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2022-04-01

Added 2026-06-03 · Updated 2026-08-04

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2021/22

The National Bank of Ethiopia reports that headline inflation rose to 5.6 percent in the third quarter of 2021/22, driven by increases in food and non-food prices. Broad money supply (M2) reached Birr 1.58 trillion, reflecting 25.5 percent annual growth fueled by a 28.8 percent expansion in domestic credit. The average lending interest rate stood at 14.25 percent, while the weighted average yield on Treasury bills increased to 9.23 percent, resulting in negative real interest rates across deposit, lending, and T-bill instruments. The number of operating banks increased to 21, with the total number of bank branches reaching 8,250.

Ethiopia

National Bank of Ethiopia

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)

Country Profile Land Area (total, In Sq.Km) 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA 15.20 15.2 10 12 Irrigated Land ( % of total area ) 3.0 NA 2,900.00 3,100.00 5.0 7 Population Density ( person per sq.km )* 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators Population total, in millions (Mid-Year population) 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 101.9 (o/w Urban Poulation, in %) 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 22.8 22.8 Working Age Population ( In Millions ) Urban 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 NA NA Rural 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 NA NA Total 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 NA NA Age Dependency Ratio 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69.0 Life Expectancy at Birth ( Male - Female ) 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 Crude Birth Rate 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 Crude Death Rate 12.6:1000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6.0 Natural Rate of Population Increase ( In % ) 2.7 2.60 2.40 2.40 2.31 2.07 2.1 Total Fertility Rate 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W 3.5chil:W 4.6chil:W People : Hospital Beds 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 2750 People : Physician1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 - 9977 8448:1 People : Nurse 1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 1705 1473.0 Infant Mortality Rate 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 43.3:1000 47:1001 Access to Safe Water ( In %) Country Level 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 79 58.5 Urban Population N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 66.5 63.0 Rural Population 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 82.7 57.3 Student-Teacher Ratio Primary ( 1-8 ) 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - - 39 39 34.8 Secondary ( 9-12 ) 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - - 22.5 24 27.4 Technical & Vocational 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 - - 13.3 13.3 1:11 Student-School Ratio Primary ( 1-8 ) 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9፡1 573፡1 - - 628 528 512.7 Secondary ( 9-12 ) 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2፡1 - - 568 940 1017 Technical & Vocational 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523፡1 - - 246.8 NA NA
Macroeconomic Indicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.5 3374349.0 4341387.1 Nominal GDP Growth Rate (In %) 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 25.5 28.6 Average Marginal Exchange Rate (Birr per USD) 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 31.34 39.0 GDP at Current Market Price (IN Mn. USD) 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 107660.0 111271.2 Nominal GDP per Capita (In USD) 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 1080.0 1091.8 Real GDP per Capita ( In Birr ) 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.2 21144.1 21862.5 Real GDP per Capita Growth Rate (In %) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.0 3.8 3.4 GDP Deflator (% change) 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.1 18.2 21.8 Real GDP at constant basic price (In Mn. Birr) 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.3 1989519005.0 2114163.2 Real GDP at constant market price (In Mn. Birr) 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 2228081.0 Real GDP Growth Rate (In %) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 Agriculture & Allied Activties(In Billion Birr) 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 650 686.4 Industrial Sector (In Billion Birr) 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 576.9 618.8 Service Sector(In Billion Birr) 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 786.8 836.2 Agriculture & Allied Activties (% of GDP) 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 37.5 36.4 34.9 33.3 32.7 32.5 Industrial Sector ( % of GDP ) 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 29 29.3 Service Sector ( % of GDP ) 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 39.7 38.8 39.2 40 40 39.6 Private Consumption Expenditure 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070.0 2360896.0 3134993.8 Government Consumption Expenditure 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362.0 307769.0 383565.3 Investment 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866.0 1037685.0 1216584.9 Exports 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437.0 239229.0 329634.5 Imports 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512.0 571230.0 723391.3 Resource Balance -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075.0 -332001.0 -393756.8 Gross Private Consumption (% of GDP) 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.8 70.0 72.2 Gross Government Cosumption (% of GDP) 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.4 9.1 8.8 Gross Domestic Fixed Investment (% of GDP) 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 37.3 38.4 34.1 47.7 30.8 28.0 Resource Balance (% of GDP) -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) (17.5) (9.8) (9.1) Indicators Ethiopia: Macroeconomic and Social Indicators

Continued…. 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 437,392.0 Broad Money Supply (M2) ( In Mn. Birr ) 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 1,348,266.1 Net Foreign Assets ( In Mn. Birr ) 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) (812.3) Reserve Requirement ( CBs ) 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6 67,732.4 Interest Rate ( In % ) Minimum Deposit Rate 3 4.0 4.0 5.00 7.00 7.0 Lending Rate 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 14.3 14.3 Total Net Domestic Credit (in mn. Birr) 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 1,481,844.4 Government 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 214,269.2 Other Sectors 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 1,267,575.3 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 19.9 20.2 -Food inflation 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 23.3 23.2 -Non-food inflation (core inflation) 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 16.4 Addis Ababa -General inflation 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 19.5 -Food inflation 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.0 25.9 26.2 -Non-Food inflation (core inflation) 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.0 13.9 14.4 3.4: External Trade(In Mn.USD) Export of goods & services 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 8,519.3 Import of goods & services 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,828.3 19,160.4 Net trade in goods & services -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,112.6 -10,641.1 Current account balance including official transfers -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,401.9 -3,153.9 Capital account balance 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,326.5 3,833.4 Overall balance of payments 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -833.4 298.7 3.5: Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 478,888.1 Total Revenue (excluding grants) 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 444,582.6 o/w Tax-Revenue 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 388,763.5 Tax-Revenue as % of GDP 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.7 13.1 12.8 11.7 11.0 Total Expenditures 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 599,006.7 Current Expenditures 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 363,596.9 Capital Expenditures 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 235,409.7 Equity Contribution ( Sinking Fund ) Special Programs 272 224.0 50.0 44.0 0.0 - - - - - - - - - - - Total Expenditures as % of GDP 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 18.0 16.1 15.4 14.2 13.8 Current Surplus/Deficit 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 115,291.2 Overall Budget Deficit ( including grants ) -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36) (120118.5) Deficit as % of GDP -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.3) (3.0) (2.5) (2.5) (2.8) Overall Budget Deficit ( excluding grants ) -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) (154,424.0) Deficit as % of GDP -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) (3.73) (3.56) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163
End period 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822 43.691 Indicators

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

National Bank of Ethiopia Quarterly Bulletin 1 | Third Quarter 2021/22 I. OVERVIEW 1.1. International Economic Developments The global economic growth remained resilient at the beginning of third quarter of 2021/22, with survey data indicating that the Omicron variant of COVID-19 may only have a short lived impact on advanced economies. However, the Russia-Ukraine war and new pandemic related measures in Asia are expected to weigh on the global economy and are leading to fresh shortages of materials and inputs. The geopolitical situation and the pandemic are also acting as a drag on trade. The euro area economy estimated that growth remained weak during the third quarter of 2021/22, largely owing to pandemic related restrictions. In the United States, economic activity is expected to moderate in the third quarter of 2021/22. Although the Omicron wave is fading, waning fiscal support coupled with high inflation has led to a fall in real disposable income since the second quarter of 2021/22. In the United Kingdom, the economy is rebounding quickly from the impact of the Omicron variant. Real GDP softened in February after surprising to the upside in January, increasing by 0.1 percent month on month. While economic activity was mainly supported by an increase in consumer services, activity in the manufacturing and construction sectors fell. In Japan, the recovery in economic activity softened at the third quarter of 2021/22 with the spread of the Omicron variant. High frequency data suggest that the sharp increase in COVID-19 cases since the start of the reporting period and the introduction of quasi state of emergency measures in a number of prefectures contributed to a decline in consumer expenditure and confidence in January and February. In China, the highest recorded incidence of COVID-19 cases since the start of the pandemic is likely to hold back growth in the short term. While activity appeared relatively strong in January and February, the sharp increase in COVID-19 case numbers in March led to widespread lockdowns, which are significantly reducing growth.

National Bank of Ethiopia Quarterly Bulletin 2 | Third Quarter 2021/22 Global inflation increased to 7.5 percent in March, from 5.9 percent in February. Energy prices were driven higher after the outbreak of the war and now stand 45 percent above their level one year ago. They continue to be the main reason for the high rate of inflation. Market based indicators suggest that energy prices will stay high in the near term but will then moderate to some extent. Food prices have also increased sharply. This is due to elevated transportation and production costs, notably the higher price of fertilisers, which are in part related to the war in Ukraine. Price rises have become more widespread. Energy costs are pushing up prices across many sectors. Supply bottlenecks and the normalisation of demand as the economy reopens also continue to put upward pressure on prices. Measures of underlying inflation have risen to levels above 2 percent in recent months. 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation Headline inflation has increased to 5.6 percent during the third quarter of 2021/22 from 3.9 percent in previous quarter and 5.5 percent inflation recorded last year same quarter. The rise in quarterly headline inflation was attributed to 2.2 and 1.0 percentage point increase in food & nonalcoholic beverages and non-food inflation, respectively. Likewise, headline inflation recorded 0.1 percentage point annual increase on account of a 1.0 percentage point rise in food & non- alcoholic beverages inflation, despite the 1.1 percent annual decline in non-food inflation. Food & non-alcoholic beverages and non-food inflations, respectively, contributed 2.9 and 2.8 percent to the headline inflation registered in the review quarter. 1.2.2. Monetary Developments At the end of third quarter of 2021/22, broad money supply (M2) reached Birr 1.58 trillion, exhibiting a 25.5 percent annual growth, due to 28.8 percent expansion in

National Bank of Ethiopia Quarterly Bulletin 3 | Third Quarter 2021/22 domestic credit and 8.5 percent in other items (net). Similarly, the reserve money reached Birr 353.3 billion, recording 32.6 percent annual expansion, while excess reserve of commercial banks depicted 10.2 percent year-on-year. 1.2.3. Interest rate During the review period, average savings deposit rate remained at 8.0 percent while weighted average time deposit rate showed 0.1 percentage point annual decline. Similarly, the average lending interest rate stood at 14.25 yearon-year basis. Meanwhile, weighted average yield on T-bills increased from 8.83 percent in December 2021 to 9.23 percent in March 2022. Thus, considering 36.6 percent headline inflation, the real interest rates on deposit, lending and T-bills yield remained negative. 1.2.4. Financial Sector Developments a) Banks By the end of the third quarter of 2021/22, the number of banks operating in Ethiopia reached 21, of which 19 were private and 2 state owned. These banks have opened 207 new branches during the review quarter thereby raising the total number of bank branches to 8,250. As a result, population to bank branch ratio reached 12,747.41 . Of the total bank branches, 33.7 percent were located in Addis Ababa. The share of state

1 Total population is 105,166,000 as CSA estimation for 2022 owned bank branches was 25.7 percent and that of private bank branches 74.3 percent. Total capital of the banking system amounted to Birr 172.7 billion with the two state owned banks accounting for 47.2 percent and private banks 52.8 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, was 30.3 percent. During the review quarter, banks disbursed Birr 108.9 billion in fresh loans, indicating 59.8 percent annual increase. Of the total

National Bank of Ethiopia Quarterly Bulletin 4 | Third Quarter 2021/22 new loans, the share of state owned banks was 37.3 percent and the rest 62.7 percent was disbursed by private banks. Sector wise, international trade received 36.2 percent of the total new loans followed by manufacturing 15.1 percent, domestic trade 13.3 percent, and consumer & staff loan 7.9 percent. The remaining balance was taken up by other sectors. Meanwhile, the banking system collected loans amounting to Birr 54.6 billion, of which 68.9 percent was collected by private banks and 31.1 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.5 trillion, with 18.7 percent annual increase. Claims of private banks on private sector and cooperatives were 99.5 percent. b) Insurance Sector The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 673 from 629 a year ago, of which, about 54.7 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 12.5 billion, with the share of private insurance companies being 74.6 percent. c) Microfinance Institutions Following the transition of three microfinance institutions; (Oromia Credit and Savings Institution (MFIs) namely, Amhara Credit & Savings Institution and Somali Microfinance Institutions, to a bank, the number of MFI declined to 37 in the reporting quarter. Hence, their savings deposit declined by 44.6 percent compared with the previous quarter. Similarly, their total outstanding credit shrank by 40.1 percent to Birr 35.2 billion and their total asset to Birr 52.8 billion, showing a 43.1 percent quarterly decline.

National Bank of Ethiopia Quarterly Bulletin 5 | Third Quarter 2021/22 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Total revenue from merchandise exports amounted to USD 916.6 million during the third quarter of 2021/22 depicting a 19.3 percent annual growth due to higher export revenue from coffee (52.9 percent), gold (45.1 percent), chat (16.9 percent), meat & meat products (57.9 percent), fruit & vegetables (47.3 percent), textile & textile products (34.8 percent), electricity (5.9 percent) and other export items (104.6 percent). In contrast, receipts from oilseeds (43.2 percent), flower (4.9 percent), pulses (21.3 percent), leather & leather products (15.3 percent) and live-animals (0.3 percent) showed year-on-year decrement. Meanwhile, total merchandise imports bill amounted to USD 4.6 billion, registering 28.9 percent annual growth owing to significant surge in import values of consumer goods (67.6 percent), fuel (56.9 percent) and semi-finished goods (21.2 percent). Current account receipts stood at USD 4.9 billion exhibiting a 32.1 percent annual increase due to higher merchandise export (19.3 percent), service proceeds (34.2 percent), private transfers (33.2 percent) and public transfers (70.1 percent). Similarly, total current payments went up 28.4 percent to USD 5.9 billion on account of higher merchandise import (28.9 percent), services payment (21.2 percent), private transfers (47.9 percent) and public transfers (234.2 percent). As a result, current account deficit (including official transfers) widened to USD 1.0 billion from USD 900.2 million a year earlier. On the other hand, capital account registered USD 407.8 million surplus, despite being 30.9 percent lower than that of last year same quarter. Consequently, the overall balance of payments recorded USD 280.8 million deficit compared to USD 285.9 million deficit a year earlier.

National Bank of Ethiopia Quarterly Bulletin 6 | Third Quarter 2021/22 b) Exchange Rate Development During the third quarter of 2021/22, weighted average official exchange rate of the Birr showed a 26.0 percent annual depreciation and reached Birr 50.2619/USD. Likewise, real effective exchange rate index (REERI) exhibited 22.3 percent appreciation. On the other hand, the nominal effective exchange rate (NEERI) appreciated by 43.2 percent compared to last year same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government reached Birr 78.9 billion during the third quarter of 2021/22 showing a 25.7 percent quarterly basis, while it went up by 14.8 percent relative to last year same quarter. Similarly, total federal government expenditure surged 81.4 percent year-on-year and 6.3 percent decline compared with the preceding quarter. 1.2.7. Investment During the third quarter of 2021/22, 43 investment projects with investment capital of Birr 420.5 million became operational. The number of investment projects and investment capital registered annual increment of 115 and 417.2 percent respectively.

National Bank of Ethiopia Quarterly Bulletin 7 | Third Quarter 2021/22 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the third quarter of 2021/22 was 943.5 thousand metric tons, depicting a 1.7 percent annual drop as a result of lower import of fuel oil 17.1 percent and gas oil 4.5 percent against 4.6 percent and 7.2 percent higher imports of regular gasoline and Jet fuel, respectively. However, compared with the preceding quarter, the amount of petroleum products imported was almost equal. Of the total petroleum imports, gas oil accounted for 66.3 percent, regular gasoline 17.1 percent, jet fuel 14.8 percent, and fuel oil 1.9 percent (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2020/21 2021/22 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 154,240.3 16.1 169,625.8 18.0 161,316.3 17.1 4.6 -4.9 Jet Fuel 129,945.4 13.5 126,027.1 13.4 139,263.2 14.8 7.2 10.5 Fuel Oil 21,352.4 2.2 22,980.0 2.4 17,705.0 1.9 -17.1 -23.0 Gas Oil (ADO) 654,442.0 68.2 625,325.9 66.2 625,222.2 66.3 -4.5 0.0 Total 959,980.1 100 943,958.8 100 943,506.7 100 -1.7 0.0 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 8 | Third Quarter 2021/22 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 2017/18 2018/19 2019/20 2020/21 2021/22 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil

Source: Ethiopian Petroleum Enterprise At the same time, total petroleum import bill amounted to Birr 42.5 billion, showing 104.3 percent annual and 27.4 percent quareterly growth. The annual increase in value of petroleum imports was largely attributed to the increase in the values of jet fuel (123.4 percent), regular gasoline (116.8 percent), gas oil (98.7 percent) and fuel oil (47.4 percent) (Table 2.2).

National Bank of Ethiopia Quarterly Bulletin 9 | Third Quarter 2021/22 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2020/21 2021/22 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 3,901,026.5 18.8 6,973,182.9 20.9 8,457,696.1 19.9 116.8 21.3 Jet Fuel 2,712,282.7 13.0 4,453,062.5 13.3 6,059,382.3 14.3 123.4 36.1 Fuel Oil 394,447.7 1.9 608,170.6 1.8 581,588.7 1.4 47.4 -4.4 Gas Oil (ADO) 13,795,483.3 66.3 21,326,238.5 63.9 27,412,158.4 64.5 98.7 28.5 Total 20,803,240.2 100.0 33,360,654.5 100.0 42,510,825.4 100.0 104.3 27.4 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5000000 10000000 15000000 20000000 25000000 30000000 I II III IV I II III IV I II III IV I II III IV I II III 2017/18 2018/19 2019/20 2020/21 2021/22 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the same period, the average FOB price of petroleum products went up 194.3 percent over last year same period, owing to higher FOB price of all petroleum products. Similarly, average FOB price of petroleum products increased 58.2 percent vis-a-vis the preceding quarter on account of higher prices of all petroleum products (Table 2.3).

National Bank of Ethiopia Quarterly Bulletin 10 | Third Quarter 2021/22 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2020/21 2021/22 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 555.7 761.4 935.1 68.3 22.8 Jet Fuel 486.0 693.3 850.7 75.0 22.7 Fuel Oil 349.9 440.7 537.6 53.7 22.0 Gas Oil (ADO) 477.5 667.1 1729.6 262.2 159.3 Average 344.3 640.6 1,013.2 194.3 58.2 Brent Crude Oil (USD/Barrel) 60.8 79.6 100.3 64.9 26.0 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 200 400 600 800 1000 1200 1400 1600 1800 2000 I II III IV I II III IV I II III IV I II III IV I II III 2017/18 2018/19 2019/20 2020/21 2021/22 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Meanwhile, the average price of Brent crude oil, which is used as a point of reference for international oil price, rose 64.9 percent and reached USD 100.3 per barrel compared to last year same quarter. It was also 26 percent higher than the preceding quarter (Table 2.3). In line with the movements of international oil prices and domestic macroeconomic

National Bank of Ethiopia Quarterly Bulletin 11 | Third Quarter 2021/22 considerations, domestic fuel retail prices were adjusted upward. As a result, the average retail price of fuel in Addis Ababa increased 57.7 percent to Birr 45.2 per liter from Birr 28.7 a year ago, owing to the rise in the prices of all petroleum products. On quarterly terms, the average retail price of fuel in Addis Ababa went up 22.3 percent in response to the 22.3 percent increase in the prices of all petroleum products (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2020/21 2021/22 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 25.12 29.78 31.74 26.4 6.6 Fuel Oil 37.96 44.70 68.33 80.0 52.9 Gas Oil (ADO) 22.42 27.02 28.94 29.1 7.1 Kerosene 22.42 27.02 28.94 29.1 7.1 Jet fuel 35.51 56.43 68.29 92.3 21.0 Average 28.7 37.0 45.2 57.7 22.3 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 10 20 30 40 50 60 70 80 I II III IV I II III IV I II III IV I II III IV I II III 2017/18 2018/19 2019/20 2020/21 2021/22 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade Birr/Liter

National Bank of Ethiopia Quarterly Bulletin 12 | Third Quarter 2021/22 2.2. Electric Power Generation Total electric power generated during the third quarter of 2021/22 increased 4.8 percent on annual and 2.4 percent on quarterly basis and reached 3.9 billion KWH (Table 2.5). Year-on-year increment of electric power production was solely attributed to a 6 percent rise in electric production from hydropower source, despite 9.4 percent decline from wind and 73.3 percent from biomass sources, (Table 2.5).

Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2020/21 2021/22 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,476,666.2 94.4 3,594,629.0 95.3 3,685,055.4 95.4 6.0 2.5 Thermal Power - - - - - - - - Geothermal - - - - - - - - wind 191,319.9 5.2 162,200.2 4.3 173,318.1 4.5 -9.4 6.9 Biomass 16,309.90 0.4 14,070.25 0.4 4,347.50 0.1 -73.3 -69.1 Total 3,684,296.0 100 3,770,899.4 100 3,862,721.0 100 4.8 2.4 Source: Ethiopian Electric Power Of the total electric power generated, 95.4 percent was from hydropower, 4.5 percent from wind and 0.1 percent from biomass sources (Table 2.5). By system of generation, all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

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

National Bank of Ethiopia Quarterly Bulletin 13| Third Quarter 2021/22 Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self-Contained System (SCS) System of Power supply 2020/21 2021/22 Percentage Qtr. III Qtr. II Qtr. III Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,476,666.2 94.4 3,594,629.0 95.3 3,685,055.4 95.4 6.0 2.5 Thermal Power - - - - - 0 Geothermal - - - - - 0 Wind 191,319.9 5.2 162,200.2 4.3 173,318.1 4.5 -9.4 6.9 Biomass 16,309.90 0.4 14,070.25 0.4 4,347.50 0.1 - 73.3 -69.1 Sub-Total 3,684,296.0 100.0 3,770,899.4 100.0 3,862,721.0 100.0 4.8 2.4 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,684,296.0 100.0 3,770,899.4 100.0 3,862,721.0 100.0 4.8 2.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type

1,000,000.0 2,000,000.0 3,000,000.0 4,000,000.0 5,000,000.0 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 14| Third Quarter 2021/22 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National CPI In the third quarter of 2021/22, headline inflation increased to 5.6 percent from 3.9 percent last quarter, and 5.5 percent a year earlier. The rise in quarterly headline inflation was attributed to an increase in the prices of food & non-alcoholic beverages (2.2 %age point) and non-food inflation (1.0 %age point). Likewise, annual headline inflation increased annually by 0.1 percentage points on account of a 1.0 percentage point rise in food & nonalcoholic beverages inflation, offsetting a 1.1 percentage point decline in non-food inflation. Food & non-alcoholic beverages and non-food inflations contributed 2.9 and 2.8 percent, respectively, to the headline inflation (Table 3.1 and Fig 3.1). During the quarter, food & non-alcoholic beverages inflation scaled up from 3.2 percent to 5.3 percent in the previous quarter, owing to higher price inflation of oils and fats (10.3 percentage point), milk cheese & egg (10.3 percentage point), nonalcoholic beverages (6.9 percentage point), meat (5.7 percentage point) and vegetables (1.9 percentage point), (Table 3.2). Similarly, non-food inflation increased to 6 percent from 5 percent a quarter earlier despite slower than last year same quarter. The rise in quarterly non-food inflation was attributed mainly to higher inflation for furnishings, household equipment & routine maintenance of houses (4.5 percentage point), transport (3.7 percentage point), communication(3.1 percentage point), alcoho lic beverages and tobacco (2.0 percentage point), housing, water, electricity, gas & other fuel (0.9 percentage point), restaurant & hotel (0.3 percentage point) and miscellaneous goods (5.1 percentage point) (Table 3.3).

National Bank of Ethiopia Quarterly Bulletin 15| Third Quarter 2021/22 Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Items 2020/21 2021/22 Change in %age Points Contributions in (%) to Weights in % QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII2020/21 Headline Inflation Change Over QII2021/22 QIII-2021/22 Headline Inflation Absolute Relative Headline 100 5.5 3.9 5.6 0.1 1.7 0.1 1.7 5.6 100 Food & Nonalcoholic beverage 54 4.3 3.2 5.3 1.0 2.2 0.6 1.2 2.9 51.0 Non-food 46 7.2 5.0 6.0 -1.1 1.0 -0.5 0.5 2.8 49.0 Source: CSA and NBE Staff Computation

-5.0 0.0 5.0 10.0 15.0 20.0 25.0 QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig.3.1: Quarterly Movement in National Inflation

National Bank of Ethiopia Quarterly Bulletin 16| Third Quarter 2021/22 Source: NBE Staff Computation Table 3.2: Quarterly National Food & Non-alcoholic Beverages CPI Inflation (Dec2016=100) Items Weights 2020/21 2021/22 Change in QIII QII QIII %age points Contribution to A B C C-A C-B Food Inflation Change over QIII2020/21(%) Food Inflation Change over QII2021/22(%) Food and Non-alcoholic Beverages 0.54 4.3 3.2 5.3 1.0 2.2 0.5 1.2 Bread and Cereals 0.17 4.4 2.1 1.7 -2.7 -0.4 -0.5 -0.1 Meat 0.04 2.2 -0.8 4.9 2.7 5.7 0.1 0.2 Fish and Sea food 0.00 6.5 2.7 0.5 -6.0 -2.2 0.0 0.0 Milk, cheese and egg 0.03 11.2 1.7 12.0 0.9 10.3 0.0 0.3 Oils & Fats 0.04 8.5 3.6 14.0 5.4 10.3 0.2 0.4 Fruit 0.00 7.0 15.5 0.5 -6.5 -15.0 0.0 0.0 Vegetables 0.12 4.8 3.3 5.2 0.4 1.9 0.1 0.2 Sugar jam, honey, chocolate 0.01 3.3 11.5 5.7 2.4 -5.8 0.0 -0.1 Food products n.e.c 0.06 1.6 3.4 1.2 -0.4 -2.2 0.0 -0.1 Non-alcoholic beverages 0.05 -0.2 10.3 17.2 17.4 6.9 0.9 0.3 Source: CSA and NBE Staff Computation Food & Nonalcoholic beverage; 51.0% Non-food; 49.0% Fig.3.2: Contribution of Food and Non-food Inflation to the Headline Inflation in Third Quarter 2021/22

National Bank of Ethiopia Quarterly Bulletin 17| Third Quarter 2021/22 Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Item Weights 2020/21 2021/22 Change in QIII QII QIII %age points Contribution to A B C C-A C-B Non-food Inflation Change over QIII2020/21 (%) Non-Food Inflation Change over QII2021/22(%) Non-Food Inflation 0.46 7.2 5.0 6.0 -1.2 1.0 -0.6 0.5 Alcoholic Beverages and tobacco 0.05 4.7 8.0 10.0 5.3 2.0 0.3 0.1 Clothing and Footwear 0.06 4.7 4.6 1.3 -3.4 -3.4 -0.2 -0.2 Housing, Water, Electricity, Gas and other Fuel 0.17 7.9 4.7 5.6 -2.3 0.9 -0.4 0.1 Furnishings, Household Equipment and Routine maintenance of houses 0.05 8.7 4.8 9.3 0.6 4.5 0.0 0.2 Health 0.01 9.4 7.4 5.0 -4.4 -2.4 -0.1 0.0 Transport 0.02 16.9 0.2 3.8 -13.1 3.7 -0.3 0.1 Communication 0.02 12.4 0.9 4.0 -8.4 3.1 -0.2 0.1 Recreation and culture 0.00 6.0 16.7 8.0 2.0 -8.7 0.0 0.0 Education 0.00 3.0 12.1 2.8 -0.2 -9.2 0.0 0.0 Restaurant & hotel 0.05 3.7 6.5 6.8 3.1 0.3 0.2 0.0 Miscellaneous Goods 0.03 5.0 2.7 7.7 2.8 5.1 0.1 0.1 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI Regional average headline inflation in the third quarter of 2021/22 decreased to 4.8 percent from 5.3 percent in the preceding quarter although higher compared to 3.8 percent inflation a year ago. Gambella, Harari, Amhara, Oromia and Somali registered higher headline inflation than the regional average head line inflation. The highest headline inflation (9.3 percent) was observed in Gambela and the lowest (0.3 percent) in Dire Dawa. Hence, the margin between the highest and the lowest headline inflation was 9.0 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, declined to 2.7 percent from 3.9 percent in the preceding quarter but slightly lower than 2.6 percent a year earlier (Table 3.4). The regional average food & non-alcoholic beverage inflation decelerated to 3.5 percent from 4.6 percent in the preceding quarter and 3.6 percent last year same quarter. Food &

National Bank of Ethiopia Quarterly Bulletin 18| Third Quarter 2021/22 non-alcoholic beverages inflation in Gambella, Oromia, Amhara, SNNP and Benishangul Gumuz was higher than the regional average. The highest food & nonalcoholic beverages inflation was recorded in Gambela (12.3 percent) and the lowest in Dire Dawa (-2.5 percent), showing a 14.8 percentage point margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, was 3.8 percent compared to the 3.8 percent a quarter earlier and 3.3 percent last year same quarter (Table 3.4). Likewise, the regional average non-food inflation slightly dropped to 6.2 percent from 6.3 percent in the previous quarter. Somali, Harari, Amhara, Afar and Addis Ababa recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Somali (11.6 percent) and the lowest in Dire Dawa (3.5 percent), revealing a 8.1 percentage point margin. The variation in non-food inflation, measured by standard deviation, declined to 3.3 percent from 4.9 percent in the previous quarter and 3.4 percent a year ago.

National Bank of Ethiopia Quarterly Bulletin 19 Third Quarter 2021/22 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2020/21 2021/22 QIII QII QIII Annual Change Quarterly Change A B C C-A C-B General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverage s Non-food General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverag es Non-food SNNP 6.9 4.6 10.1 2.7 1.8 4.2 4.5 4.1 5.0 -2.4 -0.5 -5.1 1.8 2.4 0.8 Harari 1.4 0.4 2.2 13. 9 11.0 16.6 6.7 2.5 10.4 5.3 2.1 8.2 -7.2 -8.5 -6.2 Oromia 6.7 4.9 9.5 3.8 2.8 5.6 5.5 5.8 4.9 -1.3 0.9 -4.6 1.6 3.0 -0.7 Tigray 0.0 Gambella 6.3 6.7 5.8 4.3 0.6 10.7 9.3 12.3 4.4 3.0 5.7 -1.4 5.0 11.8 -6.2 Addis Ababa 4.3 3.6 4.8 3.0 1.8 4.2 4.8 2.8 6.7 0.6 -0.8 2.0 1.8 1.0 2.5 Dire Dawa 3.6 5.6 1.5 7.0 5.7 8.5 0.3 -2.5 3.5 -3.3 -8.0 2.0 -6.7 -8.2 -5.0 Benshangul. Gumuz 0.2 -1.3 1.8 9.9 9.8 10.0 4.7 3.8 5.8 4.5 5.1 4.0 -5.2 -6.0 -4.3 Somali 6.6 9.4 3.3 6.3 9.1 2.3 5.3 1.3 11.6 -1.3 -8.1 8.3 -1.0 -7.8 9.3 Afar 3.1 5.0 0.8 3.0 4.5 0.8 4.6 2.3 8.0 1.5 -2.7 7.2 1.7 -2.2 7.2 Amhara 3.3 0.7 6.6 4.8 3.5 6.7 6.7 5.6 8.3 3.4 4.9 1.6 1.9 2.0 1.6 Regions Average 3.8 3.6 4.2 5.3 4.6 6.3 4.8 3.5 6.2 Standard deviation 2.6 3.3 3.4 3.9 3.8 4.9 2.7 3.8 3.3 Coefficient of variation 0.7 0.9 0.8 0.7 0.8 0.8 0.6 1.1 0.5 Source: CSA and NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 20 Third Quarter 2021/22 4.1. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 1.58 trillion at the end of third quarter 2021/22, exhibiting a 25.5 percent annual growth (Table 4.1). This growth in broad money supply was attributed to 28.8 percent and 8.5 percent expansion in domestic credit and other items (net) respectively, which offset 244.3 percent contraction in external asset (net). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars Qtr. III Qtr. II Qtr. III Percentage Change Contributions of Each Component to Broad Money growth (Mar. 21) (Dec. 21) (Mar. 22) C/A C/B Annual A B C

External Assets (net) -27,371.9 -77,621.8 -94,241.6 -244.3 -21.4 -20.8
Domestic Credit 1,373,546.7 1,643,086.5 1,768,614.4 28.8 7.6 123.1 . Claims on Central Gov't (net) 163,476.9 307,462.4 358,405.2 119.2 16.6 60.8 . Claims on Non-Central Gov't 1,210,069.8 1,335,624.0 1,410,209.1 16.5 5.6 62.4 . Financial Institutions 56,642.7 52,322.7 50,022.7 -11.7 -4.4 -2.1 . Others 1,153,427.0 1,283,301.3 1,360,186.4 17.9 6.0 64.4
Other Items (net) 86,564.5 105,856.6 93,911.8 8.5 -11.3 2.3
Broad Money (M2) 1,259,610.3 1,459,608.1 1,580,460.9 25.5 8.3 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 21 | Third Quarter 2021/22 Fig.IV.1: Major Determinants of Monetary Expansion (Annually Change in Percent) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE -6,000.0 -5,000.0 -4,000.0 -3,000.0 -2,000.0 -1,000.0 0.0 1,000.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter III Broad Money Domestic Credit Other Items Net Net Foreign Assets -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 22 | Third Quarter 2021/22 Component wise, quasi-money supply showed 24.8 percent annual and 7.7 percent quarterly expansion. Similarly, narrow money exhibited 26.9 percent yearly and 9.4 percent quarterly. Narrow money contributed 35.1 percent to the annual growth of broad money, while that of quasi money was 64.9 percent (Table 4.2). The surge in quasi-money was the result of a sustained effort made by banks to expand their branch network and service outreach. Table 4.2: Components of Broad Money (In millions of Birr) Particulars Qtr. III Qtr. II Qtr. III Percentage Change Contributions of Each Component to Broad Money growth (Mar. 21) (Dec. 21) (Mar. 22) C/A C/B Annual A B C

Narrow Money Supply 419,347.7 486,276.6 532,105.0 26.9 9.4 35.1 . Currency outside banks 127,518.3 158,929.3 171,253.5 34.3 7.8 13.6 . Demand Deposits (net) 291,829.4 327,347.3 360,851.5 23.7 10.2 21.5
Quasi-Money 840,262.6 973,331.5 1,048,355.9 24.8 7.7 64.9 . Savings Deposits 748,589.6 873,508.8 941,892.0 25.8 7.8 60.2 . Time Deposits 91,673.0 99,822.7 106,464.0 16.1 6.7 4.6
Broad Money Supply 1,259,610.3 1,459,608.1 1,580,460.9 25.5 8.3 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 23 | Third Quarter 2021/22 Fig.IV.3: Composition of Monetary Stock (In Billions of Birr) Source: Staff computation, NBE 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 353.3 billion at the end of third quarter of 2021/22, showing 32.6 percent year-on-year and 6.3 percent quarterly growth. Excess reserve of commercial banks also increased 10.2 percent on annual and 266.3 percent on quarterly basis (Table 4.3). The money multiplier, measured by the ratio of broad money to reserve money declined to 4.5 from 4.7 same period last year. Similarly, the ratio of narrow money to reserve money slowed down slightly from 1.6 to 1.5 during the same period. 0.0 200.0 400.0 600.0 800.0 1,000.0 Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 24 | Third Quarter 2021/22 Table 4.3: Monetary Aggregates and Ratios (In millions of Birr) Particulars Qtr. III Qtr. II Qtr. III Percentage Change (Mar. 21) (Dec. 21) (Mar. 22) A B C C/A C/B

Reserve Requirement (CB's) 63,104.7 135,408.1 112,993.6 79.1 -16.6
Actual Reserve (CB's) 104,487.0 145,557.2 150,169.8 43.7 3.2
Excess Reserve (CB's) 41,382.3 10,149.1 37,176.3 -10.2 -266.3
Reserve Money 266,479.7 332,391.5 353,296.7 32.6 6.3 . Currency in Circulation 159,484.8 187,463.1 205,019.8 28.6 9.4 . Banks deposits at NBE 106,994.9 144,928.4 148,277.0 38.6 2.3
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.5 1.5 -4.3 2.9 . Broad Money to Reserve Money 4.7 4.4 4.5 -5.4 1.9
Other Monetary Ratios (%): . Currency to Narrow Money 38.0 38.6 38.5 1.3 -0.1 . Currency to Broad Money 12.7 12.8 13.0 2.5 1.0 . Narrow Money to Broad Money 33.3 33.3 33.7 1.1 1.1 . Quasi Money to Broad Money 66.7 66.7 66.3 -0.6 -0.5 Source: Staff Computation, NBE Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (Quarterly Change in Percent) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits

National Bank of Ethiopia Quarterly Bulletin 25 | Third Quarter 2021/22 Fig.IV.5: Monetary Aggregates (In Billions of Birr) -20,000.0 0.0 20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 140,000.0 160,000.0 180,000.0 2017/18 Q1 Q2 Q3 Q4 2018/19 Q1 Q2 Q3 Q4 2019/20 Q1 Q2 Q3 Q4 2020/21 Q1 Q2 Q3 Q4 2021/22 Q1 Q2 Q3 In millions of Birr Required Actual Excess Source: Staff Computation NBE 4.3. Interest Rate Developments During the third quarter of 2021/22, average savings deposit rate and lending rate stood at 8.0 percent and 14.25 percent, respectively while weighted average time deposit rate decreased slightly by 0.05 percent on annual basis. In contrast, T-bills yield showed a significant improvement since the introduction of market based Tbills auction system. Accordingly, weighted average yield on T-bills increased from 8.83 percent in December 2021 to 9.23 percent in March 2022. Yet, considering a 36.6 percent headline inflation in March 2022, real interest rates on deposit, lending and T-bill yield remained negative during the review period (Table 4.4).

National Bank of Ethiopia Quarterly Bulletin 26 | Third Quarter 2021/22 Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2020/21 2021/22 Percentage point Changes QIII QII QIII Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 7.69 7.69 7.65 (0.04) (0.05) 1-2 years 7.74 7.74 7.69 (0.05) (0.05) Over 2 years 7.79 7.77 7.73 (0.06) (0.04) Average Time Dep. Rate (Weighted) 7.74 7.74 7.69 (0.05) (0.05)
Demand Deposit (Weighted) 0.040 0.034 0.034 (0.01) 0.00
Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.25 - -
T-bills Rate (Weighted) 9.10 8.83 9.23 0.13 0.4
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
Headline Inflation (Year-on-year) 20.6 35.1 36.6 16.00 1.50
Food Inflation (Year-on-year) 22.1 41.6 42.9 20.80 1.30
Core/non-food Inflation (Year-on-year) 18.9 26.6 28.1 9.20 1.50 1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates, hence the minimum & maximum rates presented here are mareket determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam.

National Bank of Ethiopia Quarterly Bulletin 27 | Third Quarter 2021/22 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) *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are depicted on the left axis. Source: Staff computation, NBE 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 28 | Third Quarter 2021/22 4.4. Developments in Financial Sector By the end of third quarter of 2021/22, the total number of banks operating in the country reached 21, including 19 private and 2 state owned banks. These banks opened 207 new bank branches during the period, thereby increasing their bank branches to 8,250. Thus, population to bank branch ratio stood at 12,747.43 . Bank branches located in Addis Ababa accounted for 33.7 percent of the total bank branches. Of the total bank branches, state owned banks constituted 25.7 percent and private banks 74.3 percent (Table 4.5). Meanwhile, total capital of the banking system reached Birr 172.7 billion, of which state owned banks accounted for 47.2 percent and private banks 52.8 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 30.3 percent (Table 4.5). In the meantime, the number of insurance companies stood at 18 of which 17 were private and 1 state owned. Their branch network increased to 673 from 629 a year ago. Of the total insurance branches, 54.7 percent were situated in Addis Ababa. Total capital of insurance companies reached Birr 12.5 billion

3 Total population is 105,166,000 as CSA estimation for 2022 from Birr 10.6 billion a year ago of which private insurance companies accounted for 74.6 percent (Table 4.6). In contrast, the number of micro finance institutions (MFIs) declined to 37 as three big MFIs namely Oromia Credit and Saving Institution, Amhara Saving & Credit Institution and Somali Microfinance Institution have been transformed in to banking activity. As a result, the number of saving accounts held by MFIs showed a 44.6 percent quarterly decline to Birr 26.3 billion. Similarly, their outstanding credit decreased 40.1 percent to Birr 35.2 billion; their total asset went down 43.1 percent to Birr 52.8 billion and their total capital shrunk 47.4 percent to Birr 11.6 billion compared to the preceding second quarter (Table 4.7).

National Bank of Ethiopia Quarterly Bulletin 29 | Third Quarter 2021/22 Table 4.5: Branch Network and Capital of the Banking System Capital 2020/21 1,463 417 1,880 26.5 1,498 508 2,006 24.9 1,587 454 2,041 24.7 50,323.4 52,387.82 52,387.82 77 5 82 1.2 77 5 82 1.0 77 5 82 1.0 7,748.1 29,163.96 29,163.96 1,540 422 1,962 27.6 1,575 513 2,088 26.0 1,664 459 2,123 25.7 58,071.5 81,551.8 81,551.8

344 219 563 7.9 440 252 692 8.6 467 258 725 8.8 10,981.5 13,873.1 13,971.9 294 166 460 6.5 354 203 557 6.9 388 196 584 7.1 6,362.6 8,292.8 8,872.4 402 245 647 9.1 471 293 764 9.5 511 274 785 9.5 4,807.8 7,650.4 8,805.9 269 148 417 5.9 270 150 420 5.2 271 149 420 5.1 4,917.1 5,173.6 5,230.2 198 177 375 5.3 221 198 419 5.2 222 204 426 5.2 5,080.1 5,743.6 5,759.6 197 217 414 5.8 201 223 424 5.3 208 221 429 5.2 5,670.3 6,111.4 6,453.0 363 104 467 6.6 419 142 561 7.0 446 133 579 7.0 5,051.8 7,292.2 8,513.5 203 86 289 4.1 201 88 289 3.6 203 88 291 3.5 3,194.6 3,283.6 3,311.7 217 109 326 4.6 228 125 353 4.4 236 124 360 4.4 4,268.2 4,720.7 5,334.6 22 39 61 0.9 23 45 68 0.8 28 46 74 0.9 2,793.6 4,557.5 4,676.7 158 132 290 4.1 191 148 339 4.2 194 149 343 4.2 2,922.6 3,731.2 3,907.5 145 135 280 3.9 181 137 318 4.0 180 143 323 3.9 3,256.7 3,755.6 3,818.6 187 98 285 4.0 251 119 370 4.6 263 120 383 4.6 3,278.8 3,885.3 4,148.6 34 58 92 1.3 42 65 107 1.3 42 67 109 1.3 1,260.7 1,425.7 1,545.4 43 64 107 1.5 60 72 132 1.6 62 72 134 1.6 1,426.1 1,716.1 1,790.0 Enat Bank S.C 28 33 61 0.9 45 48 93 1.2 49 51 100 1.2 1,796.4 1,974.6 2,154.2 19 8 27 0.3 23 10 33 0.4 543.1 907.7 9 11 20 0.2 12 14 26 0.3 1,181.6 1,375.3 Goh Betoch Bank S.C 1 1 2 1 2 3 0.0 593.4 602.7 3,104 2,030 5,134 72.4 3,627 2,328 5,955 74.0 3,806 2,321 6,127 74.3 67,069 85,506 91,179 4,644 2,452 7,096 100 5,202 2,841 8,043 100 5,470 2,780 8,250 100 125,140 167,057 172,731 Quarter II Quarter III % A.A Share % Share (Branch in Number and Capital in Millions of Birr) Quarter III Quarter II Quarter III Quarter III Banks Branch Network Total 2021/22

Public Banks Oromia Bank Nib International Bank Hibret Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Dashen Bank
Private Banks Awash Bank Total Public Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank Zamzam Bank S.S Hijra Bank S.C 2020/21 2021/22 Reg % Share Reg. A.A Total Reg. A.A Total Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

National Bank of Ethiopia Quarterly Bulletin 30 | Third Quarter 2021/22 Fig.IV.8: Share of Branch Network and Capital of Banking System 27.6 26.0 25.7 46.4 48.8 47.2 72.4 74.0 74.3 53.6 51.2 52.8 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Private Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2020/21 A.A Reg Total A.A Reg Total A.A Reg Total 1 25 65 90 25 66 91 25 66 91 2,944 3,181 3,182 2 28 22 50 30 26 56 30 26 56 1,509 1,728 1,780 3 18 14 32 18 14 32 18 14 32 344 367 379 4 22 17 39 22 17 39 22 17 39 197 257 272 5 28 12 40 30 13 43 30 13 43 700 732 769 6 12 8 20 12 8 20 12 8 20 219 250 250 7 29 22 51 31 24 55 31 24 55 596 742 867 8 17 18 35 17 18 35 17 18 35 1,015 1,222 1,242 9 28 14 42 29 15 44 29 15 44 644 610 758 10 16 20 36 19 22 41 19 22 41 377 310 344 11 18 6 24 18 6 24 18 6 24 167 188 205 12 22 21 43 25 25 50 25 25 50 621 734 900 13 15 14 29 15 14 29 15 14 29 380 463 464 14 Berhan insurance Company 13 8 21 14 8 22 15 8 23 191 258 248 15 18 9 27 20 9 29 22 9 31 303 353 355 16 Lucy Insurance Company 15 6 21 16 6 22 18 6 24 119 134 148 17 Bunna Insurance Company 16 11 27 17 12 29 17 12 29 200 212 233 18 Zaman Insurance Company 2 - 2 4 2 6 5 2 7 112 144 147 342 287 629 362 305 667 368 305 673 10,638 11,885 12,543 Quarter II Branch Capital Quarter III Insurance Companies 2020/21 2021/22 2021/22 Quarter III Quarter II Quarter III National Insurance Corporation of Ethiopia Quarter III Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life & General Insurance Oromia Insurance Company Abay Insurance Company Lion Insurance Company Tsehay Insurance Company Source: NBE

National Bank of Ethiopia Quarterly Bulletin 31 | Third Quarter 2021/22 Table 4.7: Microfinance Institutions Performance as of March 31, 2022 (In Thousands of Birr) 2020/21 QIII QII QIII A B C D=C/A E=C/B Total Capital 20,911,888.5 22,057,133.8 11,609,589.5 -44.5 -47.4 Saving 50,983,126.8 47,478,061.8 26,315,277.8 -48.4 -44.6 Credit 64,309,039.7 58,789,836.1 35,225,978.0 -45.2 -40.1 Total Assets 100,522,180.0 92,776,165.3 52,801,730.8 -47.5 -43.1 % Change Particulars 2021/22

Source: NBE 4.5. Banking System Activity 4.5.1. Resource Mobilization , Total resources (the sum of net change in deposit, loans collection and net change in borrowings) mobilized via the banking system in the third quarter of 2021/22 increased 78.6 percent over last year same quarter due to 113.9 percent surge in net deposit and 24.6 percent rise in loan collection (Table 4.8).

National Bank of Ethiopia Quarterly Bulletin 32 | Third Quarter 2021/22 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.III 2020/21 Qtr.II 2021/22 Qtr.III 2021/22 A B C D=C/A E=C/B 1.Deposits (net change) 53,762.8 55,194.7 28,836.5 61,143.2 54,400.4 82,599.3 116,337.9 113.9 40.8 -Demand 38,027.3 20,730.0 15,079.7 20,302.0 1,384.9 53,107.0 41,032.0 2,862.9 -22.7 -Saving 15,392.4 35,942.2 12,985.4 32,662.7 50,498.7 28,377.8 68,604.9 35.9 141.8 -Time 343.1 -1,477.4 771.4 8,178.5 2,516.8 1,114.5 6,701.1 166.3 501.3 2. Borrowing (net change) -3,076.3 6,656.9 0.0 0.0 1,231.5 -3,076.3 6,656.9 440.6 -316.4 -Local -3,103.8 6,189.9 0.0 0.0 831.6 -3,103.8 6,189.9 644.4 -299.4 -Foreign 27.6 467.0 0.0 0.0 399.9 27.6 467.0 16.8 1,593.4 3. Collection of Loans 12,985.0 16,974.3 30,838.7 37,631.1 43,823.7 43,823.7 54,605.4 24.6 24.6 4. Total Resources Mobilized (1+2+3) 63,671.6 78,825.9 59,675.2 98,774.3 99,455.5 123,346.7 177,600.2 78.6 44.0 5. Disbursement 44,732.6 40,587.3 36,826.0 68,324.0 68,161.9 81,558.6 108,911.3 59.8 33.5 6. Change in Liquidity (4-5) 18,939.0 38,238.6 22,849.2 30,450.3 31,293.6 41,788.2 68,688.9 119.5 64.4 Memorandum Item: Outstanding Credit* 793,249.3 818,784.6 578,904.1 634,505.9 1,224,375.7 1,372,153.3 1,453,290.5 18.7 5.9 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.II 2020/21 Qtr.III 2021/22 Qtr.II 2020/21 Qtr.III 2021/22 Source: Commercial Banks Notes: *Includes corporate bonds of Commercial Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 33 | Third Quarter 2021/22 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 III III IV III III IV III III IV III III 2018/2019 2019/2020 2020/2021 2021/2022 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization By the end of third quarter 2021/22, the total deposit liabilities of the banking system reached Birr 1.6 trillion indicating a 26 percent annual growth. Demand deposits, which accounted for 33.8 percent of total deposits, stood at Birr 538.2 billion, showing a 29.7 percent yearly increment. Similarly, saving deposit went up 25.9 percent to Birr 943 billion and accounted for 59.2 percent of the total deposits. Time deposits, which constituted 7.0 percent of the total deposit liabilities, increased 11.7 percent to Birr 112.1 billion. The share of state owned banks in total deposit was 55.3 percent while that of private banks stood at 44.7 percent (Table 4.9).

National Bank of Ethiopia Quarterly Bulletin 34 | Third Quarter 2021/22 Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter III Quarter II Quarter III 2020/21 2021/22 2021/22 A B C Demand Deposit 415,054.6 32.8 497,185.8 33.7 538,217.8 33.8 29.7 8.3 Saving Deposit 748,934.5 59.2 874,398.4 59.2 943,003.3 59.2 25.9 7.8 Time Deposit 100,349.9 7.9 105,390.0 7.1 112,091.1 7.0 11.7 6.4 Total 1,264,339.1 100.0 1,476,974.2 100.0 1,593,312.2 100.0 26.0 7.9 Share of state owned Banks 55.4 55.9 55.3 Share of Private Banks 44.6 44.1 44.7 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 I II III IV I II III IV I II III IV I II III 2018/19 2019/2020 2020/2021 2021/2022 In percent State owned Banks Private Banks All Banks Source: CBEs & NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) close to Birr 54.6 billion, about 24.6 percent higher than last year same quarter (Table 4.8). About 68.9 percent of the total loan was collected by private banks and 31.1 percent by state owned banks. About 89.2 percent of the total loan was collected from cooperatives and private enterprises (Table 4.12).

National Bank of Ethiopia Quarterly Bulletin 35 | Third Quarter 2021/22 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 89 billion showing a 7.5 percent growth vis-à-vis last year same period. Of the total borrowing, Birr 71.0 billion (79.8 percent) was from domestic and Birr 18.0 billion (20.2 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) 2020/21 Quarter III Quarter II Quarter III A B C D=C/B E=C/A Domestic Borrowing 68,296.3 64,831.7 71,021.5 9.5 4.0 Foreign Borrowing 14,534.3 17,554.5 18,021.5 2.7 24.0 Total 82,830.6 82,386.2 89,043.0 8.1 7.5 Banks Percentage change 2021/22 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 108.9 billion was disbursed in fresh loans (including CBE’s bond purchase), indicating 59.8 percent annual increase. Of the total new loans, the share of state owned banks was 37.3 percent and that of private banks 62.7 percent (Table 4.12). The major beneficiaries of the fresh loans were international trade (Birr 39.5 billion or 36.2 percent) manufacturing (Birr 16.5 billion or 15.1 percent), domestic trade (Birr 14.5 billion or 13.3 percent), consumer & staff loan (Birr 8.6 billion or 7.9 percent), ‘mines, power & water resources’ (Birr 8.5 billion or 7.8 percent), building & construction (Birr 7.7 billion or 7.1 percent) and transport and communication (Birr 7.1 billion or 6.5 percent), (Table 4.11).

National Bank of Ethiopia Quarterly Bulletin 36 | Third Quarter 2021/22 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 Value in Million Birr Years/Quarters Total State owned Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIII-2021/22 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 12,437 2 489,564 - - - 12,437 2 489,564 Agriculture 212 657 11,291 807 367 9,206 1,019 1,024 20,497 Manufacturing 7,896 4,288 183,521 8,604 4,344 100,782 16,500 8,631 284,303 Domestic Trade 2,361 969 12,098 12,114 8,479 117,945 14,475 9,448 130,043 International Trade 13,427 5,920 47,072 26,033 13,999 227,829 39,460 19,920 274,902 Export 901 585 8,106 20,404 10,398 164,633 21,305 10,983 172,738 Imports 12,526 5,335 38,967 5,629 3,602 63,196 18,155 8,937 102,163 Hotels and Tourism 34 326 4,014 1,347 1,009 23,866 1,380 1,335 27,880 Transport & Communication 3,947 25 88,882 3,115 1,336 17,800 7,062 1,361 106,682 Building & Construction 1,074 550 75,281 6,614 3,590 82,431 7,688 4,140 157,713 Mines, Power & Water Res. 8,512 60 350,634 - 57 396 8,512 116 351,030 Others 1,778 1,967 11,050 2,450 973 7,842 4,228 2,940 18,892 Consumer & staff loan 1,346 2,213 34,942 7,239 3,478 46,408 8,585 5,690 81,349 Total 40,587 16,974 818,785 68,324 37,631 634,506 108,911 54,605 1,453,291 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit Source: Commercial Banks and staff computation

National Bank of Ethiopia Quarterly Bulletin 37 | Third Quarter 2021/22 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) rose 18.7 percent to Birr 1.5 trillion compared to last year same period. About 99.5 percent of the total outstanding credit of private banks went to finance cooperatives and private enterprises (Table 4.12). Sector wise, the major holders of outstanding credit were ‘mines, power & water resource’ (Birr 351 billion or 24.2 percent) manufacturing (Birr 284.3 billion or 19.6 percent), international trade (Birr 274.9 billion or 18.9 percent), building & construction (Birr 157 billion or 10.9 percent), domestic trade (Birr 130 billion or 8.9 percent), and transport & communication (Birr 106.7 billion or 7.3 percent) (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2021/22 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 40,587.3 37.3 16,976.1 31.1 818,784.6 56.3 Corporate Bonds* 12,437.3 0.0 1.9 0.0 489,563.5 59.8 State Enterprises 28,189.7 69.5 5,842.7 34.4 666,835.3 81.4 Cooperatives 1,733.6 4.3 1,431.0 8.4 9,337.0 1.1 Private Enterprises 10,664.0 26.3 9,700.5 57.1 142,612.2 17.4 Private Banks 68,324.0 62.7 37,631.1 68.9 634,505.9 43.7 State Enterprises 120.7 0.2 65.8 0.2 2,982.0 0.5 Cooperatives 2,054.0 3.0 319.4 0.8 8,815.0 1.4 Private Enterprises 66,149.3 96.8 37,246.0 99.0 622,709.0 98.1 Grand Total 108,911.3 100.0 54,607.3 100.0 1,453,290.5 100.0 Source: Commercial Banks &DBE Notes: *Corporate Bonds of Commercial Bank of Ethiopia

38 | Third Quarter 2021/22 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 In Percent Years/Quarters Public Bank Credit Outstanding Private Bank Credit Outstanding

Source: NBE 4.6. Financial Activities of NBE NBE’s gross claims on the central government as of end March 2022 stood at Birr 347.4 billion about 37.9 percent higher than a year earlier. Of this sum, government bonds accounted for 57 percent and direct advance 43 percent. NBE’s deposit liabilities surged by 42.6 percent compared to same quarter of last year due to a change in the Bank’s monetary policy to increase reserve requirement ratio from 5 percent to 10 percent (Table 4.13).

National Bank of Ethiopia Quarterly Bulletin 39 | Third Quarter 2021/22 Table 4 .13: Financial Activities of NBE (In Millions of Birr) 2020/21 Qtr.III Qtr.II Qtr.III A B C D=C/A E=C/B 1.Loans and Advances 308,505.36 363,749.81 397,449.81 28.8 9.3 1.1. To Central Government 251,862.65 311,427.10 347,427.10 37.9 11.6 Direct Advances 53,500.00 113,500.00 149,500.00 179.4 31.7 Bonds 198,362.65 197,927.10 197,927.10 -0.2 0.0 1.2.To Development Bank of Ethiopia 56,642.71 52,322.71 50,022.71 -11.7 -4.4 2.Deposit Liabilities 137,707.07 190,061.84 196,421.17 42.6 3.3 2.1. Government 30,602.71 44,866.05 46,541.63 52.1 3.7 2.2. Financial Institutions 107,104.36 145,195.80 149,879.55 39.9 3.2 O/W: -Banks 107,098.66 145,171.97 149,866.69 39.9 3.2 -Insurance companies 5.7 23.8 12.9 125.6 -46.0 3.Net Claims of NBE(1-2) 170,798.3 173,688.0 201,028.6 17.7 15.7 % Change Particulars 2021/22 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 biweekly T-bills auction during the third quarter of 2021/22, reached Birr 238.6 billion, reflecting a 138.6 percent. Similarly, the demand for T-bills hiked 218.3 percent to Birr 155.7 billion (Table 14.4). The amount of T-bills sold amounted to Birr 152.6 billion, which was 213.7 percent higher than last year same quarter. The non-bank institutions bought T-bills worth Birr 55.6 billion while banks bought the remaining balance (Birr 97.0 billion). Birr 35.1 billion (net of redemption) was mobilized from the T-bills sale to finance

National Bank of Ethiopia Quarterly Bulletin 40 | Third Quarter 2021/22 government operations during the review quarter. Thus, total outstanding T-bills at the end of the review quarter reached Birr 288.6 billion, a 318.9 percent surge over last year. The average weighted T-bills yield during the review quarter was 9.229 percent which was 13.04 percentage points higher than a year ago (Table 4.14).

National Bank of Ethiopia Quarterly Bulletin 41 | Third Quarter 2021/22 Table 4.14: - Results of Treasury Bills Auction (2021/22 third Quarter) (In Millions Birr) 2020/21 2021/22 Quarter III Quarter II Quarter III % Change A B C C/A C/B Number of Bidders 55.00 295.00 86.00 56.36 -70.85 Public 25.00 60.00 65.00 160.00 8.33 Private 30.00 235.00 21.00 -30.00 (91.06) Number of Bids received 55.00 295.00 86.00 56.36 -70.85 Public 25.00 60.00 65.00 160.00 8.33 Private 30.00 235.00 21.00 -30.00 (91.06) Amount Demanded (Mn. Birr) 48,908.10 187,047.18 155,662.16 218.27 -16.78 28-day bill 5,875.00 13,375.00 12,095.00 105.87 -9.57 91-day bill 20,876.00 56,631.89 33,856.89 62.18 -40.22 182-day bill 10,083.70 24,712.00 48,765.57 383.61 97.34 364-day bill 12,073.40 92,328.29 60,944.70 404.78 (33.99) Amount Supplied (Mn. Birr) 100,000.00 192,560.00 238,599.86 138.60 23.91 28-day bill 5,100.00 6,600.00 24,050.00 371.57 264.39 91-day bill 29,200.00 54,760.00 45,256.89 54.99 -17.35 182-day bill 44,300.00 43,200.00 63,128.57 42.50 46.13 364-day bill 21,400.00 88,000.00 106,164.40 396.10 20.64 Amount Sold (Mn. Birr) 48,633.10 182,297.18 152,562.16 213.70 -16.31 Banks 19,980.00 137,632.29 97,000.00 385.49 -29.52 Non-Banks 28,653.10 44,664.89 55,562.16 93.91 24.40 Redemption (Mn. Birr) 28,309.00 90,259.89 117,441.86 314.86 30.12 Average Weighted Price for Successful bids (%) 96.37 96.24 96.15 (0.23) -0.09 28-day bill 99.42 99.38 99.35 -0.07 -0.03 91-day bill 97.97 97.70 97.42 -0.56 -0.29 182-day bill 96.23 95.55 95.54 -0.71 0.00 364-day bill 91.86 92.32 92.28 0.46 -0.04 Average Weighted Yield for Successful bids (%) 8.165 8.826 9.229 13.04 4.57 28-day bill 7.605 8.173 8.567 12.65 4.82 91-day bill 8.311 9.434 10.614 27.71 12.50 182-day bill 7.857 9.349 9.352 19.03 0.03 364-day bill 8.886 8.346 8.384 -5.65 0.46 Outstanding bills at the end of Period (Mn.Br.) 68,893.70 253,498.29 288,618.59 318.93 13.85 Banks 18,970.00 162,582.29 184,082.29 870.39 13.22 Non-Banks 49,923.70 90,916.00 104,536.30 109.39 14.98 Source: National Bank of Ethiopia (NBE)

National Bank of Ethiopia Quarterly Bulletin 42 | Third Quarter 2021/22 Fig.IV.13: Development in Treasury- bills Markets Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 IV I II III IV I II III IV I II III IV I II III IV I II III 2017/18 2018/19 2019/20 2020/21 2021/22 Supply Demand 0 2.5 5 7.5 10 12.5 IV I II III IV I II III IV I II III IV I II III IV I II III 2017/18 2018/19 2019/20 2020/21 2021/22 (In percent) 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

National Bank of Ethiopia Quarterly Bulletin 43 | Third Quarter 2021/22 4.7.2. Inter- Bank Money Market There has been no inter-bank money market operation during the review quarter. 4.7.3. Corporate Bond Market As corporate bond market is not well developed in Ethiopia, the big issuers of corporate bond constitute few public institutions and regional governments with the sole purchaser of being the Commercial Bank of Ethiopia (CBE). Accordingly, CBE purchased corporate bonds worth Birr 12.4 billion during the third quarter of 2021/22, of which Birr 8.5 billion was purchased from Ethiopian Electric Utility (EEU) and Ethiopian Electric Power (EEP) and Birr 3.94 billion from Ethiopian Railway Corporation. At the same time, the amount of corporate bond redeemed by Oromia Regional State was Birr 1.9 million. Thus, the stock of corporate bonds held by the CBE stood at Birr 489.6 billion at end of March 2022, of which 89.4 percent was claims on public enterprises and the rest on regional governments (Table 4.15). EEP & EEU alone held 71.4 percent of the total outstanding corporate bond balance.

National Bank of Ethiopia Quarterly Bulletin 44 | Third Quarter 2021/22 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding during the third Quarter of 2021/22 (in millions of Birr) Issuer of the Bond 2020/21 2021/22 QIII QIII NP Red O/S NP Red O/S 1.Puplic Enterprises 5,765.80 789.28 388,453.00 12,437.30 - 437,779.38 EEP&EEU 3,012.80 789.28 317,066.77 8,500.00 - 349,441.90 Railways Corporation 2,753.01 - 71,386.23 3,937.30 - 88,337.49 DBE - - - - - - 2. Regional Governments - 1,153.55 54,370.79 - 1.86 51,784.16 Oromia - 376.06 - 1.86 370.48 Amhara - - - - - Tigray - 91.54 - - 91.54 SNNPRS - - - - - Dire Dawa - 0.00 - - - Harari - 0.00 - - - City Government of Addis Ababa

1,153.55 53,903.19 - - 51,322.14 3.Grand Total (1+2) 5,765.80 1,942.82 442,823.79 12,437.30 1.86 489,563.54 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding.

National Bank of Ethiopia Quarterly Bulletin 45 | Third Quarter 2021/22 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments registered USD 280.8 million in deficit during the third quarter of 2021/22 compared to USD 285.9 million deficit a year ago due to widening current account deficit and decline in capital account surplus. Current account deficit increased from USD 900 million to USD 1 billion deficit solely owing to 32 percent rise in merchandise trade deficit, offset the increase in net services (105.3 percent), private transfers (33.2 percent) and official transfers (42.9 percent). However, net capital account surplus showed 30.9 percent slowdown on account of lower net surplus in official long-term capital (60.3 percent) coupled with sharp increase in net short-term capital out flows (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 46 | Third Quarter 2021/22 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2020/21 2021/22 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Exports, f.o.b. 883.1 916.6 1,053.5 19.3 14.9 Coffee 208.4 251.3 318.7 52.9 26.8 Other 674.7 665.3 734.8 8.9 10.5 2 Imports 3,573.9 4,350.2 4,605.9 28.9 5.9 Fuel 558.3 718.1 876.0 56.9 22.0 Cereals 306.4 602.2 620.9 102.6 3.1 Aircraft 31.0 46.8 28.6 -7.6 -38.8 Imports excl. fuel, cereals, aircraft 2,678.1 2,983.2 3,080.4 15.0 3.3 3 Trade Balance (1-2) -2,690.8 -3,433.6 -3,552.4 32.0 3.5 4 Services, net 186.2 69.5 382.4 105.3 450.2 Non-factor services, net 257.2 198.1 500.9 94.7 152.8 Exports of non-factor services 1,202.5 1,639.4 1,610.0 33.9 -1.8 Imports of non-factor services 945.3 1,441.3 1,109.1 17.3 -23.1 Factor services (Investment income), net -71.0 -128.6 -118.4 66.8 -7.9 Interest, net -71.0 -128.2 -118.1 66.4 -7.9 Dividend, net -0.4 -0.3 -26.7 5 Private transfers, net 1,443.4 1,704.6 1,922.0 33.2 12.7 o/w: NGO's,(Net) 264.0 388.8 388.9 47.3 0.0 Private Individuals 1,179.4 1,315.8 1,533.1 30.0 16.5 6 Current account balance excluding official transfers (3+4+5) -1,061.2 -1,659.5 -1,248.1 17.6 -24.8 7 Official transfers, net 160.9 323.3 229.9 42.9 -28.9 8 Current account balance including official transfers(6+7) -900.2 -1,336.2 -1,018.1 13.1 -23.8 9 Capital account 589.9 1,046.4 407.8 -30.9 -61.0 Official Long-term Capital, net 136.5 131.2 54.2 -60.3 -58.7 Disbursements 151.5 177.4 184.9 22.0 4.2 Amortization 15.1 46.2 130.7 767.7 183.0 Other public long-term capital -280.8 -60.9 -270.7 -3.6 344.8 Private sector, long term 32.3 2.7 34.5 7.0 1,193.7 Foreign Direct Investment, net 725.1 811.1 805.8 11.1 -0.7 Short-term Capital -23.1 162.2 -216.1 835.6 -233.2 10 Errors and Omissions [11-(9+8)] 24.5 -299.8 329.6 11 Overall balance (-13) -285.9 -589.6 -280.8 12 Financing (13+16) 285.9 589.6 280.8 13 Reserves [ Increase(-), Decrease (+)] (14+15) 285.9 589.6 280.8 14 Central Bank (NFA) 490.7 416.3 -48.3 Asset 803.0 483.6 18.6 Liabilities -312.3 -67.3 -66.9 15 Commercial banks (NFA) -204.8 173.3 329.1 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2021/22 Total current receipts amounted to USD 4.9 billion registering 32.1 percent yearon-year growth driven by higher private transfers (33.2 percent), service proceeds (34.2 percent), merchandise export earnings (19.3 percent) and official transfers (70.1 percent). Similarly, total current payments showed a 28.4 percent increment and stood at USD 5.9 billion due to growth in merchandise import (28.9 percent), services payment (21.2 percent), public transfers (234.2 percent) and private transfers (47.9 percent). As a result, the current account deficit (including official transfers) widened to USD 1.02 million from USD 900.2 billion a year earlier (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2020/21 2021/22 QIII QII QIII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,721.5 4,637.0 4,915.2 32.1 6.0 Export Proceeds 883.1 916.6 1,053.5 19.3 14.9 Service Proceeds 1,204.6 1,643.9 1,616.4 34.2 -1.7 Private Transfers 1,446.1 1,707.4 1,925.9 33.2 12.8 Public Transfers 187.7 369.1 319.4 70.1 -13.5 2 Current Payments 4,621.7 5,973.2 5,933.4 28.4 -0.7 Import Payments 3,573.9 4,350.2 4,605.9 28.9 5.9 Service Payments 1,018.3 1,574.4 1,234.0 21.2 -21.6 Private Transfers 2.7 2.7 3.9 47.9 45.0 Public Transfer 26.8 45.8 89.5 234.2 95.4 3 Net, (1-2) -900.2 -1,336.2 -1,018.1 13.1 -23.8 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 48 | Third Quarter 2021/22 Source: NBE Staff Compilation

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

National Bank of Ethiopia Quarterly Bulletin 49 | Third Quarter 2021/22 5.2. Balance of Trade During the third quarter of FY2021/22, merchandise trade deficit deteriorated to USD 3.6 billion from USD 2.7 billion a year ago as the import payments outweighed that of export receipts. Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission 0 1000 2000 3000 4000 5000 6000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 50 | Third Quarter 2021/22 5.2.1. Export of Goods Total earnings from export of goods showed 19.3 percent annual growth owing to higher export revenues from coffee (52.9 percent), gold (45.1 percent), chat (16.9 percent), meat & meat products (57.9 percent), fruit & vegetables (47.3 percent), textile & textile products (34.8 percent), electricity (5.9 percent) and other export goods (104.6 percent) in contrast to lower receipts from oilseeds (43.2 percent), flower (4.9 percent), pulses (21.3 percent), leather & leather products (15.3 percent) and live-animals (0.3 percent). Export proceeds from coffee exhibited 52.9 percent annual surge on account of higher international coffee price (35.5 percent) and export volume (12.8 percent). As a result, the share of coffee in total merchandise export earnings rose to 30.2 percent from 23.6 percent. Likewise, export earnings from gold increased 45.1 percent on annual basis solely due to 52.6 percent rise in export volume despite 4.9 percent drop in international price. Thus, the share of gold in total merchandise export improved to 15.8 percent from 13.0 percent last year same quarter. Earnings from export of chat depicted 16.9 percent annual growth and reached USD 114.9 million as international price increased 58.2 percent offset a 26.1 percent fall in export volume. As a result, the share of chat in total merchandise export earnings slightly dropped to 10.9 percent from 11.1 percent a year ago. Export receipts from meat & meat products stood at USD 31.9 million, depicting 57.9 percent surge on account of higher export volume (18.5 percent) and international price (33.3 percent). Consequently, the share of meat & meat products exports in total earnings improved to 3.0 percent from 2.3 percent. Export of fruit and vegetables fetched USD 32.7 million, showing 47.3 percent annual growth owing to higher price (77.8 percent) in international unit price despite 17.2 percent decline in export volume. Hence, the share of fruits & vegetables in total merchandise export

National Bank of Ethiopia Quarterly Bulletin 51 | Third Quarter 2021/22 receipt increased to 3.1 percent from 2.5 percent. Likewise, revenue from export of textile & textile products increased 34.8 percent on account of higher export volume (60.3 percent) despite 15.9 percent lower international price and their share in total merchandise export earnings improved to 4.4 percent from 3.9 percent. Export receipts from electricity rose 5.9 percent as a result of increased export volume (4.1 percent) and international price (1.7 percent). However, the share of electricity in total export earnings slightly dropped to 2.0 percent from 2.3 percent. On the other hand, proceeds from export of oilseeds showed 43.2 percent reduction wholly due to 48.0 percent decline in export volume offsetting 9.2 percent rise in international price. As a result, the share of oilseeds in total export earnings declined to 5.7 percent from 12.0 percent. Export receipts from flower declined 4.9 percent due to a 5.4 percent fall in export volume albeit a 0.6 percent rise in international price. Hence, its share in total merchandise export contracted to 11.9 percent from 14.9 percent. Export revenue from pulses dropped 21.3 percent owing to 32.6 percent reduction in export volume despite 16.8 percent increase in international price. As a result, the share of pulses in total merchandise export revenue decreased to 6.0 percent from 9.2 percent. Receipts from export of leather & leather products declined by 15.3 percent owing to lower export volume (29.1 percent) in spite of higher international price (19.5 percent). Thus, export of leather and leather products accounted for 0.7 percent of the merchandise export compared to its 1.0 percent a year ago. Similarly, export revenue from liveanimals depicted a 0.3 percent slowdown mainly as a result of lower international price (8.1 percent) despite higher export volume (8.5 percent). Hence, the share of live-animals in total merchandise export earnings dropped slightly to 1.0 percent from 1.2 percent (Tables 5.3, 5.4 and 5.5).

National Bank of Ethiopia Quarterly Bulletin 52 | Third Quarter 2021/22 Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2020/21 2021/22 Percentage QI Change II QII QIII A %share B %share C %share C/A C/B Coffee 208.4 23.6 251.3 27.4 318.7 30.2 52.9 26.8 Oilseeds 106.1 12.0 88.1 9.6 60.2 5.7 (43.2) (31.6) Leather and Leather Products 9.1 1.0 9.1 1.0 7.7 0.7 (15.3) (15.0) Pulses 81.0 9.2 53.2 5.8 63.7 6.0 (21.3) 19.8 Meat & Meat Products 20.2 2.3 26.6 2.9 31.9 3.0 57.9 19.9 Fruits & Vegetables 22.2 2.5 19.8 2.2 32.7 3.1 47.3 64.9 Textile & Textile Products 34.4 3.9 47.8 5.2 46.4 4.4 34.8 (3.0) Live Animals 10.8 1.2 3.9 0.4 10.8 1.0 (0.3) 177.4 Chat 98.3 11.1 83.0 9.1 114.9 10.9 16.9 38.5 Gold 114.9 13.0 147.2 16.1 166.8 15.8 45.1 13.3 Flower 131.4 14.9 123.9 13.5 125.0 11.9 (4.9) 0.9 Electricity 20.1 2.3 23.5 2.6 21.3 2.0 5.9 (9.5) Others 26.1 3.0 39.3 4.3 53.5 5.1 104.6 36.1 Total Export 883.1 100.0 916.6 100.0 1,053.5 100.0 19.3 14.9 Total Export Excluding Electricity 863.0 893.1 1,032.2 19.6 15.6 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 53 | Third Quarter 2021/22 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2020/21 2021/22 Percentage Change QIII QII QIII A B C C/A C/B Coffee 55.0 62.6 62.1 12.8 (0.9) Oilseeds 76.2 54.1 39.6 (48.0) (26.7) Leather and Leather Products 0.6 0.6 0.4 (29.1) (31.1) Pulses 92.3 44.1 62.2 (32.6) 40.9 Meat & Meat Products 4.0 4.9 4.7 18.5 (5.3) Fruits & Vegetables 64.7 63.8 53.6 (17.2) (16.1) Textile & Textile Products 5.7 9.8 9.2 60.3 (5.6) Live Animals 6.6 3.1 7.2 8.5 131.8 Chat 17.2 14.4 12.7 (26.1) (11.6) Gold(In mn. of grams) 1.6 2.4 2.5 52.6 4.0 Flower 27.4 26.9 25.9 (5.4) (3.9) Electricity(In mn of kwh) 359.6 422.7 374.4 4.1 (11.4) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 40 80 120 160 200 240 280 320 360 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 54 | Third Quarter 2021/22 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2020/21 2021/22 Percentage Change QIII QII QIII A B C C/A C/B Coffee 3.8 4.0 5.1 35.5 28.0 Oilseeds 1.4 1.6 1.5 9.2 (6.7) Leather and Leather Products 14.5 14.1 17.3 19.5 23.3 Pulses 0.9 1.2 1.0 16.8 (15.0) Meat & Meat Products 5.1 5.4 6.8 33.3 26.6 Fruits & Vegetables 0.3 0.3 0.6 77.8 96.5 Textile & Textile Products 6.0 4.9 5.0 (15.9) 2.8 Live Animals 1.6 1.3 1.5 (8.1) 19.7 Chat 5.7 5.8 9.1 58.2 56.6 Gold (USD/grams) 70.1 61.2 66.7 (4.9) 8.9 Flower 4.8 4.6 4.8 0.6 5.0 Electricity (USD/kwh) 0.1 1.7 2.2 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 20 40 60 80 100 120 140 160 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 55 | Third Quarter 2021/22 Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import stood at USD 4.6 billion during the third quarter of FY2021/22, depicting 28.9 percent annual expansion resulting from significant growth of import values of consumer goods, fuel and semi-finished goods. Import value of consumer goods increased 67.6 percent on yearly basis due to higher import payments ፎረ nondurable goods (76.8 percent) and durable goods (21.5 percent). As a result, the share of consumer goods in total merchandise import bills increased to 40.8 percent from 31.3 percent. Likewise, payments for fuel import surged 56.9 percent increasing its share in total import payments to 19.0 percent from 15.6 percent. Payments for semi-finished goods increased 21.2 percent despite 2.7 percent decline in fertilizer import. Consequently, the share of semi-finished goods in total merchandise import bill contracted to 22.8 percent from 24.3 percent. Similarly, capital goods import depicted a 23.3 percent contraction, resulting 0.0 2.0 4.0 6.0 8.0 10.0 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA)

National Bank of Ethiopia Quarterly Bulletin 56 | Third Quarter 2021/22 from lower import bills of agricultural (18.5 percent) and industrial goods (27.0 percent) in contrast with 21.7 percent increase in transport capital goods. As a result, capital goods import constituted 15.8 percent of the total import compared to 26.5 percent a year ago. Likewise, import of raw materials showed a 6.4 percent reduction and their share in total merchandise imports marginally decreased to 0.6 percent from 0.9 percent. Imports of miscellaneous goods also declined by 6.8 percent and accounted for 1.0 percent of the total imported goods. In addition, total franco-valuta imports went down by 11.0 percent and stood at USD 1.6 billion constituting 35.6 percent of the total import value (Table 5.7). Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2020/21 2021/22 Percentage Changes Qtr III Share (%) Qtr II Share (%) Qtr III Share (%) A B C C/A C/B Raw Materials 31.1 0.9 32.6 0.7 29.1 0.6 (6.4) (10.5) Semi-finished Goods 867.1 24.3 693.4 15.9 1,050.8 22.8 21.2 51.6 Fertilizers 389.5 10.9 73.2 1.7 378.9 8.2 (2.7) 418.0 Fuel 558.3 15.6 718.1 16.5 876.0 19.0 56.9 22.0 Petroleum Products 521.0 14.6 716.1 16.5 845.3 18.4 62.2 18.0 Others 37.3 1.0 2.0 0.0 30.8 0.7 (17.5) 1,443.8 Capital Goods 948.5 26.5 702.6 16.2 727.3 15.8 (23.3) 3.5 Transport 69.0 1.9 106.9 2.5 83.9 1.8 21.7 (21.5) Agricultural 11.9 0.3 14.7 0.3 9.7 0.2 (18.5) (34.1) Industrial 867.6 24.3 581.0 13.4 633.7 13.8 (27.0) 9.1 Consumer Goods 1,119.9 31.3 2,175.3 50.0 1,877.0 40.8 67.6 (13.7) Durables 185.9 5.2 191.6 4.4 225.9 4.9 21.5 17.9 Non-durables 934.1 26.1 1,983.7 45.6 1,651.1 35.8 76.8 (16.8) Miscellaneous 48.9 1.4 28.2 0.6 45.6 1.0 (6.8) 61.6 Total Imports 3,573.9 100 4,350.2 100 4,605.9 100 28.9 5.9 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 57 | Third Quarter 2021/22 Table 5.7: Values of Franco Valuta Imports (In Millions of USD Commodity Group 2020/21 2021/22 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Beverages 8.7 1.6 0.6 (93.3) (64.1) Chemicals 7.9 4.5 7.3 (7.7) 60.9 Clothing 4.8 5.3 5.0 2.4 (5.5) Food and live animals 556.8 503.5 503.5 (9.6) (0.0) Textiles 21.0 15.5 41.0 95.0 164.8 Tobacco 0.1 0.0 0.1 103.0 198.2 Soap & polish 1.1 1.2 2.9 155.1 136.2 Fertilizer 14.3 105.2 39.9 178.8 (62.1) Paper & paper manufacturing 2.6 5.5 2.7 5.2 (51.3) Metal & metal manufacturing 75.7 36.2 86.6 14.3 139.0 Medical and pharmaceuticals products 42.8 162.6 0.1 (99.8) (99.9) Rubber products 10.7 8.2 16.0 49.5 95.7 Petroleum Crude - 0.1 - - (100.0) Petroleum product 8.9 1.4 5.3 (40.0) 272.3 Glass & glass ware 2.7 3.4 5.9 121.7 73.5 Electrical material 65.7 61.4 93.3 42.0 52.1 Machine 134.9 144.1 129.5 (4.0) (10.1) Road & motor vehicles 2.7 4.9 6.4 135.7 30.9 Tele apparatus 4.2 1.8 6.0 41.1 230.8 Cement 0.08 0.0 0.0 Others 877.2 759.2 687.5 (21.6) (9.4) Total 1,842.8 1,825.5 1,639.5 (11.0) (10.2) Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 58 | Third Quarter 2021/22 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 39.8 percent of total export revenue, with Switzerland taking 40.0 percent share, followed by the Netherlands (21.0 percent), Germany (14.5 percent), Belgium (7.1 percent), Italy (5.9 percent), United Kingdom (2.8 percent), France (1.9 percent), Turkey (1.3 percent) and Spain (1.2 percent). These European countries together had 95.6 percent share in Ethiopia’s total exports to Europe. Asia accounted for 31.9 percent of the total export receipts with Saudi Arabia being the main destination having 24.3 percent share, followed by United Arab Emirates (13.1 percent), Japan (10.2 percent), Israel (9.2 percent), South Korea (6.3 percent), India (6.2 percent), China (5.7 percent), Indonesia (2.8 percent), Yemen (2.5 percent), Taiwan (2.3 percent), Singapore (2.3 percent), Pakistan (1.8 percent), Hong Kong (1.2 percent) and Malaysia (1.2 percent). All these Asian countries accounted for 89.0 percent of Ethiopia’s total export to Asia. About 18.5 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (53.3 percent), Djibouti (24.1 percent), Sudan (12.7 percent), Kenya (2.0 percent), South Africa (1.2 percent) and Egypt (0.7 percent), which altogether accounted for 94.0 percent of the total exports to Africa. America had 9.2 percent share in Ethiopia’s total export earnings, of which 92.0 percent was exports to the United States followed by Canada (7.3 percent). These countries accounted for 99.3 percent of Ethiopia’s total exports to America.

National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2021/22 Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the third quarter of 2021/22, Asia accounted for 61.8 percent of the total import bills of Ethiopia with the major imports coming from China (30.0 percent), India (21.9 percent), Kuwait (14.2 percent), UAE (11.3 percent), Malaysia (8.1 percent), Saudi Arabia (5.6 percent), Indonesia (2.3 percent) South Korea (1.6 percent) and Thailand (1.5 percent) whose combined share was 96.4 percent. Imports from Europe constituted 14.7 percent of Ethiopia’s total imports with the major countries being Turkey (40.2 percent), Ukraine (19.9 percent), Germany (7.0 percent), Italy (6.5 percent), the Netherlands (4.4 percent), France (4.1 percent), Bulgaria (3.1 percent), United Kingdom (2.5 percent), Belgium (1.6 percent), Russia (1.4 percent), Spain (1.3 percent) and Ireland (1.2 percent). These countries jointly accounted for 93.1 percent of Ethiopia’s total imports from Europe. Africa accounted for about 16.4 percent of Ethiopia’s total merchandise import. The major countries of origin were 18.5% 9.2% 39.8% 31.9% 0.5% Fig.V.7: Export By Destination Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 60 | Third Quarter 2021/22 Morocco (62.5 percent), Djibouti (17.0 percent), South Africa (7.3 percent), Egypt (7.0 percent) and Kenya (5.0 percent) which altogether represented 98.8 percent of the total imports from the African continent. Import bills from America had 7.0 percent share in total import bills, of which the share of United States was 53.7 percent followed by Canada (8.1 percent) and Brazil (1.2 percent). Source: NBE Staff Compilation 16.4% 14.7% 7.0% 61.8% 0.1% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 61 | Third Quarter 2021/22 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net surplus in services trade was USD 382.4 million compared to USD 186.2 million surplus a year ago due to an increase in net travel (58.4 percent), net transport (101.9 percent), and net government services (18.0 percent) despite rises in net other service deficit (9.1 percent) and net deficit of investment income (66.8 percent) (Table 5.8). Source: NBE Staff Compilation -500.0 -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Million USD) Fig.V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income Net Other Services

National Bank of Ethiopia Quarterly Bulletin 62 | Third Quarter 2021/22 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2020/21 2021/22 QIII QII QIII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -71.0 -128.6 -118.4 66.8 -7.9 2 Interest, net (3-4) -71.0 -128.2 -118.1 66.4 -7.9 3 Credit 2.1 4.5 6.5 211.4 44.7 4 Debit 73.1 132.7 124.6 70.5 -6.1 5 Dividend, net - -0.4 -0.3 - -26.7 6 NON-FACTOR SERVICES, net (7-8) 257.2 198.1 500.9 94.7 152.8 7 Exports of non-factor services 1,202.5 1,639.4 1,610.0 33.9 -1.8 8 Travel 245.7 214.8 271.4 10.5 26.4 9 Transport 1 804.2 1271.4 1202.1 49.5 -5.5 10 Gov't 2 49.1 52.6 55.2 12.4 4.9 11 Other 3 103.5 100.6 81.2 -21.6 -19.3 12 Imports of non-factor services 945.3 1,441.3 1,109.1 17.3 -23.1 13 Travel 121.6 156.7 74.8 -38.5 -52.3 14 Transport 1 637.1 933.7 864.9 35.7 -7.4 15 Gov't 2 3.7 1.6 1.6 -57.1 -2.0 16 Other 3 182.9 349.2 167.9 -8.2 -51.9 17 Net Services (18+19+20+21+22) 186.2 69.5 382.4 105.3 450.2 18 Travel (8-13) 124.2 58.0 196.7 58.4 238.9 19 Transport (9-14) 167.1 337.7 337.3 101.9 -0.1 20 Gov't (10-15) 45.4 51.0 53.6 18.0 5.1 21 Other (11-16) -79.4 -248.6 -86.7 9.1 -65.1 22 Investment Income (2+5) -71.0 -128.6 -118.4 66.8 -7.9 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

National Bank of Ethiopia Quarterly Bulletin 63 | Third Quarter 2021/22 5.3.2. Transfers Total transfer receipts increased 37.4 percent and reached USD 2.2 billion during the review period, due to 33.2 percent rise in private transfers and 70.1 percent in official transfers. Likewise, total transfer payments increased significantly from USD 29.4 million to USD 93.4 million as a result of 47.9 percent and 234.2 percent increase in payments for private and official transfers. Yet, net transfers increased 34.1 percent and reached USD 2.2 billion at the end of review quarter (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2020/21 2021/22 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) 1,443.4 90.0 1,704.6 84.1 1,922.0 89.3 33.2 12.7 2 Credit (3+4) 1,446.1 88.5 1,707.4 82.2 1,925.9 85.8 33.2 12.8 3 NGO's 266.7 16.3 391.5 18.9 392.8 17.5 47.3 0.3 4 Private individuals 1,179.4 72.2 1,315.8 63.4 1,533.1 68.3 30.0 16.5 5 Debit 2.7 9.1 2.7 5.6 3.9 4.2 47.9 45.0 6 Official transfers, net (7-8) 160.9 10.0 323.3 15.9 229.9 10.7 42.9 -28.9 7 Credit 187.7 11.5 369.1 17.8 319.4 14.2 70.1 -13.5 8 Debit 26.8 90.9 45.8 94.4 89.5 95.8 234.2 95.4 9 Total Receipts 1,633.8 100.0 2,076.5 100.0 2,245.3 100.0 37.4 8.1 10 Total Payments 29.4 100.0 48.5 100.0 93.4 100.0 217.3 92.5 11 Net Transfers 1,604.4 100.0 2,028.0 100.0 2,151.9 100.0 34.1 6.1 Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 64 | Third Quarter 2021/22 Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) widened from USD 900.2 million last year same to USD 1.02 billion deficit during the third quarter of 2021/22 on account of 32.0 percent widening of the merchandise trade deficit. Net private transfers increased 33.2 percent and net official transfers by 42.9 percent. Similarly, net service trade surplus went up from USD 186.2 million to USD 382.4 million during the review quarter (Table 5.1). 5.5. Capital Account Capital account recorded USD 407.8 million surplus which was 30.9 percent lower than that of last year same period mainly due to 60.3 percent decrease in net official long-term capital and a surge in net short term capital outflow from USD 23.1 million to USD 216.1 million. On the other hand, foreign direct investment increased 11.1 percent compared to a year earlier. Likewise, net other public sector long term capital deficit declined from USD 280.8 million to USD 270.7 million (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 65 | Third Quarter 2021/22 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the third quarter of 2021/22 reached USD 280.8 million compared to USD 285.9 million deficit a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia showed a USD 48.3 million build-up while that of commercial banks recorded a USD 329.1 million drawdown (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 66 | Third Quarter 2021/22 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 reached Birr 50.2619/USD in the third quarter of 2021/22, depicting a 26.0 percent annual depreciation. The end period exchange rate of the Birr was 50.9867/USD, indicating a 23.4 percent annual depreciation vis-à-vis against USD last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2020/21 43.6910 39.0163 12.4 0.00 Qtr. III C 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 2021/22 Qtr. II B 49.1936 47.6026 3.25 0.00 October 47.2184 46.6841 1.00 0.00 November 47.5647 47.5647 1.10 0.00 December 49.1936 48.5589 1.15 0.00 Qtr. III A 50.9867 50.2619 3.05 0.00 January 49.7983 49.5091 0.95 0.00 February 50.7790 50.3892 1.00 0.00 March 50.9867 50.8875 1.10 0.00 Percentage Changes A/B 3.64 5.59 -6.15 A/C 23.41 25.99 0.00 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 67 | Third Quarter 2021/22 In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 50.3450/USD, showing 26.1 percent yearly depreciation, while the selling rate was Birr 51.3997/USD, depicting 26.2 percent annual depreciation. Thus, the average spread between the buying and the selling rates marginally increased to 2.1 percent from 1.9 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 68 | Third Quarter 2021/22 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 2020/21 2021/22 Percentage change Quarter III A Quarter II B Quarter III C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 33,330.3 5,025.2 35,597.8 4,536.7 42,998.3 4,328.5 20.8 (4.6) 29.0 (13.9) 2 Bank of Abyssinia 399.6 3,289.9 1,430.8 4,512.7 1,456.8 2,772.9 1.8 (38.6) 264.6 (15.7) 3 Dashen Bank 3,577.3 4,517.5 2,833.7 3,211.5 5,422.0 4,192.4 91.3 30.5 51.6 (7.2) 4 Awash International Bank 464.5 3,620.4 848.4 2,819.5 705.5 3,209.7 (16.8) 13.8 51.9 (11.3) 5 Construction & Business Bank - - - - 6 Wegagen Bank 1,431.7 962.8 1,778.1 1,016.4 2,647.4 971.6 48.9 (4.4) 84.9 0.9 7 United Bank 3,650.3 1,869.3 961.1 2,322.1 1,297.9 1,243.4 35.0 (46.5) (64.4) (33.5) 8 Development Bank 1.0 18.8 2.6 17.0 2.3 0.7 (11.7) (95.9) (96.3) 9 Nib International Bank 583.1 959.7 3,547.2 788.2 4,515.8 614.8 27.3 (22.0) 674.4 (35.9) 10 Lion International Bank 213.7 83.1 38.7 29.1 120.7 15.7 212.0 (46.0) (43.5) (81.1) 11 Oromia International Bank 3,048.9 1,321.3 2,094.4 1,016.7 3,950.6 527.8 88.6 (48.1) 29.6 (60.1) 12 Zemen Bank 68.6 6,813.3 77.2 987.5 213.7 1,031.8 176.9 4.5 211.4 (84.9) 13 Cooperative Bank of Oromia 174.0 1,767.6 219.0 1,014.2 234.5 1,156.5 7.1 14.0 34.8 (34.6) 14 Buna International Bank 435.8 259.4 155.4 230.4 502.3 723.0 223.2 213.8 15.3 178.8 15 Birhan International Bank 329.6 777.6 354.8 677.9 414.7 639.1 16.9 (5.7) 25.8 (17.8) 16 Abay Bank 264.1 155.8 386.8 318.0 466.2 149.2 20.5 (53.1) 76.5 (4.3) 17 Addis International Bank 971.7 219.9 1,665.6 390.5 731.1 196.5 (56.1) (49.7) (24.8) (10.6) 18 Debub Global Bank 1,206.6 366.5 351.1 105.3 138.4 131.7 (60.6) 25.1 (88.5) (64.1) 19 Enat Bank 91.4 263.9 237.4 216.9 1,115.0 207.4 (100.0) (100.0) (100.0) (100.0) 20 Zamzam Bank 91.4 263.9 17.2 44.4 20.0 32.2 16.5 (27.5) (78.1) (87.8) Total 50,333.6 32,555.9 52,597.4 24,254.8 66,953.1 22,144.8 27.3 (8.7) 33.0 (32.0) Average Exchange Rate 39.9398 40.7138 47.5664 48.4797 50.3450 51.3997 5.8 6.0 26.1 26.2 Spread 1.9 1.9 2.1 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin 69 | Third Quarter 2021/22 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar appreciated against major currencies both in quarterly and annual basis. On annual terms, USD strengthened against Japanese Yen (18.8 percent), Pound Sterling (13.2 percent), Euro (6.9 percent), SDR (2.9 percent) and Swiss Franc (2.2 percent). Likewise, on quarterly basis, USD appreciated against Euro (1.9 percent), SDR (0.7 percent), Japanese Yen (0.3 percent), Swiss Franc (0.2 percent), while it depreciated against Pound Sterling by 1.5 percent (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 70 | Third Quarter 2021/22 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 2020/21 QIII C 1.2064 0.0094 1.4371 1.3781 1.3784 1.3782 1.1070 1.1067 1.1068 January 1.2182 0.0096 1.4421 1.3645 1.1279 February 1.2097 0.0095 1.4397 1.3845 1.1160 1.1152 1.1156 March 1.1912 0.0092 1.4294 1.3852 1.3861 1.3857 1.0771 2021/22 QII B 1.1444 1.1442 1.1442 0.0077 1.4051 1.4049 1.4050 1.1786 1.0843 1.0841 1.0842 October 1.1596 1.1591 1.1593 0.0076 1.4123 1.4116 1.4119 1.1795 1.0817 1.0812 1.0814 November 1.1431 1.1431 1.1429 0.0077 1.4048 1.4048 1.4049 1.1792 1.0856 December 1.1303 0.0078 1.3982 1.1771 1.0856 QIII A 1.1228 0.0077 1.3949 1.1958 1.0825 January 1.1327 0.0077 1.4009 1.1972 1.0893 February 1.1337 0.0077 1.4008 1.1943 1.0831 March 1.1021 0.0077 1.3829 1.1959 1.0750 Percentage Changes A/B -1.88 -1.86 -1.86 -0.32 -0.32 -0.31 -0.73 -0.71 -0.72 1.46 -0.17 -0.15 -0.16 A/C -6.92 -18.85 -18.81 -18.83 -2.93 -13.23 -13.25 -13.24 -2.21 -2.19 -2.20 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2021/22 On the other hand, the Birr has depreciated against all major currencies. On annual basis, it depreciated 26.0 percent against USD, 23.2 percent against Swiss Franc, 22.7 percent against Pound Sterling, 22.3 percent against SDR, 17.3 percent against Euro and 14.8 percent against Japanese Yen. On quarterly basis, the Birr weakened against USD (5.6 percent), Swiss Franc (5.4 percent), SDR (4.8 percent), Pound Sterling (5.1 percent), Euro (3.6 percent) and Japanese Yen (3.3 percent) (Table 5.13).

National Bank of Ethiopia Quarterly Bulletin 72 | Third Quarter 2021/22 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate 2020/21 QIII C 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 2021/22 QII B 47.6026 48.0786 47.8401 54.4713 55.0071 54.7364 0.4190 0.4232 0.4211 66.8853 67.5432 67.2150 64.1913 64.8227 64.5014 51.6220 52.1302 51.8761 October 46.6841 47.1510 46.9176 54.1365 54.6512 54.3938 0.4132 0.4171 0.4152 65.9314 66.5579 66.2447 63.8546 64.4617 64.1581 50.4985 50.9794 50.7390 November 47.5647 48.0403 47.8010 54.3897 54.9336 54.6532 0.4174 0.4216 0.4194 66.8280 67.4963 67.1642 64.1103 64.7514 64.4141 51.6508 52.1673 51.9090 December 48.5589 49.0444 48.8016 54.8877 55.4366 55.1622 0.4264 0.4307 0.4286 67.8965 68.5755 68.2360 64.6089 65.2550 64.9319 52.7167 53.2439 52.9803 QIII A 50.2619 50.7645 50.5132 56.4299 56.9942 56.7121 0.4327 0.4370 0.4349 70.1068 70.8079 70.4574 67.4772 68.1520 67.8146 54.4038 54.9480 54.6759 January 49.5091 50.0042 49.7566 56.0799 56.6407 56.3603 0.4309 0.4352 0.4330 69.3586 70.0522 69.7054 67.1396 67.8110 67.4753 53.9295 54.4688 54.1991 February 50.3892 50.8931 50.6412 57.1272 57.6984 57.4128 0.4375 0.4418 0.4396 70.5877 71.2936 70.9407 68.2245 68.9068 68.5656 54.5757 55.1219 54.8488 March 50.8875 51.3964 51.1419 56.0826 56.6434 56.3630 0.4298 0.4341 0.4320 70.3742 71.0779 70.7260 67.0676 67.7382 67.4029 54.7062 55.2532 54.9797 Percentage Change A/B 5.59 3.60 3.61 3.61 3.27 3.28 3.28 4.82 4.83 4.82 5.12 5.14 5.14 5.39 5.41 5.40 A/C 25.99 25.99 25.98 17.27 14.82 14.87 14.80 22.30 22.73 22.70 22.72 23.23 23.26 23.24 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 73 | Third Quarter 2021/22 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency March 31, 2021 December 31, 2021 March 31, 2022 Percentage Change A B C C/B C/A USD 41.5231 49.4396 51.2417 3.65 23.41 Pound 57.0652 66.6792 67.2956 0.92 17.93 Swedish Kroner 4.7565 5.4521 5.5147 1.15 15.94 Djibouti Frank 0.2330 0.2774 0.2876 3.66 23.44 Swiss Frank 44.0750 53.9498 55.3186 2.54 25.51 Saudi Riyal 11.0714 13.1663 13.6579 3.73 23.36 UAE Dirhams 11.3034 13.4585 13.9486 3.64 23.40 Canadian Dollar 32.9026 38.6609 41.0459 6.17 24.75 Japanese Yen 0.3764 0.4295 0.4206 -2.06 11.74 Euro 48.7398 55.9508 56.9910 1.86 16.93 SDR 58.9711 69.1957 70.6110 2.05 19.74 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 74 | Third Quarter 2021/22 5.7.2. Movements in the Real Effective Exchange Rate During the third quarter of 2021/22, the Birr depreciated by 22.3 percent in real terms largely due to the surge in trading partners’ price which offset the rising domestic inflation and appreciation of the Birr relative to those currencies of Ethiopia’s trading partners. In particular, Sudan’s continually rising inflation has been the main driver for the real depreciation of the Birr. In contrast, the NEERI showed 43.2 percent year-on-year appreciation owing to significant depreciation of Sudanese Pound against USD following the decision of the Central Bank of Sudan to float the currency (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 75 | Third Quarter 2021/22 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2020/21 2021/22 Percentage Change QIII QII QIII A B C C/B C/A REERI 150.8 137.7 117.2 -14.9 -22.3 NEERI 46.3 67.5 66.3 -1.8 43.2 Source: NBE Staff Compilation NB: REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 76 | Third Quarter 2021/22 5.7.3. Volume of Transactions In the third quarter of 2021/22, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.1 million which was wholly supplied by the NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 67.0 million and sold USD 22.1 million. Hence, the amount of forex purchased grew 33 percent, while the sold amount fell by 32.0 percent (Table 5.11). 0 1 1 2 2 3 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (In Mn. USD) Total Amount Traded Amount Traded among CBs

National Bank of Ethiopia Quarterly Bulletin 77 | Third Quarter 2021/22 VI. FEDERAL GOVERNMENT FINANCE During the third quarter of 2021/22, total revenue and grants of the federal government amounted to Birr 78.9 billion, which was, 25.7 percent lower than the preceding quarter but 14.8 percent higher than last year same quarter (Table 6.1). On the other hand, Federal government expenditure dropped 6.3 percent relative to the preceding quarter but 81.4 percent higher a year earlier. As a result, the overall fiscal balance of the Federal government (including grants) recorded Birr 95.1 billion deficit (Table 6.1).

National Bank of Ethiopia Quarterly Bulletin 78 | Third Quarter 2021/22 Table 6.1: summary of Quarterly Federal Government Finance (In millions of Birr) No Finer points 2020/21 2021/22 Percentage changes performance rate A B C D QIII D/A D/C D/B Revised Budget QII QIII 1 Revenue and Grants 68,804.1 367,863.5 106,282.9 78,953.1 14.8 (25.7) 21.5 1.1 Total Revenue 68,804.1 329,111.0 106,282.9 78,953.1 14.8 (25.7) 24.0 Tax Revenue 61,555.8 294,011.5 98,209.2 74,677.9 21.3 (24.0) 25.4 Direct tax 14,953.1 101,214.4 47,147.2 18,730.6 25.3 (60.3) 18.5 Indirect tax 46,602.8 192,797.1 51,062.0 55,947.3 20.1 9.6 29.0 Non-Tax Revenue 7,248.3 35,099.5 8,073.7 4,275.2 (41.0) (47.0) 12.2 1.2 Grant & Relief 38,752.5 - - - 2 Current Expenditure 22,285.2 243,522.2 105,981.7 91,631.0 311.2 (13.5) 37.6 3 Current Surplus/Deficit - - - - (Including Grants) 46,518.9 124,341.3 301.2 (12,677.9) (127.3) (4,309.5) (10.2) (Excluding Grants) 46,518.9 85,588.8 301.2 (12,677.9) (127.3) (4,309.5) (14.8) 4 Capital Expenditure 24,622.9 137,932.8 29,123.8 31,923.8 29.7 9.6 23.1 5 Regional Transfers 49,083.7 207,276.7 50,731.3 50,528.3 2.9 (0.4) 24.4 6 Total Expenditure (2+4+5) 95,991.8 588,731.7 185,836.9 174,083.1 81.4 (6.3) 29.6 7 Overall Surplus/Deficit - - - - (Including Grants) (27,187.7) (220,868.3) (79,553.9) (95,130.0) 249.9 19.6 43.1 (Excluding Grants) (27,187.7) (259,620.8) (79,553.9) (95,130.0) 249.9 19.6 36.6 8 Total Financing 27,187.7 220,868.3 79,553.9 95,130.1 249.9 19.6 43.1 8.1 Net External Borrowings 6,220.9 30,706.7 2,456.6 (1,352.4) (121.7) (155.0) (4.4) External Borrowing 6,804.2 24,136.5 5,636.3 3,347.4 (50.8) (40.6) 13.9 Amortization 583.3 18,956.3 3,179.6 4,699.7 705.7 47.8 24.8 8.2 Net Domestic Borrowings 38,195.2 190,161.5 98,832.5 118,598.0 210.5 20.0 62.4 Banking System 25,749.1 - 118,043.3 44,936.7 74.5 (61.9) Non-Bank Sources 12,446.1 - (19,210.8) 73,661.3 491.8 (483.4) 8.3 Privatization receipts 1,799.7 - - - 8.4 Others and Residuals (17,228.4) (21,735.2) (22,115.6) 28.4 1.8 Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 79 | Third Quarter 2021/22 6.1. Revenues and Grants During the review period, total revenue reached Birr 78.9 billion which was entirely mobilized from domestic resources, of which 94.6 percent was from taxes and 5.4 percent from non-taxes. There were no grants & relief from external development partners. The total revenue collected was 21.5 percent of the annual plan (Table 6.2).

National Bank of Ethiopia Quarterly Bulletin 80 | Third Quarter 2021/22 Table 6.2: Summary of Quarterly Federal Government Revenue by Component (In million Birr) No Particulars 2020/21 2021/22 Percentage Change Performance Rate QIII Revised Budget QII QIII A B C D D/A D/C D/B Total Revenue and Grants

68,804.1

367,863.5

106,282.9

78,953.1

14.8

(25.7) 21.5 Total Domestic Revenue

68,804.1

329,111.0

106,282.9

78,953.1

14.8

(25.7) 24.0 1 Tax Revenue 61,555.8 294,011.5 98,209.2 74,677.9 21.3 (24.0) 25.4 1.1 Direct Tax Revenue 14,953.1 101,214.4 47,147.2 18,730.6 25.3 (60.3) 18.5 1.1.1 Income Taxes 12,310.4 89,638.7 43,656.4 15,170.7 23.2 (65.2) 16.9

Personal 4,197.8 19,820.2 6,479.0 4,723.7 12.5 (27.1) 23.8
Business 8,112.6 69,818.5 37,177.4 10,447.0 28.8 (71.9) 15.0 1.1.2 Others1 2,642.6 11,575.7 3,490.8 3,559.9 34.7 2.0 30.8 1.2 Indirect Taxes 46,602.8 192,797.1 51,062.0 55,947.3 20.1 9.6 29.0 1.2.1 Domestic Taxes 19,745.0 67,332.0 19,268.1 21,016.4 6.4 9.1 31.2 1.2.2 Foreign Trade Taxes 26,857.8 125,465.0 31,794.0 34,930.9 30.1 9.9 27.8
Import 26,857.8 125,465.0 31,794.0 34,930.9 30.1 9.9 27.8 2 Non-Tax Revenue 7,248.3 35,099.5 8,073.7 4,275.2 (41.0) (47.0) 12.2 3 Privatization - - - - - - 4 Grants and Relief - 38,752.5 - - - Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend ,royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 81 | Third Quarter 2021/22 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government During the review period, indirect taxes accounted for 74.9 percent of the total tax revenue showing a 20.1 percent annual growth. About 62.4 percent of the indirect tax revenue was collected from foreign trade and 37.6 percent from domestic taxes. Direct tax revenue grew 25.3 percent relative to last year same period. 0 20000 40000 60000 80000 100000 120000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017/18 2018/19 201920 2020/21 2021/22 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

National Bank of Ethiopia Quarterly Bulletin 82 | Third Quarter 2021/22 Fig.VI.2: Domestic Revenue by Major Components during the third Quarter of 2021/22 Direct Tax Revenue 23.7% Indirect Taxes 70.9% Non-Tax Revenue 5.4%

National Bank of Ethiopia Quarterly Bulletin 83 | Third Quarter 2021/22 6.2. Expenditure Total Federal government expenditure (including regional transfers) during the review quarter reached Birr 174.1 billion, depicting a 81.4 percent surge over last year same quarter. This was driven by higher current expenditure (311.2 percent), capital expenditure (29.7 percent) and regional subsidy (2.9 percent). Component wise, current expenditure at Birr 91.6 billion accounted for 52.6 percent of the total expenditure while capital expenditure Birr 31.9 billion and regional transfers Birr 50.5 billion, constituted 18.3 percent and 29.0 percent, respectively (Table 6.3). Tale 6.3: Summary of Federal Government Expenditure by components (In Million Birr) No Particulars 2020/21 2021/22 Percentage Change Performance Rate QIII Revised Budget QII QIII A B C D D/A D/C D/B Total Expenditure 95,991.8 588,731.7 185,836.9 174,083.1 81.4 (6.3) 29.6 1 Current Expenditure 22,285.2 243,522.2 105,981.7 91,631.0 311.2 (13.5) 37.6

General Services 10,157.6 134,069.3 67,164.0 67,617.9 565.7 0.7 50.4
Economic Services 1,532.0 6,259.3 1,947.5 1,907.9 24.5 (2.0) 30.5
Social Services 9,346.7 49,863.7 24,262.3 15,512.9 66.0 (36.1) 31.1
Others expenditure 87.5 25,465.3 231.1 499.6 470.9 116.2 2.0
Debt Service 1,161.4 27,864.6 12,376.9 6,092.8 424.6 (50.8) 21.9 2 Capital Expenditure 24,622.9 137,932.8 29,123.8 31,923.8 29.7 9.6 23.1
Economic Development 20,207.1 95,267.5 20,147.0 21,270.8 5.3 5.6 22.3
Social Development 3,776.7 29,468.0 8,165.1 8,855.6 134.5 8.5 30.1
General Development 639.0 13,197.4 811.7 1,797.4 181.3 121.4 13.6 4 Regional Transfers 49,083.7 207,276.7 50,731.3 50,528.3 2.9 (0.4) 24.4 Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 84 | Third Quarter 2021/22 Fig.VI.3: Major Components of Federal Governments Expenditure during the Third Quarter of 2021/22 Current Expenditure 52.6% Capital Expenditure 18.3% Regional Transfer 29.0%

National Bank of Ethiopia Quarterly Bulletin 85 | Third Quarter 2021/22 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

6.3 Deficit Financing The Federal government budget operations resulted in Birr 95.1 billion deficit (including grants), which was higher than Birr 67.9 billion deficit recorded a year earlier. This deficit was wholly financed by domestic borrowing. 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of Birr) Total Expenditure Quarters/Years Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin 86 |Third Quarter 2021/22 Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2021/22 0 100000 200000 300000 400000 500000 600000 700000 800000 900000 1000000 2017/18 2018/19 2019/20 2020/21 2021/22 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 87 |Third Quarter 2021/22 VII. DEVELOPMENTS IN INVESTMENT During the third quarter of 2021/22, 43 investment projects with investment capital of Birr 420.5 million became operational. The number of investment projects and investment capital registered annual increment of 115 and 417.2 percent respectively. All the investment projects were privately owned of which 81.4 percent were domestic while the remaining 18.6 percent foreign. Domestic investment projects recorded an investment capital of Birr 346.8 million or 82.5 percent of the total private investment capital, whereas, foreign investment constituted Birr 73.7 million (17.5 percent). These investment projects have generated employment opportunities for 3,239 employees which was 844.3 percent higher than the same quarter of last year. Of the total employment created during the period, 93.8 percent was permanent and 6.2 percent was casual (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin 88 |Third Quarter 2021/22 Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2020/21 2021/22 Percentage Changes QIII QII QIII A B C Share C/A C/B

Total Investment Number of projects 20 11 43 100 115.0 290.9 Capital 81.3 182.0 420.5 100 417.2 131.1 Permanent Employment 244 162 3038 100 1,145.1 1,775.3 Temporary Employment 99 103 201 100 103.0 95.1
Private Investment Number of projects 20 11 43 100 115.0 290.9 Capital 81.3 182.0 420.5 100 417.2 131.1 Permanent Employment 244 162 3038 100 1,145.1 1,775.3 Temporary Employment 99 103 201 100 103.0 95.1 2.1 Domestic Investment Number of projects 14 7 35 81.4 150.0 400.0 Capital 45.4 163.6 346.8 82.5 663.2 112.0 Permanent Employment 0 60 1816 59.6 - 2,926.7 Temporary Employment 27 80 41 20.4 51.9 -48.8 2.2. Foreign Investment Number of projects 6 4 8 18.6 33.3 100.0 Capital 35.9 18.4 73.7 17.5 105.5 300.5 Permanent Employment 244 102 1222 40.2 400.8 1,098.0 Temporary Employment 72 23 160 79.6 122.2 595.7
Public Investment Number of projects

Capital

Permanent Employment

Temporary Employment

Source: Ethiopian Investment Commission. As for sectoral distribution, construction constituted the lion’s share accounting for 72.1 percent of total investment projects, real estate, renting and business activities 14 percent, manufacturing 11.6 percent and other community, social and personal service activities 2.3 percent. Out of the total Birr 420.5 million capital availed, construction constituted 68.4 percent, manufacturing (19.1 percent), real estate, renting and business activities (10.1 percent)

National Bank of Ethiopia Quarterly Bulletin 89 |Third Quarter 2021/22 and other community, social and personal service activities (2.4 percent). With regard to job opportunity, about 63.1 percent of permanent employment was created by manufacturing, 24.4 percent by real estate, renting & business activities, 11.5 percent by other community, social and personal service activities and 1 percent by construction. In terms of temporary employment, real estate, renting & business activities are the leading sector, engaging 50.7 percent of temporarily employed persons. Manufacturing and construction on their part constituted 35.8 and 11.9 percent of temporary employment, respectively. Other community, social and personal service activities is the least sector in employment creation, generating 1.5 percent of temporary employment (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2021/22 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 31 72.1 287.5 68.4 30 1.0 24 11.9 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 5 11.6 80.5 19.1 1,916 63.1 72 35.8 Mining and quarrying - - - - - - - - Other community, social and personal service activities 1 2.3 10.0 2.4 350 11.5 3 1.5 Real estate, renting and business activities 6 14.0 42.5 10.1 742 24.4 102 50.7 Tour operation, transport, and communication

Wholesale, retail trade & repair service - - - - - - - - Others*

Grand Total 43 100 420.5 100 3,038 100 201 100 Source: Ethiopian Investment Commission *Export of flowers, spices, cotton and cotton product, wooden handicrafts, souvenirs and flower baskets, data center services.

National Bank of Ethiopia Quarterly Bulletin 90 |Third Quarter 2021/22 In terms of regional distribution, Addis Ababa account about 79.1 percent of the total projects with 81.3 percent of total investment capital while multiregional projects constitutes 20.9 percent of the total projects with 18.7 percent of total investment capital. In terms of job creation multiregional projects accounted for 98.5 and 79.6 percent of the total permanent and temporary employments respectively. Addis Ababa constitutes 1.5 and 20.4 percent of total permanent and temporary employment respectively (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 91 |Third Quarter 2021/22 Table 7.3: Performance of Operational Investment Projects by Region Region 2020/21 2021/22 Growth Rate QIII QII QIII C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 14 45 27 6 58 - - 34 342 45 41

81.3

1.5

20.4 142. 9 652.2 - 51.9 1,217.8 487.3 - - Afar - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - SNNPR 1 105 60 80

Gamb - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - Multiregional 6 36 244 72 4 18 102 23 9 79 2,993 160

18.7

79.6 50.0 119.4 1,126.6 122.2 423.3 327.6 2,834.3 595.7 Grand Total 20 81 244 99 11 182.0 162 103 43 420.5 3,038 201 100 115. 0 417. 2 1,145.1 103.0 809.1 131.1 1,775.3 95.1 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 92 |Third Quarter 2021/22 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 Global economic activity remained resilient at the start of third quarter of FY2021/22, with survey data indicating that the Omicron variant of the coronavirus (COVID-19) may only have a short lived impact on advanced economies. However, the Russia-Ukraine war and new pandemic related measures in Asia are expected to weigh on the global economy and are leading to fresh shortages of materials and inputs. The geopolitical situation and the pandemic are also acting as a drag on trade. The euro area economy estimated that growth remained weak during the third quarter of 2021/22, largely owing to pandemic related restrictions. In the United States, economic activity is expected to moderate in the third quarter of 2021/22. Although the Omicron wave is fading, waning fiscal support coupled with high inflation has led to a fall in real disposable income since the second quarter of 2021/22. In the United Kingdom, the economy is rebounding quickly from the impact of the

4 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2022. Omicron variant. Real GDP softened in February after surprising to the upside in January, increasing by 0.1 percent month on month. While economic activity was mainly supported by an increase in consumer services, activity in the manufacturing and construction sectors fell. In Japan, the recovery in economic activity softened at the third quarter of 2021/22 with the spread of the Omicron variant. High frequency data suggest that the sharp increase in COVID-19 cases since the start of the reporting period and the introduction of quasi state of emergency measures in a number of prefectures contributed to a decline in consumer expenditure and confidence in January and February. In China, the highest recorded incidence of COVID-19 cases since the start of the pandemic is likely to hold back growth in the short term. While activity appeared relatively strong in January and February, the sharp increase in COVID-19 case numbers in March led to widespread lockdowns, which are significantly reducing growth.

National Bank of Ethiopia Quarterly Bulletin 93 |Third Quarter 2021/22 8.2. Inflation Developments Global inflation increased to 7.5 percent in March, from 5.9 percent in February. Energy prices were driven higher after the outbreak of the war and now stand 45 percent above their level one year ago. They continue to be the main reason for the high rate of inflation. Market based indicators suggest that energy prices will stay high in the near term but will then moderate to some extent. Food prices have also increased sharply. This is due to elevated transportation and production costs, notably the higher price of fertilisers, which are in part related to the war in Ukraine. Price rises have become more widespread. Energy costs are pushing up prices across many sectors. Supply bottlenecks and the normalisation of demand as the economy reopens also continue to put upward pressure on prices. Measures of underlying inflation have risen to levels above 2 percent in recent months. It is uncertain how persistent the rise in these indicators will be, given the role of temporary pandemic-related factors and the indirect effects of higher energy prices. 8.3. Commodity Price Commodity prices have eased since the Governing Council’s meeting in March, but remain sensitive to supply risks owing to the war in Ukraine. Amid high volatility, oil prices have fallen by 18 percent since the Governing Council’s March meeting. The dispute between Russia and the G7 group and the European Union over the currency denomination of gas payments led to renewed concerns about gas imports from Russia, gas prices have fallen by 30 percent, as markets appear to be relieved that Russian gas exports to Europe did not decrease after the Russian invasion of Ukraine. Non-energy commodity prices have declined slightly (by 2 percent) since the Governing Council meeting in March. This is due to the easing of concerns about potential supply shortfalls owing to the war and because the lockdowns in China pose downside risks to demand for metals. However, commodity prices in general remain above the levels observed before Russia’s invasion of Ukraine. The war is posing significant risks to supply, as Russia is a leading exporter of a broad range of commodities including oil, gas, aluminium, fertilizers and wheat.

National Bank of Ethiopia Quarterly Bulletin 94 |Third Quarter 2021/22 8.4. Exchange Rate Developments In foreign exchange markets, the euro continued to depreciate in trade weighted terms, reflecting a weakening against most major currencies. 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, weakened by 1.9 percent. This reflected a depreciation of the euro against the US dollar (by 2.3 percent) amid rising expectations of a faster pace of monetary tightening and following the first increase in the Federal Reserve System’s target range for the federal funds rate in more than three years as well as against the currencies of other major economies, including the pound sterling (by 1.1 percent) and the Swiss franc (by 1.5 percent). The euro also weakened against the currencies of most emerging market economies, including the Chinese renminbi (by 1.6 percent), but appreciated strongly vis-à-vis the Japanese yen (by 6.0 percent) amid growing expectations that the Bank of Japan would tighten monetary policy at a significantly slower pace than other major central banks. 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2021/22, the global economic growth remains resilient while global inflation rose during the reporting period. During the review quarter, commodity price remain above the Russian’s invasion of Ukraine. However, commodity price had both positive as well as negative impact. The positive impact was observed in the merchandise export receipts which helped the country to generate additional foreign exchange from export sector. Meanwhile, a surge in crude oil prices aggravated the country’s extra payment of foreign exchange so that further suppressing impact on Ethiopia’s current account balance compared to last year the same period. Furthermore, despite the surge in domestic inflation and appreciation of birr relative to trading partner’s currencies, the significant rise of foreign price resulted in the REER to depreciate by 22.3 percent. Thus, it enhances international competitiveness of the country in global market.

2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13 Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 2019/20 Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 192,264.95 - 52,142.71 - 106,893.95 Qtr.II 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Qtr.III 80,407.49 316.70 488.33 74,412.19 5,190.27 221,237.75 6,972.80 214,264.95 - 55,242.71 - 120,561.48 Qtr.IV 112,086.32 3,280.63 525.42 102,412.06 5,868.20 230,237.75 199,237.75 31,000.00 - 58,142.71 - 148,024.70 2020/21 Qtr.I 120,432.59 5,033.13 563.29 108,717.20 6,118.98 243,141.31 198,362.65 44,778.66 - 57,642.71 - 139,732.21 Qtr.II 120,263.57 1,868.95 614.96 111,460.69 6,318.98 248,141.31 198,362.65 49,778.66 - 56,642.71 - 145,286.21 Qtr.III 104,230.92 12,559.91 639.43 84,429.98 6,601.61 251,862.65 198,362.65 53,500.00 - 56,642.71 - 146,247.20 Qtr.IV 125,859.69 628.17 680.17 117,629.89 6,921.46 281,862.65 198,362.65 83,500.00 - 56,642.71 - 161,714.97 2021/22 Qtr.I 99,173.34 1,886.67 711.01 89,322.29 7,253.37 311,862.65 198,362.65 113,500.00 - 55,492.71 - 156,713.55 Qtr.II 80,857.72 835.20 750.29 71,698.94 7,573.28 311,427.10 197,927.10 113,500.00 - 52,322.71 - 169,959.42 Qtr.III 83,381.94 1,391.35 765.64 73,440.70 7,784.25 347,427.10 197,927.10 149,500.00 - 50,022.71 - 170,045.60 Other Assets Advance to DBE Silver Coins Assets End of Period Foreign Assets Claims on Government Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Others Table 1(a): Statement of Condition of National Bank of Ethipia: (In Millions of Birr)

Liabilities 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Qtr.IV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 2020/21 Qtr.I 560,948.82 124,403.48 170,497.94 33,548.57 136,949.38 154,135.85 24,550.96 129,584.89 4,849.20 107,062.35 Qtr.II 570,333.80 138,864.54 151,544.16 31,702.07 119,842.09 172,023.04 24,979.40 147,043.65 1,013.45 106,888.61 Qtr.III 558,983.48 159,484.75 137,597.63 30,602.71 106,994.93 153,966.87 11,502.32 142,464.55 1,013.45 106,920.77 Qtr.IV 626,080.02 163,709.05 137,436.24 36,843.46 100,592.78 169,766.69 12,004.53 157,762.16 3,109.44 152,058.60 2021/22 Qtr.I 623,242.24 167,253.25 150,913.82 31,109.83 119,804.00 193,261.43 12,384.55 180,876.89 3,109.44 108,704.31 Qtr.II 614,566.94 187,463.10 189,794.42 44,866.05 144,928.37 202,916.45 12,868.72 190,047.73 3,121.10 31,271.88 Qtr.III 650,877.40 205,019.80 194,818.60 46,541.60 148,277.00 206,900.10 13,057.90 193,842.20 3,108.30 41,030.50 Table 1(b): Statement of Condition of National Bank of Ethipia: Capital Account Other Liab. (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes

Coins) Total Gov't Banker Total Deposits Foreign Liabilities Fund Credit Others

Assets 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.52 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 117,120.70 29,406.33 87,714.37 23,973.08 23,123.42 977,370.59 512,299.58 456,233.83 8,837.18 232,194.69 Qtr.III 114,998.82 29,771.00 85,227.82 24,606.29 22,927.78 1,025,047.29 528,438.89 487,766.96 8,841.44 257,616.79 Qtr.IV 136,738.41 31,449.32 105,289.09 35,116.52 28,838.49 1,074,869.20 571,811.98 490,492.71 12,564.51 219,185.38 2020/21 Qtr.I 184,698.60 59,737.43 124,961.18 33,204.14 36,506.06 1,126,390.63 611,983.47 500,592.74 13,814.42 233,131.04 Qtr.II 146,676.51 30,538.49 116,138.02 43,367.05 32,698.32 1,203,355.10 660,534.64 526,006.13 16,814.34 259,022.95 Qtr.III 136,453.39 31,966.43 104,486.95 55,078.76 40,993.81 1,254,219.06 704,083.35 530,694.80 19,440.90 286,075.07 Qtr.IV 131,471.76 30,087.76 101,384.00 76,945.12 76,773.86 1,312,731.74 758,869.37 532,913.44 20,948.94 285,977.43 2021/22 Qtr.I 623,242.24 167,253.25 150,913.82 31,109.83 119,804.00 193,261.43 12,384.55 180,876.89 3,109.44 108,704.31 Qtr.II 614,566.94 187,463.10 189,794.42 44,866.05 144,928.37 202,916.45 12,868.72 190,047.73 3,121.10 31,271.88 Qtr.III 650,877.40 205,019.80 194,818.60 46,541.60 148,277.00 206,900.10 13,057.90 193,842.20 3,108.30 41,030.50 Other Assets 10 Claims on Non-Central Gov't Claims On Gov't 5 Total (7+8+9) 6 Loans & Adv. 7 Investment 8 Commercial Banks 9 Table 2(a): Statement of Condition of Commercial Banks: (In Millions of Birr) End of Period Total (2+3) 1 Reserves Cash in Hand 2 Deposits with NBE 3 Foreign Assets 4

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

Assets 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35 Qtr.IV 8,022.54 4,718.27 33,036.37 51,103.50 3,519.43 889.98 46,694.08 7,209.88 104,090.56 2020/21 Qtr.I 8,684.02 2,625.89 33,416.61 51,992.48 4,732.12 5,476.46 41,783.90 7,416.75 104,135.75 Qtr.II 6,225.58 5,639.41 32,913.18 53,384.20 5,038.49 5,560.51 42,785.20 8,170.46 106,332.83 Qtr.III 7,733.37 4,649.87 54,303.83 54,214.05 5,247.08 4,955.84 44,011.13 16,860.80 138,029.48 Qtr.IV 8,319.83 4,661.02 53,927.17 55,431.44 5,487.58 5,012.91 44,930.95 17,624.66 139,723.58 2021/22 Qtr.I 9,839.69 5,137.66 54,307.97 50,960.72 5,123.55 4,361.36 41,475.80 19,734.85 139,431.54 Qtr.II 6,893.13 3,517.65 53,910.61 54,446.11 5,224.69 4,624.98 44,596.44 17,195.31 136,926.47 Qtr.III 15,042.60 2,926.20 54,277.10 55,476.70 5,203.90 4,083.90 46,188.90 17,789.00 145,799.40 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Claims on Non-Central Gov't End of Period Cash & Banks Foreign Assets Claims on Central Gov't Total Public Enterprise Cooperatives Private & Individuals Other Assets Total Assets (In Millions of Birr)

Total N.B.E Others 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qtr.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qtr.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 Qtr.IV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 2020/21 - Qtr.I 104,135.75 630.13 126.34 6,731.18 68,456.86 68,395.75 61.10 - 12,071.50 16,119.76 Qtr.II 106,332.83 825.02 126.50 7,014.60 67,464.75 67,416.64 48.11 - 14,134.42 16,767.55 Qtr.III 138,029.48 614.02 140.51 28,909.31 68,296.31 68,248.08 48.23 - 14,534.33 25,535.01 Qtr.IV 139,723.58 664.00 138.11 31,698.97 68,466.32 68,418.07 48.25 - 15,715.97 23,040.21 2021/22 Qtr.I 139,431.54 715.53 143.85 28,576.29 67,935.48 67,886.36 49.12 - 17,526.92 24,533.46 Qtr.II 136,926.47 795.30 94.02 32,039.40 64,831.65 64,783.46 48.20 - 17,554.50 21,611.60 Qrt.III 145,799.40 681.20 33.20 32,318.70 71,021.50 18,589.70 52,431.80 - 18,021.50 23,723.30 Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't Foreign Advance & Loan (In Millions of Birr) Liablities

2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 Qtr.IV 109,071.81 251,513.71 360,585.51 677,060.82 1,037,646.34 1,257,527.48 137,080.08 195,708.16 (58,628.07) 1,120,447.40 (4,683.72) (15,221.00) 10,537.27 215,197.43 2020/21 Qtr.I 64,666.05 269,917.20 334,583.25 750,405.43 1,084,988.68 1,318,617.97 148,399.05 209,592.74 (61,193.69) 1,170,218.92 (28,149.28) (33,703.26) 5,553.98 205,480.01 Qtr.II 108,326.05 282,154.64 390,480.69 787,233.92 1,177,714.61 1,382,906.89 139,723.41 216,439.24 (76,715.83) 1,243,183.48 (38,577.03) (51,759.47) 13,182.44 166,615.25 Qtr.III 127,518.32 291,829.37 419,347.69 840,262.58 1,259,610.27 1,454,897.79 163,476.93 221,259.94 (57,783.01) 1,291,420.86 (10,275.23) (32,638.24) 22,363.01 185,012.29 Qtr.IV 133,621.30 303,770.68 437,391.98 910,874.18 1,348,266.16 1,562,694.68 214,269.16 245,019.19 (30,750.03) 1,348,425.52 10,455.44 (32,638.24) 43,093.68 224,883.96 2021/22 Qtr.I 135,810.72 312,964.31 448,775.03 944,383.31 1,393,158.33 1,637,001.16 287,174.72 280,752.82 6,421.90 1,349,826.45 16,992.01 (32,638.24) 49,630.25 260,834.84 Qtr.II 158,929.26 327,347.34 486,276.60 973,331.49 1,459,608.09 1,646,426.74 307,462.42 266,561.05 40,901.38 1,338,964.32 11,798.73 (32,638.24) 44,436.97 198,617.38 Qtr.III 171,253.50 360,851.50 532,105.00 1,048,355.90 1,580,461.00 1,771,210.50 358,405.20 300,885.50 57,519.80 1,412,805.20 (3,361.70) (32,638.20) 29,276.60 187,387.80 Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Net Claims on Gov't Claims on Non-Cen Gov't 10 Table 4: Money Supply and its Determinants (In Millions of Birr) Net Foreign Assets Total (13+12) 11 Other Items Net 14 Nat. Bank 12 Comm. Banks 13 Money and Quasi-Money Domestic Credit End of Period Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 QuasiMoney 4 Total Volume (3+4) 5 Total Credit (7+10) 6

2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) Qtr.IV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 2020/21 Qtr.I 68,222.69 262,629.43 330,852.12 774,418.40 1,105,270.52 1,269,829.10 1,259,155.56 (27,107.75) Qtr.II 86,086.71 278,204.48 364,291.19 771,489.24 1,135,780.43 1,384,289.79 870,228.43 (38,615.60) Qtr.III 101,338.81 287,743.76 389,082.57 823,457.33 1,212,539.89 1,456,352.69 903,994.60 (10,285.50) Qtr.IV 155,441.65 311,103.71 466,545.36 910,874.18 1,377,419.54 1,584,634.91 1,871,614.62 10,602.23 2020/21 Qtr.I 143,280.31 304,514.27 447,794.58 974,603.57 1,422,398.15 1,576,432.12 1,452,413.25 16,363.31 Qtr.II 126,301.08 322,764.48 449,065.56 953,864.86 1,402,930.42 1,648,073.17 937,275.02 11,810.52 Qtr.III 136,095.10 355,799.60 491,894.80 1,027,388.80 1,519,283.60 1,772,981.70 988,963.70 (3,365.00) 1/ Obtained by multiplying each original observation by appropriate index for the month Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net)

2009/10 Qtr.I 31435.10 22262.14 120.26 21002.66 995.32 143.91 9172.96 11906.14 3856.62 8049.53 19528.96 14212.62 5316.34 Qtr.II 33176.91 23445.68 287.33 22018.26 995.76 144.34 9731.23 12383.88 3690.78 8693.10 20793.03 14752.59 6040.45 Qtr.III 40235.07 27285.95 267.70 24480.32 2389.76 148.18 12949.12 14956.45 3960.93 10995.53 25278.62 16290.43 8988.19 Qtr.IV 42350.09 27289.34 443.30 23490.22 3210.12 145.70 15060.75 15160.31 3254.28 11906.03 27189.78 15383.31 11806.47 2010/11 Qtr.I 55098.19 35852.22 490.52 31229.17 3948.22 184.31 19245.97 17094.98 4246.06 12848.92 38003.21 23003.30 14999.91 Qrt.II 60236.11 40042.00 444.17 34418.71 4994.49 184.63 20194.12 20005.24 4942.59 15062.65 40230.88 24979.34 15251.53 Qtr.III 66516.18 45367.31 1636.24 38413.88 5124.86 192.33 21148.87 20878.08 5595.24 15282.84 45638.10 30084.47 15553.63 Qtr.IV 79945.54 51551.39 1395.23 44738.80 5221.68 195.67 28394.16 24410.87 5715.48 18695.39 55534.68 32856.00 22678.68 2011/12 Qtr.I 82289.50 59724.20 1037.56 53248.95 5242.45 195.24 22565.30 26809.66 6441.17 20368.49 55479.84 39355.70 16124.13 Qtr.II 75054.99 51965.40 479.44 46056.19 5236.48 193.30 23089.59 25709.43 8419.69 17289.74 49345.56 34675.66 14669.91 Qtr.III 68989.93 40349.89 669.26 34192.43 5292.44 195.77 28640.04 23218.08 7392.24 15825.84 45771.85 24524.05 21247.79 Qtr.IV 64119.02 40101.45 2038.08 32528.76 5339.29 195.32 24017.57 24331.33 5484.21 18847.12 39787.69 21254.33 18533.36 2012/13 Qtr.I 64490.48 44307.75 -24.32 38671.89 5458.67 201.51 20182.74 25185.88 5873.98 19311.91 39304.60 24995.84 14308.76 Qtr.II 66096.15 46620.93 1964.27 38926.61 5526.08 203.98 19475.22 26341.60 6078.30 20263.30 39754.55 26357.64 13396.92 Qtr.III 73770.07 50358.05 1310.29 43334.32 5512.02 201.42 23412.02 26788.59 6038.08 20750.51 46981.49 29607.54 17373.94 Qtr.IV 72649.20 44140.03 2253.17 36078.39 5606.69 201.78 28509.18 27009.59 7515.18 19494.41 45639.62 24645.62 20994.00 2013/14 Qtr.I 69177.60 46471.52 2656.15 37900.27 5705.18 209.91 22706.08 30852.50 7787.68 23064.82 38325.10 23406.69 14918.40 Qtr.II 69684.03 49513.05 1522.50 41971.87 5804.38 214.30 20170.98 36149.54 7933.50 28216.04 33534.49 21297.01 12237.48 Qtr.III 67001.19 45838.73 1333.55 38439.61 5848.52 217.05 21162.46 30237.86 7843.13 22394.73 36763.33 23444.00 13319.32 Qtr.IV 77877.97 50624.47 1217.59 43237.44 5951.02 218.41 27253.50 31905.67 7995.09 23910.57 45972.30 26713.89 19258.41 2014/15 Qtr.I 72152.41 52555.40 1217.59 45256.47 5866.25 215.08 19597.01 33089.18 7599.61 25489.57 39063.23 27065.83 11997.40 Qtr.II 93641.42 74840.58 741.24 67914.12 5867.87 317.35 18800.84 54231.97 7784.85 46447.12 39409.45 28393.45 11015.99 Qtr.III 80014.15 64152.02 206.89 57837.68 5800.34 307.11 15862.13 44497.25 7985.81 36511.44 35516.90 27640.58 7876.32 Qtr.IV 82741.82 66817.67 79.30 60856.52 5566.59 315.26 15924.15 45170.87 8326.57 36844.30 37570.95 29973.37 7597.57 2015/16 Qtr.I 80548.64 65085.59 -101.65 59349.29 5519.27 318.69 15463.04 44356.12 8351.74 36004.39 36192.52 29081.21 7111.31 Qtr.II 102594.72 84226.48 222.87 78442.72 5241.83 319.06 18368.24 71150.10 9418.30 61731.80 31444.63 22494.68 8949.94 Qtr.III 94205.95 72889.54 1136.99 66362.68 5064.22 325.65 21316.42 69048.43 10021.13 59027.31 25157.52 13862.23 11295.29 Qtr.IV 95054.99 74156.73 1113.92 67851.69 4859.62 331.50 20898.27 73530.80 9880.50 63650.30 21524.19 10506.42 11017.77 2016/17 Qtr.I 96065.61 74949.60 8.43 69963.93 4641.20 336.04 21116.01 81707.76 10224.60 71483.16 14357.85 3466.44 10891.41 Qtr.III 92768.28 72397.44 1139.58 66561.06 4370.15 326.66 20370.84 76298.03 9442.47 66855.56 16470.24 5541.88 10928.36 Qtr.III 91850.16 70874.56 1135.37 61851.06 7550.46 337.66 20975.60 66354.95 9775.10 56579.86 25495.21 14294.70 11200.51 Qtr.IV 98750.85 73874.32 741.33 68851.84 3931.73 349.42 24876.54 60716.07 10818.77 49897.29 38034.79 23977.03 14057.76 2017/18 Qtr.I 93889.81 68636.42 0.01 64643.51 3633.38 359.52 25253.39 62905.21 11920.65 50984.56 30984.60 17651.86 13332.74 Qtr.II 108580.90 82254.04 0.01 77584.06 4249.63 420.35 26326.86 86053.00 15190.78 70862.22 22527.90 11391.82 11136.08 Qtr.III 109952.13 85287.93 81.43 80464.52 4309.30 432.67 24664.20 73958.81 14436.48 59522.34 35993.32 25765.59 10227.72 Qtr.IV 102738.94 77617.37 750.54 72217.34 4231.09 418.41 25121.57 63362.74 14504.75 48857.99 39376.20 28759.38 10616.82 2017/18 Qtr.I 134142.53 103307.08 750.99 97678.76 4455.23 422.10 30835.45 96200.25 14163.89 82036.37 37942.27 21270.71 16671.56 Qtr.II 139330.76 110973.71 750.54 105145.06 4654.41 423.72 28357.05 115823.04 15913.29 99909.75 23507.72 11063.97 12443.76 Qtr.III 138532.05 111651.22 198.87 106132.87 4887.60 431.88 26880.84 111116.48 17251.34 93865.15 27415.57 17786.07 9629.50 Qtr.IV 127270.46 98726.63 804.88 92853.80 4630.17 437.79 28543.82 112765.27 18006.38 94758.88 14505.19 3967.75 10537.44 2019/20 Qtr.I 95770.88 69790.04 15.26 64693.13 4646.29 435.36 25980.84 112813.99 18605.21 94208.78 -17043.11 -24418.74 7375.63 Qtr.II 118262.24 94289.16 19.38 88749.48 5041.96 478.35 23973.08 132890.84 21056.84 111833.99 -14628.59 -17544.83 2916.24 Qtr.III 105013.78 80407.49 316.70 74412.19 5190.27 488.33 24606.29 133916.77 23358.51 110558.25 -28902.99 -30150.76 1247.77 Qtr.IV 147202.83 112086.32 3280.63 102412.06 5868.20 525.42 35116.52 151886.56 24579.24 127307.32 -4683.72 -15221.00 10537.27 2020/21 Qtr.I 153636.73 120432.59 5033.13 108717.20 6118.98 563.29 33204.14 181786.00 27650.16 154135.85 -28149.28 -33703.26 5553.98 Qtr.II 163630.62 120263.57 1868.95 111460.69 6318.98 614.96 43367.05 202207.65 30184.61 172023.04 -38577.03 -51759.47 13182.44 Qtr.III 159309.69 104230.92 12559.91 84429.98 6601.61 639.43 55078.76 186682.62 32715.75 153966.87 -27372.93 -49735.95 22363.01 Qtr.IV 202804.80 125859.69 628.17 117629.89 6921.46 680.17 76945.12 203618.13 33851.44 169766.69 -813.32 -43907.00 43093.68 2021/22 Qtr.I 184215.80 99173.30 1886.70 89322.30 7253.40 711.00 85042.50 228673.70 35412.20 193261.40 -44457.80 -94088.10 49630.30 Qtr.II 164535.40 80857.70 835.20 71698.90 7573.30 750.30 83677.70 242157.20 39240.80 202916.50 -77621.80 -122058.70 44437.00 Qtr.III 154825.80 83381.90 1391.40 73440.70 7784.20 765.60 71443.80 249067.40 42167.20 206900.10 -94241.60 -123518.20 29276.60 (In Millions of Birr) Total 10=11+12 NBE 11=2-9 Net Foreign Assets Comm. Banks 12=6-8 Gross Reserve 1=2+6 NBE Total 2=3 to 5 Gold 3 Foreign Exc. 4 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks Gross Reserve End of Period Foreign Liabilities National Bank of Ethiopia International Reserves Others Reserve Tranche Posi. 5 Comm. Banks Reserve 6 Total Liab. 7=8+9 Comm. Banks 8 NBE 9

2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 QIV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 2020/21 Qtr.I 1,449,866.28 279,647.36 243,141.31 36,506.06 1,170,218.92 669,626.18 500,592.74 Qtr.II 1,524,023.10 280,839.63 248,141.31 32,698.32 1,243,183.48 717,177.35 526,006.13 Qtr.III 1,584,277.32 292,856.46 251,862.65 40,993.81 1,291,420.86 760,726.06 530,694.80 Qtr.IV 1,707,062.02 358,636.51 281,862.65 76,773.86 1,348,425.52 815,512.08 532,913.44 2021/22 Qtr.I 1,768,866.66 419,040.21 311,862.65 107,177.57 1,349,826.45 817,355.15 532,471.29 Qtr.II 1,827,366.65 488,402.33 311,427.10 176,975.24 1,338,964.32 850,637.99 488,326.33 Qtr.III 1,958,975.20 546,170.00 347,427.10 198,742.90 1,412,805.20 909,914.10 502,891.10 Table 7: Domestic Credit by Sector (In Millions of Birr) Total 5=6+7 Loans & Advances 6 Investments 7 Claims on Non-Central Gov't End of Period Gross Domestic Credit 1=2+5 Claims on Central Gov't Total 2=3+4 NBE 3 Comm. Banks 4

2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.40 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 Qtr.IV 1,050,842.01 928,845.86 251,513.71 589,445.39 87,886.77 121,996.15 34,529.59 87,466.56 2020/21 Qtr.I 1,151,766.44 1,020,518.13 269,917.20 659,017.03 91,583.91 131,248.31 33,548.57 97,699.75 Qtr.II 1,210,840.93 1,069,724.72 282,154.64 698,415.14 89,154.94 141,116.21 31,702.07 109,414.14 Qtr.III 1,261,780.28 1,132,400.75 291,829.37 748,898.37 91,673.01 129,379.53 30,602.71 98,776.82 Qtr.IV 1,360,219.55 1,215,852.20 303,770.67 817,587.69 94,493.84 144,367.35 36,843.46 107,523.89 2021/22 Qtr.I 1,389,560.12 1,257,694.62 312,964.31 845,984.44 98,745.88 131,865.50 31,109.83 100,755.67 Qtr.II 1,482,471.94 1,301,532.03 327,347.33 874,362.03 99,822.67 180,939.91 44,866.05 136,073.86 Qtr.III 1,598,050.30 1,410,285.60 360,851.50 942,970.10 106,464.00 187,764.70 46,541.60 141,223.10 Table 8: Deposits by Type and Sector (In Millions of Birr) Central Gov't Dep. with End of Period Total Deposits 1=2+6 Total 2=3 to 5 Net Demand Deposit 3 Savings Deposit 4 Time Dep. (30 days & over) 5 Total 6=7+8 National Bank 7 Non-Central Gov't Deposits with CBs Comm. Banks 8

2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.10 9,775.10 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.41 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 - 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 (5,192.09) (0.01) Qtr.IV 64,445.41 131,471.76 67,026.34 76,945.12 33,851.44 33,851.44 - 174,565.43 14.85 61.15 (17,860.57) (0.04) 2020/21 Qtr.I 67,910.66 152,532.33 84,621.68 85,042.49 35,412.24 35,412.24 - 202,162.59 16.18 59.68 (19,114.44) (0.04) Qtr.II 70,512.82 174,091.03 103,578.22 83,677.72 39,240.75 39,240.75 - 218,528.00 17.26 58.35 (29,222.70) (0.06) Qtr.III 74,776.70 183,936.10 109,159.40 71,443.80 42,167.20 42,167.20 - 213,212.70 15.80 58.70 727.60 - End of Period Reserve Requirments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. 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. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Actual Reserve+ Net For. Assets 7=2+4-5 Liquidity Ratio 8 Ratio: Loans Adv.to Dep. 9 Debit Balance 10 TurnOver of Deposit 11 Total 5=6+7 Foreign Liabilities Short Term 6 Long Term 7

2010/11 Qtr.I 7,303.7 6,960.8 482.3 366.6 2,618.5 3,493.4 23,316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 8,178.7 7,835.2 404.1 223.3 3,124.9 4,082.8 25,896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 9,673.9 9,396.0 471.9 310.0 4,012.5 4,601.5 27,803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 8,781.1 8,485.1 482.9 293.4 3,425.0 4,283.8 30,363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 9,219.4 8,912.8 486.5 287.1 3,526.7 4,612.6 29,562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 10,552.7 10,233.0 496.5 287.4 3,563.9 5,885.1 31,503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 13,387.9 13,060.6 661.5 659.5 4,605.1 7,134.5 31,330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 5,100.8 4,767.1 626.3 514.8 1,144.0 2,482.0 40,701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 6,211.5 5,963.9 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 9,019.3 8,764.0 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 11,257.6 10,985.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 11,586.7 11,225.8 659.6 533.0 3,430.7 6,602.4 43,407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 11,262.4 10,893.1 683.6 589.5 3,222.9 6,397.1 39,329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 11,472.5 11,098.5 692.6 609.2 3,321.6 6,475.1 41,023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 11,029.7 10,617.7 659.9 867.2 2,421.4 6,669.2 53,612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 11,108.5 10,683.8 634.9 906.9 2,368.8 6,773.2 53,364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 10,917.9 10,477.9 618.3 964.8 2,339.5 6,555.3 52,928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 12,314.8 11,858.1 602.5 1,097.3 2,550.7 7,607.6 58,526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 12,693.4 12,212.3 589.0 1,161.0 2,695.0 7,767.3 61,776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 12,383.0 11,871.1 557.8 1,177.8 2,675.6 7,459.8 62,975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 12,327.4 11,777.6 538.9 1,209.0 2,725.7 7,304.0 62,536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 12,863.1 12,272.6 507.3 1,306.8 2,885.2 7,573.2 65,084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 12,624.2 11,979.8 479.6 1,325.7 2,807.1 7,367.4 67,752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 13,164.0 12,466.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 14,241.1 13,500.0 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 15,014.6 14,224.9 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 15,312.7 14,470.9 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 Qtr.IV 15,442.8 14,554.8 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 15,423.3 14,497.0 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 Qtr.II 16,995.0 16,025.5 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 Qtr.III 17,419.4 16,400.5 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5 Qtr.IV 17,568.5 16,508.1 384.1 1,467.8 3,512.8 11,143.4 95,512.5 1,060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 17,125.8 16,038.5 380.4 1,464.1 3,497.5 10,696.4 93,919.9 1,087.3 0.8 41.4 99.8 73.2 119.9 752.2 Qtr.II 18,732.9 17,612.0 378.1 1,525.6 3,764.1 11,944.2 101,784.7 1,120.9 0.8 41.5 99.7 73.5 120.5 784.9 Qtr.III 18,695.3 17,551.8 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5 Qtr.IV 18,185.2 17,022.6 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 18,032.3 16,859.3 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 Qtr.II 18,740.4 17,559.4 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 Qtr.III 19,935.3 18,743.4 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 Qtr.IV 19,859.4 18,664.8 375.8 1,674.6 4,389.0 12,225.4 120,817.5 1,194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 18,165.6 16,968.7 375.8 1,520.3 4,430.4 10,642.3 106,393.0 0.0 1,196.9 0.8 41.4 99.4 73.1 123.3 858.7 Qtr.II 82,325.3 81,125.6 373.0 1,538.1 6,611.0 15,844.8 56,691.9 56,758.8 1,199.7 0.8 41.4 99.4 73.1 123.2 861.7 Qtr.III 159,636.9 158,424.2 372.7 1,605.5 6,789.7 14,970.3 59,977.3 74,708.8 1,212.6 0.8 41.4 99.4 73.0 123.8 874.1 Qtr.IV 163,861.0 162,638.3 372.8 1,574.6 6,180.0 14,058.6 60,268.5 80,183.9 1,222.7 0.8 41.4 99.4 73.0 124.3 883.7 2020/21 Qtr.I 167,348.0 166,108.6 373.4 1,555.7 6,033.7 13,977.5 60,653.6 83,514.6 1,239.4 0.8 41.4 99.4 73.1 124.9 899.7 Qtr.II 187,557.9 186,303.5 373.3 1,620.5 6,351.7 15,477.5 65,181.8 97,298.6 1,254.4 0.8 41.4 99.4 73.1 125.4 914.3 Qtr.III 205,113.8 203,837.5 373.2 1,655.4 6,435.2 15,976.0 67,754.5 111,643.3 1,276.2 0.8 41.4 99.4 73.2 125.8 935.6 50 Table 10: Circulating Notes and Coins by Denomination End of Period Value of Notes & Coins 100(coin) (In Millions of Birr) 200 Total Value (Coins) 1 5 10 25 Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100

Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Deposit rates A. Lending rates (by CBE and specialized banks) Through September 30, 1992 Sector Through September 30, 1992 Cooperatives State Private 10.5 Sept.1,1994- Jan. 1, 1995 Oct. 1, 1992- Aug 31, 1994 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Table 11: Interest Rate Structures 04/07/2007 30/11/2010 01/12/2010 to 10-Oct-2017 11/10/2017 to todate Differed by ownership and maturity 2.Savings deposits 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 Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 NBE Lending to: CBEs/ Discount Rate/

2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 377,411.83 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 150,050.66 18.10 150,032.56 Qtr.III 400,742.18 221,237.75 214,264.95 6,968.80 4.00 22,927.78 22,927.78 - 156,576.66 18.10 156,558.56 Qtr.IV 447,118.02 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 167,470.66 18.10 167,452.56 2020/21 Qtr.I 453,775.98 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 174,128.62 18.10 174,110.52 Qtr.II 469,642.92 248,141.31 49,778.66 6,097.70 192,264.95 32,698.32 23,341.82 9,356.50 188,803.30 18.10 188,785.20 Qtr.III 511,100.82 251,862.65 53,500.00 6,097.70 192,264.95 40,993.81 23,356.82 17,637.00 218,244.36 18.10 218,226.26 Qtr.IV 624,547.12 281,862.65 83,500.00 6,097.70 192,264.95 76,773.86 23,818.91 52,954.95 265,910.61 18.10 265,892.51 2020/21 Qtr.I 603,459.61 311,862.65 113,500.00 6,097.70 192,264.95 107,177.57 23,818.85 83,358.72 184,419.40 18.10 184,401.30 Qtr.II 741,918.71 311,427.10 113,500.00 5,662.15 192,264.95 176,975.24 23,818.85 153,156.39 253,516.38 18.10 253,498.29 Qtr.III 841,007.60 347,427.10 149,500.00 5,662.20 192,264.90 198,742.90 25,160.80 173,582.00 294,837.70 18.10 294,819.60 Table 12: Government Internal Debt by Holder (In Millions of Birr) Commercial Banks Others National Bank of Ethiopia Gov't Bonds Direct Advance 3 End of Period Total Gov't Indebtedness 1=2+6+9 NBE Total 2=3 to 5 Non-interest bearing 4 Others Total 9=10+11 Interest bearing 5 Comm. Banks Total 6=7+8 Gov't Bonds 7 Treasury Bills 8 Gov't Bonds 10 Treasury Bills 11

Budget 3mon (QI) 6Month (QII) 9Month (QIII) 12Month (QIV) Budget 3mon (QI) 6Month (QII) (In million Birr) Tax revenue 380,653.3 83,871.6 204,179.8 120,308.2 290,567.3 86,387.5 388,763.5 98,196.1 469,567.5 99,798.8 238,963.7 209,003.6 Direct taxes 144,457.3 34,999.0 100,532.9 65,534.0 133,594.9 33,062.0 173,965.5 40,370.6 190,152.4 40,656.5 120,175.9 149,358.1 Income and profits tax 140,363.6 33,946.4 98,397.0 64,450.5 130,815.9 32,418.9 153,044.7 34,453.1 157,194.9 36,121.4 105,960.1 69,838.7 Personal income 56,706.7 13,722.9 33,292.6 19,569.8 49,009.4 15,716.8 66,032.0 17,022.6 76,504.8 17,816.3 39,041.4 21,225.0 Rental income tax 3,304.8 1,231.4 2,718.6 1,487.2 3,006.8 288.2 3,315.5 308.7 4,296.3 1,487.1 3,371.8 1,884.7 Business profits 59,532.0 16,355.6 56,437.2 40,081.5 69,582.2 13,145.0 87,012.6 17,430.5 80,690.1 18,305.1 66,918.8 48,613.7 Withholding income tax on imports 5,945.4 1,233.0 2,446.4 1,213.4 3,799.0 1,352.6 5,144.9 1,345.9 8,405.3 1,503.7 3,022.6 1,518.9 Agriculture income 674.9 11.0 144.3 133.3 334.4 190.1 420.0 85.5 722.3 9.7 112.0 102.3 Other income 11,085.8 711.7 1,803.1 1,091.4 2,780.5 977.4 4,502.5 1,722.0 9,394.6 649.8 4,281.8 3,632.0 Interest income tax 2,588.1 635.0 1,453.5 818.5 2,125.5 672.0 2,778.6 653.2 3,675.6 835.0 1,898.9 1,063.9 Capital gains tax 525.8 45.8 101.3 55.5 178.2 76.9 582.1 403.9 536.5 22.1 50.2 28.1 Rural land use fee 452.1 21.0 135.6 114.6 295.1 159.5 391.9 96.8 586.1 13.6 139.5 125.9 Urban land lease fee 3,641.7 1,031.5 2,000.4 968.8 2,483.9 483.6 3,785.3 1,301.3 5,340.9 14.0 1,339.0 1,324.9 Domestic indirect taxes 114,816.5 22,563.6 50,784.5 28,220.9 77,255.3 26,470.8 108,160.1 30,904.8 132,450.0 29,166.9 57,024.5 27,857.6 Sales/TOT/excise taxes 62,852.4 11,652.6 26,214.3 14,561.7 40,696.8 14,482.5 55,560.2 14,863.4 64,962.7 15,757.4 29,168.1 13,410.6 Petroleum products 863.2 33.8 131.1 97.3 257.4 126.3 313.5 56.0 972.4 232.7 1,198.4 965.7 Alcohol and tobacco 12,055.8 2,594.9 7,058.3 4,463.4 11,898.4 4,840.1 15,477.3 3,578.9 12,699.1 3,872.7 2,057.2 -1,815.4 Other goods 49,933.3 9,023.9 19,024.9 10,001.0 28,541.0 9,516.1 39,769.4 11,228.4 51,291.1 11,652.1 25,912.4 14,260.3 Services TOT/ sales tax 47,857.9 10,129.9 22,831.3 12,701.4 33,713.0 10,881.7 48,626.1 14,913.1 62,032.0 12,609.7 26,326.6 13,716.9 Stamp duties 4,106.2 781.1 1,739.0 957.9 2,845.5 1,106.5 3,973.9 1,128.4 5,455.3 799.7 1,529.8 730.1 Import duties and taxes 121,379.5 26,309.0 52,862.3 26,553.3 79,717.1 26,854.8 106,637.8 26,920.7 146,965.0 29,975.5 61,763.3 31,787.9 Custom duties 44,995.9 9,078.3 18,400.8 9,322.5 28,136.8 9,736.0 37,718.6 9,581.9 50,506.0 15,047.6 23,701.5 8,653.9 Sales/excise taxes 51,611.1 12,084.0 24,195.3 12,111.4 36,302.7 12,107.4 48,759.3 12,456.5 68,070.6 9,846.5 29,131.7 19,285.2 Petroleum products 3,891.7 497.2 1,121.7 624.5 1,473.5 351.7 1,788.8 315.3 3,786.7 303.9 1,406.9 1,103.0 Alcohol and tobacco 825.0 128.2 218.5 90.3 356.5 138.0 539.1 182.6 706.7 84.8 236.3 151.5 Other imports 46,894.4 11,458.5 22,855.1 11,396.5 34,472.8 11,617.8 46,431.4 11,958.6 63,577.2 9,095.1 27,488.5 18,393.4 Surtax on imports 24,772.5 5,146.7 10,266.2 5,119.5 15,277.6 5,011.4 20,160.0 4,882.3 28,388.5 5,081.4 8,930.1 3,848.7 Export taxes Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 67,650.1 16,089.3 24,214.8 8,125.5 37,405.3 13,190.5 55,819.2 18,413.9 76,707.3 9,686.9 22,611.9 3,236.7 Charges and fees 3,983.7 553.0 1,719.9 1,166.9 3,007.0 1,287.1 5,394.6 2,387.6 5,167.9 2,109.4 3,682.8 1,573.5 Sales of goods & services 6,358.5 914.1 2,465.9 1,551.9 4,415.8 1,949.9 7,399.0 2,983.2 8,166.9 1,899.6 3,562.9 1,663.2 Residual surplus, capital charge, interest 0.0 0.0 payments and state dividend 23,083.0 11,486.7 11,927.9 441.1 14,042.8 2,114.9 20,926.3 6,883.5 25,383.6 646.1 4,304.8 Reimbursement & property sales 663.5 144.8 198.0 53.2 2,036.7 1,838.8 680.3 -1,356.5 447.0 25.1 567.8 Miscellaneous 12,865.2 1,723.3 4,983.6 3,260.3 8,581.7 3,598.1 13,285.4 4,703.8 8,744.7 2,204.2 6,100.7 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 20,696.2 1,267.5 2,919.6 1,652.1 5,321.3 2,401.8 8,133.6 2,812.3 28,797.2 2,802.5 4,392.8 Total revenue 448,303.4 99,960.9 228,394.6 128,433.7 327,972.7 99,578.0 444,582.6 116,610.0 546,274.8 109,485.7 261,575.6 212,240.3 External grants 45,458.7 11,241.5 22,926.3 11,684.8 29,621.8 6,695.5 34,305.5 4,683.7 66,818.8 5,900.6 12,082.1 6,181.6 Grants in kind/earmarked 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 23,558.4 6,199.6 28,066.3 5,900.6 12,082.1 6,181.6 Untied cash & CPF/grants 20,660.4 6,033.8 12,263.0 6,229.2 12,263.0 0.0 10,747.1 -1,515.9 38,752.5 0.0 Total revenue and grants 493,762.1 111,202.4 251,320.9 140,118.5 357,594.5 106,273.6 478,888.1 121,293.6 613,093.6 115,386.3 273,657.8 218,421.9 2014 2021/22 Pre-Actual Source: Ministry Finance, NBE

Table 13: General Government Quarterly Revenue Ethiopian fiscal year Fiscal year ending July 7 Actual 2020/21 2013

Budget 3 Mon(QI) 6Month (QII) 9Month (QIII) 12Month QIV Budget 3mon (QI) 6Month (QII) A. Capital Expenditure Economic development 171,547.6 23,667.4 62,570.7 38,903.3 98,122.5 35,551.8 146,692.3 48,569.8 191,202.0 31,894.0 60,328.0 28,434.0 Agriculture 22,954.9 6,432.3 16,170.9 9,738.6 21,120.5 4,949.7 28,416.0 7,295.5 30,886.0 5,697.0 13,126.8 7,429.7 Natural Resource 35,670.3 1,929.8 7,073.7 5,143.8 12,207.9 5,134.2 24,006.5 11,798.7 32,929.4 4,223.4 7,683.8 3,460.3 o/w: Water 31,915.2 1,853.4 5,387.9 3,534.5 9,593.0 4,205.0 19,851.8 10,258.9 32,005.5 4,219.2 7,653.4 3,434.2 Mines & Energy 75.4 402.3 763.9 361.7 842.1 78.1 1,024.5 182.4 244.0 400.1 747.0 346.9 Trade, Industry & Tourism 8,064.1 602.5 1,205.0 602.5 2,826.8 1,621.8 5,160.7 2,333.9 6,607.8 325.1 1,535.7 1,210.6 Urban dev't & housing 29,475.5 2,901.3 8,950.7 6,049.4 15,153.9 6,203.2 21,833.9 6,680.0 31,531.7 4,903.8 9,107.9 4,204.1 Road construction 70,137.9 11,164.4 27,277.7 16,113.3 43,658.4 16,380.8 61,301.1 17,642.7 81,840.5 16,154.0 27,540.4 11,386.4 Transport & communication 5,169.5 234.9 1,128.9 894.0 2,313.0 1,184.1 4,949.6 2,636.6 7,162.7 190.6 586.6 396.0 Social Development 61,925.8 8,400.1 23,277.2 14,877.1 34,322.2 11,045.0 59,535.2 25,213.0 69,340.9 9,757.6 27,552.1 17,794.6 Education 33,710.1 4,375.2 12,060.8 7,685.6 16,991.0 4,930.2 33,694.6 16,703.6 38,935.6 6,334.9 14,220.5 7,885.6 Health 21,912.2 3,530.7 9,552.1 6,021.4 15,082.6 5,530.5 22,299.2 7,216.7 23,886.3 3,088.9 12,122.6 9,033.7 Socail welfare 1,953.7 177.1 428.7 251.6 690.3 261.6 1,267.4 577.1 2,296.8 113.1 534.0 421.0 Culture & sport 4,349.8 317.1 1,235.7 918.5 1,558.3 322.7 2,274.0 715.7 4,222.1 220.7 675.0 454.3 General Development 29,905.2 1,530.0 7,593.6 6,063.6 13,004.3 5,410.7 29,182.2 16,178.0 49,374.9 4,021.6 10,358.1 6,336.5 Compensation payments 0.0 External assistance 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 23,558.4 6,199.6 28,098.0 5,900.6 12,082.1 6,181.6 Sub Total Capital Expenditure 263,378.5 33,597.5 93,441.5 59,844.0 145,449.0 52,007.5 235,409.7 89,960.8 309,917.8 45,673.3 98,238.3 52,565.0 B. Current Expenditure General Services 93,221.9 19,350.1 59,624.2 40,274.2 84,790.4 25,166.1 129,678.9 44,888.5 107,931.2 24,469.2 61,556.6 37,087.5 Organ of the State 15,604.3 2,857.5 9,226.6 6,369.1 14,817.3 5,590.7 21,913.8 7,096.5 15,467.5 4,068.6 9,291.6 5,222.9 Justice 12,029.8 1,985.5 5,375.2 3,389.7 8,133.1 2,757.9 11,297.8 3,164.7 13,264.5 2,902.7 6,228.6 3,325.9 Defence 16,500.0 1,937.8 18,389.1 16,451.3 23,053.2 4,664.1 37,092.4 14,039.1 22,000.0 5,402.7 15,451.3 10,048.6 Public order & security 25,247.2 7,466.5 11,907.6 4,441.1 18,528.1 6,620.5 30,335.9 11,807.8 29,808.7 5,640.7 14,589.0 8,948.3 Other General services 23,840.6 5,102.7 14,725.7 9,623.0 20,258.6 5,532.9 29,039.0 8,780.4 27,390.5 6,454.4 15,996.2 9,541.8 Economic Services 44,369.6 8,198.6 20,945.2 12,746.6 30,430.0 9,484.8 42,497.7 12,067.7 52,299.8 10,642.4 22,268.2 11,625.9 Agriculture&natural resource 29,086.4 5,270.9 13,050.5 7,779.6 19,201.3 6,150.8 26,901.5 7,700.1 34,691.9 6,447.0 13,667.2 7,220.2 Agriculture 24,068.5 4,709.3 10,942.7 6,233.4 16,362.2 5,419.4 21,850.3 5,488.1 28,341.5 5,371.0 11,532.9 6,161.9 Natural resource 5,017.9 561.6 2,107.8 1,546.2 2,839.2 731.4 5,051.2 2,212.0 6,350.3 1,076.0 2,134.2 1,058.2 o/w: Water 4,733.6 480.0 1,996.6 1,516.6 2,618.5 621.9 4,993.8 2,375.3 5,963.6 1,044.9 1,895.4 850.5 Trade, Industry & Tourism 6,825.0 1,495.4 3,868.7 2,373.3 5,119.2 1,250.5 7,136.0 2,016.8 6,986.3 1,962.8 4,376.8 2,414.0 Mines & Energy 243.6 75.3 169.4 94.1 238.4 69.0 366.7 128.3 255.9 48.0 201.7 153.7 Tourism 211.4 158.2 358.7 200.5 685.5 326.8 826.2 140.7 1,245.5 170.0 618.4 448.4 Transport & communication 2,449.1 193.2 1,051.8 858.6 1,559.9 508.1 2,283.8 723.9 2,748.9 561.5 442.7 -118.7 Urban devt. & construction 4,815.1 840.2 2,099.5 1,259.3 3,098.2 998.8 4,399.8 1,301.5 5,037.4 1,068.6 2,267.5 1,198.8 o/w: Road Construction 2,008.7 459.0 916.6 457.5 1,371.0 454.4 1,899.0 528.1 2,264.7 381.2 678.0 296.8 Economic development studies 738.9 165.5 346.6 181.1 527.4 180.8 583.7 56.3 1,333.8 384.5 693.9 309.4 Social Services 152,838.3 31,077.8 77,222.3 46,144.5 114,999.5 37,777.2 160,366.1 45,366.7 181,313.6 43,163.5 98,296.5 55,132.9 Education & training 107,915.7 21,700.1 52,255.6 30,555.5 78,202.6 25,947.0 107,513.0 29,310.4 123,266.5 26,364.5 58,932.3 32,567.7 Culture & sports 3,315.9 630.0 1,358.0 728.0 2,315.9 957.9 3,621.1 1,305.1 2,474.8 680.3 1,589.1 908.8 Public health 39,262.5 6,742.4 17,998.6 11,256.3 27,153.1 9,154.5 40,665.4 13,512.3 44,423.5 7,441.2 18,242.2 10,801.0 Labour & social welfare 1,480.5 379.7 644.6 264.8 1,504.8 860.2 2,074.1 569.4 2,278.7 455.1 627.4 172.3 Rehabilitation 863.8 1,625.6 4,965.4 3,339.8 5,823.0 857.5 6,492.5 669.5 8,870.0 8,222.4 18,905.5 10,683.1 Interest & Charges 19,765.1 1,819.1 10,909.6 9,090.5 12,071.0 1,161.4 24,001.0 11,930.1 25,465.3 4,516.9 16,893.8 12,376.9 Internal debt 10,012.5 988.5 7,574.6 6,586.0 7,811.3 236.7 16,562.9 8,751.6 12,607.4 2,668.2 11,377.6 8,709.4 External debt 9,752.6 830.6 3,335.1 2,504.5 4,259.7 924.7 7,438.2 3,178.5 12,857.9 1,848.6 5,516.2 3,667.5 O/w: defence commercial 0.0 0.0 Miscellaneous 25,984.1 1,174.1 3,550.6 2,376.5 6,359.2 2,808.6 7,053.2 694.0 28,102.8 2,206.7 5,073.1 2,866.3 External assistance * 0.0 Sub Total Current Expenditure 336,179.0 61,619.6 172,251.9 110,632.3 248,649.9 76,398.0 363,596.9 114,947.0 395,112.6 84,998.7 204,088.2 119,089.5 Grand Total Expenditure 599,557.5 95,217.1 265,693.4 170,476.3 394,098.9 128,405.5 599,006.7 204,907.7 705,030.5 130,671.9 302,326.5 171,654.5

Estimated value (In Milloins of Birr) 2021/22 2014 Pre-Actual 2013 2020/21 Source: Ministry Finance, NBE

Actual Table 14: General Government Quarterly Expenditure Ethiopian fiscal year Fiscal year ending July 7

(In Metric Tone) MGR Jet fuel Gasoil LFO HFO Total fuel oil QI 48,367.80 148,668.08 285,788.92 10,156.70 41,075.11 534,056.62 51,231.82 QII 45,607.59 149,611.12 296,204.43 8,122.04 29,320.00 528,865.18 37,442.04 QIII 52,070.39 156,140.93 360,766.11 8,657.71 28,675.05 606,310.18 37,332.76 QIV 40,471.73 148,006.84 323,803.46 9,486.22 23,804.56 545,572.82 33,290.79 QI 52,821.02 185,032.12 388,200.80 11,512.09 31,974.27 669,540.29 43,486.36 QII 49,883.39 162,038.72 306,082.59 7,551.20 29,090.00 554,645.90 36,641.20 QIII 55,536.11 192,607.72 400,794.60 9,823.04 34,105.49 692,866.95 43,928.53 QIV 53,356.68 161,740.31 463,263.07 7,190.94 20,846.66 706,397.66 28,037.60 QI 52,223.00 169,004.79 359,514.00 10,278.63 32,896.29 623,916.71 43,174.92 QII 57,561.00 171,011.22 435,565.00 9,958.50 32,870.81 706,966.53 42,829.31 QIII 64,895.00 207,909.14 369,681.00 10,398.09 32,223.62 685,106.85 42,621.71 QIV 63,065.00 164,822.86 538,500.77 10,001.11 29,678.58 806,068.32 39,679.69 QI 72,312.74 213,015.55 398,136.40 7,953.19 22,697.05 714,114.92 30,650.23 QII 71,317.00 161,194.00 497,966.00 10,441.00 21,413.00 762,331.00 31,854.00 QIII 77,271.77 197,134.40 509,229.51 10,177.96 14,817.00 808,630.64 24,994.96 QIV 77,965.95 164,577.79 496,459.62 7,382.20 12,097.00 758,482.56 19,479.20 QI 82,152.17 206,560.18 468,051.30 11,312.26 7,675.00 775,750.90 18,987.26 QII 97,258.59 208,282.60 550,034.05 7,804.86 7,775.00 871,155.10 15,579.86 QIII 96,423.57 215,632.55 580,188.02 11,008.68 12,397.12 915,649.94 23,405.80 QIV 88,010.77 170,307.94 601,081.24 9,502.81 7,807.86 876,710.62 17,310.67 QI 106,706.30 165,269.22 591,077.34 10,763.35 10,241.32 884,057.53 21,004.67 QII 99,641.17 234,532.08 608,690.11 8,174.17 10,396.32 961,433.85 18,570.49 QIII 114,839.25 149,872.69 629,025.21 9,240.29 12,457.77 915,435.20 21,698.06 QIV 120,355.57 188,431.77 678,879.80 7,607.48 14,387.83 1,009,662.45 21,995.31 QI 120,069.69 205,741.76 570,182.14 6,646.30 4,500.00 979,262.11 83,268.52 QII 122,357.95 221,894.30 600,552.26 9,751.84 9,596.77 1,028,073.02 83,268.52 QIII 135,787.58 208,436.33 690,546.55 5,987.23 9,894.90 1,118,038.98 83,268.52 QIV 128,523.96 183,926.16 635,440.86 8,695.82 11,075.96 1,031,159.50 83,268.52 QI 159,613.12 210,503.47 616,810.64 8,886.66 14,477.84 1,070,195.75 83,268.52 QII 133,745.93 212,529.51 648,408.02 10,582.62 8,425.26 1,077,951.97 83,268.52 QIII 141,900.06 133,970.65 659,674.52 9,393.61 10,290.56 1,018,813.75 83,268.52 QIV 142,182.87 84,127.50 643,282.89 8,690.86 9,700.00 952,861.77 83,268.52 QI 145,183.01 99,180.54 613,828.06 8,195.65 12,300.00 941,460.13 83,268.52 QII 176,894.50 107,969.29 630,617.51 6,914.50 15,500.00 998,749.82 83,268.52 QIII 154,240.29 129,945.36 654,442.00 7,750.00 13,602.43 1,021,896.16 83,268.52 QIV 176,255.18 106,927.12 636,567.62 7,300.00 16,010.77 1,003,018.44 83,268.52 QI 169,292.79 127,007.57 677,243.25 13,809.64 10,437.46 1,056,812.13 83,268.52 QII 169,625.81 126,027.07 625,325.90 9,985.00 12,995.00 1,004,247.30 83,268.52 QIII 161,316.30 139,263 625,222 4,935.00 12,770.00 943,506.69 17,705 2012/13 2013/14 2014/15 2020/21 201/22 2015/16 2016/17 2017/18 2018/19 2019/20 Table 15: Domestic Refining and Imports of Ptroleum Period

Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,733.9 Crop 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 Animal Farming and Hunting 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 Forestry 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 59,243.3 Fishing 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 Mining and Quarrying 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 Manufacturing 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 Large and Medium Scale Manufacturing 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 Small Scale and Cottage Industries 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 Electricity and Water 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 16,476.2 Construction 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 Whole Sale and Retail Trade 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,217.7 Hotels and Restaurants 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 Transport and Communications 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 Financial Intermediation 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 Real Estate, Renting and Business Activities 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 Public Administration and Defense 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 Education 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 Health and Social Work 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 Other Community , Social & Personal Services 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 Private Households with Employed Persons 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 Total 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,377.8 Less : FISIM 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 Gross Value Added at Constant Basic Prices 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,163.2 Taxes on Products 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,917.7 GDP at Constant Market Prices 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,081.0 Source:MoFED Sectors/Year

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

(In million Birr) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,191.2 Crop 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 Animal Farming and Hunting 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 Forestry 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,035.8 96,164.4 117,765.3 Fishing 217 455 685 796 1,225 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 Mining and Quarrying 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 Manufacturing 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 Large and Medium Scale Manufacturing 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 Small Scale and Cottage Industries 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 Electricity and Water 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726.4 23,826.9 30,614.7 Construction 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 Whole Sale and Retail Trade 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656.3 444,506.1 554,733.8 Hotels and Restaurants 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 Transport and Communications 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 Financial Intermediation 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 Real Estate, Renting and Business Activities 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 Public Administration and Defense 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 Education 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 Health and Social Work 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 Other Community , Social & Personal Services 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 Private Households with Employed Persons 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 Total 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,166,221.7 Less : FISIM 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 Annex4 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,419.9 Taxes on Products 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 GDP at Current Market Prices 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,387.1 Source: MoFED Industry/Year Table 18: GDP by Economic Activity at Current Prices 21

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Agriculture, Hunting and Forestry 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 31.4 35.9 Crop -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 40.9 Animal Farming and Hunting 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 22.5 27.3 Forestry 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 22.5 Fishing 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 24.1 34.3 Mining and Quarrying 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 220.5 Manufacturing 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 11.7 Large and Medium Scale Manufacturing 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 12.8 Small Scale and Cottage Industries 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 16.2 9.0 Electricity and Water 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 28.5 Construction -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 14.5 21.2 Whole Sale and Retail Trade 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 24.8 Hotels and Restaurants 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 19.1 20.8 Transport and Communications 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.5 30.8 Financial Intermediation 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 21.1 19.3 Real Estate, Renting and Business Activities 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 47.7 Public Administration and Defense 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 32.4 Education 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 9.9 23.6 Health and Social Work 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 14.8 Other Community , Social & Personal Services 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 18.3 Private Households with Employed Persons 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 19.6 Total 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.1 29.3 Less : FISIM 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 22.6 19.7 Gross Value Added at Current Basic Prices 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 Taxes on Products 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 16.0 GDP at Current Market Prices 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 28.6 Source: MoFED Sectors/Year Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 22

(In Millions of Birr) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 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 3,183,395.8 4,119,419.9 Taxes on Products, net 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.3 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 3,374,746.9 4,341,387.1 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) (19,203.0) (21,735.9) 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 3,164,192.9 4,097,683.9 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 3,355,544.0 4,319,651.2 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 300,237.5 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 3,565,876.0 4,619,888.7 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.3 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 2,363,783.1 3,134,993.8 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 1,031,962.8 1,216,584.9 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 329,634.5 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 723,391.3 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) (329,095.7) (393,756.8) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,828.0 Gross National Savings 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,101,329.6 Mid-year Population (In Million) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 101.9 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 33,849.0 42,598.7 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 21,155.3 21,862.5 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 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 67,294.2 57,106.5 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 96,107.0 107,672.6 111,271.2 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 1,091.8 Per Capita Real GDP (In USD) 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 560.3 GDP Deflator 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 1.95 Source: Planning commission Description / Year Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices 23

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 GDP at Current Basic Prices 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 Taxes on Products, net 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 16.0 GDP at Current Market Prices 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.2 28.6 Incomes from ROW, net (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) 46.5 13.2 Gross National Income at Current Basic Price 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.0 29.5 Gross National Income at Current Market Price 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.1 28.7 Current Transfers from ROW, net 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (12.5) 42.7 Gross National Disposable Income 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 22.0 29.6 Government Final Consumption Expenditure 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.6 24.5 Private Final Consumption Expenditure 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.9 32.6 Gross Capital Formation (Investment) 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 8.8 17.9 Exports of Goods and Services 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.7 37.0 Imports of Goods and Services 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.4 27.0 Resource Balance (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) (5.5) 19.6 Gross Domestic Savings 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.0 17.1 Gross National Savings 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 8.0 23.2 Mid-year Population (in Million) 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 25.8 Per Capita GDP (Birr) (Real) 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 3.3 Average Exchange Rate (Birr/USD) 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 24.5 Real GDP (USD) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) (15.1) GDP at Current Market Prices(USD) (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.0 3.3 Per Capita GDP (USD) (Nominal) (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 1.1 Per Capita GDP (USD) (Real) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) (17.0) Percentage Change in GDP Deflator 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 21.8 Source:Planning commission Description / Year

December 2016=100 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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 Qtr.I 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 Qtr.II 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 Qtr.III 257.7 286.3 240.5 225.8 223.2 249.4 232.7 217.3 125.8 238.3 190.0 233.4 215.8 224.6 Table 22(A): National Non-Food Consumer Price Index, Source: Central Statistical Agency(CSA) and NBE Staff Compilation

Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Qtr.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Qtr.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Qtr.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Qtr.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Qtr.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Qtr.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Qtr.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Qtr.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Qtr.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Qtr.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 Qtr.III 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 Qtr.IV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 Qtr.I 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Qtr.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Qtr.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Qtr.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Qtr.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Qtr.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Qtr.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Qtr.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Qtr.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Qtr.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Qtr.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Qtr.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Qtr.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Qtr.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Qtr.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Qtr.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Qtr.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Qtr.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Qtr.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Qtr.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Qtr.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 Qtr.II 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 Qtr.III 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 Qtr.IV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Qtr.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Qtr.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Qtr.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Qtr.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 Qtr.I 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 Qtr.II 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 Qtr.III 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 Qtr.IV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 Qtr.I 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 Qtr.II 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 Qtr.III 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 Qtr.IV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 Qtr.I 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 Qtr.II 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 Qtr.III 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 Qtr.IV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 Qtr.I 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 Qtr.II 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 Qtr.III 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 Qtr.IV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 Qtr.I 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 Qtr.II 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 Qtr.III 286.3 332.5 262.5 194.2 254.6 285.6 254.9 256.3 146.8 298.1 271.9 Source: CSA and NBE Staff Compilation. Table 22 (B): National 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 Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2006/07 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 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 Qtr.III 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 Qtr.IV 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 Qtr.I 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 Qtr.II 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 Qtr.III 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 Qtr.IV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 Qtr.I 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 Qtr.II 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 Qtr.III 242.0 270.1 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 Source: Central Statistical Agency(CSA) and NBE Staff Compilation Table 22 (C): Addis Ababa Non-Food Consumer Price Index December 2016=100

Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Qtr.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Qtr.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Qtr.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Qtr.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Qtr.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Qtr.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Qtr.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Qtr.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Qtr.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Qtr.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Qtr.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Qtr.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Qtr.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Qtr.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Qtr.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 Qtr.IV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Qtr.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Qtr.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Qtr.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Qtr.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Qtr.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Qtr.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Qtr.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Qtr.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Qtr.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Qtr.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Qtr.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Qtr.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Qtr.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Qtr.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Qtr.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Qtr.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Qtr.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Qtr.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Qtr.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Qtr.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Qtr.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Qtr.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 Qtr.III 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 Qtr.IV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 Qtr.I 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 Qtr.II 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 Qtr.III 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 Qtr.IV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 Qtr.I 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 Qtr.II 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 Qtr.III 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 Qtr.IV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 Qtr.I 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 Qtr.II 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 Qtr.III 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 Qtr.IV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 Qtr.I 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 Qtr.II 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 Qtr.III 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 Qtr.IV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 Qtr.I 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 Qtr.II 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 Qtr.III 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 Qtr.IV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 Qtr.II 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 Qtr.III 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 Qtr.III 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 Table 22(D): Addis Ababa Food Consumer Price Index Source: Central Statistical Agency & NBE staff Compilation December 2016=100

Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water ,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of Health Transport Communicatio n Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 Source: Central Statistical Agency AFAR December 2016=100

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 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 77.3661 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 78.7696 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 Source: Central Statistical Agency AMHARA Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016=100

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 Source: Central Statistical Agency BENISHANGUL GUMUZ Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) December 2016=100

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.8 279.8 171.4 190.4 185.3 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 232.9 295.8 186.0 212.8 209.9 172.9 206.7 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 233.6 288.4 192.6 247.8 211.6 174.2 207.2 248.5 182.9 60.2 204.3 204.2 200.9 166.3 Source: Central Statistical Agency DIRE DAWA December 2016=100 Table 22 (E4): Regional States' Consumer Price Indices (Non-Food)

Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 GAMBELLA December 2016=100 Source: Central Statistical Agency

Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 Source: Central Statistical Agency HARARI December 2016=100

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 Source: Central Statistical Agency OROMIA Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016=100

Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.8 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 Source: Central Statistical Agency SNNPR December 2016=100

Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 QI 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 QII 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 QIII 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Source: Central Statistical Agency SOMALI December 2016=100

Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency TIGRAY December 2016=100

Table 22 (F1): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 Source: Central Statistical Agency AFAR December 2016=100

Table 22 (F2): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.6 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 273.4 324.3 272.5 0.0 265.8 413.5 275.9 188.8 250.8 265.4 238.2 Source: Central Statistical Agency AMHARA December 2016=100

Table 22 (F3): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 Source: Central Statistical Agency BENISHANGUL GUMUZ December 2016=100

Table 22 (F4): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products NonAlcoholic Beverages 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 Source: Central Statistical Agency DIRE DAWA December 2016=100

Table 22 (F5): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 Source: Central Statistical Agency GAMBELLA December 2016=100

Table 22 (F6): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products NonAlcoholic Beverages 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 Source: Central Statistical Agency HARARI December 2016=100

Table 22 (F7): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 Source: Central Statistical Agency OROMIA December 2016=100

Table 22 (F8): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 Source: Central Statistical Agency SNNPR December 2016=100

Table 22 (F9): Regional States' Consumer Price Index (Food) Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 Source: Central Statistical Agency SOMALI December 2016=100

Table 22 (F10):: Regional States' Consumer Price Index (Food) Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency TIGRAY December 2016=100

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

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

Export Import Export Import Export Import Export Import Export Import Export Import S T U V W X Y Z A B C=A/S D=B/T Djibouti 27.9 18.6 26.8 81.8 27.1 72.1 34.0 73.7 47.1 128.1 68.5 587.1 Egypt 1.5 97.0 1.1 83.1 1.6 94.9 2.7 129.1 1.4 52.7 (11.9) (45.6) Ghana 0.2 0.1 0.2 0.4 0.6 0.1 0.1 0.2 0.5 0.3 167.0 161.0 Kenya 2.0 16.4 2.9 16.8 2.0 27.6 3.6 11.2 3.8 37.5 89.1 127.8 Libia - - - - - - - - - - - - Morocco 0.4 347.4 0.5 236.4 0.4 1.1 0.4 0.2 0.3 470.7 (30.2) 35.5 Nigeria 1.1 0.0 1.6 0.0 0.4 0.4 0.7 0.1 0.5 0.0 (55.2) (36.9) Ruwanda 0.1 9.5 0.0 15.9 0.0 2.8 0.0 1.6 0.0 - (85.0) - Somali Land - 0.0 - 0.3 - 0.1 - 0.0 - 0.0 - - Somalia 81.6 - 74.7 - 101.3 - 70.0 - 104.1 - 27.6 - South Africa 1.4 31.7 2.5 44.5 3.2 32.6 2.1 9.7 2.3 55.2 59.9 74.0 Sudan 19.1 1.2 23.5 2.4 16.8 0.7 18.7 0.0 24.8 0.6 29.7 (45.6) Tanzania 0.0 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.7 357.3 300.3 Uganda 0.1 0.4 0.2 0.8 0.3 0.5 0.2 0.5 0.3 0.8 172.3 87.7 Zambia 0.0 0.1 340.2 6,768.3 Zembabwe 0.0 0.0 0.9 0.0 0.0 - 0.0 1.0 0.2 0.0 459.6 (82.4) Others 15.9 1.6 53.6 1.2 21.2 1.1 10.7 3.1 9.9 6.5 (38.1) 297.1 Total 151.5 524.3 188.7 483.7 175.0 234.1 143.4 230.6 195.1 753.1 28.8 43.7 %Share Of Continent 17.15 14.67 16.32 12.36 18.00 5.66 15.65 5.30 18.5 16.4 Austria 0.1 4.5 0.0 6.1 0.0 2.6 0.0 1.9 0.1 0.6 (27.4) (86.9) Belgium 27.2 48.5 28.9 87.4 37.6 21.5 22.5 52.8 29.7 10.8 9.3 (77.7) Bulgaria 0.6 11.2 0.6 1.2 0.7 1.1 1.2 17.2 0.9 20.8 41.5 86.1 Cyprus - 5.2 - 3.0 - 2.2 - 1.8 - 1.9 - (63.1) Czech Republic - 2.7 0.1 1.8 0.1 2.4 0.0 1.6 0.2 1.5 - (44.0) Slovakia - 0.2 0.0 1.1 - 0.1 - 1.1 0.0 1.9 - 723.8 Denmark 0.2 7.1 0.4 9.2 0.2 7.2 0.0 12.3 0.3 7.0 96.2 (1.3) Finland 1.7 2.7 1.7 3.5 0.2 2.4 0.0 3.7 2.1 4.1 27.0 48.4 France 5.7 47.6 8.0 55.5 9.9 55.9 7.7 33.5 7.9 27.5 39.2 (42.2) Germany 39.1 45.1 43.7 39.3 73.7 59.4 66.8 39.0 60.9 47.4 55.7 5.0 Greece 1.3 0.4 2.7 2.8 2.0 2.4 2.0 1.3 1.2 1.6 (6.2) 268.7 Hungary 0.0 2.1 0.1 1.9 0.4 17.0 0.1 3.5 0.2 4.0 9,865.7 90.1 Ireland 0.1 8.7 0.0 7.7 0.1 16.1 0.0 4.8 0.2 8.0 79.9 (7.9) Italy 12.1 106.7 14.0 58.6 18.8 66.5 12.1 37.1 24.7 44.4 104.0 (58.4) Netherlands 93.4 18.9 58.6 23.0 89.3 27.0 87.4 68.7 88.0 30.2 (5.8) 59.4 Norway 2.7 0.8 1.7 1.9 3.2 0.4 3.1 0.5 3.4 1.0 24.7 35.7 Poland 0.1 7.3 0.1 10.8 0.5 5.8 0.3 3.9 0.2 3.4 254.0 (54.1) Portugal 0.9 1.8 0.0 7.6 1.3 1.8 1.4 0.6 0.6 0.9 (31.5) (49.9) Rumania 0.4 0.3 0.1 78.8 - 9.5 0.2 0.3 0.1 2.3 (78.4) 755.9 Spain 3.0 15.1 3.7 19.6 4.5 22.2 5.4 16.9 5.1 8.7 67.6 (42.1) Sweden 2.3 4.3 1.5 3.2 2.9 6.1 2.4 4.0 3.0 4.7 32.9 9.2 Switzerland 115.1 4.0 203.1 35.4 136.2 5.1 147.6 5.6 167.8 3.8 45.7 (4.7) Turkey 8.4 83.8 4.3 149.0 9.2 309.0 16.1 270.9 5.4 272.9 (35.5) 225.5 Ukraine 0.6 63.7 0.8 163.7 2.0 132.2 1.8 216.4 0.2 134.8 (66.2) 111.7 United Kingdom 7.4 51.1 8.9 97.2 12.5 29.1 9.3 21.6 11.7 16.7 57.5 (67.2) Russia 5.0 74.8 3.1 10.6 5.9 17.4 4.8 95.1 2.6 9.7 (47.0) (87.1) Yugoslavia - - - - - - - - - - - - Others 1.3 29.2 90.9 3.7 5.7 7.5 4.3 5.9 2.9 8.1 128.7 (72.2) Total 328.7 647.8 476.9 883.7 416.9 830.1 396.7 922.0 419.5 678.7 27.6 4.8 %Share Of Continent 0.00 18.13 41.25 22.59 42.88 20.07 43.29 21.20 39.82 14.74 Brazil - 7.9 0.0 7.8 0.1 6.3 0.0 6.9 - 3.7 - (52.9) Canada 4.0 10.2 4.7 4.5 6.8 8.7 4.0 5.0 7.1 26.1 77.3 156.0 Cuba - - - - - 0.0 - 0.0 - - - - Mexico 0.0 2.1 0.8 1.4 0.8 1.5 0.1 3.1 0.1 2.1 1,156.5 0.0 United States 70.0 262.7 84.3 328.8 82.6 277.9 60.8 297.0 89.3 172.4 27.6 (34.4) Others 1.1 16.6 41.2 8,338,023.4 1.6 2.6 0.5 75.1 0.6 116.8 (44.1) 604.6 Total 75.1 299.5 131.1 344.8 91.9 297.0 65.4 387.2 97.1 321.2 29.3 7.2 %Share Of Continent 0.00 8.38 11.33 8.81 9.45 7.18 7.14 8.90 9.2 7.0 China, Mainland 22.3 837.7 18.5 622.6 18.8 785.9 15.3 832.3 19.3 853.4 (13.7) 1.9 China, Taiwan 4.5 12.6 4.6 8.8 6.5 17.9 8.0 17.5 7.7 11.3 69.8 (9.8) Hong Kong 6.7 1.3 4.6 0.2 6.8 0.6 4.0 2.3 3.9 1.6 (41.4) 16.2 India 29.4 330.0 20.5 407.8 18.8 872.9 17.3 696.6 20.7 623.1 (29.5) 88.8 Indonesia 11.9 80.1 7.0 48.9 4.0 60.8 8.4 69.0 9.3 64.5 (21.5) (19.4) Israel 24.2 4.6 15.5 4.5 24.9 4.3 30.4 3.6 31.1 5.4 28.7 16.2 Japan 14.4 18.4 20.6 28.2 28.1 21.3 35.6 20.8 34.4 16.4 138.1 (10.6) N.Korea, Pdrk 0.2 0.2 0.0 0.7 0.3 0.1 0.1 0.0 0.1 1.0 (52.8) 357.8 S.Korea 18.8 69.8 20.2 62.2 20.1 29.6 17.0 78.7 21.1 46.5 12.1 (33.4) Kuwait 2.8 0.0 2.8 349.2 0.8 147.3 1.4 312.3 1.2 403.6 (56.7) 6,789,565.9 Lebanon 1.0 0.3 0.3 0.0 0.4 0.4 0.2 0.5 0.6 1.1 (36.3) 344.6 Malaysia 4.4 106.9 1.8 276.8 2.3 294.9 6.9 182.0 3.9 230.5 (11.3) 115.6 Pakistan 2.8 12.8 1.2 9.5 3.9 11.4 2.4 27.7 6.1 14.6 121.4 13.9 Saudi Arabia 58.4 300.6 45.7 59.8 66.4 72.3 56.2 142.0 81.8 159.2 40.0 (47.0) Singapore 15.7 2.1 6.1 33.8 12.1 5.4 11.2 2.3 7.6 2.8 (51.9) 28.5 Yemen 5.1 0.0 7.6 1.1 4.5 0.4 5.0 1.0 8.3 5.5 62.8 42,216.0 Thailand 0.3 17.2 0.2 13.1 0.3 44.6 0.0 57.0 0.1 41.4 (60.5) 140.6 UAE 57.4 266.9 36.9 209.7 34.1 307.1 46.6 309.2 44.0 321.7 (23.3) 20.6 Others 40.3 38.6 131.6 56.0 25.7 94.8 39.9 41.4 35.0 43.8 (13.2) 13.4 Total 320.7 2,100.1 345.9 2,193.0 278.9 2,772.0 306.1 2,796.4 336.2 2,847.4 4.9 35.6 %Share Of Continent 0.00 58.76 29.91 56.06 28.68 67.01 33.40 64.28 31.9 61.8 Australia 6.0 1.4 7.4 5.9 7.8 2.7 4.5 13.0 4.7 4.5 (21.2) 227.6 Others 1.2 0.7 6.4 0.9 1.9 0.7 0.4 1.1 0.8 0.9 (30.8) 32.5 Total 7.2 2.1 13.7 6.8 9.6 3.4 4.8 14.1 5.5 5.5 (22.8) 162.0 % Share Of Continent 0.00 0.06 1.19 0.17 0.99 0.08 0.53 0.32 0.5 0.1 Unspecified Unspecified - - - - - - - - - Grand Total Grand Total 883.1 3,573.9 1,156.3 3,911.9 972.4 4,136.6 916.6 4,350.2 1,053.5 4,605.9 19.3 28.9 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Customs Commission (In millions of USD) QIII Percentage Change 2021/22 Country of Origin Oceania: Table 23B: Direction of Trade** QIII QIV QI QII Africa: 2020/21 Europe: America: Asia:

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 January 12005.3 21177.3 195.3 21663.7 1197.4 16945.1 3.0 0.4 - 1776.9 6483.3 - 0.0 1.4 0.0 1647.3 February 15727.4 24488.7 213.4 36164.4 1320.9 24063.4 1.0 0.5 - 1754.1 5644.1 - 54.0 5.6 0.0 1831.7 March 27267.1 30565.2 217.7 34448.4 1436.9 23661.5 0.6 0.7 - 3062.1 5046.1 - 0.0 12.0 0.0 2264.4 Qtr III 54999.9 76231.3 626.4 92276.5 3955.2 64669.9 4.6 1.6 - 6593.1 17173.5 - 54.0 19.0 0.0 5743.3 April 28837.8 22714.7 199.2 25812.6 1676.9 25523.6 0.4 0.8 - 2842.2 3952.9 - 19.5 9.6 0.0 2251.9 May 32683.2 16175.5 152.4 24972.4 1430.3 21436.1 0.0 1.7 - 1063.2 7052.5 - 18.0 0.4 0.0 2219.8 June 40148.8 15749.3 238.9 23314.9 1190.3 24897.8 0.0 0.4 - 3781.6 9562.6 - 36.0 7.5 0.0 2332.8 Qtr IV 101669.8 54639.5 590.5 74099.9 4297.4 71857.5 0.4 2.9 - 7687.1 20568.0 - 73.5 17.5 0.0 6804.4 July 31194.9 15095.0 175.6 16917.6 1807.3 19603.7 0.0 0.6 - 1168.6 9206.0 - 0.0 2.9 0.0 2389.7 August 32091.0 14779.6 201.4 15648.6 1633.3 24021.5 0.0 1.0 - 1383.3 6463.7 - 10.0 5.0 0.0 3027.2 September 23162.7 12370.7 156.8 11978.7 1472.4 13746.6 0.0 0.7 - 968.1 5208.5 - 0.0 17.8 0.0 1750.6 Qtr I 86448.6 42245.3 533.8 44544.9 4913.0 57371.9 0.0 2.3 - 3520.0 20878.2 - 10.0 25.7 0.0 7167.6 October 22338.7 13369.7 290.3 11833.6 1647.3 23977.1 1.0 0.9 - 1272.4 5853.0 - 0.0 42.9 0.0 2780.2 November 24520.8 20638.6 195.3 12608.7 1737.7 25497.6 3.1 0.7 - 1207.0 4736.3 - 0.0 3673.1 December 15783.9 20056.6 158.6 19653.8 1563.2 14349.8 3.6 0.8 - 608.2 3762.4 - 0.0 11.6 0.0 3304.0 QII 62643.4 54064.9 644.2 44096.1 4948.2 63824.5 7.8 2.4 - 3087.7 14351.7 - 0.0 54.5 0.0 9757.2 January 13957.1 9520.9 196.9 17558.1 1523.6 19796.3 0.0 0.8 0.0 1931.0 4052.5 0.0 0.0 5.0 0.0 2929.0 February 20369.1 12290.4 148.5 20993.7 1530.8 14257.6 2.0 1.0 0.0 3005.8 5112.0 0.0 55.0 10.0 0.0 3173.9 March 27732.7 17832.2 98.6 23600.8 1631.7 19518.3 0.2 0.8 0.0 2219.0 3528.8 0.0 0.0 7.5 0.0 3103.8 Qtr III 62058.9 39643.4 444.0 62152.6 4686.0 53572.2 2.3 2.5 0.0 7155.8 12693.3 0.0 55.0 22.5 0.0 9206.7 Period Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity (in '1000' kwh) Others* ReExports Grand Total* January 1299.4 0.0 - - - 0.0 0.0 8507.8 154.0 500.8 9637.9 103446.3 21748.6 103196.2 February 536.9 49.3 - - - 1.1 0.0 9520.0 543.3 629.6 5633.2 108704.1 18750.7 128182.7 March 3226.3 80.6 - - - 1.1 0.0 9330.3 134.6 1601.2 10083.7 147448.5 26734.2 152440.6 Qtr III 5062.7 129.9 - - - 2.2 0.0 27358.1 831.9 2731.5 25354.9 359598.9 67233.6 383819.5 April 3027.7 67.1 - - - 1.9 0.0 8944.5 394.2 1737.5 5930.1 163019.9 22364.5 133945.1 May 6047.7 16.0 - - - 0.6 0.0 9960.3 302.8 1269.2 7824.6 173400.8 27641.4 132626.7 June 3107.1 122.2 - - - 3.7 0.0 8560.6 324.8 1396.0 6300.9 168806.3 22155.7 141076.4 Qtr IV 12182.6 205.3 - - - 6.2 0.0 27465.3 1021.9 4402.8 20055.6 505227.1 72161.6 407648.2 July 3745.2 41.6 - - - 1.3 0.0 9820.6 501.3 720.5 5588.1 149051.3 22811.2 117980.5 August 3835.7 29.2 - - - 21.4 0.0 8882.3 166.3 1010.7 6386.0 164159.6 23363.8 119597.3 September 1929.7 47.0 - - - 1.4 0.0 8557.3 182.1 558.2 4691.5 110152.2 17735.5 86800.7 Qtr.I 9510.6 117.8 - - - 24.1 0.0 27260.2 849.7 2289.5 16665.5 423363.0 63910.5 324378.5 October 2306.9 81.2 - - - 0.1 0.0 8962.2 463.5 1277.5 5946.8 134296.4 21861.3 102445.4 November 1910.0 16.0 - - - 0.7 0.0 9218.9 1200.3 1259.8 6293.8 152698.5 23572.6 114718.5 December 1060.5 83.4 - - - 1.3 0.0 8743.1 1200.3 686.9 6798.8 135745.2 21889.8 97830.6 Qtr.II 5277.5 180.6 - - - 2.0 0.0 26924.2 2864.0 3224.2 19039.3 422740.0 67323.6 314994.5 January 3871.7 26.9 - - - 26.9 0.0 9138.7 259.2 795.9 9904.3 130001.8 26957.7 95494.9 February 5979.7 0.0 - - - 0.5 0.0 8987.1 241.0 951.3 7630.8 102581.0 26974.3 104740.0 March 3222.7 46.0 - - - 0.1 0.0 7744.9 355.2 309.5 9339.0 141783.2 24128.6 120291.9 Qtr.III 13074.0 72.9 0.0 - - 27.5 0.0 25870.7 855.5 2056.7 26874.2 374366.0 78060.7 320526.8 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 24: Volume of Exports, by Major Commodity Groups 2021/22 2021/22 ( In metric tone) Period Table 24 continued: 2020/21 2020/21

Table 25: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 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 April 4,737,425.8 1,280,766.6 131,371.4 1,010,599.0 367,912.7 253,201.2 7.3 2,284,717.8 206,064.2 973,576.6 - 6,790.2 35,148.9 - 534,583.9 May 5,559,486.6 965,848.4 112,912.8 949,324.2 331,119.2 250,048.0 - 4,809,477.8 87,853.1 1,729,945.5 - 6,328.5 721.5 - 480,337.4 June 6,549,852.4 970,332.8 162,364.6 921,206.3 266,688.4 310,034.6 - 1,433,676.0 262,896.4 2,275,913.8 - 12,154.0 24,283.8 - 573,072.1 Qtr IV 16,846,764.8 3,216,947.8 406,648.8 2,881,129.5 965,720.3 813,283.8 7.3 8,527,871.5 - 556,813.7 4,979,436.0 - 25,272.7 60,154.2 - 1,587,993.4 July 5,097,631.7 921,108.1 108,933.7 710,332.4 432,369.9 291,034.3 - 1,659,165.7 81,652.2 2,182,539.7 - - 2,715.3 - 559,023.2 August 5,548,542.0 907,079.0 132,159.0 694,966.8 381,632.3 432,050.0 - 2,603,615.6 98,315.4 1,627,111.6 - 3,073.8 21,496.0 - 761,588.7 September 4107651.659 807800.8726 127906.8546 556969.1738 367099.7242 227124.3447 0 1832553.439 65705.15924 1372620.405 0 0 45119.6865 0 541481.5089 Qtr I 14753825.39 2635988.002 368999.4916 1962268.377 1181101.87 950208.6076 0 6095334.745 0 245672.8148 5182271.716 0 3073.797888 69330.96337 0 1862093.383 October 4168280.675 965766.4825 161315.67 614138.8446 422803.8816 311459.1061 18.9792919 2656325.29 65746.59496 1543222.483 0 0 36122.8822 0 698822.0831 November 4672001.017 1621963.278 128549.9528 742181.0606 436559.1698 394890.5264 210.830656 2331755.355 75600.32944 1315313.141 0 878891.8242 December 3097449.544 1615531.014 140866.493 1186763.31 406143.2267 234763.6969 69.327153 2005154.862 43244.38691 1081537.267 0 0 47447.50878 0 695695.7351 Qtr II 11,937,731.24 4,203,260.77 430,732.12 2,543,083.21 1,265,506.28 941,113.33 299.14 6,993,235.51 - 184,591.31 3,940,072.89 - - 83,570.39 - 2,273,409.64 January 3296365.385 755577.271 114554.462 961957.182 429358.477 288248.533 0 1956622.935 132783.772 1585581.362 0 0 5851.848 0 638927.994 February 5139503.596 963006.7841 129662.8685 970278.5337 426503.7151 225669.769 39.957168 3284212.632 213882.8241 2511524.249 0 21634.57367 45029.03466 0 700700.5135 March 7638206.784 1316681.609 142980.165 1274232.58 751222.7074 1138376.491 275.591721 3160111.21 196304.6932 1682037.465 0 0 27813.72848 0 994290.2789 Qtr III 16,074,075.8 3,035,265.7 387,197.5 3,206,468.3 1,607,084.9 1,652,294.8 315.5 8,400,946.8 - 542,971.3 5,779,143.1 - 21,634.6 78,694.6 - 2,333,918.8 Table 25 (continued): Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total January 39498.0 220.0 - - - 8.7 0.0 1716383.4 10823.3 29698.5 207761.3 229538.4 2642864.7 9577647.0 February 25714.5 9517.5 - - - 246.9 0.0 1796703.2 11452.9 42160.8 191131.2 240591.8 2786747.7 11410893.4 March 89994.7 13081.1 - - - 385.7 0.0 1728587.1 6110.3 68381.6 231589.7 332420.2 3016677.8 14315919.7 Qtr III 155207.3 22818.6 - - - 641.3 0.0 5241673.7 28386.6 140240.8 630482.2 802550.4 8446290.2 35304460.0 April 75007.9 13925.4 - - - 243.2 0.0 1683226.0 19217.9 70576.4 322979.0 373794.6 3128703.3 - 14381136.2 May 178849.6 3389.6 - - - 78.6 0.0 1989358.8 15401.6 79897.0 322617.2 410509.1 3481160.5 - 18283504.5 June 120465.7 26883.7 - - - 1134.6 0.0 1677057.9 17196.0 83476.6 450017.9 411576.0 3385164.2 - 16550283.6 Qtr IV 374323.2 44198.7 - - - 1456.4 0.0 5349642.7 51815.5 233950.0 1095614.1 1195879.7 9995028.0 - 49214924.3 July 136283.5 8802.4 - - - 308.8 0.0 1857696.7 30731.0 46830.4 316107.2 352912.8 3311411.1 14796178.8 August 158991.3 7067.9 - - - 3572.9 0.0 1832693.9 8509.2 107749.1 430693.8 395488.4 3727851.2 16156396.7 September 55624.8 10174.5 - - - 462.3 0.0 1812480.9 10661.4 70308.2 372370.0 280687.5 3199370.8 12664802.5 Qtr I 350899.6 26044.7 - - - 4344.1 0.0 5502871.5 49901.6 224887.7 1119171.0 1029088.7 10238633.2 0.0 43617378.0 October 88,548.60 18,754.33 - - - 10.38 - 1,887,901.46 8,622.34 99,467.12 373,998.24 344,545.16 3,556,792.60 14,465,870.61 November 65,219.52 4,257.78 - - - 117.33 - 2,009,744.26 45,045.08 104,495.62 408,886.99 403,695.77 3,920,354.18 15,639,378.85 December 61,941.53 14,808.85 - - - 741.57 - 2,000,255.21 45,986.62 51,471.42 394,628.76 370,486.41 3,683,463.61 13,494,986.74 Qtr II 215,709.64 37,820.97 - - - 869.28 - 5,897,900.93 99,654.04 255,434.17 1,177,513.99 1,118,727.35 11,160,610.40 - 43,600,236.19 January 182,253.24 5,343.12 - - - 5,144.28 - 2,203,120.25 14,848.11 71,077.82 490,336.28 363,058.05 644,779.84 10,165,829.22 February 264,592.77 - - - - 60.24 - 2,118,491.39 12,830.46 73,620.35 459,876.49 295,816.10 745,729.55 14,631,649.05 March 198,619.33 14,040.72 - - - 75.00 - 1,955,079.73 28,897.43 91,293.21 678,856.15 410,083.56 1,022,104.01 18,322,533.30 Qtr III 645,465.34 19,383.84 - - - 5,279.51 - 6,276,691.37 56,576.00 235,991.37 1,629,068.92 1,068,957.71 2,412,613.40 - 43,120,011.57 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period Period 2020/21 2020/21 2021/22 2021/22

Table 26: Value of Imports, by Major Commodity Groups** (In 000 birr) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 Qtr III 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 April 5,104,360 47,486 18,490 9,982 9,128,514 496,155 2,518,328 346,723 630,791 549,809 312,829 May 9,530,171 53,770 11,355 - 7,533,498 519,819 1,373,151 586,319 433,831 845,792 415,048 June 9,263,589 136,144 36,063 - 7,596,294 475,760 1,519,469 356,485 289,885 726,193 276,901 Qtr IV 23,898,119 237,400 65,907 9,982 24,258,306 1,491,734 5,410,948 1,289,527 1,354,508 2,121,795 1,004,779 July 7,762,198 249,613 9,044 - 10,304,388 666,155 1,163,138 433,971 519,200 1,520,414 446,187 August 13,612,510 348,666 37,640 - 9,853,899 453,096 990,220 688,971 512,807 784,665 291,328 September 8,387,269 145,552 20,913 - 9,234,665 674,602 1,490,289 1,088,286 505,812 812,875 343,222 Qtr I 29,761,977 743,831 67,597 - 29,392,952 1,793,853 3,643,646 2,211,228 1,537,820 3,117,954 1,080,737 October 9,344,557 92,291 28,335 3,170 10,429,467 811,904 1,399,431 2,537,953 425,720 917,215 399,724 November 13,297,722 199,269 3,569 - 12,806,553 807,650 4,194,425 942,086 472,200 715,548 570,630 December 8,709,208 198,740 29,122 - 10,848,287 795,736 4,394,119 4,881,574 778,897 2,000,681 751,311 Qtr II 31,351,488 490,300 61,026 3,170 34,084,307 2,415,290 9,987,975 8,361,613 1,676,817 3,633,444 1,721,665 January 10,492,577 291,275 58,447 - 12,904,250 951,136 2,964,904 24,499 1,263,999 1,366,899 502,476 February 12,217,069 124,689 30,019 - 14,459,722 651,002 1,171,288 18,294 717,032 1,380,463 342,861 March 12,198,019 143,679 54,415 - 15,146,859 824,455 1,610,120 46,151 532,712 1,374,917 643,474 Qtr III 34,907,666 559,643 142,880 - 42,510,831 2,426,593 5,746,311 88,945 2,513,743 4,122,279 1,488,811 Table 26: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 Qtr III 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 April 974,123 660,205 285,263 5,313,517 4,971,691 271,420 1,948,110 1,603,807 89,222 16,233,246 49,910,263 May 1,016,055 519,280 304,324 3,051,645 10,685,237 263,903 2,961,780 2,656,403 60,677 20,762,783 60,928,439 June 793,876 310,690 199,033 4,791,455 9,519,079 264,311 2,029,206 4,340,895 83,966 16,936,918 55,605,319 Qtr IV 2,784,054 1,490,176 788,620 13,156,617 25,176,007 799,634 6,939,096 8,601,105 233,865 53,932,947 166,444,021 July 1,231,099 382,905 252,931 3,217,537 4,971,128 142,380 2,449,194 3,316,322 64,683 17,535,674 53,321,839 August 1,284,072 783,854 216,073 3,817,349 4,828,171 234,068 3,036,199 5,231,319 195,894 18,645,240 60,614,721 September 1,164,053 567,536 324,710 5,351,215 4,630,136 380,397 1,951,557 4,999,172 8,767 35,085,208 72,167,065 Qtr I 3,679,224 1,734,295 793,714 12,386,102 14,429,435 756,844 7,436,949 13,546,813 269,345 71,266,122 186,103,625 October 1,092,603 731,968 516,660 4,283,130 5,528,125 308,022 2,503,457 1,921,781 59,085 25,139,937 66,552,753 November 831,850 351,845 279,059 4,442,990 4,593,653 641,555 1,865,085 3,111,179 72,204 20,494,811 67,582,703 December 1,367,266 595,567 462,272 5,108,895 5,452,637 692,811 3,051,349 3,247,748 187,580 22,714,271 73,020,325 Qtr II 3,291,720 1,679,379 1,257,991 13,835,015 15,574,415 1,642,388 7,419,891 8,280,709 318,869 68,349,019 207,155,781 January 1,174,976 589,520 592,377 7,408,194 4,961,039 372,300 4,908,139 3,024,977 129,846 26,235,776 77,192,628 February 1,480,271 348,542 594,780 5,764,019 4,922,466 525,788 2,777,540 3,816,642 49,482 31,012,515 78,587,843 March 1,783,753 583,288 475,627 5,456,648 5,470,169 411,473 2,627,005 2,802,294 223,316 26,072,312 75,678,393 Qtr III 2,690,299 1,521,350 1,662,785 18,628,861 15,353,674 1,309,561 10,312,683 9,643,913 402,644 83,320,603 231,458,863 Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2021/22 2020/21 Period 2020/21 Period 2021/22

Table 27: Volume of Imports, by Major Commodity Groups** Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 Qtr III 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 April 246,049.1 1,041.0 156.0 146.8 385,205.2 15,141.0 1,681.6 19.7 7,914.9 4,813.5 6,511.6 May 428,336.8 1,409.8 58.2 - 289,380.5 13,137.2 1,631.9 61.7 6,085.5 7,661.5 7,508.5 June 477,286.8 2,227.5 147.5 - 268,475.0 12,364.4 1,379.4 47.8 4,758.7 4,526.4 5,163.1 Qtr IV 1,151,672.7 4,678.3 361.8 146.8 943,060.7 40,642.6 4,692.9 129.2 18,759.1 17,001.4 19,183.1 July 391,839.6 2,327.0 31.4 - 350,055.7 16,932.6 2,957.7 80.5 5,548.3 16,436.6 7,310.6 August 571,765.5 2,882.9 192.8 - 344,259.9 11,403.9 1,797.5 33.4 5,006.0 7,109.9 5,381.1 September 318,378.7 1,485.3 109.7 - 303,475.1 15,691.0 2,329.1 93.2 7,198.5 5,895.8 7,001.8 Qtr I 1,281,983.8 6,695.3 333.9 - 997,790.7 44,027.6 7,084.3 207.1 17,752.8 29,442.3 19,693.5 October 338,637.1 2,296.1 100.4 40.3 301,784.7 14,137.3 2,534.1 151.7 5,276.9 6,345.0 6,683.1 November 505,869.8 1,671.1 22.5 - 350,090.0 14,937.0 2,244.8 42.8 3,259.4 4,347.8 9,752.4 December 323,162.4 1,782.7 127.8 - 301,784.7 11,428.9 3,870.7 128.9 9,893.5 15,489.6 9,839.5 Qtr II 1,167,669.4 5,749.8 250.7 40.3 953,659.5 40,503.1 8,649.7 323.4 18,429.7 26,182.5 26,275.0 January 322,773.2 2,445.0 193.2 - 342,016.9 11,758.8 2,277.6 14.9 9,862.5 8,220.2 6,574.7 February 380,623.0 1,442.3 64.6 - 326,482.2 12,579.3 2,216.9 11.5 7,927.1 7,087.1 4,698.6 March 307,993.8 1,188.8 142.0 - 275,007.6 13,268.3 2,002.5 47.5 4,271.5 8,017.0 8,853.9 Qtr III 1,011,390.0 5,076.1 399.8 - 943,506.7 37,606.4 6,497.1 73.8 22,061.2 23,324.3 20,127.2 Table 27: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL January 12,790.2 1,949.4 6,193.1 268,430.5 16,094.5 1,163.2 6,618.2 79,320.3 24.6 673,243.4 1,578,262.1 February 11,616.1 2,346.8 8,365.6 80,401.3 11,548.2 2,139.3 8,408.4 73,810.5 8.6 285,835.5 974,667.5 March 10,105.7 1,561.9 8,375.4 84,986.4 15,406.5 1,223.3 6,982.5 95,557.4 24.5 736,359.8 1,446,310.7 Qtr III 34,512.0 5,858.2 22,934.1 433,818.1 43,049.2 4,525.7 22,009.0 248,688.3 57.7 1,695,438.7 3,999,240.4 April 9,366.6 1,757.8 8,288.2 105,000.5 13,077.3 1,470.9 5,388.8 104,039.1 16.5 427,118.7 1,240,165.9 May 9,866.7 1,913.9 7,752.1 52,253.4 11,837.2 1,149.6 8,456.5 122,010.4 22.1 696,862.1 1,545,385.0 June 7,289.8 1,345.2 5,855.6 77,724.4 14,200.9 905.4 4,369.3 173,847.1 28.3 431,169.5 1,319,265.0 Qtr IV 26,523.13 5,016.86 21,895.87 234,978.31 39,115.40 3,525.83 18,214.63 399,896.62 66.88 1,555,150.26 4,104,815.89 July 14,113.8 1,995.4 7,505.9 57,697.3 14,477.0 701.1 4,494.2 138,362.3 9.8 416,926.6 1,311,441.2 August 11,143.0 2,529.5 5,646.8 64,471.7 14,653.6 745.1 5,545.0 199,101.7 32.2 387,413.7 1,442,013.7 September 10,520.3 1,891.9 8,333.6 190,405.5 12,721.0 1,510.1 5,839.9 192,694.9 7.6 892,501.6 1,785,389.6 Qtr I 35,777.07 6,416.83 21,486.35 312,574.51 41,851.66 2,956.22 15,879.09 530,158.90 49.60 1,696,841.97 4,538,844.57 October 9,724.0 1,752.8 11,185.9 64,765.8 15,270.3 1,300.3 5,818.2 72,063.0 27.8 475,982.9 1,263,814.7 November 7,507.3 1,226.6 6,393.9 74,243.1 11,597.1 1,536.3 3,719.0 143,480.0 8.2 354,163.9 1,352,633.2 December 10,313.0 1,752.6 10,186.0 75,717.4 15,940.0 1,775.9 6,606.4 137,050.0 44.2 357,186.0 1,157,030.2 Qtr II 27,544.23 4,732.06 27,765.76 214,726.37 42,807.46 4,612.50 16,143.57 352,592.97 80.26 1,187,332.82 3,773,478.17 January 7,837.5 1,186.6 7,897.4 83,275.7 11,333.8 1,070.5 5,915.2 102,672.5 10.8 431,319.9 1,255,984.4 February 10,482.2 1,188.3 10,629.7 80,426.1 9,755.8 1,730.3 6,365.2 123,849.7 25.1 498,438.9 1,362,174.2 March 11,664.1 1,587.6 7,289.5 77,468.1 13,310.0 1,614.2 4,644.2 91,473.2 30.1 399,173.3 1,137,574.2 Qtr III 29,983.86 3,962.52 25,816.57 241,169.92 34,399.53 4,415.00 16,924.64 317,995.45 66.05 1,328,932.12 3,755,732.82 Source: Ethiopian Customs Commission ** All the data are updated based on revised data from the Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise (In Metric Tons) 2021/22 2021/22 2020/21 Period 2020/21 Period

Table 28: Value of Imports by End-Use** (In Millions of Birr) Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Raw Materials 1,258.09 1,237.67 5,070.88 1,247.87 1,503.14 1,242.84 1,407.07 5,400.91 1,125.35 1,551.90 1,467.49 Semi-finished Goods 30,481.29 25,452.87 97,796.04 20,476.47 19,419.26 34,582.42 30,928.54 105,406.69 27,165.18 32,974.16 52,840.90 Chemicals 3,304.81 3,994.34 16,743.30 4,749.23 4,010.89 4,894.25 5,236.39 18,890.76 7,591.90 6,111.27 5,773.82 Fertilizers 10,787.89 7,802.05 19,517.00 342.90 957.89 15,531.95 11,198.44 28,031.17 1,872.82 3,422.91 19,090.96 Textile Materials 1,090.54 823.25 3,485.51 1,060.09 1,420.73 1,438.48 1,440.43 5,359.73 2,028.34 2,134.72 2,682.56 Others 15,298.05 12,833.23 58,050.24 14,324.26 13,029.75 12,717.74 13,053.29 53,125.03 15,672.13 21,305.26 25,293.57 Fuel 17,590.10 10,461.60 64,685.48 13,503.83 15,332.03 22,303.40 25,486.53 76,625.78 30,449.24 34,181.98 44,058.15 Crude petroleum 1.71 - 1.96 - 0.08 - 10.25 10.32 - 3.25 - Petroleum Products* 16,751.62 9,988.98 62,056.89 12,800.03 14,735.94 20,803.19 24,258.31 72,597.46 29,392.95 34,084.31 42,510.83 Others 836.77 472.62 2,626.62 703.80 596.01 1,500.20 1,217.97 4,017.99 1,056.29 94.42 1,547.32 Capital Goods 33,220.65 25,748.05 128,229.80 34,627.81 36,505.93 37,844.53 42,691.36 151,669.63 31,369.38 33,448.76 36,518.19 Transport 3,169.64 1,782.96 12,249.42 3,818.00 2,556.70 2,756.19 4,559.26 13,690.16 4,065.43 5,093.74 4,216.70 Tyres for Heavy Vehicles 1,218.87 1,200.00 4,191.33 1,486.78 1,093.71 904.29 815.06 4,299.83 878.46 1,247.06 1,399.90 Heavy Road Motor Veh. 1,278.05 406.69 5,652.14 998.70 871.05 548.82 535.57 2,954.13 575.50 1,502.63 1,236.15 Aircraft 537.36 150.83 2,033.72 528.70 465.70 1,237.73 3,096.18 5,328.32 2,431.08 2,224.22 1,438.65 Others 135.37 25.45 372.22 803.82 126.25 65.35 112.45 1,107.88 180.39 119.83 142.01 Agricultural 645.06 682.99 2,745.65 748.34 1,671.41 476.75 525.96 3,422.46 761.61 699.90 490.33 Industrial 29,405.95 23,282.09 113,234.74 30,061.47 32,277.81 34,611.59 37,606.14 134,557.01 26,542.35 27,655.11 31,811.15 Consumer Goods 32,693.08 26,856.10 124,714.69 53,233.28 51,409.44 44,688.26 64,049.91 213,380.89 94,579.46 103,655.38 94,277.36 Durables 7,944.02 4,962.80 28,525.81 7,429.57 7,687.61 7,419.94 8,776.69 31,313.80 8,797.59 9,141.30 11,347.87 Radio & T.V. 309.54 186.31 1,947.48 336.84 575.63 632.63 516.37 2,061.47 442.56 510.48 664.00 Tyres for cars & Other Veh. 508.47 306.07 1,596.76 381.78 395.90 341.91 357.84 1,477.42 475.65 528.41 793.15 Cars & Other Veh. 313.54 59.14 3,455.56 169.43 224.02 278.41 140.46 812.32 207.39 117.57 329.29 Others 6,812.48 4,411.28 21,526.01 6,541.53 6,492.06 6,166.99 7,762.01 26,962.59 7,671.99 7,984.85 9,561.43 Non-durables 24,749.06 21,893.30 96,188.88 45,803.71 43,721.83 37,268.32 55,273.23 182,067.09 85,781.88 94,514.07 82,929.49 Cereals 7,056.97 4,543.41 26,055.01 6,965.06 12,425.55 12,210.79 21,652.09 53,253.48 27,408.43 28,623.83 31,239.68 Other Food 4,136.69 3,388.37 16,738.49 13,375.35 8,159.74 4,373.45 6,103.75 32,012.30 20,933.38 18,914.56 15,138.38 Medical & Pharmaceuticals 5,315.43 6,692.12 21,356.68 3,933.58 7,757.37 7,770.91 7,180.66 26,642.51 6,475.19 19,174.23 6,923.68 Textile Fabrics 2,925.20 2,795.98 12,300.45 4,546.57 6,022.63 4,466.89 3,563.19 18,599.28 4,323.42 4,043.58 3,894.00 Others 5,314.78 4,473.42 19,738.25 16,983.15 9,356.55 8,446.28 16,773.54 51,559.52 26,641.46 23,757.87 25,733.75 Miscellaneous 1,520.90 1,252.56 11,692.47 1,338.86 1,679.74 1,958.03 1,880.60 6,857.24 1,415.00 1,343.61 2,296.78 Total Imports 116,764.10 91,008.85 432,189.35 124,428.12 125,849.53 142,619.47 166,444.02 559,341.15 186,103.62 207,155.78 231,458.86 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2019/20 2020/21 Categories 2021/22

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Manufacturing 1 4.5 1 133 4 18 4 188.5 7 71 6 58 5 81 Agriculture, hunting and forestry Real estate, renting and business activities 3 20 3 14.9 2 3.5 8 35.4 4 18 4 18 6 43 Hotels and restaurants 1 500 1 105 Education Health and social work Construction 9 41.17 9 26.5 7 16.4 31 287 Wholesale, retail trade and repair service 1 7 Transport, storage and communication 2 20.76 4 16.1 1 4 1 2 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 1 10 Others 1 1759.74 1 13.615 1 17.2 1 8.3 Grand Total 16 1846.17 5 161.5 20 81.3 22.0 752.7 13 98.6 11 182.0 43 421 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector No of projects Investment Capital QIII QIV 2013(2020/21) No of projects Investment Capital No of projects Investment Capital No of projects QI QII Investment Capital QII No of projects Investment Capital No of projects Investment Capital QI (In Millions of Birr) QIII 2014(2021/22) No of projects Investment Capital

Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 52 - 22 85 37 4062 1084 1916 72 Agriculture, hunting and forestry - - Real estate, renting and business activities 200 470 - 3 132 290 55 62 102 23 742 102 Hotels and restaurants - - - - 150.0 150 60 80 Education - - - - Health and social work - - - Construction - - 184 72 2 8 30 24 Wholesale, retail trade and repair service - - - - 1,964 969 Transport, storage and communication 33 - - 55 2 3 2 Mining and Quarrying - - - - Electricity, gas, steam and water supply - - - - Construction machinery leasing - - - - Fishing - - - - Other community, social and personal service activities - - - - 350 3 Others 3 2 3 5 - 17 Grand Total 36 2 255 470 244 99 386.0 485.0 6,084.0 2,117.0 162 103 3038 201 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QIII 2013(2020/21) 2014(2021/22) Sector/Sub-sector QI QII QIII QIV QI QII

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