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National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21

This publication presents macroeconomic and social indicators, energy production data, price developments, monetary trends, external sector performance, and government finance statistics for Ethiopia during the third quarter of the 2020/21 fiscal year. It details specific metrics including real GDP growth, inflation rates, money supply figures, exchange rate movements, and balance of payments data. The document also provides historical comparative data for these indicators spanning from the 2003/04 to the 2019/20 fiscal years.

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Third Quarter 2020/21 Volume 37 No. 3

የኢትዮጵያ ብሔራዊ ባንክ National Bank of Ethiopia

National Bank of Ethiopia (Central Bank)

: nbe.edpc@ethionet.et : http://www.nbe.gov.et Prepared By: Domestic Economic Analysis & Publications Directorate Domestic Economic Analysis & Publications Directorate National Bank of Ethiopia P. O. Box 5550 Tel. 251 11 517 2247/ 11 517 5297 Addis Ababa, Ethiopia National Bank of Ethiopia E-mail Web Site  This Publication can be acquired by subscription or exchange. Please Contact: P.O. Box: 5550, Addis Ababa, Ethiopia Tel. 251-11-551 7430 Tel. 251-11-551 4588 Telegraphic Address: NATIONAL BANK, TELEX 21020, CODES USED PETERSON 3rd & 4th ED BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION

NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 37, No.3 Third Quarter 2020/21 Fiscal year Series Addis Ababa 2021 National Bank of Ethiopia (Central Bank)

: nbe.edpc@ethionet.et : http://www.nbe.gov.et Prepared By: Domestic Economic Analysis & Publications Directorate Domestic Economic Analysis & Publications Directorate National Bank of Ethiopia P. O. Box 5550 Tel. 251 11 517 2247/ 11 517 5297 Addis Ababa, Ethiopia National Bank of Ethiopia E-mail Web Site  This Publication can be acquired by subscription or exchange. Please Contact: P.O. Box: 5550, Addis Ababa, Ethiopia Tel. 251-11-551 7430 Tel. 251-11-551 4588 Telegraphic Address: NATIONAL BANK, TELEX 21020, CODES USED PETERSON 3rd & 4th ED BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION

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 .........................................................................................6 2.1: Import of Petroleum Products .................................................................................... 6 2.2: Electric Power Generation ......................................................................................... 11 III. Quarterly Price Developments ...............................................................................................13 3.1: Developments in National CPI .................................................................................. 13 3.2: Developments in Regional Inflation ......................................................................... 16 IV. Monetary Developments .......................................................................................................18 4.1: Money Supply and Credit........................................................................................... 18 4.2: Developments in Reserve Money and Monetary Ratio .......................................... 22 4.3: Interest Rate Developments ...................................................................................... 24 4.4: Developments in the Financial Sector ...................................................................... 26 4.5: Activities of the Banking System................................................................................. 29 4.5.1: Resource Mobilization ....................................................................................... 29 4.5.1.1: Deposit Mobilization ............................................................................... 30 4.5.1.2: Collection of Loans ................................................................................ 31 4.5.1.3: Borrowing ................................................................................................ 31 4.5.2: Disbursement of Fresh Loans ........................................................................... 31 4.5.3: Outstanding Credit............................................................................................ 33 4.6: Financial Activities of NBE .......................................................................................... 34 4.7: Developments in Financial Markets .......................................................................... 35 4.7.1:Treasury Bills Market ........................................................................................ 35 4.7.2: Inter-bank Money Market ............................................................................ 38 4.7.3: Corporate Bond Market................................................................................ 38 V. External Sector Developments ...............................................................................................40 5.1: Balance of Payments ................................................................................................ 40 5.2: Balance of Trade ......................................................................................................... 42 5.2.1: Exports of Goods ........................................................................................... 43 5.2.2: Imports of Goods ........................................................................................... 48 5.2.3: Direction of Trade ........................................................................................ 51 5.2.3.1: Exports of goods ................................................................................... 51

5.2.3.2: Imports of goods .................................................................................. 52 5.3: Services and Transfers ................................................................................................. 53 5.4: Current Account Balance ......................................................................................... 56 5.5: Capital Account .......................................................................................................... 57 5.6: Changes in Reserve Position ..................................................................................... 57 5.7: Developments in Foreign Exchange Market ............................................................ 57 5.7.1: Exchange Rate Movements ........................................................................ 57 5.7.2: Movements in the Real Effective Exchange Rate .................................... 65 5.7.3: Volume of Transactions ................................................................................ 66 VI. Federal Government Finance ................................................................................................68 6.1: Revenue and Grants................................................................................................... 70 6.2: Expenditure................................................................................................................... 73 6.3: Deficit Financing .......................................................................................................... 75 VII. Developments in Investment.................................................................................................77 VIII. International Economic Developments...............................................................................83 8.1: Overview of the World Economy .............................................................................. 83 8.2: Inflation Developments ............................................................................................... 84 8.3: Commodity Price......................................................................................................... 84 8.4: Exchange Rate Development.................................................................................... 84 8.5: Impact of Global Economic Dev't on Ethiopian Economy .................................. 85 Statistical Tables .........................................................................................................................86

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

  1. Country Profile Land Area (total, In Sq.Km) 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA 15.20 15.2 10 Irrigated Land ( % of total area ) 3.0 NA 2,900.00 3,100.00 5.0 Population Density ( person per sq.km )* 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
  2. Social Indicators Population total, in millions (Mid-Year population) 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 (o/w Urban Poulation, in %) 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 22.8 Working Age Population ( In Millions ) Urban 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 NA Rural 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 NA Total 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 NA Age Dependency Ratio 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 Life Expectancy at Birth ( Male - Female ) 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 Crude Birth Rate 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 27:1001 Crude Death Rate 12.6:1000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6 6 Natural Rate of Population Increase ( In % ) 2.7 2.60 2.40 2.40 2.31 2.07 Total Fertility Rate 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W 3.5chil:W People : Hospital Beds 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 2750 People : Physician1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 - 9977 People : Nurse 1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 1705 Infant Mortality Rate 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 43.3:1000 Access to Safe Water ( In %) Country Level 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 79 Urban Population N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 66.5 Rural Population 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 82.7 Student-Teacher Ratio Primary ( 1-8 ) 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - 39 39 Secondary ( 9-12 ) 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - 22.5 24 Technical & Vocational 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 - 13.3 13.3 Student-School Ratio Primary ( 1-8 ) 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 - 628 528 Secondary ( 9-12 ) 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 - 568 940 Technical & Vocational 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 - 246.8 NA

ii | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Continued.... Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3. Macroeconomic Indicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.5 3374349.0 Nominal GDP Growth Rate (In %) 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 25.5 Average Marginal Exchange Rate (Birr per USD) 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 31.34 GDP at Current Market Price (IN Mn. USD) 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 107660.0 Nominal GDP per Capita (In USD) 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 1080.0 Real GDP per Capita ( In Birr ) 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.2 21144.1 Real GDP per Capita Growth Rate (In %) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.0 3.8 GDP Deflator (% change) 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.1 18.2 Real GDP at constant basic price (In Mn. Birr) 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.3 1989519005.0 Real GDP at constant market price (In Mn. Birr) 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 Real GDP Growth Rate (In %) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 Agriculture & Allied Activties(In Billion Birr) 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 650 Industrial Sector (In Billion Birr) 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 576.9 Service Sector(In Billion Birr) 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 786.8 Agriculture & Allied Activties (% of GDP) 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 37.5 36.4 34.9 33.3 32.7 Industrial Sector ( % of GDP ) 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 29 Service Sector ( % of GDP ) 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 39.7 38.8 39.2 40 40 Private Consumption Expenditure 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070.0 2360896.0 Government Consumption Expenditure 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362.0 307769.0 Investment 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866.0 1037685.0 Exports 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437.0 239229.0 Imports 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512.0 571230.0 Resource Balance -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075.0 -332001.0 Gross Private Consumption (% of GDP) 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.8 70.0 Gross Government Cosumption (% of GDP) 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.4 9.1 Gross Domestic Fixed Investment (% of GDP) 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 37.3 38.4 34.1 47.7 30.8 Resource Balance (% of GDP) -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) (17.5) (9.8)

National Bank of Ethiopia Quarterly Bulletin | iii Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3.2: Monetary Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 Broad Money Supply (M2) ( In Mn. Birr ) 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 Net Foreign Assets ( In Mn. Birr ) 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) Reserve Requirement ( CBs ) 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6 Interest Rate ( In % ) Minimum Deposit Rate 3 4.0 4.0 5.00 7.00 7.0 7.0 Lending Rate 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 14.3 Total Net Domestic Credit (in mn. Birr) 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 Government 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 Other Sectors 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 19.9 -Food inflation 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 23.3 -Non-food inflation (core inflation) 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 Addis Ababa -General inflation 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 -Food inflation 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.0 25.9 -Non-Food inflation (core inflation) 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.0 13.9 3.4: External Trade(In Mn.USD) Export of goods & services 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 Import of goods & services 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,822.8 Net trade in goods & services -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,107.1 Current account balance including official transfers -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,396.4 Capital account balance 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,147.3 Overall balance of payments 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -1227.3 3.5: Government Finance (In Mn .Birr)4 Total Revenue (including grants) 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 Total Revenue (excluding grants) 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 o/w Tax-Revenue 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 Tax-Revenue as % of GDP 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.00 12.26 11.55 10.50 Total Expenditures 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 Current Expenditures 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 Capital Expenditures 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 Equity Contribution ( Sinking Fund ) Special Programs 272 224.0 50.0 44.0 0.0 - - - Total Expenditures as % of GDP 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 14.23 Current Surplus/Deficit 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 Overall Budget Deficit ( including grants ) -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36) Deficit as % of GDP -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) (2.52) Overall Budget Deficit ( excluding grants ) -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) Deficit as % of GDP -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) (3.73) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

  • Period weighted Average 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427
  • End period 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822

iv | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 T-Bills Sold 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 Average Weighted Yield (in %) 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 T-Bills Outstanding by holder 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 Banks 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 Non-Banks 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 3.8: Inter Bank Money Market Rate5 7.5 _ _ 7.5 8.5 _ - - 3.9: Financial Institutions Number of Commercial Banks 9 9 10 11 11 12.00 14.00 17.00 ( o/w Private banks ) 7 7 8 9 9 10.00 12.00 14.00 16.00 Number of Bank Branches 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 Population : Bank Branch 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 18.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 17.00 Number of Insurance Branches 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 Population : Insurance Branch 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 93.00 Number of Micro-financial Institutions 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 41.00 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 1 I. OVERVIEW 1.1 International Economic Developments The outlook for the global economy continues to be shaped by how the pandemic evolves and the associated containment measures. According to the European Central Bank’s monthly bulletin of 04/2021, the global economic growth momentum has continued to expand at a solid pace at the start of third quarter of 2020/21, after reaching pre-pandemic levels at the end of second quarter of 2020/21. Moreover, the global composite output Purchasing Managers’ Index (PMI) excluding the euro area remained above its long-term average levels. Annual consumer price inflation in the countries of the Organisation for Economic Co-operation and Development (OECD) increased to 1.5 percent in January, while inflation excluding energy and food rose to 1.7 percent. Transitory positive base effects are expected in the short term, owing to the initial reaction of prices to the pandemic shock in spring 2020, in particular global commodity prices. Looking ahead, global wage and price pressures are expected to remain relatively confined given that most economies still have ample spare capacity. In the US, the acceleration of vaccination efforts, fiscal and monetary policy support and a progressive reopening of the economy have all supported activity. As a result, a continued strong recovery is expected in the third quarter of 2020/21, following strong quarter-on￾quarter annualised growth of 4.3 percent in the second quarter of 2020/21. In the United Kingdom, despite hard lockdown measures, the economy shows signs of a modest recovery. Monthly GDP increased in February, suggesting that households and businesses have been adapting better to COVID-19 related restrictions than in earlier lockdowns. In Japan, economic activity remains strong amid rising supply constraints. After bottoming out in early third quarter of 2020/21, economic activity appears to be gradually strengthening, benefiting also from a relatively resilient manufacturing sector. In China, there is a solid recovery of the economy in the aftermath of the COVID-19 pandemic. The extraordinary rise in GDP in year-on-year terms is largely due to base effects and an implied annualised growth rate of over 5 percent between the third quarter of 2019/20 and the third quarter of 2020/21, close to the pre-pandemic trend.

2 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin I.2. Macroeconomic Developments in Ethiopia I.2.1. Inflation The headline inflation increased to 5.5 percent in the third quarter of 2020/21 compared to 4.3 percent inflation last year same quarter. The rise in quarterly headline inflation was driven by a 3.4 percentage point increase in food & non-alcoholic beverages and 5.7 percentage point in non-food inflation. In a like manner, the annual headline inflation increased by 1.2 percentage points due to a 0.2 and 1.1 percentage point increase in food & non- alcoholic beverages and non-food inflation, respectively. As a result, food & non￾alcoholic beverages and non-food inflations contributed 2.3 and 3.3 percent, respectively, to the headline inflation registered during the review quarter. I.2.2. Monetary Developments At the end of third quarter of 2020/21, broad money supply (M2 ) stood at Birr 1.3 trillion, showing a 27.7 percent annual growth attributed to 92.5 percent surge in domestic credit which offset 5.9 percent contraction in external asset (net). The increase in domestic credit was ascribed solely to 25.4 percent rise in credit to central government and 17.3 percent in credit to non-central government. Reserve money amounted to Birr 266.5 billion in the third quarter of 2020/21, exhibiting 19.6 percent year-on-year and 3.0 percent quarterly expansion. Similarly, excess reserve of commercial banks showed 21.1 percent annual growth while it contracted 22.1 percent on quarterly basis. I.2.3. Interest rate In the third quarter of 2020/221, average savings deposit rate and lending rate stood at 8.0 percent and 14.25 percent, respectively. Weighted average time deposit rate witnessed minor (0.21 percent) annual decrease. In contrast, T-bill yield has witnessed a significant improvement since the introduction of market based T-bills auction in December 2019. Thus, weighted average yield on T-bills increased from 7.1 percent in March 2020 to 8.2 percent in March 2021. Yet, taking into consideration, a 20.6 percent headline inflation, real interest rates on deposit, lending and the T-bills yield remained negative. 1.2.4. Financial Sector Developments a) Banks The banking sector in Ethiopia reached 19, of which 17 were private and 2 banks state owned. A total of 199 new bank branches were opened raising the number of bank branches to 7,096. As a result, population to bank branch ratio stood at 14,514.91 . Of the total bank branches, the share of state owned banks was 28 percent while that of 1Total population is 102,998,000 as CSA Estimation for 2021

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 3 private banks constituted 72 percent. Meanwhile, the total capital of the banking system amounted to Birr 125.1 billion, of which state owned banks accounted for 46.4 percent and private banks 53.6 percent. The share of Commercial Bank of Ethiopia (CBE), the biggest state owned bank, in total capital of the banking system was 41.7 percent. The banking sector disbursed about Birr 68.2 billion in fresh loans (including CBE bonds), signifying a 31.2 percent annual decrease because of lower new bonds purchase during the review quarter. Of the total new loans disbursed, the share of state owned banks was 32.1 percent and that of private banks stood at 67.9 percent. Of the fresh loans, international trade was the largest beneficiary accounting for 21.9 percent followed by domestic trade (15 percent), agriculture (13.2 percent), industry (11.6 percent), housing & construction (9.4 percent), transport and communication (6.1percent) and mines, power & water resource (4.4 percent). In the same period, the banking system collected loans (including corporate bonds) close to Birr 43.8 billion, depicting an 8.2 percent fall compared with last year. Of the total loan collection, 70.4 percent was by private banks and 29.6 percent by state owned banks. Meanwhile, total outstanding credit of the banking system (including corporate bond) rose by about 21.4 percent to reach Birr 1.2 trillion. About 99.7 percent of the private banks and 20 percent of state banks’ loans went to finance the private sector. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private insurers while one insurer state owned and their branch network increased to 629 from 595 a year ago. Of the total branches, about 54.4 percent were placed in Addis Ababa. In the meantime, total capital of these insurance companies reached Birr 10.6 billion, of which about 72.3 percent was that of private insurance companies. c) Microfinance Institutions Currently, there are 39 micro-finance institutions (MFIs) operating in the country. They have mobilized close to Birr 51 billion in saving deposit, depicting a 17.8 percent growth over last year same period. Their outstanding credit rose by 5.8 percent to Birr 64.3 Billion, their total asset expanded 12.2 percent and reached Birr 100.5 billion and their capital increased to Birr 20.9 billion showing 12.9 percent annual expansion.

4 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development During the review period, total receipts from goods export increased by 16.6 percent over last year same quarter. This was attributed to a significant increase in earnings from export of gold (748.4 percent), coffee (5.6 percent), pulses (22.6 percent), flower (16.1 percent), chat (19.5 percent), fruits & vegetables (54.4 percent), meat & meat products (15.0 percent), live-animals (27.0 percent) and electricity (14.4 percent). On the other hand, total merchandise import stood at USD 3.6 billion depicting a 1.4 percent decline year-on-year basis, owning to decline in import values of capital goods (8.1 percent), semi￾finished goods (8.4 percent) and raw materials (20.3 percent) while import payments for consumer goods increased by 10.4 percent. The average price of Brent crude oil, which is used as a benchmark for international oil price, increased by 20.6 percent at the end of the third quarter and reached USD 60.8 per barrel compared with USD 50.4 a year ago. Correspondingly, the average retail price of fuel in Addis Ababa rose 20.1 percent to Birr 28.7 per litre from Birr 23.6 per litre a year ago as a result of cut down in government fuel subsidy to reduce expenditure. During the review period, total transfer receipts increased by 3.1 percent and reached USD 1.7 billion due to 12.1 percent growth in private transfers in contrast to 38 percent fall in official transfers. On the other hand, capital account registered USD 550.8 million surplus which was 26.8 percent lower than that of last year same period. The slowdown in surplus was attributed to decrease in net official long term capital (24.1 percent), private sector long term capital (44.2 percent) and rise in net payment in other public sector. On the other hand, total transfer payments depicted a 4.5 percent growth owing to 50 percent drop private transfers which outweighed the 4.1 percent rise in official transfer payments. Consequently, the current account balance (including official transfers) recorded USD USD 797.2 million deficit during third quarter of 2020/21, compared to USD 1.5 billion deficit a year ago. This was due to narrowing of merchandise trade deficit by 6.2 percent, 12.3 percent increase in surplus of net private transfers and 167.1 percent decline in net services.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 5 As a result, the deficit in the overall balance of payments narrowed to USD 285.9 million during the third quarter of FY 2020/21 from USD 426.4 million deficit recorded last year same quarter. b) Exchange Rate Development Weighted average official exchange rate of Birr reached Birr 39.8933/USD in the third quarter of 2020/21, depicting 23.8 percent annual depreciation. The end period exchange rate was Birr 41.3165/USD, indicating that the Birr has weakened against USD by 25.9 percent vis-à-vis last year same period. In the same period, the Birr depreciated by 19.2 percent in real terms largely due to price advantage of Ethiopia over trading partners. Likewise, the NEERI appreciated by 19.1 percent compared with last year same quarter due to significant depreciation of Sudanese Pound. 1.2.6. Federal Government Fiscal Operations During the review period, total revenue and grants of Federal government increased by 20.9 percent to Birr 68.8 billion while, total expenditure at birr 95.9 billion, showed 18 percent annual growth. As a result, the overall fiscal deficit (including grants) stood at Birr 27.1 billion compared to Birr 24.4 billion a year ago. 1.2.7. Investment During the third quarter of 2020/21, a total of 20 investment projects having investment capital of Birr 81.3 million became operational. Compared to last year same quarter, the number of investment projects increased by 185.7 percent while investment capital was slow down by 77.5 percent.

6 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the third quarter of 2020/21, the volume of petroleum products imported was about 960 thousand metric tons, showing a marginal annual increase of 0.5 percent due to 8.7 percent increase in regular gasoline and 8.5 percent rise in fuel oil import. Similarly, the amount of petroleum products imported relative to the preceding quarter went up by 2.4 percent. The share of gas oil in total petroleum import was 68.2 percent while that of regular gasoline and jet fuel constituted 16.1 and 13.5 percent, respectively (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Change Qtr. III Qtr. II Qtr. III A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 141,900.1 14.9 176,894.5 18.9 154,240.3 16.1 8.7 -12.8 Jet Fuel 133,970.7 14.0 107,969.3 11.5 129,945.4 13.5 -3.0 20.4 Fuel Oil 19,684.2 2.1 22,414.5 2.4 21,352.4 2.2 8.5 -4.7 Gas Oil (ADO) 659,674.5 69.1 630,617.5 67.2 654,442.0 68.2 -0.8 3.8 Total 955,229.4 100 937,895.8 100 959,980.1 100 0.5 2.4 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 7 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 2016/17 2017/18 2018/19 2019/20 2020/21 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The total value of petroleum products imported during the period reached Birr 20.8 billion, about 24.2 percent higher than last year on account of increases in values of fuel oil (67.3 percent), regular gasoline (48.8 percent), gas oil (21.2 percent) and jet fuel (8 percent) (Table 2.2).

8 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2019/20 2020/21 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,621,096.6 15.6 3,191,180.6 21.7 3,901,026.5 18.8 48.8 22.2 Jet Fuel 2,512,531.5 15.0 1,687,041.3 11.4 2,712,282.7 13.0 8.0 60.8 Fuel Oil 235,830.0 1.4 329,665.4 2.2 394,447.7 1.9 67.3 19.7 Gas Oil (ADO) 11,382,144.6 67.9 9,528,043.2 64.7 13,795,483.3 66.3 21.2 44.8 Total 16,751,602.8 100.0 14,735,930.5 100.0 20,803,240.2 100 24.2 41.2 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 2000000 4000000 6000000 8000000 10000000 12000000 14000000 16000000 I II III IV I II III IV I II III IV I II III IV I II III 2016/17 2017/18 2018/19 2019/20 2020/21 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products rose 1.7 percent over the same period of last year due to higher FOB price of all types of petroleum products except regular gasoline. Similarly, average FOB price of petroleum products went up by 35.7 percent Vis-a￾Vis the Preceding quarter as a result of 40.7 percent increase in regular gasoline followed by gas oil (35.7 percent), jet fuel (35.4 percent) and fuel oil (28.9 percent) (Table 2.3).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 9 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 686.8 395.0 555.7 -19.1 40.7 Jet Fuel 449.8 359.0 486.0 8.1 35.4 Fuel Oil 254.2 271.3 349.9 37.6 28.9 Gas Oil (ADO) 447.3 351.8 477.5 6.7 35.7 Average 459.5 344.3 467.3 1.7 35.7 Brent Crude Oil (USD/ Barrel) 50.4 44.3 60.8 20.6 37.3 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 100 200 300 400 500 600 700 800 900 1000 I II III IV I II III IV I II III IV I II III IV I II III 2016/17 2017/18 2018/19 2019/20 2020/21 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, went up by 20.6 percent and reached USD 60.8 per barrel compared with USD 50.4 a year ago. At the same time, average retail price of fuel in Addis Ababa rose to Birr 28.68 per litre from Birr 23.89 per litre a year ago depicting a 20.1 percent increase as a result of higher retail price of all petroleum products (Table 2.4).

10 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2019/20 2020/21 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 21.5 21.9 25.1 16.7 14.8 Fuel Oil 32.9 33.3 38.0 15.4 14.1 Gas Oil (ADO) 18.8 19.0 22.4 19.6 18.1 Kerosene 18.8 19.0 22.4 19.6 18.1 Jet fuel 27.5 24.7 35.5 29.1 43.6 Average 23.9 23.6 28.7 20.1 21.7 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 I II III IV I II III IV I II III IV I II III IV I II III 2016/17 2017/18 2018/19 2019/20 2020/21 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 11 2.2. Electric Power Generation Total electric power generated during the quarter under review dropped 4.9 percent on annual and 2.4 percent quarter basis and reached 3.7 billion KWH (Table 2.5). The year- on-year decrease was attributed to 4.7 percent decline in electric production from hydropower and 69.4 percent from biomass sources (table 2.5). Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2019/20 2020/21 Qtr. III Qtr. II Qtr. III Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,647,601.8 94.1 3,554,618.5 94.2 3,476,666.2 94.4 -4.7 -2.2 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 174,746.2 4.5 197,852.0 5.2 191,319.9 5.2 9.5 -3.3 Biomass 53,237.0 1.4 21,217.50 0.6 16,309.90 0.4 -69.4 -23.1 Total 3,875,585.0 100 3,773,688.0 100 3,684,296.0 100 -4.9 -2.4 Source: Ethiopian Electric Power Of the total energy generated, 94.4 percent was from hydropower, 5.2 percent from wind and 0.4 percent from biomass sources (Table 2.5). By system of generation, virtually 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.

12 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 2.6: Generation of electricity power in the interconnected system (ICS) and self￾contained system (SCS) System of Power supply 2019/20 2020/21 Percentage Qtr. III Qtr. II Qtr. III Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,647,601.8 94.1 3,554,618.5 94.2 3,476,666.2 94.4 -4.7 -2.2 Thermal Power - - - - - 0 Geothermal - - - - - 0 Wind 174,746.2 4.5 197,852.0 5.2 191,319.9 5.2 9.5 -3.3 Biomass 53,237.0 1.4 21,217.50 0.6 16,309.90 0.4 -69.4 0 Sub-Total 3,875,585.0 100 3,773,688.0 100 3,684,296.0 100 -4.9 -2.4 SCS Hydro power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,875,585.0 100 3,773,688.0 100.0 3,684,296.0 100 -4.9 -2.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 13 III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation has increased to 5.5 percent from 1.1 percent a quarter earlier, and 4.3 percent inflation last year same quarter. The rise in quarterly headline inflation was attributed to 3.4 percentage point increase in food & non-alcoholic beverages and 5.7 percentage point in non-food inflation. Likewise, the increase in annual headline inflation was on account of a 0.2 percentage point rise in food & non- alcoholic beverages inflation and 1.1 percentage point non-food inflation. Food & non-alcoholic beverages and non-food inflation contributed 2.3 and 3.3 percent, respectively, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). Food & non-alcoholic beverages inflation scaled up to 4.2 percent from 0.8 percent in the previous quarter, owing to higher inflation in the prices of vegetables (12.1 percentage point), fish & sea food (7.7 percentage point), milk, cheese & egg (5.5 percentage point), fruits (3.2 percentage point) food products nec (1.3 percentage point), bread & cereals (1.3 percentage point), and meat (0.4 percentage point) (Table 3.2). Similarly, non-food inflation increased to 7.2 percent from 1.5 percent a quarter earlier and 4.9 percent last year same quarter. The upsurge in quarterly non￾food inflation was attributed mainly to higher inflation for transport (38.5 percentage point), communication (14.1 percentage point), furnishings, household equipment & routine maintenance of houses (8.0 percentage point), housing, water, electricity, gas & fuel (6.4 percentage point), health (3.6 percentage point), miscellaneous goods (1.2 percentage point) and clothing & footwear (0.5 percentage point) and (Table 3.3).

14 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) 2019/20 2020/21 Change in %age Points Contributions in (%) to Weights (in %) QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII-2019/20 Headline Inflation Change Over QII-2020/21 QIII-2020/21 Head￾line Inflation Absolute Relative Headline 100 4.3 1.1 5.5 1.2 4.4 1.2 4.4 5.6 100 Food & Non-al￾coholic beverage 54 3.8 0.8 4.2 0.4 3.4 0.2 1.9 2.3 40.8 Non-food 46 4.9 1.5 7.2 2.3 5.7 1.1 2.6 3.3 59.2 Source: CSA and NBE Staff Computation Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 15 Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/20 2020/21 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Food Infla￾tion Change over QIII- )%(2019/20 Food Infla￾tion Change over QII- )%(2020/21 Food and Non-alcoholic Beverages 0.54 3.8 0.8 4.2 0.4 3.4 0.2 1.8 Bread and Cereals 0.17 0.1 3.2 4.4 4.3 1.3 0.7 0.2 Meat 0.04 2.7 1.9 2.2 -0.5 0.4 0.0 0.0 Fish and Sea food 0.00 5.3 -1.3 6.5 1.2 7.7 0.0 0.0 Milk, cheese and egg 0.03 2.9 5.6 11.2 8.3 5.5 0.3 0.2 Oils & Fats 0.04 6.0 9.8 8.5 2.5 -1.2 0.1 -0.1 Fruit 0.00 2.5 3.8 7.0 4.4 3.2 0.0 0.0 Vegetables 0.12 4.9 -7.3 4.8 -0.1 12.1 0.0 1.5 Sugar jam, honey, chocolate 0.01 -6.9 7.5 3.3 10.3 -4.2 0.1 -0.1 Food products n.e.c 0.06 15.3 0.3 1.6 -13.7 1.3 -0.8 0.1 Non-alcoholic beverages 0.05 6.8 5.5 -0.2 -7.1 -5.7 -0.4 -0.3 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Item Weights 2019/20 2020/21 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Non-food Inflation Change over QIII￾2019/20 )%( Non-Food Inflation Change over QII￾2020/21(%) Non-Food Inflation 0.46 4.9 1.5 7.2 2.3 5.7 1.1 2.6 Alcoholic Beverages and tobacco 0.05 4.5 6.5 4.7 0.2 -1.8 0.0 -0.1 Clothing and Footwear 0.06 0.7 4.1 4.7 4.0 0.5 0.2 0.0 Housing, Water, Electricity, Gas and other Fuel 0.17 8.8 1.5 7.9 -0.9 6.4 -0.2 1.1 Furnishings, Household Equipment and Routine main￾tenance of houses 0.05 1.4 0.7 8.7 7.2 8.0 0.3 0.4 Health 0.01 2.9 5.8 9.4 6.5 3.6 0.1 0.1 Transport 0.02 5.1 -21.6 16.9 11.9 38.5 0.3 0.9 Communication 0.02 -1.8 -1.7 12.4 14.2 14.1 0.3 0.3 Recreation and culture 0.00 1.3 9.7 6.0 4.7 -3.8 0.0 0.0 Education 0.00 0.2 11.7 3.0 2.8 -8.7 0.0 0.0 Restaurant & hotel 0.05 3.1 7.0 3.7 0.6 -3.3 0.0 -0.2 Miscellaneous Goods 0.03 4.1 3.8 5.0 0.9 1.2 0.0 0.0 Source: CSA and NBE Staff Computation

16 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI The regional average headline inflation in the third quarter of 2020/21 increased to 3.8 percent from 0.7 percent in the preceding quarter while it declined from 4.7 percent last year same quarter. SNNP, Oromia, Gambella, Somali and Addis Ababa registered higher headline inflation than the regional average head line inflation during the review quarter. The highest headline inflation (6.9 percent) was seen in SNNP while the lowest headline inflation (0.2 percent) was in Benshangul Gumuz. Hence, the margin between the highest and lowest headline inflation was 6.7 percentage points. The deviation in the regional headline inflation from the average, as measured by standard deviation, decreased to 2.5 percent from 2.8 percent in the preceding quarter and 3.2 percent a year ago. (Table 3.4) The regional average food & non￾alcoholic beverage inflation scaled up to 3.5 percent in the third quarter of 2020/21 from 0.4 percent recorded in the preceding quarter while it decreased marginally from 3.6 percent last year same quarter. Food & non￾alcoholic beverages inflation in Somali, Gambella, Dire Dawa, Afar, Oromia, SNNP, and Addis Ababa was higher than the regional average with the highest food & non-alcoholic beverages inflation being recorded in Somali (8.0 percent) and the lowest in Benshangul Gumuz (-1.3 percent), signifying a 9.3 percentage point margin. The variation in food & non-alcoholic beverages inflation was 3.1 percent compared to the 3.0 percent a quarter earlier and 4.3 percent last year same quarter (Table 3.4). Likewise, the regional average non-food inflation has increased to 4.2 percent from 1.0 percent in the previous quarter. SNNP, Oromia, Amhara, Gambella, and Addis Ababa recorded higher non-food inflation than the regional average. Non￾food inflation was the highest in SNNP (10.1 percent) and the lowest in Afar (0.9 percent), revealing 11 percentage point margin. The variation in non-food inflation narrowed to 3.4 percent from 4.1 percent in the previous quarter but increased from 3.1 percent inflation a year earlier.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 17 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2019/20 2020/21 Annual Change Quarterly Change QIII QII QIII A B C C-A C-B General Food & Non-al- coholic bever￾ages Non-food General Food & Non-al- coholic beverag￾es Non-food General Food & Non-al- coholic beverag￾es Non-food General Food & Non-al- coholic beverag￾es Non-food General Food & Non-al- coholic beverag￾es Non-food SNNP 5.0 2.4 8.5 2.0 3.1 0.4 6.9 4.6 10.1 1.9 2.2 1.6 4.9 1.5 9.7 Harari 4.0 -0.5 7.7 0.7 1.4 0.2 1.4 0.4 2.2 -2.6 0.9 -5.5 0.7 -1.0 2.0 Oromia 3.9 0.8 0.9 0.5 6.7 4.9 9.5 2.8 1.0 5.6 6.0 4.0 9.0 Tigray 3.8 3.6 3.9 6.7 4.8 8.7 0.0 -3.8 -3.6 -3.9 -6.7 -4.8 -8.7 Gambella 6.6 7.9 5.0 0.0 -0.8 1.1 6.3 6.7 5.8 -0.3 -1.2 0.8 6.3 7.5 4.7 Addis Ababa 4.1 2.4 5.3 -0.3 -1.7 0.8 4.3 3.6 4.8 0.2 1.2 -0.6 4.6 5.3 4.0 Dire Dawa 2.0 -1.5 5.5 -5.1 -5.8 -4.4 3.6 5.6 1.5 1.5 7.1 -4.0 8.7 11.3 6.0 Benshangul. Gumuz 5.3 3.8 6.8 1.1 -0.9 3.5 0.2 -1.3 1.8 -5.1 -5.1 -5.0 -1.0 -0.4 -1.7 Somali -1.2 -2.2 0.2 2.7 0.7 5.1 5.8 8.0 3.3 7.0 10.3 3.0 3.2 7.3 -1.8 Afar 12.0 11.8 12.2 -0.9 4.1 -6.3 3.1 5.0 0.9 -8.9 -6.8 -11.4 3.9 0.8 7.1 Amhara 6.3 8.2 4.1 0.1 -1.0 1.6 3.3 0.7 6.6 -3.0 -7.5 2.6 3.2 1.7 5.1 Regions Average 4.7 3.6 5.8 0.7 0.4 1.0 3.8 3.5 4.2 Standard deviation 3.2 4.3 3.1 2.8 3.0 4.1 2.5 3.1 3.4 Coefficient of vari￾ation 0.7 1.2 0.5 4.0 6.7 4.0 0.7 0.9 0.8 Source: CSA and NBE Staff Computation

18 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit At the end of third quarter of F.Y. 2020/21, broad money supply (M2) stood at Birr 1.3 trillion, showing a 27.7 percent annual growth owing to 92.5 percent surge in domestic credit which offset 5.9 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 )March. 20( )Dec. 20( )March. 21( C/A C/B Annual A B C

  1. External Assets (net) (33,772.2) (38,577.0) (49,735.9) -47.3 -28.9 -5.9
  2. Domestic Credit 1,121,128.1 1,288,104.1 1,373,546.7 22.5 6.6 92.5 . Claims on Central Gov’t (net) 130,343.0 125,944.8 163,476.9 25.4 29.8 12.1 . Claims on Non-Central Gov’t 990,785.1 1,162,159.3 1,210,069.8 17.3 4.1 62.8 . Financial Institutions 55,242.7 56,642.7 56,642.7 2.5 0.0 0.5 . Others 935,542.4 1,105,516.6 1,153,427.0 23.3 4.3 79.9
  3. Other Items (net) 101,840.3 85,591.1 86,563.5 -15.0 1.1 -5.6
  4. Broad Money (M2) 986,763.4 1,177,714.6 1,259,610.3 27.7 7.0 92.3 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 19 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE

20 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, quasi-money supply showed an annual and quarterly expansion of 33.2 percent and 6.7 percent, respectively. Narrow money supply grew 17.7 percent on annual basis and contributed 23.3 percent to broad money expansion while that of quasi money was 76.7 percent (Table 4.2). The surge in quasi-money was attributed to bank branch network expansion and improvement in access to finance demonetization and cash withdrawal limit have also helped banks to mobilize more deposits.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 21 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 (March. 20) )Dec. 20( )March. 21( C/A C/B Annual A B C

  1. Narrow Money Supply 355,892.0 390,480.7 419,347.7 17.8 7.4 23.3 . Currency outside banks 109,335.3 108,326.1 127,518.3 16.6 17.7 6.7 . Demand Deposits (net) 246,556.7 282,154.6 291,829.4 18.4 3.4 16.6
  2. Quasi-Money 630,871.4 787,233.9 840,262.6 33.2 6.7 76.7 . Savings Deposits 550,106.1 698,079.0 748,589.6 36.1 7.2 72.7 . Time Deposits 80,765.3 89,154.9 91,673.0 13.5 2.8 4.0
  3. Broad Money Supply 986,763.4 1,177,714.6 1,259,610.3 27.7 7.0 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock Source: Staff Computation, NBE

22 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 266.5 billion in the third quarter of 2020/21, showing a 19.6 percent year-on-year growth. Similarly, excess reserves of commercial banks increased 21.1 percent on annual basis while it contracted 22.1 percent on quarterly terms (Table 4.3). The money multiplier, measured by the ratio of broad money to reserve money, rose to 4.7 from 4.4 a year ago. The multiplier measured by the ratio of narrow money and reserve money, however showed a slight drop on annual basis, while it depicted quarterly increment. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Qtr. III Qtr. II Qtr. III Percentage Change Particulars )March. 20( )Dec. 20( )March. 21( A B C C/A C/B

  1. Reserve Requirement (CB’s) 49,362.0 60,394.2 61,208.0 24.0 1.3
  2. Actual Reserve (CB’s) 85,227.8 116,138.0 104,642.4 22.8 -9.9
  3. Excess Reserve (CB’s) 35,865.8 55,743.9 43,434.3 21.1 -22.1
  4. Reserve Money 222,721.9 258,706.6 266,479.7 19.6 3.0 . Currency in Circulation 139,106.3 138,864.5 159,484.8 14.6 14.8 . Banks deposits at NBE 83,615.7 119,842.1 106,994.9 28.0 -10.7
  5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.60 1.51 1.57 -1.5 4.3 . Broad Money to Reserve Money 4.43 4.55 4.73 6.7 3.8
  6. Other Monetary Ratios (%): . Currency to Narrow Money 39.1 35.6 38.0 -2.7 6.9 . Currency to Broad Money 14.1 11.8 12.7 -10.2 7.4 . Narrow Money to Broad Money 36.1 33.2 33.3 -7.7 0.4 . Quasi Money to Broad Money 63.9 66.8 66.7 4.3 -0.2 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 23 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates Source: Staff Computation NBE

24 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent while weighted average time deposit rate witnessed minor decline (0.21 percent) on annual basis. In contrast, the yield on T-bills saw significant improvement since the introduction of market based T-bills auctions. Hence, weighted average yield on T-bills increased from 7.1 percent in March 2020 to 8.2 percent in March 2021. Considering the March, 2021 headline inflation of 20.6 percent, real interest rates on deposit, lending and the T-bills yield remained negative (Table 4.4). In the meantime, average lending rate remained at 14.25 percent with the highest and lowest lending rates being 7 and 21.50 percent, respectively. Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2019/20 2020/21 Percentage point Changes QIII QII QIII Annual Quarterly 1.1 Savings Deposit Rate Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - - 2. Time Deposits Up to 1yr 7.90 7.73 7.69 )0.21( )0.04( years 1-2 7.95 7.78 7.74 )0.21( )0.04( Over 2 yrs 8.00 7.83 7.79 )0.21( )0.04( Average Time Dep. Rate (Weighted) 7.95 7.78 7.74 )0.21( )0.04( 3. Demand Deposit (Weighted) 0.05 0.05 0.04 )0.01( )0.01( 4. Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.25 - - 5. T-bills Rate (Weighted) 7.08 6.71 8.17 1.08 1.45 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) 22.5 18.2 20.6 )1.90( 2.40 8. Food Inflation (Year-on-year) 26.9 21.3 22.1 )4.80( 0.80 9. Core/non-food Inflation (Year-on-year) 17.5 14.5 18.9 1.40 4.40 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 has 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 Source: NBE and Commercial Banks

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 25 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

26 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector The number of banks has reached 19, of which 17 were private and 2 state owned. These banks opened 199 new branches during the review period, thereby raising the number of bank branches to 7,096. As a result, population to bank branch ratio stood at 14,514.93 . About 34.6 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 28 percent while that of private banks reached 72 percent. Total capital of the banking system reached Birr 125.1 billion, of which state owned banks accounted for 46.4 percent and private banks 53.6 percent. The share of state owned bank, the Commercial Bank of Ethiopia (CBE), in total capital of the banking system was 41.7 percent (Table 4.5). Similarly, the number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branch network increased to 629 from 595 a year ago. Of the total branches, 3 Total population is 102,998,000 as CSA Estimation for 2021 about 54.4 percent were situated in Addis Ababa. Meanwhile, total capital of these insurance companies reached Birr 10.6 billion compared to Birr 9 billion a year ago. Private insurance companies accounted for 72.3 percent of the total capital of the insurance sector (Table 4.6). During the review quarter, there were 39 micro-finance institutions (MFIs) which have mobilized close to Birr 51 billion in saving deposit, depicting a 17.8 percent annual increase. Similarly, their outstanding credit rose by 5.8 percent to Birr 64.3 Billion. Their total asset also exhibited a 12.2 percent annual growth and reached Birr 100.5 billion. Their capital too went up to Birr 20.9 billion showing 12.9 percent annual expansion (Table 4.7). The top five largest MFIs namely, Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions accounted for 81.1 percent of the total capital, 89.7 percent of the total deposit, 83.6 percent of the total credit and 85.2 percent of total assets of MFIs.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 27 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Capital 2019/20 1419 399 1,818 28.6 1,449 410 1,859 27.0 1,463 417 1,880 26.5 49,979.25 50,323.44 50,323.44 88 5 93 1.5 77 5 82 1.2 77 5 82 1.2 7,676.53 7,748.10 7,748.10 1,507 404 1,911 30 1,526 415 1,941 28 1,540 422 1,962 28 57,655.8 58,071.5 58,071.5

268 191 459 7.2 311 213 524 7.6 344 219 563 7.9 7,862.83 10,945.6 10,981.5 275 159 434 6.8 290 165 455 6.6 294 166 460 6.5 5,002.36 5,848.7 6,362.6 321 209 530 8.3 389 239 628 9.1 402 245 647 9.1 4,177.44 4,658.2 4,807.8 254 144 398 6.3 268 148 416 6.0 269 148 417 5.9 3,866.82 4,388.4 4,917.1 179 158 337 5.3 194 169 363 5.3 198 177 375 5.3 4,161.10 4,604.9 5,080.1 147 170 317 5.0 186 207 393 5.7 197 217 414 5.8 4,687.60 5,166.6 5,670.3 347 82 429 6.7 356 92 448 6.5 363 104 467 6.6 3,860.36 4,317.7 5,051.8 180 84 264 4.1 202 86 288 4.2 203 86 289 4.1 2,680.66 2,974.9 3,194.6 193 107 300 4.7 214 108 322 4.7 217 109 326 4.6 2,334.89 3,865.2 4,268.2 22 30 52 0.8 22 36 58 0.8 22 39 61 0.9 3,640.39 2,793.6 2,793.6 128 113 241 3.8 146 124 270 3.9 158 132 290 4.1 2,292.40 2,738.1 2,922.6 129 117 246 3.9 143 127 270 3.9 145 135 280 3.9 2,493.33 3,081.4 3,256.7 148 83 231 3.6 180 94 274 4.0 187 98 285 4.0 2,440.28 3,088.4 3,278.8 31 45 76 1.2 33 55 88 1.3 34 58 92 1.3 1,082.97 1,196.3 1,260.7 36 44 80 1.3 42 58 100 1.4 43 64 107 1.5 1,054.63 1,373.2 1,426.1 Enat Bank S.C 27 30 57 0.9 27 32 59 0.9 28 33 61 0.9 1,579.98 1,697.5 1,796.4 2,685 1,766 4,451 70 3,003 1,953 4,956 72 3,104 2,030 5,134 72 53,218 62,739 67,069 4,192 2,170 6,362 100 4,529 2,368 6,897 100 4,644 2,452 7,096 100 110,874 120,810 125,140 2020/21 Quarter II Quarter III % A.A Share % Share Quarter III Quarter II Quarter III Quarter III Banks Branch Network Total

  1. State Owned Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Ethiopia Dashen Bank
  2. Private Banks Awash International Bank Total State Owned Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank 2019/20 2020/21 Reg % Share Reg. A.A Total Reg. A.A Total Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa Fig.IV.8: Share of Branch Network and Capital of Banking System

Source: Staff Compilation, NBE

28 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2019/20 Quarter III Quarter II Quarter III A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 25 65 90 25 65 90 25 65 90 2,803 2,933 2,944 2.0 28 20 48 28 22 50 28 22 50 1,296 1,467 1,509 3.0 17 14 31 18 14 32 18 14 32 220 326 344 4.0 22 17 39 22 17 39 22 17 39 173 152 197 5.0 27 12 39 28 12 40 28 12 40 635 673 700 6.0 11 8 19 12 8 20 12 8 20 204 189 219 7.0 24 22 46 28 22 50 29 22 51 604 562 596 8.0 16 17 33 17 18 35 17 18 35 854 1,009 1,015 9.0 27 14 41 28 14 42 28 14 42 520 546 644 10.0 16 19 35 16 20 36 16 20 36 195 352 377 11.0 18 5 23 18 6 24 18 6 24 150 166 167 12.0 22 20 42 22 21 43 22 21 43 471 567 621 13.0 13 13 26 15 13 28 15 14 29 260 396 380 14.0 Berhan insurance S.C 12 6 18 13 8 21 13 8 21 139 170 191 15.0 18 8 26 18 9 27 18 9 27 183 291 303 16.0 Lucy Insurance S.C. 12 5 17 12 6 18 15 6 21 129 132 119 17.0 Bunna Insurance S.C. 14 8 22 16 10 26 16 11 27 146 197 200 18.0 Zemen Insurance S.C. - 1 - 1 2 - 2 - 113 112 322 273 595 337 285 622 342 287 629 8,982 10,241 10,638 Africa Insurance Company Quarter II Branch Capital Quarter III Insurance Companies 2019/20 2020/21 2020/21 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company E-Life & General Insurance S.C. Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter III Ethiopian Insurance Corporation Awash Insurance Company

Source: Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of March 30, 2021 (In Thousands of Birr) 2019/20 QIII QII QIII A B C C/A C/B Total Capital 18,517,846.7 20,318,381.2 20,911,888.5 12.9 2.9 Saving 43,297,668.9 48,345,831.9 50,983,126.8 17.8 5.5 Credit 60,769,714.0 64,895,444.5 64,309,039.7 5.8 -0.9 Total Assets 89,570,702.6 97,131,162.1 100,522,180.0 12.2 3.5 % Change Particulars 2020/21 Source: Microfinance Supervision Directorate, NBE

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 29 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) rose 18.4 percent over last year due to NBE’s Legal Tender Protection Directive that restricts cash holding and cash withdrawal limits as well as demonetization measures that undertaken resulted in high deposit mobilization (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.III 2019/20 Qtr.II 2020/21 Qtr.III 2020/21 A B C C/A C/B 1.Deposits (net change) 24,125.9 19,225.1 39,383.7 35,175.3 30,279.5 63,509.7 54,400.4 79.7 -14.3 -Demand 9,762.9 -7,675.9 15,632.2 9,060.7 16,680.1 25,395.0 1,384.9 -91.7 -94.5 -Saving 17,864.7 25,612.7 21,534.6 24,886.1 21,163.4 39,399.3 50,498.7 138.6 28.2 -Time -3,501.7 1,288.3 2,217.0 1,228.6 -7,564.0 -1,284.7 2,516.8 -133.3 -295.9 2. Borrowing (net change) 1,370.8 1,231.5 0.0 0.0 6,029.9 1,370.8 1,231.5 -79.6 -10.2 -Local -992.1 831.6 0.0 0.0 4,767.6 -992.1 831.6 -82.6 -183.8 -Foreign 2,362.9 399.9 0.0 0.0 1,262.3 2,362.9 399.9 -68.3 -83.1 3. Collection of Loans 12,160.5 12,985.0 27,502.3 30,838.7 47,721.0 39,662.9 43,823.7 -8.2 10.5 4. Total Resources Mobilized (1+2+3)37,657.3 33,441.5 66,886.1 66,014.0 84,030.4 104,543.3 99,455.5 18.4 -4.9 5. Disbursement 40,608.8 21,903.0 59,771.7 46,258.9 99,084.1 100,380.4 68,161.9 -31.2 -32.1 6. Change in Liquidity (4-5) -2,951.5 11,538.5 7,114.4 19,755.1 -15,053.7 4,162.9 31,293.6 -307.9 651.7 Memorandum Item: Outstanding Credit* 736,027.9 748,138.2 439,092.4 476,237.5 1,008,216.2 1,175,120.3 1,224,375.7 21.4 4.2 Particulars State Owned Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.II 2020/21 Qtr.III 2020/21 Qtr.II 2020/21 Qtr.III 2020/21 Source: Commercial Banks and staff computation Notes: *Includes corporate bonds of Commercial Bank of Ethiopia Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 I II III IV I II III IV I II III IV I II III 2017/18 2018/2019 2019/2020 2020/21 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation

30 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.5.1.1. Deposit Mobilization Total deposit liabilities reached Birr 1.3 trillion by the end of third quarter of 2020/21 indicating 27.8 percent annual growth rate due to the reason indicated above. Demand deposits, which accounted for 32.8 percent of total deposits, reached Birr 415.1 billion showing 18.5 percent year-on-year growth while saving deposits went up by 36 percent to Birr 748.9 billion and accounted for 59.2 percent of the total deposits. Time deposits, which constituted 7.9 percent of the total deposit liabilities, increased 13.6 percent and stood at Birr 100.4 billion. The share of state owned banks in total deposit mobilization was 55.4 percent and that of private banks 44.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter III Quarter II Quarter III 2019/20 2020/21 2020/21 A B C Demand Deposit 350,244.6 35.4 413,669.7 34.2 415,054.6 32.8 18.5 0.3 Saving Deposit 550,610.2 55.7 698,435.8 57.7 748,934.5 59.2 36.0 7.2 Time Deposit 88,339.5 8.9 97,833.1 8.1 100,349.9 7.9 13.6 2.6 Total 989,194.3 100.0 1,209,938.6 100.0 1,264,339.1 100.0 27.8 4.5 Share of State Owned Banks 59.0 56.3 55.4 Share of Private Banks 41.0 43.7 44.6 % C/A C/B Share Deposit by types % Share % Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 31 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) close to Birr 43.8 billion, about 8.2 percent higher than last year (Table 4.8). Nearly 70.4 percent of the total loan was collected by private banks and 29.6 percent by state owned banks whereby 95 percent of the total loan was collected from the private sector (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 82.8 billion, showing a 6.8 percent annual growth. Of the total borrowing, Birr 68.3 billion (82.4 percent) was from domestic and Birr 14.5 billion (17.6 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2019/20 Quarter III Quarter II Quarter III A B C C/B C/A Domestic Borrowing 65,814.1 67,464.7 68,296.3 1.2 3.8 Foreign Borrowing 11,739.0 14,134.4 14,534.3 2.8 23.8 Total 77,553.1 81,599.2 82,830.6 1.5 6.8 Banks Percentage change 2020/21 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 68.2 billion was disbursed in fresh loans (including CBE bonds), indicating a 31.2 percent annual decrease because of slowdown in new bonds purchase. Of the total new loans disbursed, the share of state owned banks was 32.1 percent and that of private banks 67.9 percent (Table 4.12). The major beneficiaries of the fresh loans were international trade (Birr 14.9 billion or 21.9 percent), domestic trade (Birr 10.2 billion or 15 percent), agriculture (Birr 9 billion or 13.2 percent), industry (Birr 7.9 billion or 11.6 percent), and housing & construction (Birr 6.4 billion or 9.4 percent) mines, power & water resources (Birr 3 billion or 4.4 percent), transport and communication (Birr 4.2 billion or 6.1 percent) and personal loans (Birr 7.8 billion or 11.4 percent). The remaining balance was taken up by other sectors (Table4.11).

32 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QIII-2020/21 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 5,766 1,943 442,824 - - - 5,766 1,943 442,824 Agriculture 8,462 2,918 24,452 546 210 4,962 9,008 3,127 29,414 Industry 2,127 2,863 175,313 5,810 3,544 72,731 7,936 6,407 248,044 Domestic Trade 1,014 650 8,367 9,214 7,498 101,138 10,229 8,148 109,505 International Trade 157 361 30,093 14,786 11,374 159,768 14,943 11,735 189,862 Export 78 301 11,377 11,779 7,769 117,438 11,858 8,069 128,815 Imports 79 60 18,717 3,006 3,606 42,330 3,085 3,666 61,047 Hotels and Tourism 116 202 4,599 1,510 802 19,722 1,626 1,004 24,322 Transport & Communication 2,760 60 72,544 1,430 1,260 12,255 4,190 1,320 84,799 Housing & Construction 298 1,445 68,655 6,078 3,878 68,076 6,376 5,323 136,731 Mines, Power & Water Res. 3,013 838 318,239 17 21 423 3,030 860 318,662 Others 1,956 1,857 15,419 1,075 486 3,708 3,031 2,343 19,127 Personal 2,001 1,792 30,456 5,793 1,765 33,455 7,794 3,557 63,912 Total 27,669 14,928 1,190,962 46,259 30,839 476,237 68,162 43,824 1,224,376 Source: Commercial Banks and staff computation Borrowing Sector State Owned Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 33 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) rose 21.4 percent to Birr 1.2 trillion. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector compared with 20 percent for state owned banks (Table 4.12). Mines, power & water resources sector was the major holder of the credit outstanding (26 percent) followed by industry (20.3 percent), international trade (15.5 percent), housing & construction (11.2 percent), domestic trade (8.9 percent), and transport & communication (6.9 percent) (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2020/21 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State owned Banks 21,903.0 32.1 12,985.0 29.6 748,138.2 61.1 Corporate Bonds* 5,765.8 0.0 1,942.8 0.0 442,823.8 59.2 State Owned Enterprises 105.1 0.5 223.0 1.7 155,866.2 20.8 Cooperatives 9,684.1 44.2 4,317.2 33.2 21,019.4 2.8 Private Enterprises 6,348.0 29.0 6,502.0 50.1 128,428.8 17.2 Private Banks 46,258.9 67.9 30,838.7 70.4 476,237.5 38.9 State Owned Enterprises 36.8 0.1 60.3 0.2 1,286.6 0.3 Cooperatives 707.2 1.5 369.1 1.2 5,326.6 1.1 Private Enterprises 45,514.9 98.4 30,409.3 98.6 469,624.3 98.6 Grand Total 68,161.9 100.0 43,823.7 100.0 1,224,375.7 100.0 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia

34 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.IV.12: Share of State Owned and Private Banks in Credit Outstanding

Source: Staff computation, NBE 4.6. Financial Activities of NBE NBE gross claims on the central government as of end March 2021 has reached Birr 251.9 billion about 13.8 percent higher than a year earlier. Of this sum, government bonds accounted for 78.8 percent and direct advance 21.2 percent. The share of direct advance dropped 75 percent compared with last year; due to its conversion to government bond, thereby increasing the share of bonds. Deposit of financial institution at the NBE surged 27.9 percent due to an increase in deposits of banks as their liquidity position improved as a result of NBE policy measures discussed earlier (Table 4.13).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 35 Table 4.13: Financial Activities of NBE during the Third Quarter of 2020/21 (In Millions of Birr) 2019/20 Qtr.III Qtr.II Qtr.III A B C C/A C/B 1.Loans and Advances 276,480.46 304,784.02 308,505.36 11.6 1.2 1.1. To Central Government 221,237.75 248,141.31 251,862.65 13.8 1.5 Direct Advances 214,264.95 49,778.66 53,500.00 -75.0 7.5 Bonds 6,972.80 198,362.65 198,362.65 2,744.8 0.0 1.2.To Development Bank of Ethiopia 55,242.71 56,642.71 56,642.71 2.5 0.0 2.Deposit Liabilities 109,863.87 151,740.25 137,707.07 25.3 -9.2 2.1. Government 26,131.42 31,702.07 30,602.71 17.1 -3.5 2.2. Financial Institutions 83,732.46 120,038.18 107,104.36 27.9 -10.8 O/W: -Banks 83,724.46 120,034.59 107,098.66 27.9 -10.8 -Insurance companies 8.0 3.6 5.7 -28.7 59.1 3.Net Claims of NBE(1-2) 166,616.6 153,043.8 170,798.3 2.5 11.6 % Change Particulars 2020/21 Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the bi-weekly T-bills auction reached Birr 67.5 billion, during the review quarter reflecting a 20.5 percent annual contraction. Similarly, demand for T-bills dropped 38.4 percent to Birr 55.2 billion (Table 14.4). The total amount of T-bill sold was Birr 45.6 billion, which was 88.8 percent lower than last year same quarter. Non-bank institutions bought T-bills worth Birr 36.1 billion while the remaining amount (Birr 9.6 billion) was taken up by banks. Total outstanding T-bills at the end of the quarter reached Birr 50.3 billion, reflecting a 55.1 percent year-on-year decline. Average weighted yield on T-bills stood at 8.952 percent; about 230.3 percentage points higher than a year earlier mainly due to the introduction of market based T-bill auction system. (Table 4.14)

36 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 4.14: Results of Treasury Bills Auction (2020/21 Third Quarter) )In Millions of Birr( 2019/20 2020/21 Change % Quarter III Quarter II Quarter III A B C C/A C/B Number of Bidders 26.00 82.00 55.00 111.54 -32.93 Public 24.00 25.00 25.00 4.17 - Private 2.00 57.00 30.00 0.00 )47.37( Number of Bids received 23.00 82.00 55.00 139.13 -32.93 Public 21.00 25.00 25.00 19.05 0.00 Private 2.00 57.00 30.00 1400.00 )47.37( )Amount Demanded (Mn. Birr 10,139.00 55,196.60 48,908.10 382.38 -11.39 28-day bill 780.00 3,010.00 5,875.00 653.21 95.18 91-day bill 4,729.00 25,516.00 20,876.00 341.45 -18.18 182-day bill 4,630.00 23,289.60 10,083.70 117.79 )56.70( 364-day bill - 3,381.00 12,073.40 - 257.10 )Amount Supplied (Mn. Birr 8,396.00 67,500.00 100,000.00 1091.04 48.15 28-day bill 906.00 1,810.00 5,100.00 462.91 181.77 91-day bill 3,490.00 19,400.00 29,200.00 736.68 50.52 182-day bill 4,000.00 36,340.00 44,300.00 1007.50 21.90 364-day bill - 9,950.00 21,400.00 - 115.08 )Amount Sold (Mn. Birr 8,106.00 45,642.60 48,633.10 499.96 6.55 Banks 140.00 9,592.00 19,980.00 14,171.43 108.30 Non-Banks 7,966.00 36,050.60 28,653.10 259.69 -20.52 )Redemption (Mn. Birr 28,309.00 28,309.00 )%( Average Weighted Price for Successful bids 98.06 96.72 96.37 )1.72( -0.36 28-day bill 99.47 99.62 99.42 -0.05 -0.20 91-day bill 98.39 98.37 97.97 -0.43 -0.40 182-day bill 96.31 96.77 96.23 -0.09 -0.56 364-day bill - 92.13 91.86 - -0.29 )%( Average Weighted Yield for Successful bids 7.08 6.714 8.165 15.31 21.62 28-day bill 7.00 4.924 7.599 8.60 54.33 91-day bill 6.569 6.659 8.310 26.52 24.81 182-day bill 7.68 6.704 7.864 2.42 17.30 364-day bill - 8.569 8.888 - 3.72 ).Outstanding bills at the end of Period (Mn.Br 29,726.00 50,281.60 68,893.70 131.76 37.02 Banks 100.00 10,829.00 18,970.00 18,870.00 75.18 Non-Banks 29,626.00 39,452.60 49,923.70 68.51 26.54 Source NBE

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 37 Fig.IV.13: Development in Treasury- bills Markets Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE staff compilation

38 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market No inter-bank money market transaction has taken place during the review quarter. 4.7.3. Corporate Bond Market The big players in Ethiopian nascent corporate bond market are few public institutions and regional governments with the sole purchaser of these bonds being the Commercial Bank of Ethiopia (CBE). During the third quarter, CBE purchased corporate bonds worth Birr 5.8 billion, of which Birr 3.0 billion was issued by EEP & EEU and Birr 2.8 billion by Ethio-Railway Corporation. Meanwhile, the amount of corporate bonds redeemed was Birr 1.9 billion, of which Birr 1.2 billion was redeemed to Addis Ababa City Administration and Birr 789.3 million to EEP & EEU. The stock of corporate bonds held by CBE stood at Birr 442.8 billion at the end of March 2021, of which 87.7 percent was claims on state owned enterprises, and 12.3 percent claims on regional governments (Table 4.15). Corporate bonds issued by EEP & EEU accounted for 52.3 percent of the bonds issued by state owned enterprises and 71.6 percent of the total outstanding corporate bond balance.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 39 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding during the Second Quarter of 2020/21 In millions of Birr Issuer of the Bond 2019/20 2020/21 QIII QII QIII NP Red O/S NP Red O/S NP Red O/S

  1. State￾Owned Enterprises 47,000.00 2,458.80 357,161.32 14,417.39 71.43 383,476.47 5,765.80 789.28 388,453.00 EEPCO 28,200.00 127.13 297,721.78 9,850.16 71.43 314,843.25 3,012.80 789.28 317,066.77 Railways Corporation 18,800.00 2,331.67 59,439.55 4,567.23 - 68,633.22 2,753.01 71,386.23 DBE - - - - - - -
  2. Regional Governments 1,400.00 632.75 45,617.26 13,587.37 3,194.71 55,524.33 - 1,153.55 54,370.79 Oromia - 3.59 417.79 16.29 376.06 - 376.06 Amhara - - - - - - Tigray - 39.86 91.66 91.54 - 91.54 SNNPRS - - - - - - Dire Dawa - - 0.00 0.00 - 0.00 Harari - - 0.00 0.00 - 0.00 City Government of Addis Ababa 1,400.00 589.30 45,107.82 13,587.37 3,178.42 55,056.74 - 1,153.55 53,903.19
  3. Grand Total (1+2) 48,400.00 3,091.55 402,778.59 28,004.76 3,266.14 439,000.81 5,765.80 1,942.82 442,823.79 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

40 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The deficit in the overall balance of payments narrowed to USD 285.9 million during the third quarter of FY 2020/21 compared to USD 426.4 million deficit a year ago. This was mainly attributed to narrowing of the merchandise trade deficit coupled with shift from a deficit to a surplus of net services from and an increase in surplus of net private transfers. In contrast, net official transfers and net capital account showed contraction (Table 5.1). Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIII QII1 QIII2 A B C D=C/A E=C/B 1 Exports, f.o.b. 757.6 722.3 883.1 16.6 22.3 Coffee 197.4 120.2 208.4 5.6 73.3 Other 560.2 602.0 674.7 20.4 12.1 2 Imports 3,626.3 3,321.7 3,573.9 -1.4 7.6 Fuel 546.8 404.4 558.3 2.1 38.1 Cereals 218.6 327.3 306.4 40.2 -6.4 Aircraft 16.7 12.3 31.0 85.5 151.3 Imports excl. fuel, cereals, aircraft 2,844.2 2,577.8 2,678.1 -5.8 3.9 3 Trade Balance (1-2) -2,868.7 -2,599.4 -2,690.8 -6.2 3.5 4 Services, net -279.5 -31.6 187.5 -167.1 -693.0 Non-factor services, net -74.5 179.5 257.6 -445.8 43.5 Exports of non-factor services 1,097.1 1,287.7 1,194.2 8.9 -7.3 Imports of non-factor services 1,171.6 1,108.3 936.6 -20.1 -15.5 Factor services (Investment income), net -205.0 -211.1 -70.1 -65.8 -66.8 Interest, net -205.0 -211.1 -70.1 -65.8 -66.8 Dividend, net 5 Private transfers, net 1,377.0 1,469.7 1,546.0 12.3 5.2 o/w: NGO’s,(Net) 172.5 327.5 262.5 52.1 -19.9 Private Individuals 1,204.4 1,142.2 1,283.5 6.6 12.4 6 Current account balance excluding official transfers (3+4+5) -1,771.3 -1,161.3 -957.3 -46.0 -17.6 7 Official transfers, net 275.2 621.2 160.1 -41.8 -74.2 8 Current account balance including official transfers(6+7) -1,496.1 -540.1 -797.2 -46.7 47.6 9 Capital account 752.4 937.8 550.8 -26.8 -41.3 Official Long-term Capital, net 155.4 350.8 118.0 -24.1 -66.4 Disbursements 222.4 390.5 133.1 -40.1 -65.9 Amortization 66.9 39.7 15.1 -77.5 -62.0 Other public long-term capital -62.4 24.4 -301.4 383.1 -1,337.7 Private sector, long term 57.9 24.4 32.3 -44.2 32.4 Foreign Direct Investment, net 561.4 706.5 725.1 29.1 2.6 Short-term Capital 40.1 -168.2 -23.1 -157.6 -86.3 10 Errors and Omissions [11-(9+8)] 317.2 -550.3 -39.5 11 Overall balance (-13) -426.4 -152.6 -285.9 12 Financing (13+16) 426.4 152.6 285.9 13 Reserves [ Increase(-), Decrease (+)] (14+15) 426.4 152.6 285.9 14 Central Bank (NFA) 372.8 337.9 490.7 Asset 523.2 118.5 803.0 Liabilities -150.5 219.4 -312.3 15 Commercial banks (NFA) 53.7 -185.3 -204.8 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 41 Total current receipts at USD 3.8 billion were 7.6 percent higher than a year earlier. This was on account of higher receipts from merchandise (16.6 percent), services (8.1 percent) and private transfers (12.1 percent) despite a decrease in public transfers (38 percent). In contrast, total current payments decreased by 8.5 percent and reached USD 4.6 billion due to lower merchandise import (1.4 percent), services payment (27.2 percent) and private transfers (50 percent) despite rise in public transfers (4.1 percent). Thus, the deficit in the current account balance narrowed to USD 797.2 million from USD 1.5 billion deficit a year ago (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Current Receipts 3,545.5 4,124.6 3,813.6 7.6 -7.5 Export Proceeds 757.6 722.3 883.1 16.6 22.3 Service Proceeds 1,106.3 1,289.1 1,196.3 8.1 -7.2 Private Transfers 1,381.7 1,472.9 1,548.4 12.1 5.1 Public Transfers 300.0 640.3 185.9 -38.0 -71.0 2 Current Payments 5,041.6 4,664.7 4,610.9 -8.5 -1.2 Import Payments 3,626.3 3,321.7 3,573.9 -1.4 7.6 Service Payments 1,385.8 1,320.7 1,008.8 -27.2 -23.6 Private Transfers 4.7 3.2 2.3 -50.0 -27.2 Public Transfer 24.8 19.1 25.8 4.1 35.1 3 )Net, (1-2 -1,496.1 -540.1 -797.2 -46.7 47.6 Source: NBE Staff Compilation

42 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.2. Balance of Trade During the third quarter of FY 2020/21, merchandise trade deficit narrowed to USD 2.7 billion from USD 2.9 billion last year due to lower import payments and higher merchandise export receipts. Source: Customs Commissions

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 43 5.2.1. Export of Goods Total receipts from goods export increased 16.6 percent over last year same quarter owing to higher export revenue from gold (748.4 percent), coffee (5.6 percent), pulses (22.6 percent), flower (16.1 percent), chat (19.5 percent), fruits & vegetables (54.4 percent), meat & meat products (15.0 percent), live-animals (27.0 percent) and electricity (14.4 percent). In contrast, there has been slow down in receipts from oilseeds (17.5 percent), leather & leather products (38.3 percent) and textile & textile products (18.3 percent) and other export items (37.2 percent). Export earnings from gold increased were more than seven fold mainly as a result of 407.2 percent surge in export volume and 67.3 percent rise in international price. As a result, the share of gold in total merchandise export increased to 13.0 percent from 1.8 percent a year earlier. Likewise, export revenue from coffee went up 5.6 percent vis-à-vis last year due to higher international price (1.3 percent) despite fall in export volume (10.0 percent). The share of coffee in total export earnings, however, decreased to 23.6 percent from 26.1 percent a year ago. Similarly, receipts from flower export rose 16.1 percent on account of higher export volume (11.7 percent) and international price (3.9 percent). Thus, the share of flower in total merchandise export remained at 14.9 percent. At the same time, export revenue from electricity increased 14.4 percent over last year due to rise in export volume (16.9 percent) despite decline in international price (2.1 percent). Thus, the share of electricity in total export earnings slightly fell to 2.3 percent from 2.4 percent a

44 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin year earlier. Export receipts from meat & meat products stood at USD 20.2 million showing 15.0 percent annual increment as export volume rose by 23.1 percent despite 6.6 percent decline in international price. Hence, the share of meat & meat products in total export earnings reached 2.3 percent. Likewise, export revenue from live￾animals showed 27.0 percent year-on year increment owing to 37.9 percent increase in export volume albeit 7.9 percent drop in international price. Hence, the share of live-animals in total merchandise export earnings slightly increased to 1.2 percent from 1.1 percent a year ago. Export revenue from pulses showed 22.6 percent increment over last year same quarter due to 5.3 percent rise in export volume and 16.4 percent in international price. Thus, the share of pulses in total merchandise export revenue increased to 9.2 percent from 8.7 percent over a year ago. Export revenue from fruits & vegetables reached USD 22.2 million, about 54.4 percent higher than last year owing to 12.8 percent increase in price and 36.9 percent rise in volume. Hence, the share of fruits & vegetables in total merchandise export went up to 2.5 percent compared with 1.9 percent last year. Earnings from chat export rose 19.5 percent to USD 98.3 million as result of 18.6 percent increase in export volume and 0.8 percent in international price. Hence, the share of chat in total merchandise export earnings increased to 11.1 percent compared with 10.9 percent share a year ago. Besides, export earnings from oilseeds dropped 17.5 percent compared with last year same quarter due to lower export volume (13.9 percent) and international price (4.2 percent). As a result, the share of oilseeds in total export earnings declined to 12.0 percent from 17.0 percent during the review period. Furthermore, export revenue from textile & textile products decreased 18.3 percent on account of 3.0 percent fall in export volume and 15.8 percent in international price. Thus, its share in total merchandise export earnings decreased to 3.9 percent from 5.6 percent a year earlier. Similarly, receipts from export of leather & leather products plummeted 38.3 percent owing to 20.2 percent drop in export volume and 22.6 percent in international price. Accordingly, the share of leather and leather products in total merchandise export declined to 1.0 percent from 1.9 percent a year ago (Tables 5.3, 5.4 and 5.5).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 45 Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2019/20 2020/21 Percentage QIII QII QIII Change A share% B share% C share% C/A C/B Coffee 197.4 26.1 120.2 16.6 208.4 23.6 5.6 73.3 Oilseeds 128.6 17.0 95.5 13.2 106.1 12.0 -17.5 11.1 Leather and Leather Products 14.7 1.9 8.6 1.2 9.1 1.0 38.3 - 6.2 Pulses 66.1 8.7 38.5 5.3 81.0 9.2 22.6 110.6 Meat & Meat Products 17.6 2.3 16.4 2.3 20.2 2.3 15.0 23.2 Fruits & Vegetables 14.4 1.9 14.8 2.0 22.2 2.5 54.4 50.3 Textile & Textile .Prod 42.1 5.6 34.0 4.7 34.4 3.9 18.3 - 1.3 Live Animals 8.5 1.1 8.6 1.2 10.8 1.2 27.0 25.2 Chat 82.2 10.9 93.0 12.9 98.3 11.1 19.5 5.7 Gold 13.5 1.8 132.4 18.3 114.9 13.0 748.4 -13.2 Flower 113.2 14.9 110.9 15.4 131.4 14.9 16.1 18.5 Electricity 17.5 2.3 19.1 2.6 20.1 2.3 14.4 5.2 Others 41.7 5.5 30.5 4.2 26.2 3.0 37.2 - 14.1 - Total Export 757.6 100.0 722.4 100.0 883.1 100.0 16.6 22.2 Total Export Exclud￾ing Electricity 740.1 703.4 863.1 16.6 22.7 Source: Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items

46 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin (In Millions of Kg) Particulars 2019/20 2020/21 Percentage Change QIII QII QIII A B C C/A C/B Coffee 61.1 38.5 55.0 -10.0 43.0 Oilseeds 88.5 68.4 76.2 -13.9 11.4 Leather and Leather Products 0.8 0.5 0.6 -20.2 20.0 Pulses 87.6 50.5 92.3 5.3 82.9 Meat & Meat Products 3.2 3.2 4.0 23.1 24.6 Fruits & Vegetables 47.2 46.3 64.7 36.9 39.7 .Textile & Textile Prod 5.9 5.4 5.7 3.0 - 6.3 Live Animals 4.8 5.1 6.6 37.9 30.1 Chat 14.5 16.8 17.2 18.6 2.2 )Gold(In mn. of grams 0.3 1.9 1.6 407.2 -13.9 Flower 24.5 24.0 27.4 11.7 13.9 )Electricity(In mn of kwh 307.7 342.3 359.6 16.9 5.1 Source: Custom Commissions, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 47 Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2019/20 2020/21 Percentage Change QIII QII QIII A B C C/A C/B Coffee 3.2 3.1 3.8 1.3 16.8 Oilseeds 1.5 1.4 1.4 4.2 - 0.3 - Leather and Leather Products 18.8 16.4 14.5 -22.6 11.5 - Pulses 0.8 0.8 0.9 16.4 15.2 Meat & Meat Products 5.5 5.2 5.1 6.6 - -1.1 Fruits & Vegetables 0.3 12.8 7.6 .Textile & Textile Prod 7.1 6.3 6.0 15.8 - 4.7 - Live Animals 1.8 1.7 1.6 -7.9 3.8 - Chat 5.7 5.5 5.7 0.8 3.4 )Gold(USD/gram 41.9 69.6 70.1 67.3 0.8 Flower 4.6 4.6 4.8 3.9 4.0 )Electricity(USD/kwh 0.1 2.1 - 0.1 Source: Custom Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation

48 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 5.2.2. Import of Goods Total merchandise import stood at USD 3.6 billion during the third quarter of 2020/21, depicting 1.4 percent annual decline due to lower import values of capital goods, semi-finished goods and raw materials. Capital goods import decreased by 8.1 percent as import bills of transport, agricultural and industrial capital goods fell 30.0 percent, 40.4 percent and 5.0 percent, respectively. Hence, the share of capital goods in total goods import went down to 26.5 percent from 28.5 percent a year ago. In the same way, semi-finished goods decreased by 8.4 percent despite 16.1 percent increase in fertilizer import. Thus, the share of semi-finished goods in total merchandise import dropped to 24.3 percent from 26.1 percent during the review period. Likewise, import of raw materials declined by 20.3 percent and their share in total merchandise import bill fell to 0.9 percent from 1.1 percent registered a year ago. On the other hand, import payments for consumer goods increased by 10.4 percent year-on-year due to 21.6 percent rise in import of non-durable goods despite 24.6 percent fall in durable goods import. As a result, the share of consumer goods in total imports increased to 31.3 percent from 28.0 percent recorded a year ago. Furthermore, import value of fuel increased by 2.1 percent and its share in total import payments slightly rose from 15.1 percent to 15.6 percent. Similarly, imports of miscellaneous goods increased by 3.6 percent. Hence, their share in total imports slightly went up to 1.4 percent from 1.3 percent a year earlier. Meanwhile, total franco-valuta import surged 30.0 percent and stood at USD 1.2 billion accounting for 33.5 percent of the total import value for the specified period.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 49 Table 5.6: Values of Major Import Items (In Millions Of USD) Particular 2019/20 2020/21 Percentage Changes Qtr III Share (%) Qtr II Share (%) Qtr III Share (%) A B C C/A C/B Raw Materials 39.0 1.1 39.7 1.2 31.1 0.9 -20.3 -21.6 S e m i - fi n i s h e d Goods 946.8 26.1 512.8 15.4 867.1 24.3 -8.4 69.1 Fertilizers 335.5 9.3 24.9 0.7 389.5 10.9 16.1 1465.2 Fuel 546.8 15.1 404.4 12.2 558.3 15.6 2.1 38.1 Petroleum Prod￾ucts 520.8 14.4 388.7 11.7 521.0 14.6 0.0 34.0 Others 26.0 0.7 15.6 0.5 37.3 1.0 43.6 138.6 Capital Goods 1031.7 28.5 963.9 29.0 948.5 26.5 -8.1 -1.6 Transport 98.6 2.7 67.5 2.0 69.0 1.9 -30.0 2.1 Agricultural 20.0 0.6 44.5 1.3 11.9 0.3 -40.4 -73.2 Industrial 913.2 25.2 851.8 25.6 867.6 24.3 -5.0 1.9 Consumer Goods 1014.7 28.0 1356.7 40.8 1119.9 31.3 10.4 -17.5 Durables 246.7 6.8 202.9 6.1 185.9 5.2 -24.6 -8.4 Non-durables 768.0 21.2 1153.8 34.7 934.1 26.1 21.6 -19.0 Miscellaneous 47.2 1.3 44.3 1.3 48.9 1.4 3.6 10.5 Total Imports 3626.3 100.0 3321.7 100.0 3573.9 100.0 -1.4 7.6 Source: Customs Commissions

50 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In Millions of USD) Commodity Group 2019/20 2020/21 Percentage Change Qtr III Qtr II Qtr III A B C C/A C/B Beverages 0.7 1.7 0.8 25.5 -50.1 Chemicals 2.0 2.1 2.8 38.1 31.3 Clothing 4.8 7.3 7.1 48.4 -2.2 Food and live animals 97.5 292.5 239.3 145.4 -18.2 Textiles 16.0 42.2 21.4 33.6 -49.3 Tobacco 0.0 -35.7 -32.6 Soap & polish 0.3 0.9 2.0 488.0 120.9 Fertilizer 42.3 106.7 82.5 95.0 -22.7 Paper & paper manufacturing 2.6 2.2 2.1 -16.7 -0.4 Metal & metal manufacturing 118.5 64.9 80.3 -32.2 23.8 Medical and pharmaceuticals products 35.4 17.2 28.0 -21.0 62.5 Rubber products 14.4 9.0 13.8 -4.1 53.0 Petroleum Crude 0.0 -100.0 Petroleum product 6.7 6.1 3.1 -53.5 -48.8 Glass & glass ware 3.6 1.6 1.8 -50.3 11.5 Electrical material 69.6 77.2 110.6 59.0 43.3 Machine 305.2 203.6 277.0 -9.3 36.1 Road & motor vehicles 17.3 8.0 2.8 -83.9 -64.9 Tele apparatus 0.6 5.3 0.4 -31.5 -91.7 Cement 0.1 0.0 0.0 Others 184.5 319.4 322.5 74.7 1.0 Total 922.2 1167.7 1198.4 30.0 2.6 Source: Customs Commission

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 51 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian exports were Europe, Asia and Africa where Europe constituted 37.2 percent of Ethiopia’s total export revenue, with Switzerland accounting for 35.0 percent, followed by the Netherlands (28.4 percent), Germany (11.9 percent), Belgium (8.3 percent), Italy (3.7 percent), Turkey (2.5 percent), United Kingdom (2.3 percent), France (1.7 percent) and Russia (1.5 percent). These European countries together had 95.4 percent share in Ethiopia’s total export revenue from Europe. Asia accounted for 36.3 percent of the total export receipts with Saudi Arabia being the main destination for Ethiopia’s export having 18.2 percent share in Asia, followed by United Arab Emirates (17.9 percent), India (9.2 percent), Israel (7.5 percent), China (7.0 percent), South Korea (5.9 percent), Singapore (4.9 percent), Japan(4.5 percent), Indonesia (3.7 percent), Hong Kong (2.1 percent),Yemen (1.6 percent), Taiwan (1.4 percent) and Malaysia (1.4 percent). All these countries had 85.2 percent of Ethiopia’s total export to Asia. About 17.2 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (53.9 percent), Djibouti (18.4 percent), Sudan (12.6 percent), Kenya (1.3 percent) and Egypt (1.0 percent), which altogether accounted for 87.3 percent of the total exports to Africa. America had 8.5 percent share in Ethiopia’s total export earnings, of which 93.2 percent was from exports to the United States and 5.3 percent to Canada. Both countries accounted for 98.5 percent of Ethiopia’s total exports to America.

52 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the third quarter of 2020/21, Asia accounted for 58.8 percent of the total import bills of Ethiopia with the major imports being from China (39.9 percent), India (15.7 percent), Saudi Arabia (14.3 percent), U.A.E (12.7 percent), Malaysia (5.1 percent), Indonesia (3.8 percent) and South Korea (3.3 percent) whose combined share was 94.8 percent. Imports from Europe constituted 18.1 percent of Ethiopia’s total imports with the major countries being Italy (16.5 percent), Turkey (12.9 percent), Russia (11.6 percent), Ukraine (9.8 percent), United Kingdom (7.9 percent), Belgium (7.5 percent), France (7.3 percent), Germany (7.0 percent), the Netherlands (2.9 percent), Spain (2.3 percent) and Bulgaria (1.7 percent). These countries jointly accounted for 87.4 percent of Ethiopia’s total imports from Europe. Africa’s share in Ethiopia’s total merchandise import was 14.7 percent. The major countries of origin were Morocco (66.3 percent), Egypt (18.5 percent), South Africa (6.0 percent), Djibouti (3.6 percent), Kenya (3.1 percent) and Rwanda (1.8 percent) which altogether represented 99.3 percent of the total imports from the African continent. Imports from America comprised 8.4 percent of the total import, of which the share of United States was 87.7 percent followed by Canada (3.4 percent) and Brazil (2.7 percent).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 53 Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services Net surplus in trade services reached USD 187.5 million compared to USD 279.5 million deficit a year ago. This was due to an increase in surplus of net travel (79.9 percent), net transport (38.9 percent), net government (917.1 percent) coupled with decline in deficits of net investment income (65.8 percent) and net other services (69.0 percent) (Table 5.8). Source: NBE Staff Compilation

54 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Investment Income (2+5) -205.0 -211.1 -70.1 -65.8 -66.8 2 Interest, net (3-4) -205.0 -211.1 -70.1 -65.8 -66.8 3 Credit 9.3 1.3 2.1 -77.5 59.0 4 Debit 214.3 212.4 72.2 -66.3 -66.0 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -74.5 179.5 257.6 -445.8 43.5 7 Exports of non-factor services 1,097.1 1,287.7 1,194.2 8.9 -7.3 8 Travel 192.7 292.7 242.6 25.9 -17.1 9 Transport 1 799.5 863.8 804.2 0.6 -6.9 10 Gov’t 2 23.9 55.7 49.1 105.5 -11.8 11 Other 3 81.0 75.6 98.4 21.5 30.2 12 Imports of non-factor services 1,171.6 1,108.3 936.6 -20.1 -15.5 13 Travel 121.0 95.0 113.6 -6.1 19.6 14 Transport 1 679.3 600.5 637.1 -6.2 6.1 15 Gov’t 2 19.4 0.2 3.7 -81.1 1576.2 16 Other 3 351.9 412.5 182.3 -48.2 -55.8 17 Net Services (18+19+20+21+22) -279.5 -31.6 187.5 -167.1 -693.0 18 Travel (8-13) 71.7 197.7 129.0 79.9 -34.8 19 Transport (9-14) 120.2 263.2 167.1 38.9 -36.5 20 Gov’t (10-15) 4.5 55.4 45.4 917.1 -18.1 21 Other (11-16) -270.9 -337.0 -83.9 -69.0 -75.1 22 Investment Income (2+5) -205.0 -211.1 -70.1 -65.8 -66.8 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 55 5.3.2. Transfers During the review period, total transfer receipts increased by 3.1 percent to USD 1.7 billion due to 12.1 percent growth in private transfers despite 38 percent fall in official transfers. On the other hand, total transfer payments decreased by 4.5 percent owing to 50 percent decline in private transfers outweighing the 4.1 percent rise in official transfer payments. As a result, net transfers increased by 3.3 percent and reched USD 1.7 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIII Share (In %) QII Share (In %) QIII Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,377.0 83.3 1,469.7 70.3 1,546.0 90.6 12.3 5.2 2 Credit (3+4) 1,381.7 82.2 1,472.9 69.7 1,548.4 89.3 12.1 5.1 3 NGO’s 177.2 10.5 330.7 15.6 264.8 15.3 49.4 -19.9 4 Private individuals 1,204.4 71.6 1,142.2 54.1 1,283.5 74.0 6.6 12.4 5 Debit 4.7 15.9 3.2 14.4 2.3 8.3 -50.0 -27.2 6 Official transfers, net (7-8) 275.2 16.7 621.2 29.7 160.1 9.4 -41.8 -74.2 7 Credit 300.0 17.8 640.3 30.3 185.9 10.7 -38.0 -71.0 8 Debit 24.8 84.1 19.1 85.6 25.8 91.7 4.1 35.1 9 Total Receipts 1,681.6 100.0 2,113.2 100.0 1,734.2 100.0 3.1 -17.9 10 Total Payments 29.5 100.0 22.3 100.0 28.1 100.0 -4.5 26.1 11 Net Transfers 1,652.2 100.0 2,090.9 100.0 1,706.1 100.0 3.3 -18.4 Source: NBE Staff Computation

56 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.4. Current Account Balance The deficit in the current account balance (including official transfers) narrowed to USD 797.2 million from USD 1.5 billion deficit a year ago. This was due to narrowing of merchandise trade deficit by 6.2 percent, an increase in surplus of net private transfers (12.3 percent) and decline in net services (167.1 percent) despite decline in net official transfers (41.8 percent) (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 57 5.5. Capital Account Capital account recorded USD 550.8 million in surplus about 26.8 percent lower than that of last year same period due to slow down in net official long term capital (24.1 percent), private sector long term capital (44.2 percent) significant increase in net payment in other public sector (1337.7 percent), a shift in short-term capital from surplus to deficit and growth in foreign direct investment (29.1 percent) (Table 5.1). 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the third quarter stood at USD 285.9 million compared to USD 426.4 million deficit a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia showed a USD 490.7 million draw down despite a USD 204.8 million build up in net foreign assets of commercial banks. Thus, as of end of March 2021, gross foreign reserve coverage stood at 1.7 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, the weighted average official exchange rate of Birr was 39.8933/USD in the third quarter of 2020/21, depicting a 23.8 percent annual depreciation while end period exchange rate stood at 41.3165/ USD, indicating a 25.9 percent vis-à-vis year-on-year.

58 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2019/20 34.9822 31.3427 12.6 0.00 Qtr. III C 32.8128 32.2146 3.15 0.00 January 32.0606 31.9427 1.10 0.00 February 32.2739 32.1731 1.00 0.00 March 32.8128 32.5280 1.05 0.00 2020/21 Qtr. II B 39.1809 37.8663 3.25 0.00 October 37.5468 37.1586 1.05 0.00 November 38.0516 37.8053 1.05 0.00 December 39.1809 38.6350 1.15 0.00 Qtr. III A 41.3165 39.8933 3.05 0.00 January 39.4355 39.3287 0.95 0.00 February 39.9715 39.6855 1.00 0.00 March 41.3165 40.6658 1.10 0.00 Percentage Changes A/B 5.45 5.35 -6.15 A/C 25.92 23.84 -3.17 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 39.9398/USD, showing 24.0 percent depreciation, while the selling rate was Birr 40.7138/USD, depicting 23.9 percent depreciation over last year same quarter. Thus, the average spread betweenthe buyingand the selling rates slightly declined to 1.9 percent from 2.0 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 59 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2019/20 2020/21 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 69,203.6 13,188.1 36,920.7 6,073.7 33,330.3 5,025.2 -9.72 -17.26 -51.84 -61.90 2 Bank of Abyssinia 963.6 3,843.0 724.3 2,341.6 399.6 3,289.9 -44.82 40.50 -58.53 -14.39 3 Dashen Bank 5,177.5 5,190.2 5,840.7 4,163.7 3,577.3 4,517.5 -38.75 8.50 -30.91 -12.96 4 Awash International Bank 1,249.2 6,993.5 1,334.3 4,584.1 464.5 3,620.4 -65.18 -21.02 -62.81 -48.23 5 Construction & Business Bank - - - - 6 Wegagen Bank 1,910.5 1,535.9 1,199.4 710.4 1,431.7 962.8 19.37 35.53 -25.06 -37.31 7 United Bank 10,622.2 2,806.5 5,637.0 1,389.9 3,650.3 1,869.3 -35.24 34.49 -65.64 -33.39 8 Development Bank - 11.5 0.1 63.5 1.0 18.8 809.09 -70.49 63.04 9 Nib International Bank 1,131.3 1,207.8 647.0 1,324.8 583.1 959.7 -9.87 -27.56 -48.45 -20.54 10 Lion International Bank 14,513.7 450.9 716.5 99.4 213.7 83.1 -70.17 -16.41 -98.53 -81.57 11 Oromia International Bank 4,059.0 2,592.4 4,091.2 387.8 3,048.9 1,321.3 -25.48 240.77 -24.89 -49.03 12 Zemen Bank 87.2 2,792.2 65.7 2,689.0 68.6 6,813.3 4.44 153.37 -21.30 144.01 13 Cooperative Bank of Oromia 179.9 1,974.5 84.5 945.3 174.0 1,767.6 105.87 87.00 -3.29 -10.48 14 Buna International Bank 752.8 153.9 33.5 97.7 435.8 259.4 1201.71 165.43 -42.11 68.52 15 Birhan International Bank 69.9 1,116.7 213.7 694.4 329.6 777.6 54.20 11.99 371.60 -30.36 16 Abay Bank 91.6 185.1 54.3 161.6 264.1 155.8 386.01 -3.59 188.41 -15.79 17 Addis International Bank 1,560.3 363.3 556.0 127.0 971.7 219.9 74.75 73.19 -37.73 -39.48 18 Debub Global Bank 4,917.3 319.8 1,951.1 243.1 1,206.6 366.5 -38.16 50.77 -75.46 14.62 19 Enat Bank 2,144.5 410.4 111.6 206.2 91.4 263.9 -18.05 27.96 -95.74 -35.71 Total 118,634.1 45,135.6 60,181.7 26,303.3 50,242.2 32,292.0 -16.5 22.8 -57.6 -28.5 Average Exchange Rate 32.2220 32.8578 37.8726 38.6340 39.9398 40.7138 5.5 5.4 24.0 23.9 *Spread 2.0 2.0 1.9 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

60 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar lost ground against Japanese Yen (4.4 percent), Euro (4.3 percent), Swiss Franc (2.1 percent) and Pound Sterling (2.7 percent), while it appreciated against SDR (0.4 percent). On quarterly basis, USD appreciated against Japanese Yen (4.5 percent), SDR (2.5 percent), Euro (2.2 percent) and Swiss Franc (1.3 percent), whereas it appreciated against Pound Sterling (1.0 percent) (Table 5.12).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 61 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 2019/20 QIII C 1.1027 1.1028 1.1028 0.0086 1.3742 1.3744 1.3743 1.2814 1.2774 1.2794 1.0330 1.0331 1.0331 January 1.1114 1.1119 1.1117 0.0082 1.3805 1.3811 1.3808 1.3084 1.2962 1.3023 1.0308 1.0313 1.0310 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 2020/21 QII B 1.1748 1.1769 1.1758 0.0094 1.4038 1.3008 1.3005 1.3007 1.0687 October 1.1776 0.0095 1.4136 1.2971 1.0958 November 1.1823 1.1884 1.1853 0.0096 1.4204 1.3190 1.0338 December 1.1645 1.1646 1.1645 0.0092 1.3773 1.3774 1.3773 1.2864 1.2854 1.2859 1.0766 QIII A 1.1496 0.0090 1.3695 1.3694 1.3695 1.3133 1.3136 1.3134 1.0549 1.0546 1.0547 January 1.1573 0.0092 1.3700 1.2962 1.0715 February 1.1521 0.0090 1.3712 1.3186 1.0629 1.0621 1.0625 March 1.1394 0.0088 1.3672 1.3250 1.3259 1.3254 1.0303 Percentage Changes A/B -2.15 -2.32 -2.23 -4.44 -4.48 -4.46 -2.44 -2.45 -2.45 0.96 1.00 0.98 -1.30 -1.32 -1.31 A/C 4.25 4.24 4.25 4.42 4.36 4.39 -0.35 -0.36 -0.35 2.48 2.83 2.66 2.12 2.08 2.10 Source: National Bank of Ethiopia

62 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin On the other hand, the Birr has depreciated against all major currencies both on annual and quarterly basis. On yearly basis, it depreciated against Euro (35.5 percent), Pound Sterling (33.5 percent), Swiss Franc (32.7 percent), SDR (29.5 percent), Japanese Yen (27.5 percent) and USD (23.9 percent). Likewise, the Birr weakened against Pound Sterling (10.0 percent), Euro (6.5 percent), SDR (6.3 percent), Swiss Franc (5.4 percent), USD (5.4 percent) and Japanese Yen (4.2 percent) (Table 5.13).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 63 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 2019/20 QIII C 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 2020/21 QII B 37.8663 38.2443 38.0553 45.1354 45.6641 45.3998 0.3619 0.3655 0.3637 53.9182 54.4574 54.1878 49.9764 50.4617 50.2190 41.8661 42.2847 42.0754 October 37.1586 37.5302 37.3444 43.7599 44.1975 43.9787 0.3520 0.3559 0.3540 52.5277 53.0530 52.7903 48.1988 48.6808 48.4398 40.7182 41.1254 40.9218 November 37.8053 38.1833 37.9943 44.6976 45.3770 45.0373 0.3621 0.3657 0.3639 53.6999 54.2368 53.9684 49.8664 50.3651 50.1158 41.4763 41.8911 41.6837 December 38.6350 39.0194 38.8272 46.9486 47.4180 47.1833 0.3718 0.3749 0.3733 55.5270 56.0823 55.8047 51.8640 52.3391 52.1015 43.4037 43.8375 43.6206 QIII A 39.8933 40.2923 40.0966 48.1187 48.5999 48.3612 0.3769 0.3805 0.3788 57.3252 57.8984 57.6115 54.9798 55.5421 55.2597 44.1478 44.5783 44.3646 January 39.3287 39.7220 39.5368 47.9101 48.3892 48.1553 0.3793 0.3826 0.3814 56.7143 57.2814 56.9971 53.6623 54.1989 53.9268 44.3568 44.8004 44.5833 February 39.6855 40.0824 39.8839 48.0087 48.4889 48.2488 0.3768 0.3806 0.3787 57.1363 57.7077 57.4220 54.9480 55.4975 55.2228 44.2886 44.6984 44.4935 March 40.6658 41.0725 40.8691 48.4374 48.9218 48.6796 0.3744 0.3782 0.3763 58.1249 58.7062 58.4156 56.3292 56.9297 56.6295 43.7980 44.2359 44.0169 Percentage Change A/B 5.35 5.35 5.36 6.61 6.43 6.52 4.13 4.09 4.15 6.32 10.01 10.07 10.04 5.45 5.42 5.44 A/C 23.84 23.85 23.86 35.46 35.46 35.47 27.45 27.39 27.47 29.50 33.19 33.86 33.53 32.68 32.64 32.67 Source: National Bank of Ethiopia

64 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency March 31, 2020 December 31, 2021 March 31, 2021 Percentage change A B C C/B C/A USD 32.9769 39.3768 41.5231 5.45 25.92 Pound 40.9393 53.5958 57.0652 6.47 39.39 Swedish Kroner 3.2902 4.8064 4.7565 -1.04 44.56 Djibouti Frank 0.1851 0.2210 0.2330 5.43 25.88 Swiss Frank 34.4191 44.4835 44.0750 -0.92 28.05 Saudi Riyal 8.7763 10.4946 11.0714 5.50 26.15 UAE Dirhams 8.9770 10.7192 11.3034 5.45 25.92 Canadian Dollar 23.3349 30.8185 32.9026 30.82 41.00 Japanese Yen 0.3047 0.3818 0.3764 -1.41 23.53 Euro 36.3636 48.3114 48.7398 0.89 34.03 SDR 45.0365 56.7145 58.9711 3.98 30.94 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 65 5.7.2. Movements in the Real Effective Exchange Rate During the third quarter of 2020/21, the Birr depreciated by 19.2 percent in real terms largely due to price advantage of Ethiopia over trading partners as Sudanese rising inflation 6 eroded the price advantage of trading partners. Excluding Sudan from the partners’ list, the REERI depreciated 5.6 percent only. Likewise, the NEERI appreciated by 19.1 percent compared with last year same quarter due to significant depreciation of Sudanese Pound vis-à-vis USD (245%) at the decision of the Central Bank of Sudan to float the currency. (Table 5.15) Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2019/20 2020/21 Percentage Change QIII QII QIII A B C C/B C/A REERI 186.4 127.8 150.6 17.9 -19.2 NEERI 38.9 34.6 46.3 33.7 19.1 Source: NBE Staff Compilation NB: REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index A decrease in the REERI and NEERI implies depreciation and vice versa. 6 Sudanese inflation for the month of March 2021 was 342 percent.

66 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 5.7.3. Volume of Transactions The volume of foreign exchange traded in the inter-bank foreign exchange market during the third quarter of 2020/21 reached USD 3.1 million, about 3.2 percent lower than that of last year same quarter. The whole foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 67 Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 50.2 million and sold USD 32.3 million. Hence, the amount of forex purchased and sold decreased by 57.6 percent and 28.5 percent, respectively, presumably due to COVID-19 pandemic. (Table 5.11)

68 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin VI. FEDERAL GOVERNMENT FINANCE During the third quarter of 2020/21, total revenue and grants of Federal government was Birr 68.8 billion which rose 20.9 percent on year-on-year basis registering 21.2 percent performance against the annual plan (Table 6.1). Likewise, Federal government expenditure at Birr 95.9 billion went up by 18 percent compared to a year ago and showed a 22.4 percent performance vis￾a-vis the annual target. As a result, the overall fiscal balance of Federal government (including grants) showed a Birr 27.1 billion deficit (Table 6.1).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 69 Table 6.1: Summary of Quarterly Federal Government Finance ]in millions of Birr[ No Finer points 2019/20 2020/21 Percentage Changes Performance Rate A B C D D/A D/C D/B QIII Budget QII QIII 1 Revenue and Grants 56,913.2 325,212.6 93,176.5 68,804.1 20.9 )26.2( 21.2 1.1 Total Revenue 56,910.9 304,552.2 86,947.3 68,804.1 20.9 )20.9( 22.6 Tax Revenue 54,178.0 271,748.2 84,000.5 61,555.8 13.6 )26.7( 22.7 Direct tax 13,738.5 65,850.7 40,587.2 14,953.1 8.8 )63.2( 22.7 Indirect tax 40,439.6 205,897.5 43,413.3 46,602.8 15.2 7.3 22.6 Non-Tax Revenue 2,732.9 32,804.0 2,946.8 7,248.3 165.2 146.0 22.1 1.2 Grant & Relief 2.3 20,660.4 6,229.2 )100.0( )100.0( - 2 Current Expenditure 24,028.5 116,102.5 46,977.2 22,285.2 )7.3( )52.6( 19.2 3 Current Surplus/Deficit - - - - )Including Grants( 32,884.7 209,110.1 46,199.3 46,518.9 41.5 0.7 22.2 )Excluding Grants( 32,882.4 188,449.7 39,970.1 46,518.9 41.5 16.4 24.7 4 Capital Expenditure 19,994.1 136,794.2 35,124.2 24,622.9 23.2 )29.9( 18.0 5 Regional Transfers 37,338.0 175,805.7 44,068.6 49,083.7 31.5 11.4 27.9 6 )Total Expenditure (2+4+5 81,360.6 428,702.4 126,170.1 95,991.8 18.0 )23.9( 22.4 7 Overall Surplus/Deficit - - - - )Including Grants( )24,447.4( )103,489.7( )32,993.6( )27,187.7( 11.2 )17.6( 26.3 )Excluding Grants( )24,449.7( )124,150.1( )39,222.7( )27,187.7( 11.2 )30.7( 21.9 8 Total Financing 24,447.4 103,489.7 32,993.6 27,187.7 11.2 )17.6( 26.3 8.1 Net External Borrowings 6,046.0 31,044.2 8,468.3 6,220.9 2.9 )26.5( 20.0 External Borrowing 7,401.5 21,557.2 9,999.2 6,804.2 )8.1( )32.0( 31.6 Amortization 2,318.9 11,755.4 1,530.9 583.3 )74.8( )61.9( 5.0 8.2 Net Domestic Borrowings 37,723.8 72,445.6 33,375.1 38,195.2 1.2 14.4 52.7 Banking System 29,037.8 - 9,731.5 25,749.1 )11.3( 164.6 Non-Bank Sources 8,686.0 - 23,643.6 12,446.1 43.3 )47.4( 8.3 Privatization receipts - - - 8.4 Others and Residuals )19,322.4( )8,849.9( )17,228.4( )10.8( 94.7 Source: Ministry of Finance

70 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 6.1. Revenue and Grants Total domestic revenue stood at Birr 68.8 billion, of which 89.5 percent was collected from taxes and 10.5 percent from non-taxes. There was no grant & relief during the review quarter. Thus, total revenue performance rate against the annual plan was 21.2 percent (Table 6.2).

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 71 Table 6.2: Summary of Quarterly Federal Government Revenue by Components (In million Birr) No Particulars 2019/20 2020/21 Percentage Change Performance Rate QIII Budget QII QIII D/A D/C D/B A B C D Total Revenue and Grants 56,912.7 325,212.6 93,178.4 68,804.1 20.9 )26.2( 21.2 Total Domestic Revenue 56,910.7 304,552.2 86,949.2 68,804.1 20.9 )20.9( 22.6 1 Tax Revenue 54,177.9 271,748.2 84,002.4 61,555.8 13.6 )26.7( 22.7 1.1 Direct Tax Revenue 13,738.5 65,850.7 40,587.2 14,953.1 8.8 )63.2( 22.7 1.1.1 Income Taxes 11,540.4 52,164.8 37,868.5 12,310.4 6.7 )67.5( 23.6

  • Personal 3,556.7 15,255.1 5,320.9 4,197.8 18.0 )21.1( 27.5
  • Business 7,983.7 36,909.7 32,547.6 8,112.6 1.6 )75.1( 22.0 1.1.2 Others1 2,198.1 13,685.9 2,718.7 2,642.6 20.2 )2.8( 19.3 1.2 Indirect Taxes 40,439.4 205,897.5 43,415.2 46,602.8 15.2 7.3 22.6 1.2.1 Domestic Taxes 13,454.6 84,518.0 16,859.9 19,745.0 46.8 17.1 23.4 1.2.2 Foreign Trade Taxes 26,984.7 121,379.5 26,555.2 26,857.8 )0.5( 1.1 22.1
  • Import 26,984.7 121,379.5 26,553.3 26,857.8 )0.5( 1.1 22.1 2 Non-Tax Revenue 2,732.9 32,804.0 2,946.8 7,248.3 165.2 146.0 22.1 3 Privatization - - 4 Grants and Relief 2.0 20,660.4 6,229.2 - )100.0( )100.0( - Source: Ministry of Finance

72 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government During the review period, indirect taxes accounted for 75.7 percent of total tax revenue and went up by 15.2 percent compared to a year ago. About 57.6 percent of the indirect tax revenue originated from foreign trade taxes while the remaining balance (42.4 percent) was from domestic taxes. Direct tax revenue also went up 8.8 percent during the same period.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 73 Fig.VI.2: Domestic Revenue of federal government by Major Components during the third Quarter of 2020/21

6.2 Expenditure Meanwhile, total Federal government expenditure (including regional transfers) in the review quarter reached Birr 95.9 billion and showed 18 percent annual growth due to higher capital expenditure and regional transfers. Current expenditure at Birr 22.2 billion accounted for 23.2 percent of the total expenditure. While, capital expenditure at Birr 24.6 billion had a 25.7 percent share. The remaining Birr 49.0 billion or 51.1 percent constituted regional transfers (Table 6.3)

74 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 6.3: Summary of Federal Government Expenditure by Component )In Millions of Birr( No Particulars 2019/20 2020/21 Percentage Change Performance Rate QIII Budget QII QIII A B C D D/A D/C D/B Total Expenditure 81,360.6 428,702.4 126,172.0 95,991.8 18.0 )23.9( 22.4 1 Current Expenditure 24,028.5 116,102.5 46,979.1 22,285.2 )7.3( )52.6( 19.2

  • General Services 9,724.1 38,465.5 22,066.8 10,157.6 4.5 )54.0( 26.4
  • Economic Services 1,158.0 6,770.2 2,498.6 1,532.0 32.3 )38.7( 22.6
  • Social Services 8,432.7 37,099.0 13,088.3 9,346.7 10.8 )28.6( 25.2
  • Others expenditure 362.9 14,002.8 235.0 87.5 )75.9( )62.8( 0.6
  • Debt Service 4,350.8 19,765.1 9,090.5 1,161.4 )73.3( )87.2( 5.9 2 Capital Expenditure 19,994.1 136,794.2 35,124.2 24,622.9 23.2 )29.9( 18.0
  • Economic Development 14,355.7 99,746.8 25,235.0 20,207.1 40.8 )19.9( 20.3
  • Social Development 5,215.0 29,180.2 8,809.3 3,776.7 )27.6( )57.1( 12.9
  • General Development 423.4 7,867.1 1,080.0 639.0 50.9 )40.8( 8.1 4 Regional Transfers 37,338.0 175,805.7 44,068.6 49,083.7 31.5 11.4 27.9 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the third Quarter of 2020/21

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 75 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components third Quarter of 2020/21 6.3 Deficit Financing Federal government budget operation depicted an overall deficit (including grant) of Birr 27.1 billion, which was lower than Birr 24.4 billion deficit seen a year ago. The deficit was financed by net domestic and external borrowing.

76 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.VI.5: Federal Government Finance during third Quarter of F.Y 2020/21

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 77 VII. DEVELOPMENTS IN INVESTMENT During the third quarter of 2020/21, a total of 20 investment projects having investment capital of Birr 81.3 million became operational. Compared to last year same quarter, the number of investment projects increased by 185.7 percent while investment capital was slow down by 77.5 percent. All reported investment projects were private and about 70 percent were domestic and 30 percent foreign. The domestic projects had Birr 45.4 million (55.9 percent) investment capital while that of foreign projects Birr 35.9 million (44.1 percent). These investment projects have generated employment opportunities for 343 employees which was 125.5 percent higher than the same quarter of last year. Of the total employment created during the period, 71.1 percent was permanent and 28.9 percent casual (Table 7.1).

78 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2019/20 2020/21 Percentage QIII QII QIII Changes A B C Share C/A C/B

  1. Total Investment Number of projects 7 5 20 100 185.7 300.0 Capital 360.9 161.5 81.3 100 -77.5 -49.7 Permanent Employment 146 255 244 100 67.1 -4.3 Temporary Employment 6 470 99 100 1,550.0 -78.9
  2. Private Investment Number of projects 7 5 20 100 185.7 300.0 Capital 360.9 161.5 81.3 100 -77.5 -49.7 Permanent Employment 146 255 244 100 67.1 -4.3 Temporary Employment 6 470 99 100 1,550.0 -78.9 2.1 Domestic Investment Number of projects 5 - 14 70 180.0 - Capital 339.5 - 45.4 55.9 -86.6 - Permanent Employment 2 - 0 - -100.0 - Temporary Employment 1 - 27 27 2,600.0 - 2.2. Foreign Investment Number of projects 2 5 6 30 200.0 20.0 Capital 21.5 161.5 35.9 44.1 67.0 -77.8 Permanent Employment 144 255 244 100 69.4 -4.3 Temporary Employment 5 470 72 73 1,340.0 -84.7
  3. Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 79 As for sectoral distribution, construction constituted the lion’s share by accounting 45 percent of total investment projects while that of manufacturing and tour operation, transport & communication on their parts constitutes (20 percent each), real estate, renting and business activities (10 percent) and others (5 percent). Out of the total Birr 81.3 million capitals invested, construction received 32.7 percent, manufacturing 22.1 percent, others 21.1 percent, tour operation, transport, & communication 19.8 percent and real estate, renting & business activities 4.3 percent. About 75.4 percent of the permanent employment was created by construction, 22.5 percent by tour operation, transport, & communication and 2 percent by others sector. At the same time, construction is the leading sector by accounting 72.7 percent of temporary employment followed by manufacturing (22.2 percent), real estate, renting & business activities (3 percent) and tour operation, transport, & communication (2 percent) (Table 7.2).

80 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 7.2: Investment Distribution by Sector during the Third Quarter of 2020/21 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 9 45.0 26.5 32.7 184 75.4 72 72.7 Education - - - - - - - - Electricity, gas, steam and water supply

Health and social work - - - - - - - - Hotels and restau￾rants - - - - - - - - Manufacturing 4 20.0 18.0 22.1 0 22 22.2 Mining and quarry￾ing - - - - - - - Other community, social and personal service activities

Real estate, renting and business activi￾ties 2 10.0 3.5 4.3 - - 3 3.0 Tour operation, transport, and communication 4 20.0 16.1 19.8 55 22.5 2 2.0 Wholesale, retail trade & repair ser￾vice

Others* 1 5.0 17.2 21.1 5 2.0 - - Grand Total 20 100 81.3 100 244 100 99 100 Source: Ethiopian Investment Commission *Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data center services.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 81 In terms of regional distribution, Addis Ababa account about 70 percent of the total projects with 55.9 percent of total investment capital while multiregional projects constitutes 30 percent of the total projects with 44.1 percent of total investment capital. In terms of job creation multiregional projects accounted for 100 and 72.7 percent of the total permanent and temporary employments respectively while Addis Ababa on their part constitutes 27.3 percent of temporary employment (Table 7.3).

82 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2019/20 2020/21 Growth Rate QIII QII QIII Share In (%) C/A C/B A B C 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 5 339.5 2 1 - - - - 14 45.4 - 27 70.0 55.9 - 27.3 180.0 -86.6 - 2,600.0 - - - - Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi-regional 2 21.5 144 5 5 162 255 470 6 35.9 244 72 30.0 44.1 100 72.7 200 67.0 69.4 1,340.0 20.0 -77.8 -4.3 -84.7 Grand Total 7 360.9 146 6 5 162 255 470 20 81.3 244 99 100 185.7 -77.5 67.1 1,550.0 300.0 -49.7 -4.3 -78.9 Source: Ethio￾pian Investment Commission

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 83 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy7 Global economic activity continued to expand at a solid pace at the start of third quarter of 2020/21, after reaching pre-pandemic levels at the end of second quarter of 2020/21. National accounts data confirm a full recovery of global activity (excluding the euro area) in the second quarter of 2020/21 to its pre-pandemic levels, the resurgence of the pandemic intensity notwithstanding. Moreover, the global composite output Purchasing Managers’ Index (PMI) excluding the euro area remained above its long-term average levels in the third quarter of 2020/21. In the United States, the recovery is accelerating amid the fast pace of vaccinations and large fiscal stimulus. A continued strong recovery is expected in the third quarter of 2020/21, following strong quarter-on-quarter annualised growth of 4.3 percent in the second quarter of 2020/21. The acceleration of vaccination efforts, fiscal and monetary policy support and a progressive reopening of the economy have all supported activity. In the United Kingdom, the economy shows signs of a modest recovery despite hard lockdown measures. Monthly GDP increased in February, suggesting that households and businesses have been adapting better to COVID-19 related restrictions than in earlier lockdowns. In the Japan, economic activity remains resilient amid rising supply constraints. Available high frequency data signal that the second declaration of a state of emergency weighed on mobility and activity at the turn of the year, particularly in the services sector. After bottoming out in early third quarter of 2020/21, economic activity appears to be gradually strengthening, benefiting also from a relatively resilient manufacturing sector. In China, real GDP grew by 18.3 percent year on year in the third quarter of 2020/21. The extraordinary rise in GDP in year-on-year terms is largely due to base effects but confirms the solid recovery of the economy in the aftermath of the COVID-19 pandemic. Applying a crude measure to filter out base effects results in an implied annualised growth rate of over 5 percent between the third quarter of 2019/20 and the third quarter of 2020/21, close to the pre-pandemic trend.

7 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 7/2020.

84 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 8.2. Inflation Developments Global inflation increased in January. Annual consumer price inflation in the countries of the Organisation for Economic Co-operation and Development (OECD) increased to 1.5 percent in January, while inflation excluding energy and food rose to 1.7 percent. Transitory positive base effects are expected in the short term, owing to the initial reaction of prices to the pandemic shock in spring 2020, in particular global commodity prices. Looking ahead, global wage and price pressures are expected to remain relatively contained given that most economies still have ample spare capacity. 8.3. Commodity Price Commodity prices have been largely stable since the Governing Council meeting in mid-March after sustained price increases in previous months. With renewed lockdown measures in Europe weighing on short-term demand prospects and new coronavirus variants creating fresh uncertainties, oil prices and non-energy prices have remained broadly stable since mid-March. With demand prospects for 2021 remaining buoyant, however, pressure mounted on OPEC+ to adjust its production targets and to release more barrels onto the markets. 8.4. Exchange Rate Developments In foreign exchange markets, the euro appreciated slightly in trade-weighted terms. Over the review period, the nominal effective exchange rate of the euro, as measured against the currencies of 42 of the euro area’s most important trading partners, appreciated by 0.6 percent. This development reflected a moderate appreciation against several major currencies, including the pound sterling (by 0.7 percent), the Chinese renminbi (by 0.5 percent) and the US dollar (by 0.3 percent). Over the review period, the euro first depreciated against the US dollar on the back of the broad based strength of the dollar, but later recovered as the dollar declined alongside US Treasury yields. The euro appreciated strongly against the Turkish lira (by 10.3 percent) and the Russian rouble (by 4.6 percent) amid their recent broad based volatility. The euro depreciated slightly against the Swiss franc (by 0.4 percent) and the currencies of several non-euro area EU Member States, including the Hungarian forint, the Czech koruna and the Polish zloty.

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 85 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2020/21, global economic activity continued to expand at a solid pace. Likewise, global inflation continued increasing while commodity prices, including oil and non-energy prices, have remained stable. During the review quarter, the fast depreciation of Birr, along with the relative price advantage of domestic economy over that of trading partners resulted in 19.2 percent REER depreciation. This has contributed to enhance international competitiveness of the country while stable crude oil prices help to reduce suppressive impact on current account balance.

STATISTICAL TABLES National Bank of Ethiopia Quarterly Bulletin 86 | Third Quarter 2020/21

Table 1(a): Statement of Condition of National Bank of Ethiopia: Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Oth￾ers 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13 Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 2019/20 Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 192,264.95 - 52,142.71 - 106,893.95 Qtr.II 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Qtr.III 80,407.49 316.70 488.33 74,412.19 5,190.27 221,237.75 6,972.80 214,264.95 - 55,242.71 - 120,561.48 Qtr.IV 112,086.32 3,280.63 525.42 102,412.06 5,868.20 230,237.75 199,237.75 31,000.00 - 58,142.71 - 148,024.70 2020/21 Qtr.I 120,432.59 5,033.13 563.29 108,717.20 6,118.98 243,141.31 198,362.65 44,778.66 - 57,642.71 - 139,732.21 Qtr.II 120,263.57 1,868.95 614.96 111,460.69 6,318.98 248,141.31 198,362.65 49,778.66 - 56,642.71 - 145,286.21 Qtr.III 104,230.92 12,559.91 639.43 84,429.98 6,601.61 251,862.65 198,362.65 53,500.00 - 56,642.71 - 146,247.20 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 87

Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes

  • Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov’t Banker Total Fund Credit Others 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.90 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Qtr.IV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 2020/21 Qtr.I 560,948.82 124,403.48 170,497.94 33,548.57 136,949.38 154,135.85 24,550.96 129,584.89 4,849.20 107,062.35 Qtr.II 570,333.80 138,864.54 151,544.16 31,702.07 119,842.09 172,023.04 24,979.40 147,043.65 1,013.45 106,888.61 Qtr.III 558,983.48 159,484.75 137,597.63 30,602.71 106,994.93 153,966.87 11,502.32 142,464.55 1,013.45 106,920.77 National Bank of Ethiopia Quarterly Bulletin 88 | Third Quarter 2020/21

Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr) End of Period Total (2+3) 1 Reserves Cash in Hand 2 Deposits with NBE 3 Foreign Assets 4 Claims On Gov’t 5 Total (7+8+9) 6 Claims on Non-Central Gov’t Other Assets 10 Loans & Adv. 7 Invest￾ment 8 Commercial Banks 9 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.70 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 75,725.45 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 79,531.90 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 68,091.40 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 54,596.38 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.51 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 117,120.70 29,406.33 87,714.37 23,973.08 23,123.42 977,370.59 512,299.58 456,233.83 8,837.18 232,194.69 Qtr.III 114,998.82 29,771.00 85,227.82 24,606.29 22,927.78 1,025,047.29 528,438.89 487,766.96 8,841.44 257,616.79 Qtr.IV 136,738.41 31,449.32 105,289.09 35,116.52 28,838.49 1,074,869.20 571,811.98 490,492.71 12,564.51 219,185.38 2020/21 Qtr.I 184,698.60 59,737.43 124,961.18 33,204.14 36,506.06 1,126,390.63 611,983.47 500,592.74 13,814.42 233,131.04 Qtr.II 146,676.51 30,538.49 116,138.02 43,367.05 32,698.32 1,203,355.10 660,534.64 526,006.13 16,814.34 259,022.95 Qtr.III 136,453.39 31,966.43 104,486.95 55,078.76 40,993.81 1,254,219.06 704,083.35 530,694.80 19,440.90 286,075.07 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 89

Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) 1 Non-Central Gov’t Deposits Gov’t Depos. 6 Foreign Liab. 7 Capital Account Other Liab. 12 Total (3+4+5) 2 Demand 3 Time 4 Saving 5 Total (9+10+11) 8 Capital 9 Legal Reserve 10 Others 11 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.30 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.09 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 Qtr.IV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 2020/21 Qtr.I 1,613,930.46 1,020,322.63 269,917.20 91,583.91 658,821.52 97,699.75 27,650.16 132,885.23 83,326.31 26,401.11 23,157.80 335,372.71 Qtr.II 1,685,119.93 1,069,388.57 282,154.65 89,154.94 698,078.98 109,414.14 30,184.61 133,129.90 86,224.23 27,173.26 19,732.41 343,002.71 Qtr.III 1,772,820.09 1,132,091.96 291,829.38 91,673.01 748,589.57 98,776.82 32,715.75 145,544.84 90,327.76 27,272.10 27,944.97 363,690.72 National Bank of Ethiopia Quarterly Bulletin 90 | Third Quarter 2020/21

Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov’t Claims on Non-Central Gov’t Other Assets Total Assets Total Public Enterprise Cooper￾atives Private & Individuals 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.06 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35 Qtr.IV 8,022.54 4,718.27 33,036.37 51,103.50 3,519.43 889.98 46,694.08 7,209.88 104,090.56 2020/21 Qtr.I 8,684.02 2,625.89 33,416.61 51,992.48 4,732.12 5,476.46 41,783.90 7,416.75 104,135.75 Qtr.II 6,225.58 5,639.41 32,913.18 53,384.20 5,038.49 5,560.51 42,785.20 8,170.46 106,332.83 Qtr.III 7,733.37 4,649.87 54,303.83 54,214.05 5,247.08 4,955.84 44,011.13 16,860.80 138,029.48 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 91

Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov’t Foreign Advance & Loan Other Liability Items Total N.B.E Others 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.06 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 QIV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 2020/21 - Qtr.I 104,135.75 630.13 126.34 6,731.18 68,456.86 68,395.75 61.10 - 12,071.50 16,119.76 Qtr.II 106,332.83 825.02 126.50 7,014.60 67,464.75 67,416.64 48.11 - 14,134.42 16,767.55 Qrt.III 138,029.48 614.02 140.51 28,909.31 68,296.31 68,248.08 48.23 - 14,534.33 25,535.01 National Bank of Ethiopia Quarterly Bulletin 92 | Third Quarter 2020/21

Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 Quasi￾Money 4 Total Volume (3+4) 5 Total Credit (7+10) 6 Net Claims on Gov’t Claims on Non-Cen Gov’t Total 10 (8+9) 7 Nat. Bank 8 Comm. Banks 9 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.15 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.23) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.58 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 Qtr.IV 109,071.81 251,513.71 360,585.51 677,060.82 1,037,646.34 1,257,527.48 137,080.08 195,708.16 (58,628.07) 1,120,447.40 (4,683.72) (15,221.00) 10,537.27 215,197.43 2020/21 Qtr.I 64,666.05 269,917.20 334,583.25 750,405.43 1,084,988.68 1,318,617.97 148,399.05 209,592.74 (61,193.69) 1,170,218.92 (28,149.28) (33,703.26) 5,553.98 205,480.01 Qtr.II 108,326.05 282,154.64 390,480.69 787,233.92 1,177,714.61 1,382,906.89 139,723.41 216,439.24 (76,715.83) 1,243,183.48 (24,798.37) (37,980.81) 13,182.44 180,393.91 Qtr.III 127,518.32 291,829.37 419,347.69 840,262.58 1,259,610.27 1,454,897.79 163,476.93 221,259.94 (57,783.01) 1,291,420.86 (27,372.93) (49,735.95) 22,363.01 167,914.59 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 93

Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov’t (Net) Non-Cent. Gov’t Foreign Assets (Net) 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 2020/21 Qtr.I 68,222.69 262,629.43 330,852.12 774,418.40 1,105,270.52 1,269,829.10 1,259,155.56 (27,107.75) Qtr.II 114,283.99 274,536.47 388,820.45 812,425.41 1,201,245.86 1,331,739.33 1,337,665.42 (23,880.83) Qtr.III 101,338.81 287,743.76 389,082.57 823,457.33 1,212,539.89 1,456,352.69 903,994.60 (27,400.31) 1/ Obtained by multiplying each original observation by appropriate index for the month National Bank of Ethiopia Quarterly Bulletin 94 | Third Quarter 2020/21

Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve 6 Gross Reserve 1=2+6 NBE Total 2=3 to 5 Gold 3 Foreign Exc. 4 Others Reserve Tranche Posi. 5 Total Liab. 7=8+9 Comm. Banks 8 NBE 9 Total 10=11+12 NBE 11=2-9 Comm. Banks 12=6-8 2007/08 Qtr.I 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.09 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 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 95770.9 69790.0 15.3 64693.1 4646.3 435.4 25980.8 112814.0 18605.2 94208.8 -17043.1 -24418.7 7375.6 Qtr.II 118262.2 94289.2 19.4 88749.5 5042.0 478.3 23973.1 132890.8 21056.8 111834.0 -14628.6 -17544.8 2916.2 Qtr.III 105013.8 80407.5 316.7 74412.2 5190.3 488.3 24606.3 133916.8 23358.5 110558.3 -28903.0 -30150.8 1247.8 Qtr.IV 147202.8 112086.3 3280.6 102412.1 5868.2 525.4 35116.5 151886.6 24579.2 127307.3 -4683.7 -15221.0 10537.3 2020/21 Qtr.I 153636.7 120432.6 5033.1 108717.2 6119.0 563.3 33204.1 181786.0 27650.2 154135.8 -28149.3 -33703.3 5554.0 Qtr.II 163630.6 120263.6 1868.9 111460.7 6319.0 615.0 43367.0 202207.6 30184.6 172023.0 -38577.0 -51759.5 13182.4 Qtr.III 159309.7 104230.9 12559.9 84430.0 6601.6 639.4 55078.8 186682.6 32715.7 153966.9 -27372.9 -49735.9 22363.0 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 95

Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit 1=2+5 Claims on Central Gov’t Claims on Non-Central Gov’t Total 2=3+4 NBE 3 Comm. Banks 4 Total 5=6+7 Loans & Advances 6 Invest￾ments 7 2007/08 Qtr.I 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.08 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.45 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 Qtr IV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 2020/21 Qtr.I 1,449,866.28 279,647.36 243,141.31 36,506.06 1,170,218.92 669,626.18 500,592.74 Qtr.II 1,524,023.10 280,839.63 248,141.31 32,698.32 1,243,183.48 717,177.35 526,006.13 Qtr.III 1,584,277.32 292,856.46 251,862.65 40,993.81 1,291,420.86 760,726.06 530,694.80 National Bank of Ethiopia Quarterly Bulletin 96 | Third Quarter 2020/21

Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits 6+2=1 Non-Central Gov’t Deposits with CBs Central Gov’t Dep. with Total 3=2 to 5 Net Demand Deposit 3 Savings Deposit 4 Time Dep. (30 days & over) 5 Total 8+7=6 National Bank 7 Comm. Banks 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 6,215.84 10,336.00 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 6,682.81 11,766.01 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 6,671.53 10,450.06 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.39 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 Qtr.IV 1,050,842.01 928,845.86 251,513.71 589,445.39 87,886.77 121,996.15 34,529.59 87,466.56 2020/21 Qtr.I 1,151,766.44 1,020,518.13 269,917.20 659,017.03 91,583.91 131,248.31 33,548.57 97,699.75 Qtr.II 1,210,840.93 1,069,724.72 282,154.64 698,415.14 89,154.94 141,116.21 31,702.07 109,414.14 Qtr.III 1,261,780.28 1,132,400.75 291,829.37 748,898.37 91,673.01 129,379.53 30,602.71 98,776.82 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 97

Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requir￾ments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 Foreign Liabilities Actual Reserve+ Net For. Assets 7=2+4-5 Liqui￾dity Ratio 8 Ratio: Loans Adv.to Dep. 9 Debit Bal￾ance 10 Turn￾Over of Deposit 11 Total 5=6+7 Short Term 6 Long Term 7 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 - 18,746.71 41.22 42.72 76,830.15 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 - 18,498.56 39.61 46.18 82,185.63 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 - 18,208.97 37.21 54.30 90,495.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 - 23,520.23 46.55 56.47 90,493.46 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 - 23,085.01 41.90 54.16 93,429.37 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 - 24,755.30 42.34 52.24 102,943.96 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 - 27,178.78 44.34 50.75 105,249.56 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 - 29,833.87 47.51 52.98 124,300.65 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.09 9,775.09 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.40 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 - 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 97,566.83 14.26 55.87 2,464.99 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 62.54 30,715.28 0.09 Qtr.IV 49,370.84 136,738.41 87,367.57 35,116.52 24,579.24 24,579.24 - 147,275.68 16.61 62.77 (11,125.89) (0.03) 2020/21 Qtr.I 53,516.97 184,698.60 131,181.63 33,204.14 27,650.16 27,650.16 - 190,252.58 19.61 60.67 (31,821.59) (0.08) Qtr.II 57,514.76 146,676.51 89,161.75 43,367.05 30,184.61 30,184.61 - 159,858.95 15.28 59.88 (28,127.24) (0.07) Qtr.III 59,747.70 136,453.39 76,705.69 55,078.76 32,715.75 32,715.75 - 158,816.40 14.54 62.09 1,648,892.23 3.94 Note:

  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. National Bank of Ethiopia Quarterly Bulletin 98 | Third Quarter 2020/21

Table 10: Circulating Notes and Coins by Denomination (In Millions of Birr) End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 200 Total Value (Coins) 1 5 10 25 50 100 (coin) 2008/09 Qtr.I 6788.5 6591.0 417.0 162.8 2456.7 3554.5 13600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 7177.9 6974.0 441.7 259.8 2514.7 3757.7 14952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 7452.4 7242.4 459.8 268.9 2581.7 3931.9 16576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 7034.6 6818.9 449.0 245.7 2227.0 3897.3 17099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 6424.3 6203.5 426.3 231.8 2023.7 3521.7 16612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 6689.4 6464.9 458.5 258.6 2023.7 3724.2 19321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 7727.5 7497.9 466.2 364.7 2943.1 3723.9 20605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 7282.1 7046.3 462.6 356.9 2842.9 3383.9 21530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 7303.7 6960.8 482.3 366.6 2618.5 3493.4 23316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 8178.7 7835.2 404.1 223.3 3124.9 4082.8 25896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 9673.9 9396.0 471.9 310.0 4012.5 4601.5 27803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 8781.1 8485.1 482.9 293.4 3425.0 4283.8 30363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 9219.4 8912.8 486.5 287.1 3526.7 4612.6 29562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 10552.7 10233.0 496.5 287.4 3563.9 5885.1 31503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 13387.9 13060.6 661.5 659.5 4605.1 7134.5 31330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 5100.8 4767.1 626.3 514.8 1144.0 2482.0 40701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 6,211.5 5,963.9 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 9,019.3 8,764.0 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 11,257.6 10,985.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 11586.7 11225.8 659.6 533.0 3430.7 6602.4 43407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 11262.4 10893.1 683.6 589.5 3222.9 6397.1 39329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 11472.5 11098.5 692.6 609.2 3321.6 6475.1 41023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 11029.7 10617.7 659.9 867.2 2421.4 6669.2 53612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 11108.5 10683.8 634.9 906.9 2368.8 6773.2 53364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 10917.9 10477.9 618.3 964.8 2339.5 6555.3 52928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 12314.8 11858.1 602.5 1097.3 2550.7 7607.6 58526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 12693.4 12212.3 589.0 1161.0 2695.0 7767.3 61776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 12383.0 11871.1 557.8 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 12327.4 11777.6 538.9 1209.0 2725.7 7304.0 62536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 12863.1 12272.6 507.3 1306.8 2885.2 7573.2 65084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 12624.2 11979.8 479.6 1325.7 2807.1 7367.4 67752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 13164.0 12466.9 455.8 1337.4 2766.9 7906.8 69600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 14241.1 13500.0 439.3 1355.6 2793.4 8911.7 71743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 15014.6 14224.9 425.9 1456.3 2925.0 9417.7 75404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 15312.7 14470.9 411.7 1461.3 2982.7 9615.2 77070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 Qtr.IV 15442.8 14554.8 403.8 1418.7 3010.1 9722.2 78972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 15423.3 14497.0 396.4 1396.7 3025.7 9678.2 79709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 Qtr.II 16995.0 16025.5 393.8 1506.7 3423.5 10701.5 89111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 Qtr.III 17419.4 16400.5 388.2 1507.8 3487.4 11017.1 95189.3 1018.9 0.8 41.4 99.8 72.7 118.6 685.5 Qtr.IV 17568.5 16508.1 384.1 1467.8 3512.8 11143.4 95512.5 1060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 17125.8 16038.5 380.4 1464.1 3497.5 10696.4 93919.9 1087.3 0.8 41.4 99.8 73.2 119.9 752.2 Qtr.II 18732.9 17612.0 378.1 1525.6 3764.1 11944.2 101784.7 1120.9 0.8 41.5 99.7 73.5 120.5 784.9 Qtr.III 125466.5 124323.0 375.4 1533.0 3747.1 11896.4 106771.2 1143.5 0.8 41.5 99.7 73.4 120.6 807.5 Qtr.IV 121967.5 120805.0 374.5 1535.7 3724.9 11387.5 103782.4 1162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 124143.8 122970.8 374.8 1551.8 3766.4 11166.3 106111.5 1173.0 0.8 41.5 99.5 73.3 121.0 836.9 Qtr.II 128238.0 127057.0 374.2 1628.5 4030.4 11526.2 109497.7 1181.0 0.8 41.5 99.5 73.4 121.2 844.6 Qtr.III 139272.7 138080.7 376.4 1709.2 4226.1 12431.6 119337.4 1192.0 0.8 41.4 99.5 73.3 122.5 854.4 Qtr.IV 140676.8 139482.2 375.8 1674.6 4389.0 12225.4 120817.5 1194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 124558.5 123361.6 375.8 1520.3 4430.4 10642.3 106393.0 0.0 1196.9 0.8 41.4 99.4 73.1 123.3 858.7 Qtr.II 139017.2 137817.6 373.0 1538.1 6611.0 15844.8 56691.9 56758.8 1199.7 0.8 41.4 99.4 73.1 123.2 861.7 Qtr.III 159636.9 158424.2 372.7 1605.5 6789.7 14970.3 59977.3 74708.8 1212.6 0.8 41.4 99.4 73.0 123.8 874.1 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 99

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

  1. Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5
  2. Savings deposits "Differed by ownership and maturity" 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum and Maximum Interest Rates "Jan. 2, 1995- Nov. 30, 1995" "Dec. 1, 1995- May 30, 1996" "June 1, 1996- Sep. 15, 1996" "Sep.16, 1996- Dec. 31, 1997" "Jan. 1,1998- Mar. 3, 2002" "Mar. 4,2002- 01/08/2002" "Aug. 2002 to 07/02/2005" "08/02/2005 04/07/2007" "04/07/2007 30/11/2010" "01/12/2010 to 10-Oct-2017" "11/10/2017 to todate" Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other finan￾cial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 National Bank of Ethiopia Quarterly Bulletin 100 | Third Quarter 2020/21

Table 12: Government Internal Debt by Holder (In Millions of Birr) End of Period Total Gov’t Indebt￾edness 1=2+6+9 National Bank of Ethiopia Commercial Banks Others NBE Total 2=3 to 5 Direct Advance 3 Gov’t Bonds Non-interest bearing 4 Interest bearing 5 Comm. Banks Total 6=7+8 Gov’t Bonds 7 Treasury Bills 8 Others Total 9=10+11 Gov’t Bonds 10 Treasury Bills 11 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 377,411.83 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 150,050.66 18.10 150,032.56 Qtr.III 400,742.18 221,237.75 214,264.95 6,968.80 4.00 22,927.78 22,927.78 - 156,576.66 18.10 156,558.56 Qtr.IV 447,118.02 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 167,470.66 18.10 167,452.56 2020/21 Qtr.I 453,775.98 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 174,128.62 18.10 174,110.52 Qtr.II 469,642.92 248,141.31 49,778.66 6,097.70 192,264.95 32,698.32 23,341.82 9,356.50 188,803.30 18.10 188,785.20 Qtr.III 511,100.82 251,862.65 53,500.00 6,097.70 192,264.95 40,993.81 23,356.82 17,637.00 218,244.36 18.10 218,226.26 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 101

Table 13: General Government Quarterly Revenue In Millions of Birr Ethiopian fiscal year Fiscal year ending July 7 2011 2012 2013 2018/19 2019/20 2020/21 Pre actual Pre actual 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 12 Mon Qrt.IV Budget 3mon (QI) 6Month (QII) 9Month (QIII) 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 73,747.1 311,476.5 70,181.9 380,653.3 83,871.6 204,179.8 120,308.2 290,567.3 86,387.5 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 28,010.0 132,214.5 29,392.1 144,457.3 34,999.0 100,532.9 65,534.0 133,594.9 33,062.0 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 27,262.8 129,479.3 28,835.5 140,363.6 33,946.4 98,397.0 64,450.5 130,815.9 32,418.9 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 49,869.6 13,904.3 56,706.7 13,722.9 33,292.6 19,569.8 49,009.4 15,716.8 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 2,612.2 135.7 3,304.8 1,231.4 2,718.6 1,487.2 3,006.8 288.2 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 64,664.1 11,701.1 59,532.0 16,355.6 56,437.2 40,081.5 69,582.2 13,145.0 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 4,892.7 1,041.0 5,945.4 1,233.0 2,446.4 1,213.4 3,799.0 1,352.6 Agriculture income 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 674.9 11.0 144.3 133.3 334.4 190.1 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 4,347.0 1,399.4 11,085.8 711.7 1,803.1 1,091.4 2,780.5 977.4 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 2,132.2 468.6 2,588.1 635.0 1,453.5 818.5 2,125.5 672.0 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 60.7 523.6 364.6 596.3 72.7 525.8 45.8 101.3 55.5 178.2 76.9 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 50.2 238.5 173.1 358.0 119.5 452.1 21.0 135.6 114.6 295.1 159.5 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 2,377.3 437.2 3,641.7 1,031.5 2,000.4 968.8 2,483.9 483.6 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 78,886.5 19,079.5 114,816.5 22,563.6 50,784.5 28,220.9 77,255.3 26,470.8 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 35,454.8 9,077.1 62,852.4 11,652.6 26,214.3 14,561.7 40,696.8 14,482.5 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 35.1 398.2 40.0 863.2 33.8 131.1 97.3 257.4 126.3 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 9,657.7 3,171.8 12,055.8 2,594.9 7,058.3 4,463.4 11,898.4 4,840.1 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 25,398.9 5,865.2 49,933.3 9,023.9 19,024.9 10,001.0 28,541.0 9,516.1 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 40,264.6 9,250.8 47,857.9 10,129.9 22,831.3 12,701.4 33,713.0 10,881.7 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 3,167.1 751.5 4,106.2 781.1 1,739.0 957.9 2,845.5 1,106.5 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 26,984.7 100,375.4 21,710.3 121,379.5 26,309.0 52,862.3 26,553.3 79,717.1 26,854.8 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 34,060.5 7,213.6 44,995.9 9,078.3 18,400.8 9,322.5 28,136.8 9,736.0 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 46,560.0 10,176.8 51,611.1 12,084.0 24,195.3 12,111.4 36,302.7 12,107.4 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 3,025.3 776.4 3,891.7 497.2 1,121.7 624.5 1,473.5 351.7 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 91.9 356.0 46.4 825.0 128.2 218.5 90.3 356.5 138.0 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 43,178.7 9,354.0 46,894.4 11,458.5 22,855.1 11,396.5 34,472.8 11,617.8 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 19,755.0 4,319.9 24,772.5 5,146.7 10,266.2 5,119.5 15,277.6 5,011.4 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 42,836.3 16,155.2 67,650.1 16,089.3 24,214.8 8,125.5 37,405.3 13,190.5 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 4,095.2 694.5 3,983.7 553.0 1,719.9 1,166.9 3,007.0 1,287.1 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 5,794.2 1,599.2 6,358.5 914.1 2,465.9 1,551.9 4,415.8 1,949.9 Residual surplus, capital charge, interest 0.0 0.0 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 17,488.90 9,045.0 23,083.0 11,486.7 11,927.9 441.1 14,042.8 2,114.9 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 19.7 203.38 24.6 663.5 144.8 198.0 53.2 2,036.7 1,838.8 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 7,199.78 1,310.8 12,865.2 1,723.3 4,983.6 3,260.3 8,581.7 3,598.1 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 8,054.9 3,481.2 20,696.2 1,267.5 2,919.6 1,652.1 5,321.3 2,401.8 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 80,378.8 354,312.8 86,337.1 448,303.4 99,960.9 228,394.6 128,433.7 327,972.7 99,578.0 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 40,653.0 26,210.7 45,458.7 11,241.5 22,926.3 11,684.8 29,621.8 6,695.5 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 17,855.1 4,698.7 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 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 22,797.9 21,512.0 20,660.4 6,033.8 12,263.0 6,229.2 12,263.0 0.0 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 85,455.7 394,965.8 112,547.8 493,762.1 111,202.4 251,320.9 140,118.5 357,594.5 106,273.6 National Bank of Ethiopia Quarterly Bulletin 102 | Third Quarter 2020/21

Table 14: General Government Quarterly Expenditure In Millions of Birr Ethiopian fiscal year Fiscal year ending July 7 2011 2012 2013 2018-19 2019/20 2020/21 Pre actual Pre actual 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 12 mon Qrt.IV Budget 3 Mon (QI) 6Month (QII) 9Month (QIII) 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 27,080.5 132,629.1 54,368.8 171,547.6 23,667.4 62,570.7 38,903.3 98,122.5 35,551.8 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 22,383.73 8,708.8 22,954.9 6,432.3 16,170.9 9,738.6 21,120.5 4,949.7 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 22,116.65 10,836.6 35,670.3 1,929.8 7,073.7 5,143.8 12,207.9 5,134.2 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 21,921.86 10,648.5 31,915.2 1,853.4 5,387.9 3,534.5 9,593.0 4,205.0 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 34.64 11.1 75.4 402.3 763.9 361.7 842.1 78.1 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 4,545.58 2,509.3 8,064.1 602.5 1,205.0 602.5 2,826.8 1,621.8 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 26,837.44 11,505.5 29,475.5 2,901.3 8,950.7 6,049.4 15,153.9 6,203.2 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 51,429.14 18,926.0 70,137.9 11,164.4 27,277.7 16,113.3 43,658.4 16,380.8 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 5,281.95 1,871.5 5,169.5 234.9 1,128.9 894.0 2,313.0 1,184.1 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 51,316.1 19,350.4 61,925.8 8,400.1 23,277.2 14,877.1 34,322.2 11,045.0 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 33,203.5 13,349.5 33,710.1 4,375.2 12,060.8 7,685.6 16,991.0 4,930.2 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 15,019.3 4,665.2 21,912.2 3,530.7 9,552.1 6,021.4 15,082.6 5,530.5 Socail welfare 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 359.8 312.9 651.7 291.8 989.9 338.2 1,953.7 177.1 428.7 251.6 690.3 261.6 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 2,103.4 997.5 4,349.8 317.1 1,235.7 918.5 1,558.3 322.7 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 20,231.0 11,782.5 29,905.2 1,530.0 7,593.6 6,063.6 13,004.3 5,410.7 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 17,855.1 4,698.7 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 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 39,772.4 204,176.1 85,501.7 263,378.5 33,597.5 93,441.5 59,844.0 145,449.0 52,007.5 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 89,920.2 30,080.1 93,221.9 19,350.1 59,624.2 40,274.2 84,790.4 25,166.1 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 15,302.1 5,407.6 15,604.3 2,857.5 9,226.6 6,369.1 14,817.3 5,590.7 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 10,377.0 2,450.1 12,029.8 1,985.5 5,375.2 3,389.7 8,133.1 2,757.9 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 16,908.2 4,777.3 16,500.0 1,937.8 18,389.1 16,451.3 23,053.2 4,664.1 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 24,174.2 9,947.4 25,247.2 7,466.5 11,907.6 4,441.1 18,528.1 6,620.5 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 23,158.7 7,497.7 23,840.6 5,102.7 14,725.7 9,623.0 20,258.6 5,532.9 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 36,323.1 12,759.9 44,369.6 8,198.6 20,945.2 12,746.6 30,430.0 9,484.8 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 23,198.7 8,268.3 29,086.4 5,270.9 13,050.5 7,779.6 19,201.3 6,150.8 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 17,895.3 6,441.7 24,068.5 4,709.3 10,942.7 6,233.4 16,362.2 5,419.4 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 5303.5 1,826.6 5,017.9 561.6 2,107.8 1,546.2 2,839.2 731.4 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 4753.4 2,176.0 4,733.6 480.0 1,996.6 1,516.6 2,618.5 621.9 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 7,795.5 2,668.6 6,825.0 1,495.4 3,868.7 2,373.3 5,119.2 1,250.5 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 46.2 188.8 40.5 243.6 75.3 169.4 94.1 238.4 69.0 Tourism 0.0 211.4 158.2 358.7 200.5 685.5 326.8 Transport & communication 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 355.6 208.7 585.6 230.0 927.3 341.7 2,449.1 193.2 1,051.8 858.6 1,559.9 508.1 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 3667.0 1,318.7 4,815.1 840.2 2,099.5 1,259.3 3,098.2 998.8 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 2029.5 730.8 2,008.7 459.0 916.6 457.5 1,371.0 454.4 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 65.8 423.7 203.4 545.8 122.1 738.9 165.5 346.6 181.1 527.4 180.8 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 29,492.5 130,356.0 46,329.2 152,838.3 31,077.8 77,222.3 46,144.5 114,999.5 37,777.2 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 86,411.4 28,015.7 107,915.7 21,700.1 52,255.6 30,555.5 78,202.6 25,947.0 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 2,817.6 811.4 3,315.9 630.0 1,358.0 728.0 2,315.9 957.9 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 33,464.7 14,237.1 39,262.5 6,742.4 17,998.6 11,256.3 27,153.1 9,154.5 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 1,878.2 835.6 1,480.5 379.7 644.6 264.8 1,504.8 860.2 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 5,784.0 2,429.3 863.8 1,625.6 4,965.4 3,339.8 5,823.0 857.5 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 13,481.1 2,139.5 19,765.1 1,819.1 10,909.6 9,090.5 12,071.0 1,161.4 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 6,366.5 -9.5 10,012.5 988.5 7,574.6 6,586.0 7,811.3 236.7 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 7,114.6 2,149.0 9,752.6 830.6 3,335.1 2,504.5 4,259.7 924.7 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 5,886.6 1,952.5 25,984.1 1,174.1 3,550.6 2,376.5 6,359.2 2,808.6 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 66,559.0 275,967.0 93,261.2 336,179.0 61,619.6 172,251.9 110,632.3 248,649.9 76,398.0 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 87,660.9 195,048.9 107,388.0 301,380.3 106,331.4 480,143.2 178,762.9 599,557.5 95,217.1 265,693.4 170,476.3 394,098.9 128,405.5

  • Estimated value National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 103

Table 15: Domestic Refining and Imports of Petroleum (In Metric Tons) End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2014/15 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 QIV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2020/21 Qtr.I 145,183.0 8,195.6 12,300.0 20,495.6 613,828.1 800,002.4 QII 176,894.5 6,914.5 15,500.0 22,414.5 630,617.5 852,341.0 QIII 154,240.3 7,750.0 13,602.4 21,352.4 654,442.0 851,387.2 National Bank of Ethiopia Quarterly Bulletin 104 | Third Quarter 2020/21

Table 16 : GDP By Economic Activity at Constant Prices (In millions of Birr) Sectors/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 Crop 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 Animal Farming and Hunting 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 Forestry 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 Fishing 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,614.0 Mining and Quarrying 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 Manufacturing 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 Large and Medium Scale Manufacturing 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 Small Scale and Cottage Industries 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 Electricity and Water 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 Construction 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 Whole Sale and Retail Trade 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 Hotels and Restaurants 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 Transport and Communications 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,579.6 Financial Intermediation 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,290.3 Real Estate, Renting and Business Activities 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 Public Administration and Defense 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 Education 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 Health and Social Work 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 Other Community , Social & Personal Services 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 Private Households with Employed Persons 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 Total 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 2,014,046.2 Less : FISIM 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,527.2 Gross Value Added at Constant Basic Prices 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 1,989,519.0 Taxes on Products 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,603.2 GDP at Constant Market Prices 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 2,109,122.2 Source: MoFED National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 105

Table 17 : Growth Rate Of GDP By Economic Activity at Constant Prices ( In percent) Industry/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 Crop 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 Animal Farming and Hunting 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 Forestry 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 Fishing 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2 Mining and Quarrying 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 Manufacturing 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 Large and Medium Scale Manufacturing 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 Small Scale and Cottage Industries 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 Electricity and Water 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 Construction 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 Whole Sale and Retail Trade 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 Hotels and Restaurants 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 Transport and Communications 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.1 Financial Intermediation 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 Real Estate, Renting and Business Activities 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 Public Administration and Defense 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 Education 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 Health and Social Work 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 Other Community , Social & Personal Services 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 Private Households with Employed Persons 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 Total 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 Less : FISIM -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.3 Gross Value Added at Constant Basic Prices 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 6.1 Taxes on Products 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 GDP at Constant Market Prices 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 Source: MoFED National Bank of Ethiopia Quarterly Bulletin 106 | Third Quarter 2020/21

Table 18: GDP by Economic Activity at Current Prices (In million Birr) Industry/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 1,196,254 Crop 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 797,016 Animal Farming and Hunting 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 303,074 Forestry 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 96,164 Fishing 455 685 796 1,225 1,382 2,259 2,351 3,021 3,720 Mining and Quarrying 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 9,643 Manufacturing 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 178,972 Large and Medium Scale Manufacturing 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 125,758 Small Scale and Cottage Industries 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 53,215 Electricity and Water 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 23,827 Construction 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 567,201 Whole Sale and Retail Trade 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 444,506 Hotels and Restaurants 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 79,304 Transport and Communications 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 140,237 Financial Intermediation 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 102,426 Real Estate, Renting and Business Activities 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 154,804 Public Administration and Defense 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 120,236 Education 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 94,199 Health and Social Work 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 34,928 Other Community , Social & Personal Services 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 33,306 Private Households with Employed Persons 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 38,264 Total 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507 3,221,829 Less : FISIM 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 38,830 Gross Value Added at Current Basic Prices 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623 3,182,998 Taxes on Products 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 191,351 GDP at Current Market Prices 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,223 3,374,349 Source: MoFED National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 107

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Sectors/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 Crop 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 Animal Farming and Hunting 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 Forestry 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 Fishing 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 23.2 Mining and Quarrying 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 Manufacturing 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 Large and Medium Scale Manufacturing 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 Small Scale and Cottage Industries 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 2.6 Electricity and Water 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 Construction 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 9.9 Whole Sale and Retail Trade 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 Hotels and Restaurants 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 2.2 Transport and Communications 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.4 Financial Intermediation 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 10.2 Real Estate, Renting and Business Activities 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 Public Administration and Defense 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 Education 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 Health and Social Work 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 Other Community , Social & Personal Services 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 Private Households with Employed Persons 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 Total 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.2 Less : FISIM 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.0 Gross Value Added at Current Basic Prices 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 GDP at Current Market Prices 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 Source: MoFED National Bank of Ethiopia Quarterly Bulletin 108 | Third Quarter 2020/21

Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) Description / Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Gross Value Added at Current Basic Prices 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,182,998.0 Taxes on Products, net 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.0 GDP at Current Market Prices 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,349.0 Incomes from ROW, net (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (18,270.0) Gross National Income at Current Basic Prices 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,728.0 Gross National Income at Current Market Prices 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,356,079.5 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 218,029.0 Gross National Disposable Income 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,574,109.0 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769.0 Private Final Consumption Expenditure 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896.0 Gross Capital Formation (Investment) 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685.0 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229.0 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230.0 Resource Balance (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (332,001.0) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 705684 Gross National Savings 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 905,444.0 Mid-year Population (In Million) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,845.0 Per Capita Real GDP (In Birr) 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,153.1 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,287.5 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,660.0 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 Per Capita Real GDP (In USD) 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 GDP Deflator 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 Source: Planning commission National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 109

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) Description / Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 GDP at Current Basic Prices 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products, net 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 GDP at Current Market Prices 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.4 Incomes from ROW, net (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) (10.5) Gross National Income at Current Basic Price 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.5 Gross National Income at Current Market Price 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.5 Current Transfers from ROW, net 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (3.6) Gross National Disposable Income 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 23.2 Government Final Consumption Expenditure 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.4 Private Final Consumption Expenditure 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.7 Gross Capital Formation (Investment) 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 9.4 Exports of Goods and Services 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.0 Imports of Goods and Services 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.7 Resource Balance (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) 4.6 Gross Domestic Savings 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.5 Gross National Savings 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 12.5 Mid-year Population (in Million) 2.6 2.5 2.5 2.4 2.3 2.2 2.2 Per Capita GDP (Birr) (Nominal) 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 Per Capita GDP (Birr) (Real) 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 Average Exchange Rate (Birr/USD) 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 Real GDP (USD) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) GDP at Current Market Prices(USD) 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.2 Per Capita GDP (USD) (Nominal) 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 Per Capita GDP (USD) (Real) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) Percentage Change in GDP Deflator 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 Source:Planning commission National Bank of Ethiopia Quarterly Bulletin 110 | Third Quarter 2020/21

Table 22(A): National Non-Food Consumer Price Index, December 100=2016 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 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 Source: Central Statistical Agency(CSA) and NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 111

Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confection￾ery Food prod￾ucts Non-Al￾coholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 Source: CSA and NBE Staff Compilation. National Bank of Ethiopia Quarterly Bulletin 112 | Third Quarter 2020/21

Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100 Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QIII 193.6 201.4 187.7 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 Source: Central Statistical Agency (CSA) & NBE staff Compilation National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 113

Table 22(D): Addis Ababa Food Consumer Price Index December 2016=100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and con￾fectionery Food prod￾ucts Non-Al￾coholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 189.5 205.4 187.4 162.5 155.9 155.8 186.6 176.0 142.1 291.5 157.0 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 Source: Central Statistical Agency & NBE staff Compilation National Bank of Ethiopia Quarterly Bulletin 114 | Third Quarter 2020/21

Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 115

Table 22 (E2): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-al￾coholic Index Non-Food Index Alcoholic bever￾ages & Tobacco Clothing & Foot￾wear Housing,Wa￾ter,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Main￾tenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.172 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.366 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.770 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 116 | Third Quarter 2020/21

Table 22 (E3): Regional States’ Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electricity,- Gas and Other Fuels Furnishings, Household Equipment & Routine Main￾tenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 117

Table 22 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 118 | Third Quarter 2020/21

Table 22 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 119

Table 22 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 120 | Third Quarter 2020/21

Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 121

Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegeta￾bles Sugar, jam, honey, chocolate and con￾fectionery (ND) Food products Non-Al￾coholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 122 | Third Quarter 2020/21

Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-al￾coholic Index Non-Food Index Alcoholic bever￾ages & Tobacco Clothing & Foot￾wear Housing,Wa￾ter,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Main￾tenance 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 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 170.7 181.0 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 123

Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non￾alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 124 | Third Quarter 2020/21

Table 22 (F1): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-al￾coholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and con￾fectionery (ND) Food prod￾ucts Non-Al￾coholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 125

Table 22 (F2): Regional States’ Consumer Price Index (Food) December 100 = 2016 Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 126 | Third Quarter 2020/21

Table 22 (F3): Regional States’ Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food prod￾ucts Non-Alcohol￾ic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 127

Table 22 (F4): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 128 | Third Quarter 2020/21

Table 22 (F5): Regional States’ Consumer Price Index (Food) December 100 = 2016 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 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 129

Table 22 (F6): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food products Non-Alcohol￾ic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 130 | Third Quarter 2020/21

Table 22 (F7): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confec￾tionery (ND) Food prod￾ucts Non-Al￾coholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 131

Table 22 (F8): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food prod￾ucts Non-Alcohol￾ic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 132 | Third Quarter 2020/21

Table 22 (F9): Regional States’ Consumer Price Index (Food) December 100 = 2016 Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 133

Table 22 (F10): Regional States’ Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confection￾ery (ND) Food prod￾ucts Non-Alcohol￾ic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency National Bank of Ethiopia Quarterly Bulletin 134 | Third Quarter 2020/21

Table 23 A: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Conti￾nents Country of Destination 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Africa Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 Somali Land - - - - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 21.9 19.7 18.0 Europe Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 Yugoslavia - - - - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 27.0 28.0 39.8 America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 163.0 77.1 - Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 Cuba - - - 325.5 15,043.2 - - - - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 10.6 11.8 8.8 Asia China, Mainland 3,330,807.6 4,764,263.2 5,167,985.4 5,682,920.3 8,071,388.2 6,145,483.9 7,498,265.1 5,111,009.8 4,754,322.7 3,152,537.0 2,538,974.1 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 39.6 39.7 32.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 0.8 0.8 0.6 Unspecified - - - - 0 Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 135

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

Table 24: Direction of Trade** (in millions of USD) Country of Origin 2019/20 2020/21 Percentage Change QI QII QIII QIV QI QII QIII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import G H I J K L M N O P Q R S T U=S/Q V=T/L Africa: Djibouti 35.2 7.7 26.3 5.3 27.5 4.7 29.4 20.5 21.0 22.8 20.8 16.0 27.9 18.6 1.7 293.6 Egypt 0.8 43.3 1.0 51.4 2.8 95.3 0.7 102.3 1.4 42.4 1.6 61.9 1.5 97.0 (44.7) 1.7 Ghana 0.4 0.1 0.1 0.0 0.1 0.3 0.0 0.1 0.4 0.1 0.1 0.2 0.1 128.9 (60.6) Kenya 6.0 13.0 4.8 41.3 2.3 17.4 1.4 13.7 1.9 12.0 2.2 11.6 2.0 16.4 (11.1) (5.3) Libia - - - - - - - - - - - - - - - - Morocco 0.0 0.0 0.1 0.4 - 284.7 0.3 140.1 0.5 1.4 0.9 0.3 0.4 347.4 22.0 Nigeria 3.3 0.1 1.7 0.1 5.4 0.1 0.9 0.0 3.2 0.0 0.5 0.0 1.1 0.0 (79.4) (75.6) Ruwanda 0.1 0.0 0.1 0.0 - 0.1 0.5 - 0.6 - 0.1 9.5 86.9 1,152,664.1 Somali Land - 0.3 - 0.1 - 0.1 - 0.0 - 0.1 - 0.0 - 0.0 (87.7) Somalia 78.7 - 48.1 - 47.3 - 56.6 - 34.5 - 33.5 - 81.6 - 72.4 South Africa 2.0 35.2 1.1 54.7 2.2 64.0 1.6 29.9 1.6 40.3 0.9 28.2 1.4 31.7 (36.3) (50.5) Sudan 9.8 26.3 17.9 5.8 20.4 19.1 20.0 22.2 23.2 19.4 19.3 6.6 19.1 1.2 (6.6) (93.8) Tanzania 0.3 1.0 0.0 1.8 1.1 0.9 1.0 2.3 0.9 0.4 0.0 0.4 0.0 0.2 (99.2) (79.8) Uganda 0.1 0.2 0.1 0.1 0.3 0.7 0.2 1.1 0.1 0.4 24.9 74.2 Zambia 0.3 0.0 - 0.0 1.8 0.0 2.2 0.2 0.4 - 0.0 0.0 (99.2) (96.0) Zembabwe 0.0 - 0.0 0.2 0.0 0.3 0.0 - 0.4 0.1 0.0 0.0 36.8 (90.8) Others 10.5 1.2 30.2 1.3 43.8 19.7 17.8 1.0 61.8 3.1 66.6 1.2 15.9 1.6 (63.6) (91.7) Total 147.5 128.2 131.4 162.4 154.8 506.9 129.7 332.8 153.2 143.0 148.0 127.7 151.5 524.3 (2.1) 3.4 %Share Of Continent 20.40 3.42 23.28 4.25 20.43 13.98 13.76 12.38 18.36 4.11 20.49 3.85 17.2 14.7 Europe: Austria 0.0 6.8 0.0 7.3 0.0 6.3 0.0 3.0 0.0 6.0 0.0 2.9 0.1 4.5 4,131.4 (28.3) Belgium 22.4 43.6 12.5 79.8 21.2 90.9 24.4 27.2 20.7 20.3 14.7 33.7 27.2 48.5 28.1 (46.6) Bulgaria 0.5 7.0 0.3 8.9 1.3 0.3 0.5 0.5 0.6 10.2 0.5 0.7 0.6 11.2 (52.1) 3,615.8 Cyprus 0.1 1.5 - 3.1 0.3 1.4 0.3 0.7 - 1.6 - 1.1 - 5.2 277.5 Czech Republic 0.0 2.9 - 1.9 0.0 9.5 0.0 1.1 0.0 1.4 0.0 1.4 - 2.7 (71.2) Slovakia 0.0 0.4 0.0 0.9 - 0.4 - 0.4 0.0 0.1 0.0 0.1 - 0.2 (36.7) Denmark 0.2 7.0 0.2 13.2 0.2 13.4 0.2 7.1 0.3 18.7 0.2 3.9 0.2 7.1 (30.2) (47.1) Finland 0.1 3.7 0.0 0.3 1.1 0.6 2.4 1.2 0.0 0.5 0.0 0.8 1.7 2.7 60.0 322.7 France 6.2 37.0 9.3 56.9 5.4 31.0 7.5 133.5 5.5 50.8 4.4 36.3 5.7 47.6 5.2 53.2 Germany 49.2 68.1 33.2 95.5 36.7 75.7 41.6 57.1 29.8 74.5 22.9 58.1 39.1 45.1 6.5 (40.4) Greece 1.0 1.1 0.8 1.8 1.1 2.5 1.2 0.9 0.8 1.6 1.1 1.1 1.3 0.4 24.0 (83.0) Hungary 0.2 3.4 0.0 4.1 0.1 1.7 0.1 4.3 0.3 3.0 - 5.4 0.0 2.1 (97.3) 21.8 Ireland 0.1 11.0 0.1 12.9 0.1 8.4 0.0 6.6 0.0 10.2 0.0 6.6 0.1 8.7 2.3 3.5 Italy 11.1 71.9 9.2 63.5 7.2 76.9 16.7 50.9 10.8 83.3 8.1 94.0 12.1 106.7 67.9 38.7 Netherlands 81.2 95.4 65.5 22.3 82.5 23.7 79.2 13.5 78.7 31.8 79.9 23.8 93.4 18.9 13.2 (20.3) Norway 3.6 1.3 2.9 0.7 2.8 3.0 3.0 0.3 2.2 1.9 2.8 0.4 2.7 0.8 (2.3) (74.9) Poland 0.3 7.0 0.3 12.8 0.1 5.0 0.2 4.2 0.2 8.8 0.1 22.2 0.1 7.3 (39.4) 45.3 Portugal 0.6 2.0 1.2 0.8 1.7 2.6 1.0 1.1 1.2 2.7 2.9 0.7 0.9 1.8 (48.7) (32.0) Rumania 0.1 38.6 0.3 12.2 0.3 0.5 0.1 0.2 0.0 30.9 0.2 0.3 0.4 0.3 60.0 (48.7) Spain 4.2 17.8 3.7 28.6 3.7 17.5 3.4 17.1 4.6 15.7 3.2 13.9 3.0 15.1 (17.6) (13.8) Sweden 1.5 28.3 1.0 9.1 1.8 3.7 1.5 14.9 1.4 3.1 1.3 11.4 2.3 4.3 29.3 17.9 Switzerland 7.0 32.3 7.8 5.1 14.4 6.7 169.6 28.4 204.4 5.8 132.7 29.4 115.1 4.0 699.0 (40.2) Turkey 3.8 151.0 8.2 176.0 13.5 158.0 8.5 126.6 4.9 375.5 7.0 147.2 8.4 83.8 (38.0) (47.0) Ukraine 0.4 140.6 0.2 106.0 0.3 40.0 0.3 52.0 0.4 29.1 0.6 146.9 0.6 63.7 82.2 59.3 United Kingdom 10.4 52.1 6.5 133.6 8.8 30.0 8.0 80.6 9.1 53.3 6.2 79.8 7.4 51.1 (15.7) 70.1 Russia 3.6 45.7 2.2 9.8 3.5 5.5 2.5 9.5 3.3 4.0 3.0 29.7 5.0 74.8 41.4 1,264.3 Yugoslavia - - - - - - - - - - - - - - Others 10.7 7.0 6.2 3.6 15.4 10.0 17.7 2.5 2.9 4.9 1.7 10.5 1.3 29.2 (91.7) 193.2 Total 218.3 884.6 171.5 870.8 223.5 625.4 389.7 645.5 382.2 849.5 293.4 762.2 328.7 647.8 47.1 3.6 %Share Of Continent 30.19 23.61 30.40 22.80 29.50 17.25 41.33 24.01 45.79 24.41 40.63 22.9 37.2 18.1 Ameri￾ca: Brazil - 3.8 - 3.9 - 5.1 - 4.2 - 21.2 - 7.7 - 7.9 55.4 Canada 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 3.6 4.3 3.9 28.1 4.0 10.2 (5.3) (61.7) Cuba - 0.0 - - - 0.1 - - - - - 0.0 - - Mexico 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 0.6 0.8 0.0 3.2 0.0 2.1 (96.9) (32.7) United States 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 59.0 157.5 40.6 211.6 70.0 262.7 51.3 (12.4) Others 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 1.5 4.9 0.7 3.3 1.1 16.6 (96.4) (83.9) Total 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 64.7 188.7 45.3 253.9 75.1 299.5 (7.7) (31.6) %Share Of Continent 11.10 8.53 9.66 9.51 10.74 12.07 10.52 6.53 7.75 5.42 0.00 7.6 8.5 8.4 Asia: China, Mainland 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 13.1 918.0 15.9 890.0 22.3 837.7 (4.2) (6.3) China, Taiwan 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 5.2 17.8 2.7 12.1 4.5 12.6 38.7 (6.7) Hong Kong 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 3.7 18.2 3.4 12.4 6.7 1.3 28.4 (1.7) India 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 9.6 569.7 15.1 457.9 29.4 330.0 164.4 15.1 Indonesia 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 6.6 111.0 6.5 85.4 11.9 80.1 60.2 (1.0) Israel 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 18.0 3.1 16.9 4.4 24.2 4.6 (33.4) (23.5) Japan 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 20.9 32.2 15.6 27.8 14.4 18.4 (42.8) (43.1) N.Korea, Pdrk 0.0 0.5 - 1.4 0.0 0.9 0.0 0.3 0.0 1.9 0.2 0.2 15,435.7 415.1 S.Korea 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 15.2 41.0 8.8 44.1 18.8 69.8 18.6 57.4 Kuwait 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 1.4 116.0 1.0 0.3 2.8 0.0 256.7 (100.0) Lebanon 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 0.2 0.2 0.1 0.5 1.0 0.3 35.7 199.8 Malaysia 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 1.9 125.5 2.3 105.7 4.4 106.9 1,480.3 194.0 Pakistan 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 5.4 8.2 3.1 13.1 2.8 12.8 (50.3) 116.1 Saudi Arabia 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 53.3 60.2 45.9 72.2 58.4 300.6 5.2 147.0 Singapore 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 6.2 104.2 15.2 2.4 15.7 2.1 (4.0) (98.1) Yemen 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 9.5 1.3 6.9 0.7 5.1 0.0 (23.4) (97.8) Thailand 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 0.4 25.1 0.0 71.9 0.3 17.2 (0.6) (42.8) UAE 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 32.0 115.1 48.3 348.8 57.4 266.9 20.7 37.8 Others 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 24.5 25.9 24.1 24.1 40.3 38.6 21.1 (23.3) Total 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 227.1 2,292.8 231.7 2,175.8 320.7 2,100.1 8.8 2.3 %Share Of Continent 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 27.21 65.88 32.08 65.50 36.31 58.76 Oceania: Australia 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 6.2 5.5 1.5 1.2 6.0 1.4 141.5 (33.4) Others 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 1.2 0.9 2.3 0.9 1.2 0.7 75.7 (53.4) Total 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 7.5 6.3 3.8 2.0 7.2 2.1 127.2 (41.8) % Share Of Continent 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 0.89 0.18 0.53 0.06 0.81 0.06 Unspecified - - - - - - - - - - - - - Grand Total 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.7 834.7 3,480.3 722.3 3,321.7 883.1 3,573.9 16.6 (1.4) Source: Ethiopian Ministry of 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 National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 137

Table 25: Volume of Exports, by Major Commodity Groups ( In metric tone) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2019/20 July 26,513.4 12,313.3 332.2 30,173.9 1,329.1 17,681.2 - 0.1 - 7,395.9 4,985.2 - 12.0 2.1 - 2,333.2 August 30,304.2 13,750.8 429.6 32,588.5 1,420.4 18,119.0 5,000.0 0.1 - 1,712.3 6,583.5 - 36.0 7.7 - 2,562.1 September 23,713.3 8,962.0 360.9 24,841.6 904.5 13,005.7 2,500.2 0.0 - 3,390.6 4,713.5 - 18.0 6.9 - 2,038.7 Qtr 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 October 19,978.8 6,860.2 486.2 32,704.2 925.0 12,325.4 1.6 0.0 - 1,673.1 4,707.5 - 44.0 8.5 - 1,783.5 November 18,336.8 12,559.1 333.8 26,081.7 1,017.7 15,358.6 3.3 0.0 - 1,741.0 4,730.9 - - 6.7 - 2,122.9 December 14,212.5 16,150.1 311.4 22,987.2 1,129.1 15,771.1 2,502.3 0.1 - 1,359.7 4,732.7 - - 2.0 - 1,883.5 Qtr II 52,528.2 35,569.5 1,131.4 81,773.1 3,071.7 43,455.2 2,507.1 0.2 - 4,773.8 14,171.1 - 44.0 17.2 - 5,789.9 January 16,602.3 28,869.8 276.1 22,254.3 1,131.0 11,624.2 2,502.9 0.1 - 1,815.4 4,777.9 - 23.0 2.3 - 1,983.9 February 17,470.5 24,446.4 227.2 34,313.8 1,170.3 16,401.1 2,502.3 0.0 - 2,035.0 5,105.7 - - 8.0 - 2,046.2 March 27,045.7 35,198.2 282.0 31,067.1 910.7 19,220.8 2.1 0.2 - 930.7 4,591.1 - 17.5 6.1 - 1,888.6 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 April 25,143.3 35,313.1 123.3 34,542.4 969.1 20,948.1 0.4 1.0 - 2,178.1 3,195.1 - 18.0 10.1 40.0 1,293.8 May 25,982.6 27,132.5 172.9 38,098.8 1,042.9 21,648.9 2,500.0 0.8 - 2,540.8 4,537.2 - 72.0 2.0 40.0 1,405.0 June 25,808.0 14,949.0 215.7 24,356.9 870.3 9,079.0 - 0.8 - 2,623.1 4,475.9 - 17.5 13.7 - 1,457.0 Qtr IV 76,933.9 77,394.6 511.9 96,998.1 2,882.3 51,676.1 2,500.4 2.6 - 7,342.0 12,208.2 - 107.5 25.8 80.0 4,155.8 2020/21 July 19,045.3 10,723.8 233.5 19,346.9 1,222.3 14,729.8 2,500.0 1.0 - 2,878.0 4,216.8 - 31.5 5.3 - 2,265.5 August 20,022.6 17,142.7 164.9 24,890.7 968.6 11,641.0 - 0.9 - 2,023.0 6,353.7 - 18.0 3.6 - 2,199.9 September 39,067.8 27,866.4 398.4 44,237.6 2,190.9 26,370.7 2,500.0 0.8 - 4,901.0 10,570.5 - 49.5 9.0 - 4,465.4 Qtr I 78,135.6 55,732.8 796.8 88,475.2 4,381.9 52,741.5 5,000.0 2.7 - 9,802.0 21,141.0 - 99.0 17.9 - 8,930.8 October 13,839.0 15,815.6 172.1 16,118.0 1,036.4 14,561.5 1.7 0.9 - 2,222.8 6,338.5 - 16.0 10.0 - 1,846.6 November 14,346.1 19,635.6 180.8 15,025.8 1,107.9 19,095.2 1.1 0.5 - 1,101.6 4,934.5 - 36.0 1.0 - 1,999.0 December 10,266.9 32,961.9 169.1 19,315.0 1,030.3 12,647.5 2.4 0.5 - 1,744.5 5,529.9 - - 4.3 - 1,559.6 Qtr II 38,452.0 68,413.0 522.0 50,458.8 3,174.7 46,304.1 5.3 1.9 - 5,068.9 16,802.9 - 52.0 15.3 - 5,405.2 January 12,005.3 21,177.3 195.3 21,663.7 1,197.4 16,945.1 3.0 0.4 - 1,776.9 6,483.3 - - 1.4 - 1,647.3 February 15,727.4 24,488.7 213.4 36,164.4 1,320.9 24,063.4 1.0 0.5 - 1,754.1 5,644.1 - 54.0 5.6 - 1,831.7 March 27,267.1 30,565.2 217.7 34,448.4 1,436.9 23,661.5 0.6 0.7 - 3,062.1 5,046.1 - - 12.0 - 2,264.4 Qtr III 54,999.9 76,231.3 626.4 92,276.5 3,955.2 64,669.9 4.6 1.6 - 6,593.1 17,173.5 - 54.0 19.0 - 5,743.3 Table 25 (continued): Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beve- rage Spices Others Electricity (in ‘1000’ kwh) Others* Re-Exports Grand Total* 2019/20 July 103.1 16.0 - - - 2.1 - 8,075.6 259.7 1,407.2 9,443.3 54,590.0 21,642.3 122,378.5 August 344.8 174.9 - - - 10.1 - 9,962.4 274.4 1,256.9 9,925.4 54,535.3 24,518.6 134,462.9 September 222.0 518.7 - - - 0.3 - 8,103.6 278.1 1,697.8 11,099.1 57,917.8 23,965.0 106,375.3 Qtr 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 October 57.6 140.6 - - - 25.5 - 8,011.1 350.6 1,261.9 11,911.6 59,546.3 23,550.9 103,257.0 November 72.3 112.0 - - - 6.0 - 7,706.4 253.8 1,216.3 12,771.6 99,714.5 24,267.9 104,430.9 December 34.7 59.0 - - - 7.2 - 4,616.9 333.8 1,127.3 14,874.3 103,186.8 22,938.6 102,094.9 Qtr II 164.6 311.6 - - - 38.7 - 20,334.4 938.2 3,605.5 39,557.4 262,447.5 70,757.5 - 309,782.8 January 194.8 150.0 - - - 7.7 - 9,881.9 238.4 500.3 17,005.0 95,060.2 29,964.2 119,841.2 February 547.9 16.6 - - - 64.5 - 8,952.0 294.0 669.2 12,574.5 100,600.7 25,173.0 128,845.2 March 310.4 30.0 - - - 22.7 - 5,659.8 281.9 657.6 17,177.1 112,081.9 26,034.2 145,300.3 Qtr III 1,053.1 196.6 - - - 94.9 - 24,493.7 814.3 1,827.1 46,756.6 307,742.7 81,171.5 - 393,986.7 April 700.3 64.7 - - - - - 6,829.6 1,204.9 663.5 6,720.1 112,913.8 17,527.0 139,959.0 May 1,049.1 86.1 - - - - - 8,211.8 314.9 532.7 7,245.4 123,674.9 18,887.0 142,616.4 June 1,033.2 16.1 - - - 6.1 - 8,378.9 345.7 1,508.9 4,298.3 171,431.7 17,057.8 99,454.0 Qtr IV 2,782.6 166.8 - - - 6.1 - 23,420.3 1,865.6 2,705.1 18,263.8 408,020.5 53,471.9 - 382,029.4 2020/21 July 1,088.0 43.5 - - - 0.6 - 7,523.7 271.0 823.9 3,862.7 18,351.5 15,884.2 90,812.9 August 970.2 81.0 - - - 0.2 - 7,421.2 324.7 1,108.7 7,359.0 16,605.3 19,468.4 102,694.4 September 2,058.1 124.5 - - - 0.9 - 14,944.9 595.6 1,932.5 11,221.7 8,054.6 35,352.7 193,506.3 Qtr I 4,116.3 249.0 - - - 1.7 - 29,889.8 1,191.2 3,865.1 22,443.4 43,011.4 70,705.3 387,013.7 October 1,630.5 77.8 - - - 1.2 - 7,904.2 331.3 920.2 11,612.5 111,669.7 1,856.6 71,979.2 November 2,480.0 95.4 - - - - - 7,677.3 235.4 940.6 9,022.8 126,045.1 2,000.0 77,465.1 December 505.1 44.1 - - - 1.1 - 8,432.8 2,050.5 962.1 11,415.5 104,564.2 1,563.9 85,231.8 Qtr II 4,615.6 217.3 - - - 2.3 - 24,014.4 2,617.1 2,822.9 32,050.7 342,279.0 5,420.5 234,676.1 January 1,299.4 0.0 - - - 0.0 - 8,507.8 154.0 500.8 9,637.9 103,446.3 21,748.6 103,196.2 February 536.9 49.3 - - - 1.1 - 9,520.0 543.3 629.6 5,633.2 108,704.1 18,750.7 128,182.7 March 3,226.3 80.6 - - - 1.1 - 9,330.3 134.6 1,601.2 10,083.7 147,448.5 26,734.2 152,440.6 Qtr III 5,062.7 129.9 - - - 2.2 - 27,358.1 831.9 2,731.5 25,354.9 359,598.9 67,233.6 383,819.5 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) National Bank of Ethiopia Quarterly Bulletin 138 | Third Quarter 2020/21

Table 26: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vege- tables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2019/20 July 2,335,735.5 556,373.9 231,268.1 454,974.7 193,022.0 187,902.6 - 76,269.0 444,240.5 823,678.8 - 2,807.9 2,926.3 - 474,513.6 August 2,537,404.9 606,226.6 251,681.2 529,494.9 212,785.3 169,236.9 11,749.7 79,223.3 89,063.3 1,066,955.7 - 8,580.5 15,472.7 - 631,180.0 September 1,877,299.0 405,470.7 203,359.7 432,024.0 132,265.3 119,042.3 5,865.2 23,106.2 168,755.1 800,509.5 - 4,420.3 5,309.5 - 402,291.8 Qtr I 6,750,439.4 1,568,071.1 686,309.1 1,416,493.6 538,072.5 476,181.9 17,614.9 178,598.5 - 702,058.9 2,691,144.0 - 15,808.7 23,708.4 - 1,507,985.5 October 1,536,881.0 308,421.5 308,898.0 540,447.6 137,064.6 133,643.7 18.7 20,352.1 82,584.1 799,630.7 - 11,751.1 18,920.6 - 439,185.5 Noveber 1,400,917.9 530,130.2 224,787.2 449,756.1 157,964.5 155,129.6 37.6 47,057.7 96,476.7 792,187.3 - - 10,781.5 - 464,877.8 December 1,068,276.9 785,180.7 217,454.5 516,776.3 193,409.9 168,821.5 6,286.9 160,776.9 76,638.0 862,699.7 - - 1,135.6 - 468,999.1 Qtr II 4,006,075.8 1,623,732.5 751,139.6 1,506,980.0 488,439.0 457,594.8 6,343.2 228,186.8 - 255,698.8 2,454,517.7 - 11,751.1 30,837.7 - 1,373,062.4 January 1,373,638.4 1,357,089.8 174,965.1 561,881.1 198,412.1 137,677.5 6,914.0 103,554.6 99,351.2 885,016.0 - 5,792.1 4,411.0 - 479,260.2 February 1,846,511.5 1,135,973.5 142,044.5 789,643.7 211,893.2 158,732.6 6,945.9 27,587.6 121,131.8 937,855.4 - - 18,005.4 - 458,032.3 March 3,156,164.0 1,653,160.3 157,325.1 778,644.3 155,102.0 166,604.1 26.8 307,354.9 53,521.8 824,781.2 - 3,988.2 16,792.7 - 417,705.0 Qtr III 6,376,313.9 4,146,223.6 474,334.7 2,130,169.1 565,407.2 463,014.2 13,886.7 438,497.1 - 274,004.9 2,647,652.6 - 9,780.3 39,209.0 - 1,354,997.5 April 3,454,803.1 1,713,003.3 65,317.2 848,381.1 180,612.4 160,079.2 6.0 2,099,738.1 120,772.2 603,998.8 - 5,071.7 25,977.0 4,073.7 294,165.3 May 3,312,947.4 1,296,788.7 104,917.8 928,481.5 199,556.3 179,499.9 7,238.7 1,852,305.0 148,926.5 868,150.6 - 19,050.1 2,184.4 4,145.1 353,987.0 June 3,143,730.9 665,163.7 126,372.8 592,390.3 134,946.5 98,425.4 - 1,775,313.9 169,615.4 850,707.2 - 4,193.7 33,574.1 - 351,138.4 Qtr IV 9,911,481.4 3,674,955.8 296,607.9 2,369,253.0 515,115.2 438,004.5 7,244.7 5,727,357.0 - 439,314.1 2,322,856.6 - 28,315.5 61,735.4 8,218.7 999,290.6 2020/21 July 2,253,111.2 501,603.4 120,006.3 469,340.2 207,566.3 148,956.2 7,523.7 2,512,614.9 189,967.1 860,893.1 - 8,073.1 16,381.1 - 539,007.9 August 2,599,653.0 759,998.3 110,043.4 635,376.1 182,834.0 157,595.2 - 2,550,584.7 125,757.0 1,280,546.4 - 5,270.0 3,046.7 - 561,836.8 September 1,765,567.8 819,729.3 101,448.2 567,801.2 180,492.7 167,145.6 23.0 2,201,827.9 126,741.1 1,252,666.5 - - 18,440.6 - 378,430.7 Qtr I 6,618,332.1 2,081,331.0 331,497.9 1,672,517.6 570,893.0 473,697.0 7,546.7 7,265,027.5 - 442,465.2 3,394,106.0 - 13,343.0 37,868.3 - 1,479,275.5 October 1,706,348.8 733,048.4 104,287.7 432,939.3 198,124.9 176,126.6 25.1 2,301,388.5 139,858.7 1,292,886.6 - 3,856.4 19,159.2 - 427,966.8 Noveber 1,663,102.0 1,053,769.7 103,475.9 450,235.5 217,778.1 199,359.0 16.8 1,541,811.5 74,947.9 1,053,395.4 - 9,898.4 556.4 - 464,750.0 December 1,171,927.9 1,851,895.2 116,437.7 569,548.7 204,902.6 183,011.7 164.1 1,147,517.8 111,853.4 1,172,524.7 - - 10,992.7 - 391,896.4 Qtr II 4,541,378.8 3,638,713.3 324,201.3 1,452,723.6 620,805.6 558,497.3 206.0 4,990,717.8 - 326,660.1 3,518,806.6 - 13,754.8 30,708.3 - 1,284,613.2 January 1,639,975.3 1,178,739.7 102,138.6 721,014.4 228,408.5 202,367.4 46.9 1,317,258.5 117,616.9 1,427,215.9 - - 2,096.4 - 406,836.6 February 2,371,167.3 1,325,553.7 127,548.5 1,320,938.8 272,889.4 381,804.9 16.4 1,407,646.1 120,853.3 1,278,871.1 - 16,856.2 15,834.3 - 453,394.7 March 4,350,209.9 1,738,947.5 133,301.1 1,194,955.3 305,713.3 301,331.7 9.5 1,869,897.6 194,430.2 1,210,445.9 - - 33,140.1 - 512,987.2 Qtr III 8,361,352.4 4,243,240.8 362,988.2 3,236,908.5 807,011.2 885,504.0 72.9 4,594,802.2 - 432,900.4 3,916,533.0 - 16,856.2 51,070.8 - 1,373,218.5 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 26 (continued): Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total 2019/20 July 3,070.9 2,536.5 - - - 150.4 - 1,040,559.7 7,738.0 45,868.2 327,599.5 96,778.7 2,001,741.7 7,308,014.8 August 8,431.1 25,456.6 - - - 808.6 - 1,276,629.9 9,388.0 39,421.6 130,777.6 97,122.5 2,234,688.6 7,797,090.8 September 7,873.3 37,298.2 - - - 52.1 - 1,040,802.3 3,156.2 40,966.6 111,947.3 103,629.0 1,753,326.5 5,925,443.8 Qtr I 19,375.3 65,291.3 - - - 1,011.1 - 3,357,992.0 20,282.2 126,256.4 570,324.4 297,530.2 5,989,756.8 21,030,549.4 October 2,922.7 15,959.5 - - - 2,748.8 - 1,058,003.6 11,833.9 33,452.2 103,956.4 104,082.7 1,791,065.8 5,670,758.9 Noveber 3,427.1 12,459.4 - - - 511.9 - 1,011,305.7 7,097.6 35,068.4 116,024.9 170,847.2 1,832,401.3 5,686,846.2 December 2,626.5 9,051.9 - - - 496.4 - 682,464.3 10,853.5 39,668.5 212,955.5 186,940.8 1,615,192.2 5,671,513.4 Qtr II 8,976.3 37,470.7 - - - 3,757.1 - 2,751,773.7 29,785.0 108,189.0 432,936.8 461,870.7 5,238,659.3 17,029,118.6 January 5,208.4 17,942.7 - - - 580.9 - 1,503,717.8 5,444.7 24,520.9 536,368.6 175,270.2 2,752,725.4 7,657,017.2 February 16,423.6 3,479.8 - - - 7,717.4 - 1,330,636.5 10,314.4 26,985.2 199,008.0 182,057.2 2,252,659.7 7,630,979.4 March 7,756.2 4,825.3 - - - 2,807.6 - 806,762.4 12,089.9 39,193.5 357,947.2 208,286.1 1,874,165.8 9,130,838.5 Qtr III 29,388.3 26,247.9 - - - 11,105.9 - 3,641,116.6 27,848.9 90,699.6 1,093,323.7 565,613.4 6,879,550.9 24,418,835.1 April 11,796.4 15,541.9 - - - - - 965,333.8 8,500.9 26,648.4 223,045.3 216,680.3 1,791,762.9 11,043,546.1 May 24,347.0 10,896.7 - - - - - 1,207,175.9 12,315.8 23,706.3 164,653.2 247,619.8 2,051,031.2 10,968,893.8 June 23,558.3 2,390.2 - - - 565.2 - 1,285,087.4 12,665.7 57,208.2 215,409.7 331,738.3 2,313,335.4 9,874,195.2 Qtr IV 59,701.8 28,828.8 - - - 565.2 - 3,457,597.0 33,482.3 107,563.0 603,108.1 796,038.4 6,156,129.5 31,886,635.1 2020/21 July 25,453.9 5,442.6 - - - 284.3 - 1,173,301.1 11,707.5 37,510.4 230,621.6 343,493.4 2,383,203.7 9,662,859.1 August 29,513.6 15,560.7 - - - 13.3 - 1,201,339.5 30,788.5 43,301.2 264,971.2 317,539.7 2,467,911.2 10,875,569.3 September 30,898.2 7,326.3 - - - 216.6 - 1,292,527.3 10,917.4 35,117.1 183,406.1 167,796.9 2,125,077.1 9,308,520.6 Qtr I 85,865.7 28,329.5 - - - 514.2 - 3,667,167.9 53,413.4 115,928.7 678,998.9 828,830.0 6,976,192.0 29,846,949.0 October 50,788.7 17,423.7 - - - 169.1 - 1,330,928.7 11,360.5 42,073.6 294,500.7 226,347.9 2,420,718.8 9,509,609.9 Noveber 62,380.9 18,897.7 - - - - - 1,327,112.8 9,354.3 38,596.1 222,305.6 265,542.6 2,409,496.4 8,777,286.6 December 29,647.0 5,578.3 - - - 255.6 - 1,545,105.6 37,594.3 49,840.4 217,095.9 230,389.9 2,518,396.1 9,048,179.8 Qtr II 142,816.5 41,899.7 - - - 424.7 - 4,203,147.1 58,309.1 130,510.0 733,902.2 722,280.4 7,348,611.2 27,335,076.3 January 39,498.0 220.0 - - - 8.7 - 1,716,383.4 10,823.3 29,698.5 207,761.3 229,538.4 2,413,326.3 9,348,108.5 February 25,714.5 9,517.5 - - - 246.9 - 1,796,703.2 11,452.9 42,160.8 191,131.2 240,591.8 2,546,156.0 11,170,301.6 March 89,994.7 13,081.1 - - - 385.7 - 1,728,587.1 6,110.3 68,381.6 231,589.7 332,420.2 2,684,257.5 13,983,499.5 Qtr III 155,207.3 22,818.6 - - - 641.3 - 5,241,673.7 28,386.6 140,240.8 630,482.2 802,550.4 7,643,739.8 - 34,501,909.6 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 139

Table 27: Value of Imports, by Major Commodity Groups** (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2019/20 July 597,447.96 86,879.22 13,833.57 - 6,017,918.91 465,806.84 926,244.79 172,887.39 436,159.09 711,181.12 339,264.90 August 3,584,464.51 54,792.82 8,191.86 - 5,939,930.79 593,011.17 1,139,272.06 47,921.62 380,916.38 749,958.71 290,997.79 September 4,904,828.59 62,589.42 7,017.06 - 4,742,083.72 420,246.83 1,516,637.04 46,962.64 457,279.45 577,348.96 412,587.85 Qtr I 9,086,741 204,261 29,042 - 16,699,933 1,479,065 3,582,154 267,772 1,274,355 2,038,489 1,042,851 October 2,843,810.90 73,460.34 12,409.34 193.70 5,850,587.30 667,933.26 1,533,505.12 527,158.80 341,838.96 748,039.48 465,740.94 November 2,663,218.36 72,958.16 5,424.48 63.53 5,123,894.95 456,005.45 828,753.76 174,181.09 360,461.08 725,607.30 308,070.39 December 1,565,174.47 112,907.25 14,286.81 - 7,641,872.02 667,282.42 1,404,011.45 272,126.09 581,664.74 711,746.37 505,002.15 QII 7,072,204 259,326 32,121 257 18,616,354 1,791,221 3,766,270 973,466 1,283,965 2,185,393 1,278,813 January 2,495,827.56 97,156.75 9,277.41 - 6,487,817.69 597,585.70 876,139.59 659,365.67 521,293.15 1,207,454.74 404,570.19 February 2,151,699.31 51,331.09 17,902.24 1,706.73 6,337,408.03 408,095.30 690,157.41 397,216.12 357,411.36 999,294.49 375,661.68 March 3,881,288.55 84,152.51 9,505.19 - 3,926,397.84 397,763.41 1,946,567.36 319,672.93 372,854.99 656,003.99 327,587.01 QIII 8,528,815 232,640 36,685 1,707 16,751,624 1,403,444 3,512,864 1,376,255 1,251,560 2,862,753 1,107,819 April 1,246,212.81 39,302.92 4,300.72 - 3,472,574.48 253,222.71 4,684,132.29 226,720.78 301,503.92 556,234.22 315,286.43 May 3,340,209.98 36,915.09 6,590.67 - 2,048,652.55 427,827.92 422,897.65 57,810.88 230,068.17 579,107.40 221,083.55 June 1,261,172.83 149,476.82 5,077.65 - 4,467,752.81 460,398.82 855,034.63 190,251.89 197,845.11 1,213,782.63 297,388.27 QIV 5,847,596 225,695 15,969 - 9,988,980 1,141,449 5,962,065 474,784 729,417 2,349,124 833,758 2020/21 July 3,802,288.04 84,732.80 17,565.38 - 4,005,416.36 615,364.65 1,159,645.62 401,377.31 409,559.56 1,104,217.48 242,986.67 August 3,496,842.68 87,967.27 11,681.66 - 5,314,851.02 609,000.61 907,318.48 431,280.83 466,233.37 915,914.38 227,110.57 September 1,701,755.83 83,051.38 10,190.22 - 3,479,758.58 517,095.97 645,456.60 184,966.63 476,132.30 1,000,469.93 268,285.98 Qtr I 9,000,887 255,751 39,437 - 12,800,026 1,741,461 2,712,421 1,017,625 1,351,925 3,020,602 738,383 October 4,038,354 89,829 22,764 - 4,905,083 429,002 1,898,098 452,818 304,869 854,162 290,230 November 3,862,857 56,611 7,827 77 3,972,926 621,143 1,117,956 116,597 406,864 721,981 214,967 December 6,049,917 123,541 34,123 - 5,857,930 409,417 3,608,492 238,817 476,862 867,410 307,763 QII 13,951,128 269,982 64,714 77 14,735,939 1,459,562 6,624,546 808,232 1,188,595 2,443,553 812,960 January 4,050,719 46,217 7,036 - 6,368,999 402,606 2,326,734 65,260 294,420 670,208 215,392 February 4,942,293 80,940 20,371 - 6,766,180 467,774 1,465,432 567,329 602,770 802,370 292,954 March 4,034,248 53,950 4,587 - 7,668,012 542,080 2,460,747 659,485 633,446 901,235 295,305 QIII 13,027,260 181,107 31,994 - 20,803,192 1,412,460 6,252,913 1,292,075 1,530,636 2,373,813 803,651 Table 27 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Ma- terials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 749,146.32 545,933.94 404,214.30 4,049,320.53 4,590,863.51 2,546,554.97 2,587,634.20 359,518.64 57,047.88 9,197,075.84 34,495,415.29 August 811,243.09 469,454.73 261,035.61 3,687,181.33 8,658,198.96 1,021,729.13 1,871,647.97 129,401.89 160,373.93 10,945,794.43 40,676,116.89 September 725,471.32 447,364.19 215,215.58 3,013,102.90 3,033,913.36 912,460.77 1,443,092.47 302,751.37 30,775.35 10,852,595.23 33,821,572.73 Qtr I 2,285,861 1,462,753 880,465 10,749,605 16,282,976 4,480,745 5,902,375 791,672 248,197 30,995,465 108,993,105 October 793,202.83 569,209.84 289,656.20 5,076,459.12 6,811,160.21 921,954.23 2,350,818.51 204,736.97 28,334.97 8,636,876.91 38,542,350.95 November 743,172.80 425,350.33 312,140.72 3,955,796.60 8,362,020.20 1,076,547.00 3,402,493.96 561,846.24 45,001.30 7,055,971.32 36,097,132.78 December 987,551.13 809,339.97 325,069.27 5,392,178.97 8,080,630.53 648,674.18 2,631,484.76 333,374.66 96,169.56 8,336,641.11 40,783,813.26 QII 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 January 1,052,973.72 682,963.35 374,670.76 4,198,127.88 5,901,786.02 629,139.05 2,278,111.39 238,443.17 43,030.51 13,349,264.45 41,866,555.59 February 829,649.68 348,050.02 227,838.04 6,033,833.69 5,776,514.04 750,667.17 2,153,392.64 663,210.32 73,444.34 10,645,128.17 38,626,401.55 March 787,121.46 202,319.34 273,751.58 4,872,349.53 6,259,672.58 429,865.54 1,902,437.16 403,285.60 22,999.01 9,598,834.16 36,271,144.14 QIII 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 April 449,416.26 364,131.30 154,464.66 4,309,492.94 4,815,092.76 135,928.90 1,215,949.45 524,506.91 18,496.08 9,143,391.26 31,705,854.89 May 607,431.40 526,863.46 212,646.49 3,056,103.37 3,519,036.75 179,510.46 1,552,510.39 767,562.31 14,752.16 9,418,824.28 26,458,842.63 June 852,672.99 519,212.08 225,669.52 3,664,129.47 4,123,241.52 244,792.15 1,612,555.57 185,861.97 20,167.63 12,483,528.96 32,844,151.35 QIV 1,909,521 1,410,207 592,781 11,029,726 12,457,371 560,232 4,381,015 1,477,931 53,416 31,045,744 91,008,849 2020/21 July 902,516 755,276 279,186 4,108,277 3,526,870 371,658 3,041,143 1,454,745 39,726 14,947,713 39,815,519 August 928,966 642,861 246,472 5,338,083 4,859,479 950,531 2,048,972 1,818,542 76,406 19,178,571 46,738,542 September 1,111,745 762,188 332,190 4,890,623 7,828,973 741,157 2,239,114 250,257 16,005 11,584,901 37,874,060 Qtr I 2,943,227 2,160,325 857,848 14,336,983 16,215,322 2,063,347 7,329,228 3,523,544 132,138 45,711,184 124,428,121 October 1,321,964 589,154 173,326 4,554,625 6,449,041 398,497 3,367,306 106,663 83,874 10,744,643 40,967,641 November 1,494,627 834,005 253,584 4,454,309 4,654,116 289,903 2,391,431 663,282 19,768 13,554,921 39,046,470 December 1,254,236 1,012,017 245,716 4,501,654 5,678,288 421,950 3,661,502 2,672,640 170,981 10,914,804 45,835,420 QII 4,070,828 2,435,175 672,627 13,510,588 16,781,444 1,110,350 9,420,239 3,442,585 274,624 35,214,368 125,849,531 January 1,073,433 659,886 187,840 3,892,077 7,590,566 209,966 3,873,570 1,509,118 54,332 15,918,060 47,907,320 February 1,184,950 737,839 250,964 4,494,625 5,930,035 396,980 2,819,977 1,551,124 36,135 12,158,482 44,018,399 March 1,047,928 394,082 268,615 3,726,382 6,312,345 279,002 2,571,059 1,333,102 78,492 18,762,750 50,693,753 QIII 3,306,311 1,791,807 707,419 12,113,084 19,832,946 885,948 9,264,607 4,393,345 168,959 46,839,292 142,619,472 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 National Bank of Ethiopia Quarterly Bulletin 140 | Third Quarter 2020/21

Table 28: 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 & Pa￾per Manfc. 2019/20 July 68,497.0 2,399.8 204.4 - 330,084.4 17,270.5 2,304.3 101.7 9,759.5 8,773.2 11,463.6 August 389,998.9 1,278.0 44.6 - 416,968.0 25,692.6 2,015.7 128.9 7,395.8 9,562.0 10,572.5 September 469,170.9 1,187.1 45.0 - 263,239.4 17,795.9 1,934.8 16.0 12,141.7 7,826.4 15,389.5 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 October 244,695.2 1,360.9 100.0 16.0 325,943.9 23,847.3 2,461.5 30,093.9 5,274.7 14,132.1 15,042.5 November 281,455.5 1,367.6 67.0 0.2 286,716.0 16,188.4 2,777.8 359.6 9,092.3 9,239.2 11,625.9 December 134,217.0 2,200.0 133.9 - 401,031.4 531,088.3 1,356.0 75.6 9,700.6 8,295.5 16,067.5 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 January 189,833.4 1,647.7 61.3 - 324,441.9 19,311.0 2,061.2 129.5 7,958.6 11,605.3 11,491.0 February 182,671.1 986.8 145.5 37.7 346,615.1 12,449.5 2,043.3 531.5 6,294.7 10,524.9 10,221.8 March 285,691.5 1,228.9 74.2 - 284,172.4 14,288.7 1,522.6 125.2 6,882.3 7,622.8 10,359.6 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 April 194,586.6 744.6 28.2 - 334,935.9 11,251.3 2,986.2 108.9 3,814.3 5,671.3 10,227.1 May 187,968.5 753.1 60.9 - 227,020.2 15,491.7 974.1 32.6 3,727.1 8,097.0 7,390.5 June 144,767.8 1,671.5 45.0 - 326,027.5 14,257.1 1,634.3 63.0 3,643.2 10,219.8 8,359.1 QIV 527,322.9 3,169.1 134.1 - 887,983.6 41,000.1 5,594.6 204.5 11,184.6 23,988.1 25,976.7 2020/21 July 608,995.1 1,409.9 109.1 - 272,666.7 20,117.3 1,184.6 77.4 6,735.6 14,090.3 77,678.8 August 324,306.1 1,170.3 80.1 - 357,700.9 17,370.6 1,609.2 108.1 9,710.4 8,678.1 7,025.8 September 250,296.1 1,304.2 70.4 - 248,319.6 16,695.3 1,370.5 56.4 9,305.8 10,397.5 7,767.0 Qtr I 1,183,597.3 3,884.4 259.6 - 878,687.3 54,183.2 4,164.3 242.0 25,751.8 33,166.0 92,471.6 October 288,296.6 1,244.4 241.8 - 344,425.7 13,681.1 1,409.9 110.6 5,177.9 8,428.9 9,944.8 November 311,444.4 1,413.9 31.1 0.1 265,051.8 16,107.7 2,792.1 41.6 6,721.3 6,594.1 6,365.2 December 551,310.0 2,162.2 175.3 - 328,418.3 9,866.6 2,278.0 67.2 7,870.3 7,648.6 6,984.3 QII 1,151,051.0 4,820.5 448.2 0.1 937,895.8 39,655.5 6,480.0 219.4 19,769.5 22,671.6 23,294.3 January 232,013.7 1,089.9 66.6 - 326,932.1 14,445.7 1,600.4 22.9 4,494.9 5,602.3 5,486.7 February 218,295.7 1,063.2 139.9 - 307,546.3 11,111.0 3,302.0 129.1 9,078.3 6,856.9 6,475.6 March 216,707.2 772.7 26.9 - 325,501.0 16,328.1 2,112.6 66.2 5,557.3 7,610.9 6,601.7 QIII 667,016.6 2,925.7 233.4 - 959,979.4 41,884.8 7,015.0 218.2 19,130.5 20,070.1 18,564.0 Table 28 (continued): (In Metric Tons) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 11,062.23 3,199.14 26,698.17 151,321.52 21,025.03 27,363.34 16,572.30 50,710.19 34.75 269,904.88 978,039.66 August 13,207.50 2,269.87 15,207.75 213,442.16 16,060.46 16,439.95 9,355.91 60,409.58 22.39 318,861.63 1,468,524.51 September 10,225.00 1,940.01 10,541.99 112,342.54 16,130.61 5,792.14 7,541.56 33,083.26 36.96 302,420.53 1,255,717.99 Qtr I 34,495 7,409 52,448 477,106 53,216 49,595 33,470 144,203 94 891,187 3,702,282 October 11,241.89 2,720.15 15,573.94 220,258.25 17,851.20 5,932.43 12,469.36 47,599.10 27.20 776,008.61 1,725,051.03 November 10,400.91 2,728.90 16,106.41 142,440.35 33,539.99 7,885.84 21,811.73 71,596.03 74.00 249,668.52 1,103,546.12 December 12,727.19 3,109.78 15,719.48 170,321.28 22,448.07 4,635.72 9,538.88 54,787.50 41.09 230,033.13 1,572,740.31 Qtr II 34,370 8,559 47,400 533,020 73,839 18,454 43,820 173,983 142 1,255,710 4,401,337 January 11,668.71 2,780.06 16,338.11 121,088.00 17,520.49 3,890.49 11,300.35 30,576.85 56.62 602,680.29 1,355,863.85 February 11,008.83 2,179.79 12,699.29 139,101.97 23,621.36 5,190.46 10,672.37 65,190.98 99.74 523,073.93 1,300,169.73 March 8,814.04 1,211.40 12,252.41 145,953.00 18,020.56 2,859.76 7,537.74 43,240.33 10.19 433,045.06 1,241,672.29 QIII 31,492 6,171 41,290 406,143 59,162 11,941 29,510 139,008 167 1,558,799 3,897,706 April 5,716.39 1,676.09 5,573.92 153,176.87 8,996.85 632.38 3,992.70 149,414.29 7.96 490,376.46 1,234,504.06 May 7,080.06 1,798.89 8,064.90 82,767.45 12,193.91 1,334.31 6,148.46 71,727.01 12.64 326,640.73 897,557.09 June 7,102.28 1,681.21 6,917.14 90,911.28 16,518.37 1,205.80 5,747.71 59,701.80 7.03 1,283,200.87 1,923,979.95 Qtr IV 19,899 5,156 20,556 326,856 37,709 3,172 15,889 280,843 28 2,100,218 4,056,041 2020/21 July 10,826.37 2,621.75 9,160.80 118,533.01 14,243.50 2,260.49 10,533.13 495,349.89 24.76 997,404.38 2,168,673.02 August 10,057.25 2,371.77 10,823.69 142,660.37 15,888.10 7,458.31 7,812.30 181,365.39 21.46 919,417.60 1,844,270.47 September 10,998.02 2,778.36 10,690.63 142,615.18 20,431.99 4,336.00 7,067.45 153,822.78 2.95 396,748.58 1,141,252.15 Qtr I 31,882 7,772 30,675 403,809 50,564 14,055 25,413 830,538 49 2,313,571 5,154,196 October 11,179 2,523 6,905 130,588 18,379 2,711 8,145 72,868 26 451,049 2,384,534 November 11,731.59 2,836.50 8,004.55 99,658.88 15,724.06 1,443.43 6,384.39 149,472.42 15.45 307,593.50 1,017,746.79 December 11,651 2,869 8,674 99,294 17,138 2,601 14,054 310,815 17 391,283 999,097 Qtr II 34,561.98 8,228.81 23,582.71 329,540.25 51,241.08 6,755.68 28,583.42 533,155.39 58.60 1,149,924.92 4,401,378.47 January 12,790.2 1,949.4 6,193.1 268,430.5 16,094.5 1,163.2 6,618.2 79,320.3 24.6 673,243.4 2,513,065.5 February 11,616.1 2,346.8 8,365.6 80,401.3 11,548.2 2,139.3 8,408.4 73,810.5 8.6 285,835.5 1,413,734.5 March 10,105.7 1,561.9 8,375.4 84,986.4 15,406.5 1,223.3 6,982.5 95,557.4 24.5 736,359.8 1,446,310.7 QIII 34,512.0 5,858.2 22,934.1 433,818.1 43,049.2 4,525.7 22,009.0 248,688.3 57.7 1,695,438.7 5,373,110.7 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 141

Table 29: Value of Imports, by End-Use** (In Millions of Birr) Categories 2018/19 2019/20 2020/21 Qtr IV Annual Qtr I Qtr II QIII Qtr IV Annual QI Qtr II QIII Raw Materials 863.31 4,233.32 1,246.52 1,328.60 1,258.09 1,237.67 5,070.88 1,247.87 1,503.14 1,242.84 Semi-finished Goods 21,454.84 78,116.49 20,576.67 21,285.22 30,481.29 25,452.87 97,796.04 20,476.47 19,419.26 34,582.42 Chemicals 2,572.77 10,858.90 5,879.40 3,564.76 3,304.81 3,994.34 16,743.30 4,749.23 4,010.89 4,894.25 Fertilizers 6,377.18 14,219.85 657.48 269.57 10,787.89 7,802.05 19,517.00 342.90 957.89 15,531.95 Textile Materials 584.87 2,276.95 816.41 755.30 1,090.54 823.25 3,485.51 1,060.09 1,420.73 1,438.48 Others 11,920.01 50,760.78 13,223.37 16,695.59 15,298.05 12,833.23 58,050.24 14,324.26 13,029.75 12,717.74 Fuel 18,125.75 72,941.90 17,268.47 19,365.31 17,590.10 10,461.60 64,685.48 13,503.83 15,332.03 22,303.40 Crude petroleum 0.01 0.88 - 0.26 1.71 - 1.96 - 0.08 - Petroleum Products 17,511.12 69,942.60 16,699.93 18,616.35 16,751.62 9,988.98 62,056.89 12,800.03 14,735.94 20,803.19 Others 614.63 2,998.41 568.54 748.69 836.77 472.62 2,626.62 703.80 596.01 1,500.20 Capital Goods 25,492.20 140,570.41 29,668.84 39,592.26 33,220.65 25,748.05 128,229.80 34,627.81 36,505.93 37,844.53 Transport 4,847.52 39,817.70 4,017.79 3,279.03 3,169.64 1,782.96 12,249.42 3,818.00 2,556.70 2,756.19 Tyres for Heavy Vehicles 799.85 3,172.73 833.18 939.29 1,218.87 1,200.00 4,191.33 1,486.78 1,093.71 904.29 Heavy Road Motor Veh. 3,692.17 11,441.56 2,632.86 1,334.55 1,278.05 406.69 5,652.14 998.70 871.05 548.82 Aircraft 293.68 24,229.19 460.65 884.88 537.36 150.83 2,033.72 528.70 465.70 1,237.73 Others 61.82 974.22 91.10 120.30 135.37 25.45 372.22 803.82 126.25 65.35 Agricultural 361.50 1,616.02 484.19 933.41 645.06 682.99 2,745.65 748.34 1,671.41 476.75 Industrial 20,283.18 99,136.69 25,166.87 35,379.83 29,405.95 23,282.09 113,234.74 30,061.47 32,277.81 34,611.59 Consumer Goods 30,336.96 119,758.04 33,456.83 31,708.67 32,693.08 26,856.10 124,714.69 53,233.28 51,409.44 44,688.26 Durables 8,863.90 33,670.41 8,185.50 7,433.48 7,944.02 4,962.80 28,525.81 7,429.57 7,687.61 7,419.94 Radio & T.V. 1,187.16 3,417.15 682.68 768.96 309.54 186.31 1,947.48 336.84 575.63 632.63 Tyres for cars & Other Veh. 373.39 1,511.83 343.29 438.93 508.47 306.07 1,596.76 381.78 395.90 341.91 Cars & Other Veh. 2,581.68 9,999.35 1,931.12 1,151.77 313.54 59.14 3,455.56 169.43 224.02 278.41 Others 4,721.66 18,742.09 5,228.42 5,073.83 6,812.48 4,411.28 21,526.01 6,541.53 6,492.06 6,166.99 Non-durables 21,473.06 86,087.63 25,271.33 24,275.19 24,749.06 21,893.30 96,188.88 45,803.71 43,721.83 37,268.32 Cereals 2,873.85 16,734.20 8,375.00 6,079.64 7,056.97 4,543.41 26,055.01 6,965.06 12,425.55 12,210.79 Other Food 3,146.73 15,642.11 4,341.13 4,872.30 4,136.69 3,388.37 16,738.49 13,375.35 8,159.74 4,373.45 Medical & Pharmaceuticals 8,224.78 21,133.74 4,363.84 4,985.29 5,315.43 6,692.12 21,356.68 3,933.58 7,757.37 7,770.91 Textile Fabrics 3,163.35 11,089.57 3,173.08 3,406.18 2,925.20 2,795.98 12,300.45 4,546.57 6,022.63 4,466.89 Others 4,064.35 21,488.01 5,018.28 4,931.77 5,314.78 4,473.42 19,738.25 16,983.15 9,356.55 8,446.28 Miscellaneous 1,971.74 7,773.99 6,775.77 2,143.24 1,520.90 1,252.56 11,692.47 1,338.86 1,679.74 1,958.03 Total Imports 98,244.79 423,394.15 108,993.10 115,423.30 116,764.10 91,008.85 432,189.35 124,428.12 125,849.53 142,619.47 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 National Bank of Ethiopia Quarterly Bulletin 142 | Third Quarter 2020/21

Table 29: Value of Imports, by End-Use** (In Millions of Birr) Categories 2018/19 2019/20 2020/21 Qtr IV Annual Qtr I Qtr II QIII Qtr IV Annual QI Qtr II QIII Raw Materials 863.31 4,233.32 1,246.52 1,328.60 1,258.09 1,237.67 5,070.88 1,247.87 1,503.14 1,242.84 Semi-finished Goods 21,454.84 78,116.49 20,576.67 21,285.22 30,481.29 25,452.87 97,796.04 20,476.47 19,419.26 34,582.42 Chemicals 2,572.77 10,858.90 5,879.40 3,564.76 3,304.81 3,994.34 16,743.30 4,749.23 4,010.89 4,894.25 Fertilizers 6,377.18 14,219.85 657.48 269.57 10,787.89 7,802.05 19,517.00 342.90 957.89 15,531.95 Textile Materials 584.87 2,276.95 816.41 755.30 1,090.54 823.25 3,485.51 1,060.09 1,420.73 1,438.48 Others 11,920.01 50,760.78 13,223.37 16,695.59 15,298.05 12,833.23 58,050.24 14,324.26 13,029.75 12,717.74 Fuel 18,125.75 72,941.90 17,268.47 19,365.31 17,590.10 10,461.60 64,685.48 13,503.83 15,332.03 22,303.40 Crude petroleum 0.01 0.88 - 0.26 1.71 - 1.96 - 0.08 - Petroleum Products 17,511.12 69,942.60 16,699.93 18,616.35 16,751.62 9,988.98 62,056.89 12,800.03 14,735.94 20,803.19 Others 614.63 2,998.41 568.54 748.69 836.77 472.62 2,626.62 703.80 596.01 1,500.20 Capital Goods 25,492.20 140,570.41 29,668.84 39,592.26 33,220.65 25,748.05 128,229.80 34,627.81 36,505.93 37,844.53 Transport 4,847.52 39,817.70 4,017.79 3,279.03 3,169.64 1,782.96 12,249.42 3,818.00 2,556.70 2,756.19 Tyres for Heavy Vehicles 799.85 3,172.73 833.18 939.29 1,218.87 1,200.00 4,191.33 1,486.78 1,093.71 904.29 Heavy Road Motor Veh. 3,692.17 11,441.56 2,632.86 1,334.55 1,278.05 406.69 5,652.14 998.70 871.05 548.82 Aircraft 293.68 24,229.19 460.65 884.88 537.36 150.83 2,033.72 528.70 465.70 1,237.73 Others 61.82 974.22 91.10 120.30 135.37 25.45 372.22 803.82 126.25 65.35 Agricultural 361.50 1,616.02 484.19 933.41 645.06 682.99 2,745.65 748.34 1,671.41 476.75 Industrial 20,283.18 99,136.69 25,166.87 35,379.83 29,405.95 23,282.09 113,234.74 30,061.47 32,277.81 34,611.59 Consumer Goods 30,336.96 119,758.04 33,456.83 31,708.67 32,693.08 26,856.10 124,714.69 53,233.28 51,409.44 44,688.26 Durables 8,863.90 33,670.41 8,185.50 7,433.48 7,944.02 4,962.80 28,525.81 7,429.57 7,687.61 7,419.94 Radio & T.V. 1,187.16 3,417.15 682.68 768.96 309.54 186.31 1,947.48 336.84 575.63 632.63 Tyres for cars & Other Veh. 373.39 1,511.83 343.29 438.93 508.47 306.07 1,596.76 381.78 395.90 341.91 Cars & Other Veh. 2,581.68 9,999.35 1,931.12 1,151.77 313.54 59.14 3,455.56 169.43 224.02 278.41 Others 4,721.66 18,742.09 5,228.42 5,073.83 6,812.48 4,411.28 21,526.01 6,541.53 6,492.06 6,166.99 Non-durables 21,473.06 86,087.63 25,271.33 24,275.19 24,749.06 21,893.30 96,188.88 45,803.71 43,721.83 37,268.32 Cereals 2,873.85 16,734.20 8,375.00 6,079.64 7,056.97 4,543.41 26,055.01 6,965.06 12,425.55 12,210.79 Other Food 3,146.73 15,642.11 4,341.13 4,872.30 4,136.69 3,388.37 16,738.49 13,375.35 8,159.74 4,373.45 Medical & Pharmaceuticals 8,224.78 21,133.74 4,363.84 4,985.29 5,315.43 6,692.12 21,356.68 3,933.58 7,757.37 7,770.91 Textile Fabrics 3,163.35 11,089.57 3,173.08 3,406.18 2,925.20 2,795.98 12,300.45 4,546.57 6,022.63 4,466.89 Others 4,064.35 21,488.01 5,018.28 4,931.77 5,314.78 4,473.42 19,738.25 16,983.15 9,356.55 8,446.28 Miscellaneous 1,971.74 7,773.99 6,775.77 2,143.24 1,520.90 1,252.56 11,692.47 1,338.86 1,679.74 1,958.03 Total Imports 98,244.79 423,394.15 108,993.10 115,423.30 116,764.10 91,008.85 432,189.35 124,428.12 125,849.53 142,619.47 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 30: Number and Investment Capital of Domestic and Foreign Projects Approved by Sector (Capital in Millions of Birr) Sector/Sub-sector 2012(2019/20) 2013(2020/21) 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 5.0 40.3 2 19.9 11 173.9 1 4.5 1 133 4 18 Agriculture, hunting and forestry 1 10.5 Real estate, renting and business activities 2 16 2 23.9 2 33.9 1 1.6 3 20 3 14.904 2 3.5 Hotels and restaurants Education 1 2.5 Health and social work 2 302 3 18 Construction 2 4.4 5 49.9 1 3.6 5 13.4 9 41.17 9 26.5 Wholesale, retail trade and repair service Transport, storage and communication 1 6.0 1 11.9 2 20.76 4 16.1 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 9.6 1 1759.74 1 13.615 1 17.2 Grand Total 9.0 60.7 10 99.7 7 361.0 22 219.9 16 1846.17 5.00 161.52 20 81.3 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 143

Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] (Capital in Millions of Birr) Sector/Sub-sector 2012(2019/20) 2013(2020/21) 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 39 41 359 500 25 21 52 - 22 Agriculture, hunting and forestry 3 5 - - Real estate, renting and business activities 12 20 12 200 470 - 3 Hotels and restaurants - - Education 2 2 - - Health and social work 6 6 - Construction 12 160 2 1 8 2 184 72 Wholesale, retail trade and repair service - - Transport, storage and communica￾tion 4 117 33 55 2 Mining and Quarrying - - Electricity, gas, steam and water supply - - Construction machinery leasing - - Fishing - - Other community, social and personal service activities - - Others 27 5 3 2 3 5 - Grand Total 51 61 387 660 146 6 44 36 36 2 255 470 244 99 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. National Bank of Ethiopia Quarterly Bulletin 144 | Third Quarter 2020/21

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 145

National Bank of Ethiopia Quarterly Bulletin 146 | Third Quarter 2020/21

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 57 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 57 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10

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