.30 4,136.69 Medical & Pharmaceuticals 2,280.23 4,501.90 2,691.48 5,554.59 2,665.79 2,759.75 3,617.87 5,771.11 4,038.30 6,336.62 2,534.04 8,224.78 4,363.84 4,985.29 5,315.43 Textile Fabrics 3,328.01 3,166.57 3,068.68 3,416.06 3,727.90 3,709.68 4,518.54 2,841.64 3,363.54 2,351.60 2,211.08 3,163.35 3,173.08 3,406.18 2,925.20 Others 4,755.49 4,652.34 3,906.08 4,786.08 5,264.02 5,921.20 5,232.17 5,222.05 5,986.94 6,559.86 4,876.85 4,064.35 5,018.28 4,931.77 5,314.78 Miscellaneous 1,896.57 1,658.14 1,484.51 1,731.80 2,339.67 2,032.10 1,569.75 1,616.87 1,919.15 2,069.12 1,813.98 1,971.74 6,775.77 2,143.24 1,520.90 Total Imports 88,878.69 87,611.29 84,013.85 93,767.31 93,775.16 107,574.34 96,527.34 99,238.63 100,982.48 123,391.92 100,774.96 98,244.79 108,993.10 115,423.30 116,764.10 Source: Ethiopian Revenues and Customs Authority.

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 28: Value Of Imports, bY End-Use** )In Millions of Birr(

130 Third Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2011(2018/19) 2012(2019/20) QI QII 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 No of projects Investment Capital No of projects Investment Capital Manufacturing 232 3435.7 19 274.6 13 135.2 31.0 292.5 5.0 40.3 2 19.9 Agriculture, hunting and forestry 8.0 58.2 7.0 12.5 7.0 4.0 1 3.3 Real estate, renting and business activities 169 1076.8 135 470 9 26.79 54 221.98 2 16 2 23.9 2 33.9 Hotels and restaurants 2.0 21.1 Education 3 13.1 2 15 1 40 Health and social work 3.0 22.3 1 2 2 302 Construction 122 1243.6 13 36 9 53 23 334.5 2 4.4 5 49.9 1 3.6 Wholesale, retail trade and repair service 169.0 1076.8 Transport, storage and communication 3 10.9 1 6.0 1 11.9 Mining and Quarrying 1.0 3.0 2.0 31.0 1 4 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 1.0 4525.6 Others 1 6 1 9.6 Grand Total 544 5886.8 177.0 814.1 40.0 250.0 112.0 898.5 9.0 60.7 10 99.7 7 361.0 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector

Third Quarter 2019/20 131 National Bank of Ethiopia Quarterly Bulletin Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Sector/Sub-sector 2011(2018/19) 2012(2019/20) QI QII 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. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 8377 3556 1416 172 773 169 3920 1749 39 41 359 500 Agriculture, hunting and forestry 50 225 48.0 710.0 42 560 6 300 Real estate, renting and business activities 1,036 408 537 710 405 20 135 89.0 12 20 12 Hotels and restaurants 18 Education 18 20 132.0 130.0 50 4 Health and social work 25 8 8 Construction 2,940 965 57.0 60.0 85 296 133 212.0 12 160 2 1 Wholesale, retail trade and repair service Transport, storage and communication 30 4 117 Mining and Quarrying 25 62 10 30 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 12 Others 12.0 105.0 27 5 Grand Total 12506 5174 2202 1887 1330 1107 4262 2392 51 61 387 660 146 6 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included.