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2023-03-03

Added 2026-06-03 · Updated 2026-08-04

National Bank of Ethiopia Quarterly Bulletin Third Quarter 2022/23

The National Bank of Ethiopia reports that broad money supply (M2) reached Birr 2.06 trillion at the end of the third quarter of 2022/23, reflecting 30.1 percent annual growth driven by a 28.5 percent expansion in domestic credit. Headline inflation increased to 5.5 percent during the quarter, while the average savings deposit rate remained unchanged at 8.0 percent and the lending rate at 14.3 percent. The banking sector disbursed Birr 123 billion in new loans, bringing total outstanding credit to Birr 1.9 trillion, and the number of commercial banks reached 30 with 10,967 total branches. Reserve money stood at Birr 448.9 billion, and the weighted average official exchange rate depreciated to Birr 53.6179 per USD.

Ethiopia

National Bank of Ethiopia

Ethiopia: Macroeconomic and Social Indicators 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)

Country Profile Land Area (total, In Sq.Km) 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 ) 45.00 NA 12.00 13 14.2 14.32 14.41 16.2 Agricultural Irrigated Land (% of totalAgricultural area) NA 4.0 4.0 4.7 5 6 Population Density (person per sq.km)* 112.94 115.76 118.61 96.00 101.00 104.00 106 109 112 115 117
Social Indicators Population total, in millions (Mid-Year population) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 101.9 104.1 (o/w Urban Poulation, in %) 16.3 18.6 19.0 19.5 19.9 20.3 21 22.8 Working Age Population (In Millions) Urban 10.0 10.5 11.1 11.6 12.2 12.8 12 13.13 14.03 15.01 16.04 Rural 35.8 36.8 37.7 38.7 39.7 40.8 42 43.06 44.28 45.8 46.6 Total 45.7 47.3 48.8 50.4 52.0 53.6 56 56.19 58.31 60.81 62.64 Age Dependency Ratio 93.0 75.0 75 69 Life Expectancy at Birth (Male - Female) 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 65.5 Crude Birth Rate 33.6:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 27:1003 Crude Death Rate 9.2:1,000 7.2:1000 6:03 6.00 Natural Rate of Population Increase (In %) 2.40 2.31 2 Total Fertility Rate 4.8child:W 3.94chil:W 3.5chil:W 4.6chil:W 4.6chil:W People : Hospital Beds NA 2516:1 NA NA 2850:1 2980:1 3617:1 1,312 2750 2720 2900 People : Physician1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 10,521:1 9977:1 8448:1 7576 People : Nurse 1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1620:1 1705 1473 1415 Infant Mortality Rate 59:1000 62.2:1000 62.4:1000 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 Access to Safe Water (In %) Country Level 58.3 68.5 76.7 84.0 61.0 66.0 71 76 79.3 58.5 58.76 Urban Population 78.7 81.3 84.2 91.0 52.5 55.0 60 66 66.5 62.95 71.97 Rural Population 55.2 66.5 75.5 82.0 63.1 68.0 74 79 82.7 57.26 59.76 Student-Teacher Ratio Primary (1-8) 50:1 49:1 47:1 46:1 46:1 43.00 43 39 39 34.8 34.6 Secondary (9-12) 29:1 28.7:1 27.8:1 26.4:1 26.5:1 43.00 43 22.5 24 27.4 27.7 Technical & Vocational 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 11.00 26 13.3 13.3 1:11 1:11 Student-School Ratio Primary (1-8) 576:1 571:1 571:1 744.9፡1 573፡1 580.00 567 628 528 512.7 526.6 Secondary (9-12) 1033:1 994:1 857:1 369:1 767.2፡1 754.00 741 568 940 1017 1063 Technical & Vocational 654:1 544:1 545:1 383:1 523፡1 329.00 318 246.8:1 246.6:1 177 158
Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 Nominal GDP Growth Rate (In %) 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.5 28.6 41.8 Average Marginal Exchange Rate (Birr per USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 48.57 GDP at Current Market Price (IN Mn. USD) 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 107,673 111271.2 126,783 Nominal GDP per Capita (In USD) 537.2 573.7 656.4 744.1 814.6 875.8 883.3 983.1 1,080 1091.8 1,218 Real GDP per Capita (In Birr) 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,205 20,360.2 21,144.1 21,862.47 22,542.21 Real GDP per Capita Growth Rate (In %) 6.1 5.1 4.5 12.4 3.4 8.0 5 6 4 3.4 3.1 GDP Deflator (% change) 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 18.2 21.8 34.7 Real GDP at constant basic price (In Mn. Birr) 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491 1,874,689.3 1,989,519 2,114,163 2,248,571, Real GDP at constant market price (In Mn. Birr) 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066 1,987,157.5 2,109,122 2,228,081 2,346,644 Real GDP Growth Rate (In %) 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.1 Agriculture & Allied Activties(In Billion Birr) 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 650.3 686.4 728.4 Industrial Sector (In Billion Birr) 146.9 188.6 225.9 281.3 343.9 413.8 464 526.2 576.9 618.8 649.2 Service Sector(In Billion Birr) 393.4 426.3 479.5 530.0 575.9 619.3 674 745.7 786.8 836.2 899.8 Agriculture & Allied Activties (% of GDP) 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 32.7 32.5 32.4 Industrial Sector (% of GDP) 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 29.0 29.3 28.9 Service Sector (% of GDP) 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 39.5 39.6 40 Private Consumption Expenditure 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429 Government Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769 383,565 453,263 Investment 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325 Exports 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229 329,634 507,692 Imports 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230 723,391 1,128,171 Resource Balance (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) -329,096 -394,236 -620,479 Gross Private Consumption (% of GDP) 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 69.96 72 77.4 Gross Government Cosumption (% of GDP) 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 9.1 8.84 7.4 Gross Domestic Fixed Investment (% of GDP) 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 30.7 28.02 25.3 Resource Balance (% of GDP) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9) (9.8) -9.08 -10.1 Indicators

Continued…. 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) 3.2 Monetory Indictors Narrow Money Supply (M1) (In Mn. Birr) 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.10 360,585.50 437,391.97 588,015.82 Broad Money Supply (M2) (In Mn. Birr) 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.50 1,037,646.30 1,348,266.15 1,715,310.03 Net Foreign Assets (In Mn. Birr) 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.20 (22,101.00) (812.32) (111,427.54) Reserve Requirement (CBs) 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.80 51,952.60 67,732.37 102,935.94 Interest Rate ( In % ) Minimum Deposit Rate 5.00 7 Lending Rate 11.88 12.75 12.75 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.90 1,190,705.10 1,481,844.43 1,930,621.80 Government 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.20 150,861.60 214,269.16 422,591.39 Other Sectors 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.70 1,039,843.50 1,267,575.27 1,508,030.41 3.3 Inflation (CPI growth rate)3 Country Level -General inflation 34.1 13.5 8.1 7.7 9.7 7.4 14.60 12.60 19.90 20.20 33.80 -Food inflation 42.9 12.6 5.9 7.4 11.2 7.2 13.40 13.10 23.30 23.20 40.30 -Non-Food inflation (core inflation) 22.4 14.8 10.6 7.9 8.1 7.5 15.80 11.90 15.80 16.40 25.15 Addis Ababa -General inflation 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 19.5 29.8 -Food inflation 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 25.9 26.2 36.6 -Non-Food inflation (core inflation) 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 13.9 14.4 24.1 3.4 External Trade (In Mn.USD) Export of goods & services 5993.4 5978.5 6451.6 6046.5 6077.3 6257.2 7095.9 7694.9 7715.7 8498.9 10460.0 Import of goods & services 13805.2 13864.2 16197.2 19842.8 20552.1 19714.0 19707.4 20691.0 18828.3 19177.0 23809.3 Net trade in goods & services -7811.8 -7885.7 -9745.6 -13796.3 -14474.7 -13456.9 -12611.4 -12996.1 -11112.6 -10678.0 -13349.3 Current account balance including official transfers -2778.0 -2780.3 -4168.1 -7406.8 -6655.1 -6543.2 -5285.0 -4934.2 -4401.9 -3190.7 -5131.4 Capital account balance 2283.3 3291.2 4134.6 7816.9 6554.1 6885.3 6184.6 4807.5 4326.5 3785.8 2723.5 Overall balance of payments -972.8 -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -833.4 298.7 -2149.8 3.5 Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 115,658.5 137,192.0 158,076.5 199,639.1 243,671.6 269,105.9 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 Total Revenue (excluding grants) 102,863.7 124,077.0 146,172.8 186,618.7 230,657.3 256,629.0 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 o/w Tax-Revenue 85,739.9 107,010.3 133,118.3 165,312.5 189,717.2 210,135.9 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 Tax-Revenue as % of GDP 11.5 12.5 12.7 15.1 14.7 14.0 12.3 11.6 10.5 10.2 8.8 Total Expenditures 124,416.7 153,929.0 185,471.8 230,521.2 272,930.1 329,286.8 354,205.3 413,105.7 480,143.2 599,006.7 779,099.0 Current Expenditures 51,445.5 62,745.8 78,086.9 113,375.5 131,902.8 176,703.0 210,470.2 238,156.6 275,967.0 363,596.9 517,043.4 Capital Expenditures 72,971.3 91,182.9 107,384.9 117,145.7 141,027.3 152,583.8 143,735.1 174,949.1 204,176.1 235,409.7 262,055.7 Equity Contribution (Sinking Fund) Special Programs - - - - - - - - - - Total Expenditures as % of GDP 16.6 18.1 17.7 18.6 17.4 18.0 16.1 15.4 14.2 13.8 12.7 Current Surplus/Deficit 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 77,091.9 106,779.9 118,998.8 115,291.2 49,710.3 Overall Budget Deficit (including grants) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) (66,643.2) (68,169.2) (85,177.4) (120,118.5) (212,345.4) Deficit as % of GDP (1.2) (2.0) (2.6) (2.5) (1.9) (3.3) (3.0) (2.5) (2.5) (2.8) (3.4) Overall Budget Deficit (excluding grants) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) (84,557.1) (101,788.3) (125,830.4) (154,424.0) (239,038.5) Deficit as % of GDP (2.9) (3.5) (3.8) (3.6) (2.7) (4.0) (3.8) (3.8) (3.7) (3.6) (3.9) 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163 48.5673
End period 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822 43.6910 51.9938 Indicators

Continued…. 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) 3.7 Treasury Bill Market ( In Mn .Birr) T-Bills Demanded (Total) 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 T-Bills Sold 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 Average Weighted Yield (in %) 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 7.97 9.46 T-Bills Outstanding by holder 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 Banks 2,383.50 3,436.00 - - - - - 650.00 5,604.00 52,040.00 195,432.29 Non-Banks 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30 3.8 Inter Bank Money Market Rate5 3.9 Financial Institutions Number of Commercial Banks 17.00 18.00 30.00 (o/w Private banks) 16.00 17.00 28.00 Number of Bank Branches 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00 Population : Bank Branch 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00 Number of Insurance Companies 15.00 16.00 17.00 18.00 (o/w Private Insurance Companies) 14.00 15.00 16.00 17.00 Number of Insurance Branches 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 635.00 690.00 Population : Insurance Branch 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 Number of Development Banks 1.00 1 Number of Development Bank Branches 32.00 32 110 110.00 107 107 93 82 83 Number of Micro-financial Institutions 31.00 35.00 38 38 39 39 43 Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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 2011=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 | ThirdQuarter 2022/23 I. OVERVIEW 1.1. International Economic Developments According to the European Central Bank’s monthly bulletin of 3/2023, global economic activity during the third quarter of the FY 2022/23 was stronger than expected. The global economy was supported by China’s economic reopening after the end of its zeroCOVID policy, along with resilience in the US labour market significant monetary policy tightening notwithstanding. The global composite output Purchasing Managers’ Index (PMI) increased further in March and reached 51.8 for the third quarter of 2022/23, up from 48.4 in the previous quarter. In the United States, economic activity was moderating, reflecting weak domestic demand. GDP growth for the third quarter of the FY 2022/23 was 0.3 percent (quarter on quarter), mainly reflecting a decline in private inventories and a weakening in nonresidential investment. The United Kingdom avoided a recession, but economic prospects remain subdued. GDP increased by 0.1 percent (in threemonth-on-three-month terms), driven mainly by an improvement in the services and construction sectors. In Japan, economic activity was recovering in the third quarter of the year, with inflationary pressures further broadening. High-frequency data suggest that consumer spending and confidence may be picking up, moderately supporting domestic demand despite the persistent decrease in real wages. The Chinese economy is rebounding rapidly. Economic growth in the third quarter of this fiscal year was stronger than expected, following the decline in economic activity around the turn of the year, which was related to the departure from zero-COVID policy measures and a subsequent increase in COVID-19 cases. In the review period, GDP expanded by 2.2 percent on quarter on quarter basis. Inflation across OECD economies continued to decrease, but core inflationary pressures remain persistently high. In March, annual headline consumer price index (CPI) inflation across OECD countries (excluding Türkiye) decreased sharply to 5.8 percent year on year, from 7.3 percent in February,

National Bank of Ethiopia Quarterly Bulletin 2 | ThirdQuarter 2022/23 largely owing to lower energy price inflation. By contrast, excluding food and energy prices, OECD core inflation (excluding Türkiye) continues to signal more persistence in underlying price pressures, decelerating to 4.5 percent in March from 4.8 percent in February. 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation Headline inflation increased to 5.5 percent during the third quarter of 2022/23 from 5 percent a quarter earlier, while it has registered a marginal decline from the 5.6 percent inflation recorded last year same quarter. The rise in quarterly headline inflation was attributed to 2.2 percentage point increase in food & non-alcoholic beverages and 0.4 percentage point rise in non-food inflation. On the other hand, headline inflation has decreased annually by 0.1 percentage points on account of a 0.4 percentage point decline in food & non-alcoholic beverages inflation. Food & non-alcoholic beverages inflation and non-food inflation contributed 1.5 and 3.9 percent, respectively, to the headline inflation registered in the review quarter. 1.2.2. Monetary Developments Broad money supply (M2) stood at Birr 2.06 trillion at the end of the third quarter of 2022/23 reflecting a 30.1 percent annual growth (Table 4.1) mainly due to a 28.5 percent expansion in domestic credit, offsetting 71.5 percent and 41.6 percent respective contraction in external asset (net) and other items net. Meanwhile, net claims on government grew by 46.9 percent and credit to non-government sector by 23.8 percent. Reserve money reached Birr 448.9 billion at the end of third quarter 2022/23, indicating a 27.1 percent annual and 6.8 percent quarterly growth. This significant annual increase in reserve money was attributed to 28.5 percent rise in banks’ deposits at NBE and 26.0 percent growth in currency in circulation.

National Bank of Ethiopia Quarterly Bulletin 3 | ThirdQuarter 2022/23 1.2.3. Interest rate During the review period, average savings deposit rate remained unchanged at 8.0 percent and lending rate at 14.3 percent while weighted average time deposit rate stood at 7.7 percent slightly lower than 7.69 percent a year ago. On the other hand, the weighted average yield on T-bills was 9.01 percent. Considering the 32.8 percent headline inflation in March 2023, however, real interest rates on deposit, lending and Tbill yield remained negative. 1.2.4. Financial Sector Developments a) Banks By the end of the third quarter of 2022/23, the number of banks in Ethiopia reached 30, of which 28 were private and 2 state owned. These banks have opened 746 new bank branches during the review quarter, thereby increasing the total number of bank branches to 10,967. As a result, the ratio of population to bank branch stood at 9,7871 . Of the total bank branches, 32.1 percent were located in Addis Ababa. About 94.9 percent of the new bank branches were opened by private banks. State owned banks accounted for 20.4 percent of the total bank branches while private banks took 79.6 percent share. Meanwhile, total capital of the banking system reached Birr 234.1 billion of which private banks accounted for 64 percent and

1 Total population is 105,166,000 as CSA Estimation for 2022/23 state owned banks (Commercial Bank of Ethiopia and Development Bank of Ethiopia) 36 percent. The banking sector disbursed Birr 123 billion in new loans during the review quarter, signifying 13 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 39.6 percent and that of private banks 60.4 percent. Agriculture (25.7 percent), international trade (16.8 percent), domestic trade (15.6 percent), manufacturing (10.5 percent), building and construction (9.6 percent), and consumer & staff loans (9.5 percent) (Table 4.11) were the main beneficiaries of the fresh loans. In the meantime, the banks collected Birr 97.3 billion in loans, which was 78.2 percent higher than a year earlier depicting

National Bank of Ethiopia Quarterly Bulletin 4 | ThirdQuarter 2022/23 improvements in the banks’ capacity to collect disbursed loans and loan servicing ability of customers. Of the total loan collection, 71.6 percent was collected by private banks and 28.4 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) increased to Birr 1.9 trillion depicting 27.7 percent year-on-year growth. About 99.5 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises. b) Insurance Sector Insurance companies numbered 18, of which 17 were private and 1 state owned. While the number of insurance companies remained static, their branches went up to 732 from 673 a year ago showing a 8.8 percent annual expansion. Of the total branches, about 56.4 percent were located in Addis Ababa signifying their concentration in a single capital city. Likewise, total capital of insurance companies increased to Birr 15.3 billion from 12.5 billion last year, of which private insurance companies accounted for 77.6 percent. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) reached 46 which mobilized about Birr 24 billion in saving deposit, showing 16.9 percent annual growth. Total outstanding credit of these institutions increased by 25.8 percent and reached Birr 36.3 billion, highlighting the growing role of MFIs in providing access to finance and financial inclusion both in rural and urban areas. Their total asset also grew by 26.8 percent and stood at Birr 51.5 billion.

National Bank of Ethiopia Quarterly Bulletin 5 | ThirdQuarter 2022/23 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Total receipts from commodity exports tended to slow down (17.1 percent) over last year same quarter and reached USD 873.5 million as a result of slack revenues from coffee (25.5 percent), gold (71.6 percent), chat (39.7 percent), meat & meat products (39.9 percent), fruit & vegetables (51.7 percent), textile & textile products (26.9 percent), leather & leather products (21.8 percent), live-animals (49.0 percent) and other exports (22.9 percent) while export receipts from pulses (101.6 percent), oilseeds (54.4 percent), flower (13.6 percent) and electricity (61.7 percent) exhibited improvements. Meanwhile, merchandise imports reached USD 4.2 billion during the review quarter, depicting a 9.7 percent year-on-year drop owing to lower import values of capital goods, consumer goods, and miscellaneous goods. In contrast, transfer receipts increased 3.3 percent to USD 2.2 billion due to 7.5 percent rise in private transfers which offset the decline in official transfers (20.2 percent) while transfer payments decreased from USD 94.5 million to USD 48.4 million as official transfer payments declined. Hence, current account balance deficit (including official transfers) narrowed from USD 1.1 billion last year to USD 844.7 million, during the third quarter of 2022/23. Capital account recorded USD 915.1 million in surplus which was higher than that of a year earlier owing to an increase in net official long term capital and decline in short term capital, despite slowdown in foreign direct investment. As a result, the overall balance of payments saw USD 373.2 million in deficit compared to USD 280.8 million deficit a year ago. b) Exchange Rate Development During the third quarter of 2022/23, weighted average official exchange rate depreciated by 6.7 percent compared with the corresponding quarter of last year and stood at Birr 53.6179/USD. Likewise, real effective exchange rate index (REERI)

National Bank of Ethiopia Quarterly Bulletin 2 | ThirdQuarter 2022/23 appreciated by 10.3 percent, as a result of the rising domestic inflation coupled with appreciation of Birr exchange rate against that of trading partner’s currencies. Likewise, the NEERI appreciated by 20.0 percent due to sizable weakening of trading partner currencies against US dollar. 1.2.6. Federal Government Fiscal Operations During the third quarter of 2022/23, the total revenue and grants collected by the Federal government reached Birr 87.7 billion, showing a 11.1 percent annual growth. Meanwhile, quarterly Federal government expenditure stood at Birr 164.3 billion signifying a 5.6 percent annual decline. Hence, the overall fiscal balance (including grants) depicted a Birr 76.5 billion deficit in the review period. 1.2.7. Investment During the third quarter of 2022/23, 9 investment projects with investment capital of Birr 132.6 million became operational. Both the number of investment projects and investment capital depicted 79.1 and 68.5 percent decline compared to last year same quarter. Similarly, compared to the preceding quarter, the number of investment projects and investment capital slowed down by 43.8 and 95.4 percent respectively.

National Bank of Ethiopia Quarterly Bulletin 7 | ThirdQuarter 2022/23 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the third quarter of 2022/23 was about 1 billion metric tons, which showed a 10.6 percent annual and 12.9 percent quarterly growth owing to highrt imports of all petroleum products. Of the total imports, gas oil constituted the largest share (65.6 percent) followed by regular gasoline (18 percent), jet fuel (14.4 percent) and fuel oil (1.9 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2021/22 2022/23 Qtr. III Qtr. II Qtr. III Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 161,316.3 17.1 168,801.9 18.3 187,847.2 18.0 16.4 11.3 Jet Fuel 139,263.2 14.8 129,360.2 14.0 150,727.4 14.4 8.2 16.5 Fuel Oil 17,705.0 1.9 19,500.0 2.1 20,112.3 1.9 13.6 3.1 Gas Oil (ADO) 625,222.2 66.3 606,724.7 65.6 684,671.1 65.6 9.5 12.8 Total 943,506.7 100.0 924,386.8 100.0 1,043,358.0 100.0 10.6 12.9 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 8 | ThirdQuarter 2022/23 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 2018/19 2019/20 2020/21 2021/22 2022/23 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum imports reached Birr 58.2 billion, indicating a 24.3 percent annual growth due to higher volume of petroleum imports. The annual increament in the value of petroleum imports was attributed to an increase in values of jet fuel (29.1 percent), gas oil (25.2 percent) and regular gasoline (19.7 percent) while fuel oil imports dropped by 3.4 percent (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2021/22 2022/23 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 8,457,696.11 19.9 8,622,866.93 18.0 10,127,234.34 19.2 19.7 17.4 Jet Fuel 6,059,382.26 14.3 6,427,551.41 13.4 7,819,702.91 14.8 29.1 21.7 Fuel Oil 581,588.68 1.4 510,478.04 1.1 561,985.18 1.1 -3.4 10.1 Gas Oil (ADO) 27,412,158.38 64.5 32,294,755.23 67.5 34,330,465.30 65.0 25.2 6.3 Total 42,510,825.43 100.0 47,855,651.62 100.0 52,839,387.73 100.0 24.3 10.4 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 9 | ThirdQuarter 2022/23 Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5000000 10000000 15000000 20000000 25000000 30000000 35000000 40000000 45000000 I II III IV I II III IV I II III IV I II III I II III 2018/19 2019/20 2020/21 2021/22 2022/23 In '000 Birr Q uarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products slowed down 11.9 percent over last year same quarter due to lower FOB prices of fuel oil (31.1 percent), regular gasoline (11 percent), gas oil (10.3 percent) and jet fuel (3.8 percent). Similarly, average FOB price of petroleum products declined 7.6 percent vis - a- vis the previous quarter on account of lower FOB prices of gas oil (13.7 percent) and (Jet fuel 7.6 percent) respectively (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2021/22 2022/23 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 935.1 819.9 831.8 -11.0 1.4 Jet Fuel 850.7 885.6 818.6 -3.8 -7.6 Fuel Oil 537.6 360.6 370.4 -31.1 2.7 Gas Oil (ADO) 1729.6 1798.4 1551.6 -10.3 -13.7 Average 1013.2 966.1 893.1 -11.9 -7.6 Brent Crude Oil (USD/Barrel) 100.3 88.6 81.2 -19.1 -8.3 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 10 | ThirdQuarter 2022/23 Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II III 2018/19 2019/20 2020/21 2021/22 2022/23 USD per Metric Ton Q uarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise At the same time, the average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 19.1 percent to USD 81.2 per barrel compared with USD 100.3 a year ago. Likewise, compared with the preceding quarter, it went down by 8.3 percent (Table 2.3). The average retail price of fuel in Addis Ababa during the review period increase in to Birr 73 per litter from Birr 45.2 per litter a year ago, depicting a 61.3 percent annual increase as a result of higher retail prices of all petroleum products (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Litre) Petroleum Products 2021/22 2022/23 Qtr. III Qtr. II Qtr. III Percentage Change A B C C/A C/B Regular Gasoline (MGR) 31.7 59.9 61.3 93.1 2.4 Fuel Oil 68.3 100.7 98.4 44.0 -2.3 Gas Oil (ADO) 28.9 64.8 67.3 132.6 3.8 Kerosene 28.9 64.8 67.3 132.6 3.8 Jet fuel 68.3 73.4 70.6 3.4 -3.8 Average 45.2 72.7 73.0 61.3 0.3 Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin 11 | ThirdQuarter 2022/23 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 20 40 60 80 100 120 I II III IV I II III IV I II III IV I II III IV QI QII QIII 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation About 4.6 billion KWH electric power was generated during the third quarter of 2022/23 which was 20.4 percent higher than a year earlier mainly due to 21.8 percent growth in electric production from hydropower sources (Table 2.5). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2021/22 2022/23 Percentage Qtr. III Qtr. II Qtr. III Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,685,055.4 95.4 3,834,777.3 95.6 4,490,049.8 96.6 21.8 17.1 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 173,318.1 4.5 175,112.3 4.4 157,585.2 3.4 -9.1 -10.0 Biomass 4,347.50 0.1 - - 2,093 - -51.9 - Total 3,862,721.0 100.0 4,009,889.6 100.0 4,649,727.5 100.0 20.4 16.0 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 12 | ThirdQuarter 2022/23 Of the total energy generated, 96.6 percent was from hydropower and the remaining 3.4 percent was from wind source (Table 2.5). By system of generation, virtually 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 | ThirdQuarter 2022/23 Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 14 | ThirdQuarter 2022/23 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National CPI Headline inflation increased to 5.5 percent during the third quarter of 2022/23 from 5 percent a quarter earlier and decreased from 5.6 percent recorded last year same quarter. The increase in quarterly headline inflation was attributed to 2.2 percentage point rise in food & non-alcoholic beverages inflation and 0.4 percentage point in non-food inflation. On annual term, headline inflation slightly decreased by 0.1 percentage points as a result of a 0.4 percentage point decline in food & non-alcoholic beverages inflation. Food & non-alcoholic beverages contributed 1.5 percent and non-alcoholic inflation 3.9 percent to the headline inflation registered in the review quarter (Table 3.1 and Fig. 3.1). On quarter basis, food & non-alcoholic beverages inflation rose to 4.9 percent from 2.7 percent in previous quarter, owing to higher inflation in the prices of vegetables (9.4 percentage point), sugar jam, honey, chocolate (8.8 percentage point), milk, cheese and egg (4.2 percentage point), and meat (0.4 percentage point) (Table 3.2). Likewise, non-food inflation dropped to 6.4 percent from 8.5 percent a quarter earlier while it increased from 6.0 percent last year same quarter. The decline in quarterly nonfood inflation was attributed mainly to slowdown in inflation of recreation and culture (19.8 percentage poi nt), education(6.9 percentage point), transpor t (5.9 percentage point), miscellaneous goods (5.9 percentage point), , furnishings, househ old equipment & routine maintenance of ho uses (2.9 percentage point), housing, Wate r, electricity, gas and other fuel (2.7 percenta ge point),alcoholic beverages and tobacco (1.9 percentage point), and clothing (0.6 percentage point) (Table 3.3).

National Bank of Ethiopia Quarterly Bulletin 15 | ThirdQuarter 2022/23 Source: ESS Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Weights in % 2021/22 2022/23 Change in %age Points Contributions in (%) to QIII QII QIII A B C C-A C-B Headline Inflation Change over QIII2021/22 Headline Inflation Change Over QII2022/23 QIII-2022/23 Headline Inflation Absolute Relative Headline 100 5.6 5.0 5.5 -0.1 0.5 -0.1 0.5 5.4 100 Food & Nonalcoholic beverage 54 5.3 2.7 4.9 -0.4 2.2 -0.2 1.2 1.5 27.2 Non-food 46 6.0 8.5 6.4 0.4 0.4 0.2 0.2 3.9 72.8 Source: ESS 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 QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 2022/23 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 | ThirdQuarter 2022/23 Source: NBE Staff Computation Table 3.2: Quarterly National Food & Non-alcoholic Beverages CPI Inflation (Dec2016=100) Items Weights 2021/22 2022/23 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Food Inflation Change over QIII-2021/22(%) Food Inflation Change over QII2022/23(%) Food and Non-alcoholic Beverages 0.54 5.3 2.7 4.9 -0.5 2.2 -0.2 1.2 Bread and Cereals 0.17 1.7 3.3 6.6 4.9 3.3 0.8 0.6 Meat 0.04 4.9 4.3 4.7 -0.3 0.4 0.0 0.0 Fish and Sea food 0.00 0.5 9.0 5.0 4.5 -4.0 0.0 0.0 Milk, cheese and egg 0.03 12.0 2.9 7.1 -4.9 4.2 -0.2 0.1 Oils &Fats 0.04 14.0 0.8 -2.7 -16.7 -3.6 -0.7 -0.2 Fruit 0.00 0.5 12.2 8.2 7.7 -3.9 0.0 0.0 Vegetables 0.12 5.2 0.9 10.3 5.1 9.4 0.6 1.2 Sugar jam, honey, chocolate 0.01 5.7 4.5 13.4 7.7 8.8 0.1 0.1 Food products n.e.c 0.06 1.2 2.6 1.3 0.0 -1.3 0.0 -0.1 Non-alcoholic beverages 0.05 17.2 3.6 -4.4 -21.7 -8.0 -1.1 -0.4 Source: ESS and NBE Staff Computation

Food & Nonalcoholic beverage; 27.2% Non-food; 72.8% Fig.3.2: Contribution of Food and Non-food Inflation to the Headline Inflation in 2nd Quarter 2022/23

National Bank of Ethiopia Quarterly Bulletin 17 | ThirdQuarter 2022/23 Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Source: ESS and NBE Staff Computation Item Weights 2021/22 2022/23 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Non-food Inflation Change over QIII 2021/22 (%) Non-Food Inflation Change over QII2022/23 (%) Non-Food Inflation 0.46 6.0 8.5 6.4 0.4 -2.1 0.2 -1.0 Alcoholic Beverages and tobacco 0.05 10.0 10.3 8.4 -1.5 -1.9 -0.1 -0.1 Clothing and Footwear 0.06 1.3 7.2 6.6 5.4 -0.6 0.3 0.0 Housing, Water, Electricity, Gas and other Fuel 0.17 5.6 8.7 6.0 0.4 -2.7 0.1 -0.5 Furnishings, Household Equipment and Routine maintenance of houses 0.05 9.3 10.2 7.2 -2.1 -2.9 -0.1 -0.1 Health 0.01 5.0 4.6 9.5 4.4 4.9 0.1 0.1 Transport 0.02 3.8 5.2 -0.7 -4.5 -5.9 -0.1 -0.1 Communication 0.02 4.0 -4.6 0.6 -3.4 5.2 -0.1 0.1 Recreation and culture 0.00 8.0 22.4 2.7 -5.3 -19.8 0.0 -0.1 Education 0.00 2.8 7.3 0.4 -2.4 -6.9 0.0 0.0 Restaurant & hotel 0.05 6.8 7.2 7.5 0.7 0.3 0.0 0.0 Miscellaneous Goods 0.03 7.7 13.5 7.6 -0.1 -5.9 0.0 -0.1

National Bank of Ethiopia Quarterly Bulletin 18 | ThirdQuarter 2022/23 3.2. Developments in Regional CPI The regional average headline inflation in the third quarter of 2022/23 increased to 6.8 percent from 6 percent in the preceding quarter and 5.7 percent last year same quarter. Harari, Addis Ababa, Afar, Dire Dawa, and Benishangul Gumuz region saw higher headline inflation than the regional average. The highest headline inflation (10.22 percent) was registered in Harari and the lowest (3.98 percent) in Somali. Hence, the margin between the highest and the lowest headline inflation was 6.2 percentage points. The deviation in the regional headline inflation from the average decreased to 2.2 percent from 3.0 percent in the preceding quarter and 1.5 percent a year earlier (Table 3.4). Similarly, the regional average food & nonalcoholic beverage inflation rose to 4.6 percent in the review quarter from 4.1 percent in the preceding quarter and 4.0 percent last year same quarter. Food & non-alcoholic beverages inflation in Addis Ababa, Gambela, Afar, Dire Dawa, and Harari was higher than the regional average. The highest (6.59 percent) food & nonalcoholic beverages inflation was recorded in Addis Ababa and the lowest in Somali (2.97 percent), signifying a 3.6 percentage point margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, narrowed to 1.7 percent from 1.8 percent in the preceding quarter and 3.5 percent a year ago (Table 3.4). Likewise, the regional average non-food inflation went up to 9.2 percent from 8.9 percent in the previous quarter and 7.7 percent last year the same quarter. Benishangul Gumuz, Harari, Addis Ababa, Afar, and Dire Dawa had recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Benishangul Gumuz (14.89 percent) and the lowest in Oromia (4.94 percent), with a 9.95 percentage point margin. The variation in non-food inflation shrank to 4.0 percent from 5.4 percent in the previous quarter and while it increased from 1.5 percent a year earlier.

19 | Third Quarter 2022/23 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2021/22 2022/23 QIII QII QIII Annual Change Quarterly Change A B C C-A C-B General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholic beverages Non-food SNNP 4.47 4.15 5.01 5.92 3.81 9.64 4.60 4.24 5.20 0.1 0.1 0.2 -1.3 0.4 -4.4 Harari 6.71 2.47 10.39 3.13 3.87 2.47 10.2 2 5.33 14.58 3.5 2.9 4.2 7.1 1.5 12.1 Oromia 5.46 5.79 4.91 4.49 2.41 8.09 4.17 3.70 4.94 -1.3 -2.1 0.0 -0.3 1.3 -3.1 Tigray Gambella 9.26 12.34 4.42 3.52 2.76 4.80 6.27 6.58 5.74 -3.0 -5.8 1.3 2.7 3.8 0.9 Addis Ababa 4.83 2.77 6.74 4.70 3.38 5.94 10.0 7 6.59 13.26 5.2 3.8 6.5 5.4 3.2 7.3 Dire Dawa 5.21 -0.42 11.87 11.06 7.43 15.13 7.46 5.76 9.24 2.3 6.2 -2.6 -3.6 -1.7 -5.9 Benshangul. Gumuz 4.71 3.80 5.78 5.82 4.18 7.96 7.22 1.09 14.89 2.5 -2.7 9.1 1.4 -3.1 6.9 Somali 5.34 1.29 11.56 11.86 5.84 21.06 3.98 2.97 5.34 -1.4 1.7 -6.2 -7.9 -2.9 -15.7 Afar 4.63 2.29 8.02 5.72 5.68 5.79 7.80 5.86 10.51 3.2 3.6 2.5 2.1 0.2 4.7 Amhara 6.72 5.56 8.26 4.14 1.59 7.67 5.78 4.14 7.93 -0.9 -1.4 -0.3 1.6 2.6 0.3 Regions Average 5.7 4.0 7.7 6.0 4.1 8.9 6.8 4.6 9.2 Standard deviation 1.5 3.5 2.8 3.0 1.8 5.4 2.2 1.7 4.0 Coefficient of variation 0.3 0.9 0.4 0.5 0.4 0.6 0.3 0.4 0.4 Source: ESS and NBE Staff Computation

20 | Third Quarter 2022/23 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) expanded 30.1 percent annually and stood at Birr 2.06 trillion at the end of the third quarter of 2022/23 (Table 4.1) mainly due to a 28.5 percent growth in domestic credit which offset 71.5 percent and 41.6 percent contraction in external asset (net) and other items net respectively. Meanwhile, net claims on government surged by 46.9 percent and credit to non-government sector by 23.8 percent. Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars QIII QII QIII Percentage Change Contributions of Each Component to Broad Money growth (Mar. 22) (Dec. 22) (Mar. 23) A B C C/A C/B Annual

External Assets (net)

(94,241.6)

(140,023.4)

(161,581.5) -71.5 -15.4 -14.1 2. Domestic Credit

1,768,614.4

2,156,496.6

2,272,863.0 28.5 5.4 105.9 . Claims on Central Gov't (net)

358,411.2

469,794.0

526,352.1 46.9 12.0 35.3 . Claims on Non-Central Gov't

1,410,203.1

1,686,702.6

1,746,510.8 23.8 3.5 70.7 . Financial Institutions 50,022.7 44,822.7 44,822.7 -10.4 0.0 -1.1 . Others 1,360,180.4 1,641,879.9 1,701,688.1 25.1 3.6 71.7 3. Other Items (net) 93,911.8 69,719.4 54,816.2 -41.6 -21.4 -8.2 4. Broad Money (M2) 1,580,460.9 1,946,753.8 2,056,465.2 30.1 5.6 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 21 | Third Quarter 2022/23 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) 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 Broad Money Domestic Credit Other Items Net Net Foreign Assets -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 22 | ThirdQuarter 2022/23 Component wise, quasi-money supply showed a 30.7 percent annual and 5.3 percent quarterly expansion. Similarly, narrow money supply exhibited 29.0 percent annual and 6.3 percent quarterly increment. The contribution of narrow money to broad money growth was 32.4 percent and that of quasi money 67.6 percent primarily reflecting the significant growth in savings deposits in the banking system (Table 4.2).

Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars QIII QII QIII Percentage Change Contributions of Each Component to Broad Money growth (Mar. 22) (Dec. 22) (Mar. 23) A B C C/A C/B Annual

Narrow Money Supply 532,105.0 645,355.8 686,196.2 29.0 6.3 32.4 . Currency outside banks 171,253.5 201,142.9 217,250.4 26.9 8.0 9.7 . Demand Deposits (net) 360,851.5 444,212.9 468,945.8 30.0 5.6 22.7
Quasi-Money 1,048,355.9 1,301,398.0 1,370,269.0 30.7 5.3 67.6 . Savings Deposits 941,892.0 1,175,651.2 1,231,225.4 30.7 4.7 60.8 . Time Deposits 106,464.0 125,746.8 139,043.6 30.6 10.6 6.8
Broad Money Supply 1,580,460.9 1,946,753.8 2,056,465.2 30.1 5.6 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 In Millions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 23 | ThirdQuarter 2022/23 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 448.9 billion at the end of third quarter 2022/23 indicating a 27.1 percent annual and a 6.8 percent quarterly growth. This significant annual expansion in reserve money was reflected a 28.5 percent rise in bank deposits at the NBE and 26.0 percent increase in currency in circulation (Table 4.3). Thus, the money multiplier measured by the ratio of broad money to reserve money increased 4.6 from 4.5 a year ago. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars QIII QII QIII Percentage Change (Mar. 22) (Dec. 22) (Mar. 23) A B C C/A C/B

Reserve Requirement (CB's) 116,178.6 121,694.2 140,669.9 21.1 15.6
Actual Reserve (CB's) 150,169.8 186,027.9 194,798.3 29.7 4.7
Excess Reserve (CB's) 33,991.3 64,333.7 54,128.5 59.2 15.9
Reserve Money 353,296.7 420,369.6 448,892.5 27.1 6.8 . Currency in Circulation 205,019.8 235,833.6 258,331.6 26.0 9.5 . Banks deposits at NBE 148,277.0 184,536.0 190,560.9 28.5 3.3
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 -0.4 . Broad Money to Reserve Money 4.5 4.6 4.6 2.4 -1.1
Other Monetary Ratios (%): . Currency to Narrow Money 38.5 36.5 37.6 -2.3 3.0 . Currency to Broad Money 13.0 12.1 12.6 -3.2 3.7 . Narrow Money to Broad Money 33.7 33.2 33.4 -0.9 0.7 . Quasi Money to Broad Money 66.3 66.8 66.6 0.5 -0.3 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 24 | ThirdQuarter 2022/23 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr) Source: Staff Computation NBE (30.0) (20.0) (10.0)

10.0 20.0 30.0 40.0 50.0 60.0 QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Percentage Changes Reserve Money Currency in Circulation Bank Deposits (50,000.0)

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018/19 2019/20 2020/21 2021/22 2022/23 In Millions of Birr Required reserve Actual reserve Excess reserve

National Bank of Ethiopia Quarterly Bulletin 25 | Third Quarter 2022/23 4.3. Interest Rate Developments Both average savings deposit rate and lending rate remained at 8.0 percent 14.3 percent, respectively, while weighted average time deposit rate stood at 7.7 percent. On the other hand, weighted average yield on T-bills for the quarter was 9.01 percen, lower than 9.23 percent a year ago. Considering the 32.8 percent headline inflation, real interest rates on deposits, lending and T-bill yield remained negative during the review quarter (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) 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 market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. Particulars 2021/22 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 7.66 7.71 7.65 (0.01) (0.06) 1-2 years 7.69 7.76 7.70 0.01 (0.06) Over 2 yrs 7.73 7.80 7.74 0.01 (0.06) Average Time Dep. Rate (Weighted) 7.69 7.76 7.70 0.01 (0.06)
Demand Deposit (Weighted) 0.036 0.042 0.046 0.01 0.00
Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.25 - -
T-bills Rate (Weighted) 9.23 9.59 9.01 (0.22) (0.59)
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) 34.7 33.8 32.8 (1.90) (1.00)
Food Inflation (Year-on-year) 43.4 32.9 36.3 (7.10) 3.40
Core/non-food Inflation (Year-on-year) 23.5 35.2 34.2 10.70 (1.00) 2022/23 Percentage point Changes

National Bank of Ethiopia Quarterly Bulletin 26 | Third Quarter 2022/23 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) Source: Staff computation, NBE *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are shown on the left axis. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent 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 35.00 40.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 inflation rate value in percent Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 27 | Third Quarter 2022/23 4.4. Developments in the Financial Sector As of March 2023, the number of banks in Ethiopia reached 30, of which 28 were private and 2 state owned. These banks opened 746 new bank branches which increased the total number of bank branches to 10,967. As a result, population to bank branch ratio reached 9,7873 . State owned banks accounted for 20.4 percent of the total bank branches while private banks took 79.6 percent share. Of the total bank branches, 32.1 percent were in Addis Ababa. About 94.9 percent of the new bank branches were opened by private banks (Table 4.5). Meanwhile, capital of the banking sector reached Birr 234.1 billion, of which state own banks accounted for 36 percent and private banks 64 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 23.1 percent (Table 4.5). In the meantime, the number of insurance companies remained at 18, of which 17 were private and 1 state owned. These insurance companies increased their branch network 732 from 673 a year ago. About 56.4 percent of the total branches were found in Addis Ababa. Total capital of these insurance companies

3 Total population is 107,331,000 as CSA Estimation for 2023 increased to Birr 15.3 billion from Birr 12.5 billion a year ago, of which private insurance companies had a 77.6 percent share (Table 4.6). During the review quarter, the number of micro finance institutions (MFIs) reached whose savings, outstanding credit and total assets increased by 16.9 percent, 25.8 percent and 26.8 percent, respectively, on annual basis. Similarly, their capital showed a 58.8 percent annual growth to reach Birr 13.5 billion. These micro-finance institutions are in d unique position to provide access to financial services to low income groups and micro and small-scale enterprises both in rural and urban areas (Table 4.7).

National Bank of Ethiopia Quarterly Bulletin 28 | ThirdQuarter 2022/23 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number and Capital in Millions of Birr) Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

Capital 2021/22

State own Banks Commercial Bank of Ethiopia 1,587 454 2,041 24.7 1,650 470 2,120 20.7 1,682 476 2,158 19.7 52,388 54,170 54,170 Development Bank of Ethiopia 77 5 82 1.0 77 6 83 0.8 77 6 83 0.8 29,164 30,116 30,116 Total State own Banks 1,664 459 2,123 25.7 1,727 476 2,203 21.6 1,759 482 2,241 20.4 81,551.8 84,286.4 84,286.4
Private Banks - - - - - Awash Bank 467 258 725 8.8 563 278 841 8.2 595 290 885 8.1 13,971.9 17,075.5 19,539.4 Dashen Bank 388 196 584 7.1 574 240 814 8.0 597 252 849 7.7 8,872.4 11,479.9 15,012.5 Bank of Abyssinia 511 274 785 9.5 585 290 875 8.6 607 295 902 8.2 8,805.9 12,373.8 13,855.2 Wegagen Bank 271 149 420 5.1 275 149 424 4.1 286 149 435 4.0 5,230.2 5,653.4 6,132.5 Hibret Bank 222 204 426 5.2 243 223 466 4.6 251 226 477 4.3 5,759.6 6,379.9 6,450.3 Nib International Bank 208 221 429 5.2 226 223 449 4.4 235 223 458 4.2 6,453.0 7,015.9 7,902.5 Cooperative Bank of Oromia 446 133 579 7.0 503 152 655 6.4 566 177 743 6.8 8,513.5 11,003.9 11,707.8 Lion International Bank 203 88 291 3.5 211 87 298 2.9 211 87 298 2.7 3,311.7 3,396.4 3,407.2 Oromia Bank 236 124 360 4.4 286 144 430 4.2 320 157 477 4.3 5,334.6 6,386.3 6,819.0 Zemen Bank 28 46 74 0.9 31 58 89 0.9 34 63 97 0.9 4,676.7 5,962.9 6,083.9 Buna Bank 194 149 343 4.2 295 169 464 4.5 302 169 471 4.3 3,907.5 5,015.8 5,114.3 Berhan Bank 180 143 323 3.9 203 164 367 3.6 210 171 381 3.5 3,818.6 4,237.1 4,286.1 Abay Bank 263 120 383 4.6 326 142 468 4.6 344 149 493 4.5 4,148.6 5,151.9 5,900.0 Addis Interational Bank 42 67 109 1.3 54 69 123 1.2 60 70 130 1.2 1,545.4 1,844.5 2,107.3 Debub Global Bank 62 72 134 1.6 64 74 138 1.4 66 75 141 1.3 1,790.0 2,055.8 2,162.3 Enat Bank 49 51 100 1.2 75 53 128 1.3 82 156 238 2.2 2,154.2 2,743.5 2,990.9 Hijra Bank 23 10 33 0.4 39 15 54 0.5 47 19 66 0.6 907.7 1,125.6 1,182.2 Zamzam Bank 12 14 26 0.3 36 33 69 0.7 39 35 74 0.7 1,375.3 1,461.7 1,722.5 Goh Betoch Bank 1 2 3 0.0 4 3 7 0.1 4 4 8 0.1 602.7 1,060.4 1,105.5 Siinqee Bank - - - - 263 29 292 2.9 281 45 326 3.0 - 7,643.2 7,757.4 Tseday Bank - - - - 155 26 181 1.8 248 31 279 2.5 - 7,949.6 8,141.0 Shebele Bank - - - - - - 19 2 21 0.2 - 570.0 585.0 Amahara Bank - - - - 149 98 247 2.4 165 105 270 2.5 - 5,647.4 5,938.9 Ahadu Bank - - - - 13 23 36 0.4 24 35 59 0.5 - 596.3 597.0 Tsehay Bank - - - - 40 31 71 0.7 48 36 84 0.8 - 888.2 942.4 Sidama Bank S.C - - - - - - - - 13 1 14 0.1 - 680.9 685.0 Omo Bank S.C - - - - - - - - - - - - - 712.0 905.5 Gadaa Bank - - - - 21 11 32 0.3 37 13 50 0.5 - 674.5 800.5 Total Private Banks 3,806.0 2,321.0 6,127.0 74.3 5,234.0 2,784.0 8,018.0 78.4 5,691.0 3,035.0 8,726.0 79.6 91,179.3 136,786.1 149,834.1
Grand Total Banks 5,470 2,780 8,250 100 6,961 3,260 10,221 100 7,450 3,517 10,967 100 172,731 221,072 234,120.5 Banks Branch Network Quarter III Quarter II 2022/23 Quarter III Quarter II Quarter III Reg A.A Total % Share Reg. A.A 2021/22 2022/23 Total % Share Reg. A.A Total % Share Quarter III

National Bank of Ethiopia Quarterly Bulletin 29 | ThirdQuarter 2022/23 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2021/22 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,182 3,554 3,425 2 Awash Insurance Company S.C. 30 26 56 32 26 58 32 27 59 1,780 2,161 2,369 3 Africa Insurance Company S.C. 18 14 32 19 14 33 20 15 35 379 406 385 4 National Insurance Company of Ethiopia S.C. 22 17 39 24 17 41 25 17 42 272 318 330 5 United Insurance Company S.C. 30 13 43 34 13 47 34 15 49 769 1,079 1,222 6 Global Insurance Company S.C. 12 8 20 13 8 21 13 9 22 250 299 271 7 Nile Insurance Company S.C. 31 24 55 34 24 58 35 24 59 867 855 1,100 8 Nyala Insurance S.C. 17 18 35 18 18 36 18 18 36 1,242 1,411 1,382 9 Nib Insurance Company S.C. 29 15 44 30 15 45 30 15 45 758 845 952 10 Lion Insurance Company S.C. 19 22 41 19 22 41 19 22 41 344 320 361 11 E-Life & General Insurance S.C. 18 6 24 21 8 29 21 8 29 205 239 241 12 Oromia Insurance Company S.C. 25 25 50 26 28 54 27 28 55 900 1,039 1,264 13 Abay Insurance S.C. 15 14 29 17 15 32 18 16 34 464 589 606 14 Berhan Insurance S.C. 15 8 23 19 8 27 19 8 27 248 304 368 15 Tsehay Insurance S.C. 22 9 31 23 10 33 24 10 34 355 405 425 16 Lucy Insurance S.C. 18 6 24 18 6 24 18 6 24 148 175 188 17 Bunna Insurance S.C. 17 12 29 18 12 30 19 12 31 233 249 254 18 Zemen Insurance S.C. 5 2 7 14 3 17 16 3 19 147 159 175 TOTAL 368 305 673 404 313 717 413 319 732 12,543 14,407 15,318 Quarter II Branch Capital Quarter III Insurance Companies Quarter III Quarter II Quarter III Quarter III 2021/22 2022/23 2022/23 Source: NBE 25.7 21.6 20.4 47.2 38.1 36.0 74.3 78.4 79.6 52.8 61.9 64.0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2021/22 Qrt.III (Branch) 2022/23 Qrt.II (Branch) 2022/23 Qrt.III (Branch) 2021/22 Qrt.III (Capital ) 2022/23 Qrt.II (Capital) 2022/23 Qrt.III (Capital) Percentage share from total Private Banks State own Banks

National Bank of Ethiopia Quarterly Bulletin 30 | ThirdQuarter 2022/23 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) Source: NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization At the end of third quarter 2022/23, the total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings), reached Birr 194.2 billion and showed a 9.3 percent annual growth due to higher loans collection (78.2 percent), and net borrowing (10.2 percent) offsetting a 23 percent decline in net change in deposit (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr)

Source: Commercial Banks Notes: Includes corporate bonds of Commercial Bank of Ethiopia 2021/22 QIII QII QIII A B C D=C/A E=C/B Total Capital 8,505,838.7 13,242,802.0 13,504,257.2 58.8 2.0 Saving 20,524,436.9 23,569,676.7 24,000,707.5 16.9 1.8 Credit 28,824,153.3 35,375,453.6 36,265,195.4 25.8 2.5 Total Assets 41,353,695.4 51,508,619.6 52,455,915.9 26.8 1.8 % Change Particulars 2022/23 Qtr.III 2021/22 Qtr.II 2022/23 Qtr.III 2022/23 A B C D=C/A E=C/B 1.Deposits (net change) 72,092.0 36,814.2 115,577.8 52,756.4 116,337.9 187,669.8 89,570.6 -23.0 -52.3 -Demand 24,146.0 5,583.1 31,832.7 2,465.4 41,032.0 55,978.7 8,048.4 -80.4 -85.6 -Saving 43,049.0 29,411.9 76,457.6 36,609.9 68,604.9 119,506.5 66,021.8 -3.8 -44.8 -Time 4,897.0 1,819.2 7,287.6 13,681.1 6,701.1 12,184.6 15,500.3 131.3 27.2 2. Borrowing (net change) 10,988.3 7,334.7 0.0 0.0 6,656.9 10,988.3 7,334.7 10.2 -33.2 -Local 7,592.6 6,762.5 0.0 0.0 6,189.9 7,592.6 6,762.5 9.3 -10.9 -Foreign 3,395.7 572.2 0.0 0.0 467.0 3,395.7 572.2 22.5 -83.1 3. Collection of Loans 20,360.1 27,613.0 60,343.1 69,684.8 54,605.4 80,703.1 97,297.8 78.2 20.6 4. Total Resources Mobilized (1+2+3) 103,440.3 71,761.9 175,920.9 122,441.2 177,600.2 279,361.2 194,203.2 9.3 -30.5 5. Disbursement 43,820.6 48,750.1 137,952.8 74,282.1 108,911.3 181,773.3 123,032.2 13.0 -32.3 6. Change in Liquidity (4-5) 59,619.8 23,011.8 37,968.2 48,159.1 68,688.9 97,587.9 71,170.9 3.6 -27.1 Memorandum Item: Outstanding Credit 859,763.5 886,789.8 924,867.8 968,737.6 1,453,290.5 1,784,631.3 1,855,527.4 27.7 4.0 Particulars State own Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.II 2022/23 Qtr.III 2022/23 Qtr.II 2022/23 Qtr.III 2022/23

National Bank of Ethiopia Quarterly Bulletin 31 | ThirdQuarter 2022/23 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system amounted to Birr 2.1 trillion, depicting a 29.3 percent year-on-year growth. Demand deposits, which accounted for 30.9 percent of the total deposits, reached Birr 637 billion exhibiting a 18.4 percent annual expansion. Similarly, saving deposit rose 34.5 percent to Birr 1.3 trillion and accounted for 61.6 percent of the total deposits. Time deposits constituted 7.5 percent of the total deposit liabilities and increased to Birr 153.9 billion showing a 37.3 percent annual surge. About 49.4 percent of the deposits were held by state owned banks and the remaining 50.6 percent by private banks (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 III III IV III III IV III III IV III III IV III III 2018/2019 2019/20 2020/21 2021/22 2022/23 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Quarter III Quarter II Quarter III 2021/22 2022/23 2022/23 A B C C/A C/B Demand Deposit 538,217.8 33.8 626,269.7 31.8 637,020.0 30.9 18.4 1.7 Saving Deposit 943,003.3 59.2 1,204,765.9 61.2 1,268,506.1 61.6 34.5 5.3 Time Deposit 112,091.1 7.0 138,782.4 7.0 153,862.5 7.5 37.3 10.9 Total 1,593,312.2 100.0 1,969,818.1 100.0 2,059,388.6 100.0 29.3 4.5 Share of state owned Banks 55.3 49.8 49.4 Share of Private Banks 44.7 50.2 50.6 Deposit by types % Share % Share % Share Percentage Change ( Growth)

National Bank of Ethiopia Quarterly Bulletin 32 | ThirdQuarter 2022/23 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & NBE 4.5.1.2. Collection of Loans Banks collected loans (including corporate bonds) to the tune of Birr 97.3 billion which showed a 78.2 percent growth over last year same quarter (Table 4.8). Of the total loan collection, private banks had 71.6 percent share while that of state owned banks was 28.4 percent. 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 106.1 billion showing a 19.1 percent year-on-year growth. Of the total borrowing, Birr 81.6 billion (76.9 percent) was from domestic and Birr 24.5 billion (23.1 percent) from external sources (Table4.10) -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II III 2018/19 2019/2020 2020/2021 2021/2022 2022/2023 In percent State owned Banks Private Banks All Banks

National Bank of Ethiopia Quarterly Bulletin 33 | ThirdQuarter 2022/23 Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) 2021/22 Quarter III Quarter II Quarter III A B C D=C/B E=C/A Domestic Borrowing 71,021.5 74,787.8 81,550.4 9.0 14.8 Foreign Borrowing 18,021.5 23,958.5 24,530.7 2.4 36.1 Total 89,043.0 98,746.3 106,081.0 7.4 19.1 Banks Percentage change 2022/23 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 123 billion was disbursed in fresh loans (including CBE’s bond purchase) indicating a 13 percent annual increase. Of the total new loans, the share of state owned banks was 39.6 percent and that of private banks 60.4 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 31.6 billion or 25.7 percent), international trade (Birr 20.7 Billion or 16.8 percent), domestic trade (Birr 19.3 billion or 15.6 percent), manufacturing (Birr 12.9 billion or 10.5 percent), building and construction (Birr 11.8 billion or 9.6 percent), and consumer & staff loans (Birr 11.7 billion or 9.5 percent) (Table 4.11).

National Bank of Ethiopia Quarterly Bulletin 34 | ThirdQuarter 2022/23 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia

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 QI QII 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 2022/23 Value in Million Birr Years/Quarters Total State owned Banks Private Banks

National Bank of Ethiopia Quarterly Bulletin 35 | ThirdQuarter 2022/23 Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIII2022/23 (In Millions of Birr) Note: D*= Disbursement, C*= Collection, O/S*= Outstanding Credit Source: Commercial Banks & DBE

4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) went up by 27.7 percent to reach Birr 1.9 trillion compared to last year same period. About 99.5 percent of the outstanding credit of private banks went to finance, the private sector including cooperatives (Table 4.8 & 4.12). The major holders of outstanding credit were mines, power & water resource (Birr 370.8 billion or 20 percent), manufacturing (Birr 338.4 billion or 18.2 percent), international trade (Birr 304.4 billion or 16.4 percent), domestic trade (Birr 214.1 billion or 11.5 percent), building & construction (Birr 193 billion or 10.4 percent), and consumer & staff loans (Birr 131.1 billion or 7.1 percent) (Table 4.11). D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 6,819 5,128 519,206 - - - 6,819 5,128 519,206 Agriculture 20,899 7,373 48,556 10,736 7,838 51,051 31,635 15,210 99,606 Manufacturing 7,472 5,257 196,389 5,471 6,333 142,058 12,943 11,590 338,448 Domestic Trade 4,323 2,521 21,638 14,931 15,663 192,509 19,253 18,184 214,147 International Trade 778 846 10,146 19,894 21,563 294,278 20,671 22,410 304,424 Export 672 448 7,654 15,317 15,523 199,978 15,989 15,971 207,632 Imports 106 399 2,492 4,577 6,041 94,300 4,683 6,439 96,793 Hotels and Tourism 288 665 3,634 2,290 1,554 34,840 2,577 2,220 38,474 Building and Construction 5,578 5,696 77,760 6,175 6,416 115,192 11,753 12,113 192,952 Mines, Power & Water Res. 305 329 370,100 273 156 712 577 485 370,812 Transport and Communications 1,839 45 98,985 2,623 1,992 28,302 4,463 2,037 127,287 Consumer and staff loans 5,241 2,616 45,130 6,493 4,124 86,005 11,733 6,740 131,134 Other sectors 2,028 2,264 14,452 5,398 4,045 23,791 7,426 6,309 38,243 Total 48,750 27,613 886,790 74,282 69,685 968,738 123,032 97,298 1,855,527 Borrowing Sector Public Banks Private Banks Total (1) (2) (3)

36 | Third Quarter 2022/23 Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2022/23 (In Millions of Birr) Source: Commercial Banks &DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 48,750.1 39.6 27,613.0 28.4 886,789.8 47.8 Corporate Bonds* 6,819.4 0.0 5,127.9 0.0 519,206.4 58.5 State Enterprises 29,737.6 61.0 12,637.2 45.8 708,933.8 79.9 Cooperatives 1,368.4 2.8 2,213.2 8.0 8,690.7 1.0 Private Enterprises 17,644.2 36.2 12,762.7 46.2 169,165.3 19.1 Private Banks 74,282.1 60.4 69,684.8 71.6 968,737.6 52.2 State Enterprises 1,281.2 1.7 93.0 0.1 5,094.3 0.5 Cooperatives 257.2 0.3 505.6 0.7 11,120.4 1.1 Private Enterprises 72,743.7 97.9 69,086.2 99.1 952,522.9 98.3 Grand Total 123,032.2 100.0 97,297.8 100.0 1,855,527.4 100.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 2022/23 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding

37 | Third Quarter 2022/23 4.6. Financial Activities of NBE NBE’s gross claims, including direct advance and bonds, on the central government as of March 2023 stood at Birr 514 billion, about 47.9 percent higher than a year earlier. Government bonds accounted for 84.4 percent and direct advance 15.6 percent of the gross claims. NBE’s deposit liabilities surged by 19.5 over last year same quarter due to the 27.2 percent growth in the bank’s reserves (Table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) 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 reached Birr 303.1 billion at the end of third quarter of 2022/23 showing a 121.7 percent annual increase. Similarly, demand for T-bills slightly grew by 1.1 percent and reached Birr 157.3 billion (Table 14.4). At the same time, total T-bills 2021/22 Qtr.III Qtr.II Qtr.III A B C D=C/A E=C/B 1.Loans and Advances 397,449.81 518,814.26 558,814.26 40.6 7.7 1.1. To Central Government 347,427.10 473,991.55 513,991.55 47.9 8.4 1.1.1 Direct Advances 149,500.00 40,000.00 80,000.00 -46.5 100.0 1.1.2 Bonds( including Noninterest bearing special bond) 197,927.10 433,991.55 433,991.55 119.3 0.0 1.2.To Development Bank of Ethiopia 50,022.71 44,822.71 44,822.71 -10.4 0.0 2.Deposit Liabilities 196,421.17 225,725.00 234,810.38 19.5 4.0 2.1. Government 46,541.63 40,798.80 44,121.49 -5.2 8.1 2.2. Financial Institutions 149,879.55 184,926.20 190,688.89 27.2 3.1 O/W: -Banks( Reserve) 149,866.69 184,912.61 190,675.73 27.2 3.1 -Insurance companies 12.9 13.6 13.2 2.3 -3.1 3.Net Claims of NBE(1-2) 201,028.6 293,089.3 324,003.9 61.2 10.5 Particulars % Change 2022/23

38 | Third Quarter2022/23 sold amounted to Birr 157.3 billion, about 3.1 percent higher than a year ago. The Nonbank institutions bought T-bills worth Birr 78.0 billion while banks purchased T-bills to the tune of Birr 79.3 billion. On the other hand, T-bills worth Birr 158.2 billion were redeemed during the review quarter. Consequently, outstanding T-bills at the end of the quarter stood at Birr 314.6 billion, reflecting a 9.0 percent annual growth. The average weighted T-bills yield was 9.0 percent, about 2.41 percentage points lower than that of a year earlier (Table 4.14).

39 | Third Quarter2022/23 Table 4.14: Results of Treasury Bills Auction (In Millions of Birr) Source: National Bank of Ethiopia (NBE)

2021/22 Quarter III Quarter II Quarter III A B C C/A C/B Number of Bidders 86.00 316 84 -2.33 -73.42 Public 65.00 63 79 21.54 25.40 Private 21.00 253 5 0.00 (98.02) Number of Bids received 86.00 316 84 -2.33 -73.42 Public 65.00 63 79 21.54 25.40 Private 21.00 253 5 -76.19 (98.02) Amount Demanded (Mn. Birr) 155,662.16 175,225.00 157,346.00 1.08 -10.20 28-day bill 12,095.00 26,350.00 7,150.00 -40.88 -72.87 91-day bill 33,856.89 39,273.95 34,238.41 1.13 -12.82 182-day bill 48,765.57 32,077.00 48,569.35 (0.40) 51.41 364-day bill 60,944.70 77,524.05 67,388.24 - (13.07) Amount Supplied (Mn. Birr) 136,751.00 360,037.94 303,131.86 121.67 -15.81 28-day bill 5,865.00 32,710.00 16,810.00 186.62 -48.61 91-day bill 9,400.00 106,656.89 92,356.89 882.52 -13.41 182-day bill 29,040.00 110,017.00 84,271.57 190.19 (23.40) 364-day bill 92,446.00 110,654.05 109,693.40 - (0.87) Amount Sold (Mn. Birr) 152,562.16 172,225.00 157,346.00 3.14 -8.64 Banks 97,000.00 110,205.11 79,350.00 (18.20) -28.00 Non-Banks 55,562.16 62,019.89 77,996.00 40.38 25.76 Redemption (Mn. Birr) 117,441.86 171,692.18 158,235.22 34.73 -7.84 28-day bill 99.35 99.30 99.36 0.02 0.06 91-day bill 97.42 97.40 97.58 0.16 0.18 182-day bill 95.54 95.33 95.59 0.05 0.28 364-day bill 92.28 92.04 92.21 -0.08 0.19 28-day bill 8.567 9.164 8.361 -2.41 -8.77 91-day bill 10.614 10.700 9.953 -6.23 -6.98 182-day bill 9.352 9.825 9.244 -1.15 -5.91 364-day bill 8.384 8.678 8.470 1.02 -2.40 Banks 184,082.29 152,468.05 141,918.05 (22.91) (6.92) Non-Banks 104,536.30 156,742.30 172,690.14 65.20 10.17 2022/23 % Change Average Weighted Price for Successful bids (% ) 96.15 96.02 96.19 0.04 0.18 1.75 Average Weighted Yield for Successful bids (% ) 9.229 9.592 9.007 -2.41 -6.10 Outstanding bills at the end of Period (Mn.Br.) 288,618.59 309,210.35 314,608.19 9.00

40 | Third Quarter2022/23 Fig.IV.13: Development in Treasury- bills Markets Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE 4.7.2. Inter- Bank Money Market No inter-bank money market transaction took place during the quarter under review. 4.7.3. Corporate Bond Market Corporate bond market remained nascent where a few public institutions and regional governments were the major market players.

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 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 IV I II III 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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

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 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

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 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

41 | Third Quarter2022/23 Commercial Bank of Ethiopia (CBE) was the sole purchaser of these bonds. CBE purchased corporate bonds worth Birr 6.8 billion during the third quarter of 2022/23, of which Birr 5.0 billion was from Addis Ababa City Administration and Birr 1.8 billion from Ethiopian Railway Corporation. Meanwhile, the amount of corporate bond redeemed during the review quarter was Birr 5.13 billion, of which Birr 5.12 billion was by Addis Ababa City Administration and Birr 10.0 million by Oromia Regional State. The stock of corporate bonds held by CBE stood at Birr 519.2 billion, of which 90.0 percent was claims on public enterprises and 10 percent on regional governments (Table 4.15). About 71.0 percent of the total outstanding corporate bond balance was on EEP.

National Bank of Ethiopia Quarterly Bulletin 42 | Third Quarter 2022/23 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (In millions of Birr) NP Red O/S 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 1,819.41 - 467,120.84 EEP 3,012.80 789.28 317,066.77 8,500.00 - 349,441.90 - - 368,864.97 Railway Corporations 2,753.01 - 71,386.23 3,937.30 - 88,337.49 1,819.41 - 98,255.87 DBE - - - - - - - - - 2. Regional Governments - 1,153.55 54,492.15 - 1.86 51,784.16 5,000.00 5,127.92 52,085.60 Oromia - 441.61 - 1.86 370.48 - 10.09 218.04 Amhara - 0.21 - - - - - - Tigray - 139.53 - - 91.54 - - - SNNPRS - 7.61 - - - - - - Dire Dawa - 0.00 - - - - - - Harari - 0.00 - - - - - - Addia Ababa - 1,153.55 53,903.19 - - 51,322.14 5,000.00 5,117.82 51,867.56 3.Grand Total(1+2) 5,765.80 1,942.82 442,945.15 12,437.30 1.86 489,563.54 6,819.41 5,127.92 519,206.44 QIII QIII Issuer of the Bond 2020/2021 2021/22 2022/23 QIII Note: NP= New Purchase, Red. = Redemption, O/S= outstanding. Source: NBE

National Bank of Ethiopia Quarterly Bulletin 43 | Third Quarter 2022/23 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments registered USD 373.2 million in deficit during the third quarter of 2022/23 compared to USD 280.8 million deficit a year ago. In contrast, the current account balance (including official transfers) narrowed by 23.4 percent owing to an increase in net private transfers (7.1 percent) and decline (7.5 percent) in trade deficit, net service surplus (34.2 percent) and net official transfers (5.1 percent). Net inflows of capital account surged 132.2 percent to USD 915.1 million, driven mainly by an increase in net official long term capital, a shift in net deficit of other public-sector long term capital from USD 285.7 million deficit to USD 128.9 million surplus and 71.6 percent decline in net deficit of short-term capital. Similarly, foreign direct investment showed a 14.4 percent slowdown during the review period (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 44 | Third Quarter 2022/23 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2021/22 2022/23 Percentage Change QIII QII QIII A B C D=C/A E=C/B 1 Exports, f.o.b. 1,053.5 778.0 873.5 -17.1 12.3 Coffee 318.7 234.8 237.5 -25.5 1.2 Other 734.8 543.2 636.0 -13.5 17.1 2 Imports 4,610.3 4,504.5 4,163.1 -9.7 -7.6 Fuel 878.9 957.0 1,043.4 18.7 9.0 Cereals 620.9 427.0 271.2 -56.3 -36.5 Aircraft 30.2 0.5 0.2 -99.4 -66.0 Imports excl. fuel, cereals, aircraft 3,080.4 3,120.0 2,848.3 -7.5 -8.7 3 Trade Balance (1-2) -3,556.8 -3,726.5 -3,289.6 -7.5 -11.7 4 Services, net 371.4 242.2 244.4 -34.2 0.9 Non-factor services, net 499.4 345.4 312.5 -37.4 -9.5 Exports of non-factor services 1,611.0 1,834.9 1,659.2 3.0 -9.6 Imports of non-factor services 1,111.6 1,489.6 1,346.7 21.1 -9.6 Factor services (Investment income), net -127.9 -103.2 -68.1 -46.8 -34.0 Interest, net -127.6 -103.2 -67.9 -46.8 -34.2 Dividend, net -0.3 -0.2 5 Private transfers, net 1,839.0 1,746.7 1,968.9 7.1 12.7 o/w: NGO's,(Net) 388.8 506.6 927.1 138.4 83.0 Private Individuals 1,450.2 1,240.2 1,041.8 -28.2 -16.0 6 Current account balance excluding official transfers (3+4+5) -1,346.4 -1,737.6 -1,076.4 -20.1 -38.1 7 Official transfers, net 244.1 333.5 231.7 -5.1 -30.5 8 Current account balance including official transfers(6+7) -1,102.3 -1,404.1 -844.7 -23.4 -39.8 9 Capital account 394.0 1,190.5 915.1 132.2 -23.1 Official Long-term Capital, net 55.5 96.4 123.7 122.8 28.3 Disbursements 186.2 211.4 200.1 7.5 -5.3 Amortization 130.7 115.0 76.4 -41.5 -33.5 Other public long-term capital -285.7 -46.9 128.9 -145.1 -374.9 Private sector, long term 34.5 14.9 34.1 -1.2 129.5 Foreign Direct Investment, net 805.8 1,083.8 689.8 -14.4 -36.4 Short-term Capital -216.1 42.3 -61.4 -71.6 -245.2 10 Errors and Omissions [11-(9+8)] 427.5 -114.5 -443.6 11 Overall balance (-13) -280.8 -328.1 -373.2 12 Financing (13+16) 280.8 328.1 373.2 13 Reserves [ Increase(-), Decrease (+)] (14+15) 280.8 328.1 373.2 14 Central Bank (NFA) -48.3 273.6 220.2 Asset 18.6 44.0 272.2 Liabilities -66.9 229.6 -51.9 15 Commercial banks (NFA) 329.1 54.5 153.0 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 45 | Third Quarter 2022/23 Total current receipts amounted to USD 4.8 billion slightly (0.9 percent) lower than a year earlier due to the decline in export proceeds (17.1 percent) and public transfers (20.2 percent) albeit 4.0 percent growth in service proceeds and 7.5 percent in private transfers. Likewise, total current payments dropped 5.1 percent to USD 5.6 billion owing to 9.7 percent decrease in merchandise import bill and 60.9 percent in official transfers. In contrast, service payments increased 15.4 percent while private transfers rose by more than two-folds. Thus, the current account deficit (including official transfers) narrowed from USD 1.1 billion to USD 844.7 million during the review quarter (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2021/22 2022/23 QIII QII QIII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 4,843.1 4,759.1 4,798.9 -0.9 0.8 Export Proceeds 1,053.5 778.0 873.5 -17.1 12.3 Services Proceeds 1,612.0 1,847.7 1,676.5 4.0 -9.3 Private Transfers 1,843.0 1,749.6 1,981.9 7.5 13.3 Public Transfers 334.6 383.7 267.0 -20.2 -30.4 2 Current Payments 5,945.4 6,163.2 5,643.6 -5.1 -8.4 Import Payments 4,610.3 4,504.5 4,163.1 -9.7 -7.6 Services Payments 1,240.6 1,605.6 1,432.1 15.4 -10.8 Private Transfers 4.0 2.9 13.0 227.3 346.1 Public Transfers 90.5 50.2 35.3 -60.9 -29.6 3 Net, (1-2) -1,102.3 -1,404.1 -844.7 -23.4 -39.8 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 46 | Third Quarter 2022/23 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 Qtr IV Qtr I Qtr II Qtr III 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments

National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2022/23 5.2. Balance of Trade Merchandise trade deficit narrowed to USD 3.3 billion from USD 3.6 billion a year ago as the fall in merchandise import bill outweighed the decline in 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 Q4 Q1 Q2 Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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 Q4 Q1 Q2 Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 48 | Third Quarter 2022/23 5.2.1. Export of Goods Merchandise export receipts declined by 17.1 percent over last year same quarter as a result of lower revenues from coffee (25.5 percent), gold (71.6 percent), chat (39.7 percent), meat & meat products (39.9 percent), fruit & vegetables (51.7 percent), textile & textile products (26.9 percent), leather & leather products (21.8 percent), live-animals (49.0 percent) and other exports (22.9 percent) while there have been improvements in export receipts from pulses (101.6 percent), oilseeds (54.4 percent), flower (13.6 percent) and electricity (61.7 percent). Coffee receipts went down by 25.5 percent vis-à-vis the same quarter of last year due to a 26.6 percent slowdown in export volume despite 1.6 percent rise in global price. As a result, the share of coffee in total merchandise export earnings shrank to 27.2 percent from 30.2 percent a year earlier. Likewise, export earnings from gold drooped by 71.6 percent year-on-year mainly due to a 68.5 percent in export volume and 10.1 percent in international price. Hence, its contribution to the total merchandise export receipts decreased to 5.4 percent from 15.8 percent last year same quarter. Earnings from chat export also declined by 39.7 percent as export volume fell by 46.5 percent despite 12.7 percent improvement in international price. Therefore, the share of chat in total merchandise export earnings was 7.9 percent relative to 10.9 percent a year ago. Export receipts from meat & meat products fell 39.9 percent to USD 19.2 million, as export volume declined by 42.6 percent and partly countered by the 4.7 percent rise in international price. As a result, the share of meat & meat products in total export earnings stood at 2.2 percent from 3.0 percent a year earlier. Similarly, receipts from export of leather & leather products declined by 21.8 percent vis-à-vis same quarter last year owing to lower volume (3.6 percent) and international price (18.9 percent). However, its share in total merchandise export remained at 0.7 percent.

National Bank of Ethiopia Quarterly Bulletin 49 | Third Quarter 2022/23 Revenue from textile & textile products fell by 26.9 percent on account of 1.1 percent slowdown in export volume and 26.1 percent in international price. Therefore, its share in total merchandise export earnings decreased to 3.9 percent from 4.4 percent a year earlier. Similarly, receipts from fruits & vegetables export dropped by 51.7 percent year-on-year basis and stood at USD 15.8 million owing to the decline in both export volume (13.9 percent) and international price (43.9 percent). Thus, the share of fruits & vegetables in total merchandise export receipt diminished to 1.8 percent from 3.1 percent a year earlier Similarly, export receipts from liveanimals plummeted by 49.0 percent owing to a 66.8 percent drop in export volume despite a 53.8 percent increase in international price. As a result, the share of live-animals in total merchandise export earnings slightly fell to 0.6 from 1.0 percent a year ago. On the other hand, proceeds from pulses export surged 101.6 percent over last year same quarter, largely owing to the significant growth in export volume (156.3 percent) in spite of the decrease in international price (21.3 percent). Therefore, the share of pulses in total goods export revenue jumped to 14.7 percent from 6.0 percent a year ago. Correspondingly, proceeds from oilseeds export improved by 54.4 percent because of the 38.5 percent rise in export volume and 11.4 percent in international price. Thus, the share of oilseeds in total export earnings almost doubled to 10.6 percent from 5.7 percent a year earlier. Likewise, export receipts from flower grew 13.6 percent on account of higher export volume (7.6 precent) and international price (5.6 precent). Accordingly, the share of flower in total merchandise export increased to 16.3 percent from 11.9 percent a year ago. Moreover, export receipts from electricity grew by 61.7 percent over last year same quarter due to the (91.9 percent) hike in export volume despite 15.8 percent increase in international price. Hence, the share of electricity in

National Bank of Ethiopia Quarterly Bulletin 50 | Third Quarter 2022/23 total export earnings rose to 3.9 percent from 2.0 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2021/22 2022/23 Percentage QIII QII QIII Change A %share B %share C %share C/A C/B Coffee 318.7 30.2 234.8 30.2 237.5 27.2 (25.5) 1.2 Oilseeds 60.2 5.7 38.8 5.0 93.0 10.6 54.4 139.5 Leather and Leather Products 7.7 0.7 7.4 1.0 6.0 0.7 (21.8) (19.1) Pulses 63.7 6.0 62.5 8.0 128.5 14.7 101.6 105.7 Meat & Meat Products 31.9 3.0 25.2 3.2 19.2 2.2 (39.9) (23.9) Fruits & Vegetables 32.7 3.1 44.6 5.7 15.8 1.8 (51.7) (64.6) Textile & Textile Products 46.4 4.4 52.1 6.7 33.9 3.9 (26.9) (35.0) Live Animals 10.8 1.0 3.3 0.4 5.5 0.6 (49.0) 65.9 Chat 114.9 10.9 53.8 6.9 69.2 7.9 (39.7) 28.7 Gold 166.8 15.8 52.3 6.7 47.3 5.4 (71.6) (9.6) Flower 125.0 11.9 134.6 17.3 142.0 16.3 13.6 5.5 Electricity 21.3 2.0 21.2 2.7 34.4 3.9 61.7 62.3 Others 53.5 5.1 47.4 6.1 41.3 4.7 (22.9) (12.9) Total Export 1,053.5 100.0 778.0 100.0 873.5 100.0 (17.1) 12.3 Total Export Excluding Electricity 1,032.3 756.8 839.1 (18.7) 10.9 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 51 | Third Quarter 2022/23 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2021/22 2022/23 Percentage Change QIII QII QIII A B C C/A C/B Coffee 62.1 45.3 45.5 (26.6) 0.6 Oilseeds 39.6 23.8 54.9 38.5 130.7 Leather and Leather Products 0.4 0.5 0.4 (3.6) (5.1) Pulses 62.2 80.2 159.3 156.3 98.5 Meat & Meat Products 4.7 2.8 2.7 (42.6) (3.3) Fruits & Vegetables 53.6 39.4 46.1 (13.9) 17.2 Textile & Textile Products 9.2 7.5 9.1 (1.1) 20.7 Live Animals 7.2 1.4 2.4 (66.8) 66.2 Chat 12.7 7.4 6.8 (46.5) (8.7) Gold(In mn. of grams) 2.5 0.9 0.8 (68.5) (15.5) Flower 25.9 24.7 27.8 7.6 12.9 Electricity(In mn of kwh) 374.4 371.7 718.6 91.9 93.3 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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 52 | Third Quarter 2022/23 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2021/22 2022/23 Percentage Change QIII QII QIII A B C C/A C/B Coffee 5.1 5.2 5.2 1.6 0.6 Oilseeds 1.5 1.6 1.7 11.4 3.8 Leather and Leather Products 17.3 16.5 14.1 (18.9) (14.7) Pulses 1.0 0.8 0.8 (21.3) 3.6 Meat & Meat Products 6.8 9.1 7.1 4.7 (21.3) Fruits & Vegetables 0.6 1.1 0.3 (43.9) (69.8) Textile & Textile Products 5.0 6.9 3.7 (26.1) (46.2) Live Animals 1.5 2.3 2.3 53.8 (0.2) Chat 9.1 7.2 10.2 12.7 41.0 Gold (USD/grams) 66.7 56.0 59.9 (10.1) 7.0 Flower 4.8 5.5 5.1 5.6 (6.6) Electricity (USD/kwh) 0.1 0.1 0.0 (15.8) (16.0) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA)

National Bank of Ethiopia Quarterly Bulletin 53 | Third Quarter 2022/23 Source: NBE Staff Computation 5.2.2. Import of Goods Merchandise import bill at USD 4.2 billion during the review quarter, was 9.7 percent lower than last year owing to the decline in import values of capital, consumer and miscellaneous goods. Capital goods import fell by 10.2 percent due to the decrease in import bills of industrial (5.6 percent) and transport capital goods (50.7 percent) in spite of the increase in agricultural capital goods (41.7 percent). As a result, the share of capital goods import in total goods import marginally stood at 15.7 percent compared with 15.8 percent a year earlier. Likewise, import of consumer goods fell by 29.6 percent relative to last year same period due to decrease in import of durable goods (15.0 percent) and nondurable goods (31.6 percent). Therefore, the share of consumer goods in total import went down to 31.8 percent from 40.7 percent a year ago. Furthermore, import of miscellaneous goods declined by 23.4 percent and their share in total import reached 0.8 percent. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 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 QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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 54 | Third Quarter 2022/23 In contrast, payments for fuel import grew by 18.7 percent and its share in total import payments surged by 25.1 percent from 19.1 percent a year ago. Similarly, payments for semi-finished goods increased 1.3 percent as import bill of fertilizer went up by 12.1 percent. Hence, the share of semi-finished goods in total merchandise import increased to 25.6 percent from 22.8 percent a year earlier. Similarly, import of raw materials hiked by 50.2 percent relative to same quarter of last year. Thus, their share in total merchandise import slightly went up to 1.1 from 0.6 percent a year ago. Meanwhile, total franco-valuta import declined by 16.7 percent and stood at USD 1.4 billion accounting for 32.8 percent of the total import value. Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2021/22 2022/23 Percentage Changes QIII Share (%) QII Share (%) QIII Share (%) A B C C/A C/B Raw Materials 29.1 0.6 35.8 0.8 43.8 1.1 50.2 22.2 Semi-finished Goods 1,050.8 22.8 709.2 15.7 1,064.6 25.6 1.3 50.1 Fertilizers 378.9 8.2 126.7 2.8 424.7 10.2 12.1 235.1 Fuel 878.9 19.1 957.0 21.2 1,043.4 25.1 18.7 9.0 Petroleum Products 845.3 18.3 903.7 20.1 984.9 23.7 16.5 9.0 Others 33.6 0.7 53.2 1.2 58.4 1.4 73.8 9.7 Capital Goods 728.9 15.8 852.5 18.9 654.4 15.7 -10.2 -23.2 Transport 85.5 1.9 65.1 1.4 42.1 1.0 -50.7 -35.3 Agricultural 9.7 0.2 20.9 0.5 13.8 0.3 41.7 -34.0 Industrial 633.7 13.7 766.5 17.0 598.5 14.4 -5.6 -21.9 Consumer Goods 1,877.0 40.7 1,912.6 42.5 1,322.1 31.8 -29.6 -30.9 Durables 225.9 4.9 258.6 5.7 192.0 4.6 -15.0 -25.8 Non-durables 1,651.1 35.8 1,654.1 36.7 1,130.1 27.1 -31.6 -31.7 Miscellaneous 45.6 1.0 37.3 0.8 34.9 0.8 -23.4 -6.4 Total Imports 4,610.3 100 4,504.5 100 4,163.1 100 -9.7 -7.6 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 55 | Third Quarter 2022/23 Table 5.7: Value of Franco Valuta Import (In Millions of USD Commodity Group 2021/22 2022/23 Percentage Change QIII QII QIII A B C C/A C/B Beverages 0.6 0.9 0.3 -50.5 -67.4 Chemicals 7.3 16.8 20.7 182.8 23.2 Clothing 5.0 7.3 4.4 -12.3 -40.0 Food and live animals 503.5 435.5 242.9 -51.8 -44.2 Textiles 41.0 42.6 60.6 47.8 42.5 Tobacco 0.1 0.1 0.0 -81.7 -73.2 Soap & polish 2.9 13.9 9.9 239.7 -28.5 Fertilizer 39.9 74.4 75.1 88.3 1.0 Paper & paper manufacturing 2.7 7.5 12.5 366.6 66.0 Metal & metal manufacturing 86.6 65.8 89.8 3.7 36.6 Medical and pharmaceuticals products 0.1 0.2 0.1 50.8 -46.8 Rubber products 16.0 22.2 16.0 0.0 -28.1 Petroleum Crude - 0.0 - 0.0 -100.0 Petroleum product 5.3 8.9 6.2 17.2 -29.8 Glass & glass ware 5.9 3.7 6.2 5.2 65.1 Electrical material 93.3 87.9 46.8 -49.8 -46.7 Machine 129.5 214.5 195.7 51.1 -8.8 Road & motor vehicles 6.4 5.8 7.4 16.6 27.4 Tele apparatus 6.0 1.1 5.6 -6.7 419.0 Cement 0.08 0.08 0.06 -33.0 -33.0 Others 687.5 837.9 565.0 -17.8 -32.6 Total 1,639.6 1,847.0 1,365.4 -16.7 -26.1 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 56 | Third Quarter 2022/23 5.2.3. Direction of Trade 5.2.3.1. Export of Goods The major destinations for Ethiopian export were Asia, Europe and Africa. Asia accounted for 42.5 percent of Ethiopia’s total export revenue, with Saudi Arabia taking a 23.8 percent share, followed by United Arab Emirates (12.5 percent), India (12.3 percent), Israel (9.2 percent), Singapore (7.5 percent), Japan (4.8 percent), South Korea (4.8 percent), China (4.5 percent), Indonesia (2.0 percent), Yemen (1.5 percent), Taiwan (1.2 percent), Hong Kong (1.1 percent), Pakistan (0.9 percent) and Thailand (0.7 percent). These countries in total had a 87.5 percent share in Ethiopia’s total export to Asia Europe constituted 32.3 percent of Ethiopia’s total export receipts, with the Netherlands being the main destination accounting for 36.0 percent share followed by Switzerland (16.8 percent), Germany (14.0 percent), Belgium (6.1 percent), Turkey (5.7 percent), Italy (5.6 percent), United Kingdom (5.6 percent), France (2.3 percent), Russia (1.6 percent) and Norway (1.3 percent). These European countries together had 94.9 percent share in Ethiopia’s total exports to Europe. About 16.5 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (28.4 percent), Djibouti (19.8 percent), Kenya (16.9 percent), Sudan (15.5 percent) and South Africa (1.7 percent), which altogether accounted for 82.3 percent of the total exports to Africa. America had 8.2 percent share in Ethiopia’s total export earnings, of which 87.5 percent was to the United States followed by Canada (10.0 percent). These two countries constituted 97.5 percent of Ethiopia’s total exports to America.

National Bank of Ethiopia Quarterly Bulletin 57 | Third Quarter 2022/23 Source: NBE Staff Compilation 5.2.3.2. Import of Goods Asia accounted for 62.5 percent of Ethiopia’s total imports with the major imports originating from China (30.2 percent), India (17.9 percent), Kuwait (14.4 percent), UAE (14.3 percent), Saudi Arabia (9.2 percent), Malaysia (3.6 percent), Indonesia (2.9 percent) and Thailand (1.8 percent) whose combined share was 94.3 percent. Africa’s share in total merchandise imports to Ethiopia was 17.9 percent. The major countries of origin were Morocco (39.9 percent), Egypt (34.6 percent), Djibouti (14.9 percent), South Africa (7.4 percent) and Kenya (2.4 percent) which altogether represented 99.2 percent of the total imports from the African continent. Imports from Europe constituted 12.3 percent of Ethiopia’s total imports with the major countries being Turkey (20.5 percent), France (10.7 percent), United Kingdom (9.9 percent), Netherlands (7.1 percent), Ukraine (7.0 percent), Ireland (6.9 percent), Switzerland (6.5 percent), Italy (6.3 percent), Germany (5.9 16.5% 32.3% 8.2% 42.5% 0.5% Fig.V.7: Export By Destination Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 58 | Third Quarter 2022/23 percent), Belgium (3.5 percent), Finland (2.7 percent), Spain (2.1 percent), Poland (1.5 percent) and Austria (1.3 percent). These countries jointly accounted for 92.1 percent of Ethiopia’s total imports from Europe. Import from America had a 7.3 percent share in total imports, of which the share of United States was 85.2 percent followed by Canada (7.4 percent), Mexico (1.8 percent) and Brazil (0.4 percent). Source: NBE Staff Compilation 17.9% 12.3% 7.3% 62.5% 0.1% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2022/23 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net surplus in services trade reached USD 244.4 million compared to surplus of USD 371.4 million a year ago. This low performance in trade services was due to a decrease in net surplus from travel (30 percent), net surplus from transport (10.7 percent), and the rise in net deficit of other services (137.9 percent) despite the fall in net deficit of investment payment (46.8 percent) and rise in government service surplus (52.6 percent) (Table 5.8). Source: NBE Staff Compilation -500.0 -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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 60 | Third Quarter 2022/23 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2021/22 2022/23 QIII QII QIII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -127.9 -103.2 -68.1 -46.8 -34.0 2 Interest, net (3-4) -127.6 -103.2 -67.9 -46.8 -34.2 3 Credit 1.0 12.8 17.3 1609.9 34.5 4 Debit 128.6 116.0 85.2 -33.8 -26.6 5 Dividend, net -0.3 - -0.2 - - 6 NON-FACTOR SERVICES, net (7-8) 499.4 345.4 312.5 -37.4 -9.5 7 Exports of non-factor services 1,611.0 1,834.9 1,659.2 3.0 -9.6 8 Travel 272.0 302.9 254.6 -6.4 -15.9 9 Transport 1 1,202.1 1,404.6 1,245.9 3.6 -11.3 10 Gov't 2 55.2 44.6 81.9 48.3 83.7 11 Other 3 81.7 82.8 76.9 -5.9 -7.2 12 Imports of non-factor services 1,111.6 1,489.6 1,346.7 21.1 -9.6 13 Travel 76.3 180.9 117.6 54.2 -35.0 14 Transport 1 864.9 1,053.5 944.7 9.2 -10.3 15 Gov't 2 1.6 0.1 0.0 -98.1 -78.5 16 Other 3 168.9 255.0 284.4 68.4 11.5 17 Net Services (18+19+20+21+22) 371.4 242.2 244.4 -34.2 0.9 18 Travel (8-13) 195.7 122.0 137.0 -30.0 12.3 19 Transport (9-14) 337.3 351.1 301.2 -10.7 -14.2 20 Gov't (10-15) 53.6 44.5 81.9 52.6 84.2 21 Other (11-16) -87.3 -172.2 -207.6 137.9 20.5 22 Investment Income (2+5) -127.9 -103.2 -68.1 -46.8 -34.0 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 5.3.2. Transfers During the review period, total transfer receipts increased by 3.3 percent and reached USD 2.2 billion due to 7.5 percent rise in private transfers which was more than offset the 20.2 percent decline in official transfers. On the other hand, total transfer payments decreased from USD 94.5 million to USD 48.4 million as a result of 60.9 percent decrease in official transfers. In contrast, private transfer payments increased from USD 4 million to USD 13 million. Hence, net transfers increased by 5.6 percent and reached USD 2.2 billion (Table 5.9).

National Bank of Ethiopia Quarterly Bulletin 61 | Third Quarter 2022/23 Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2021/22 2022/23 Percentage QIII Share Change (In %) QII Share (In %) QIII Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,839.0 88.3 1,746.7 84.0 1,968.9 89.5 7.1 12.7 2 Credit (3+4) 1,843.0 84.6 1,749.6 82.0 1,981.9 88.1 7.5 13.3 3 NGO's 392.8 18.0 509.5 23.9 940.1 41.8 139.3 84.5 4 Private individuals 1,450.2 66.6 1,240.2 58.1 1,041.8 46.3 -28.2 -16.0 5 Debit 4.0 4.2 2.9 5.5 13.0 26.9 227.3 346.1 6 Official transfers, net (7-8) 244.1 11.7 333.5 16.0 231.7 10.5 -5.1 -30.5 7 Credit 334.6 15.4 383.7 18.0 267.0 11.9 -20.2 -30.4 8 Debit 90.5 95.8 50.2 94.5 35.3 73.1 -60.9 -29.6 9 Total Receipts 2,177.6 100.0 2,133.4 100.0 2,248.9 100.0 3.3 5.4 10 Total Payments 94.5 100.0 53.1 100.0 48.4 100.0 -48.8 -9.0 11 Net Transfers 2,083.1 100.0 2,080.2 100.0 2,200.5 100.0 5.6 5.8 Source: NBE Staff Computation Source: NBE Staff Compilation 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 62 | Third Quarter 2022/23 5.4. Current Account Balance Current account deficit (including official transfers) narrowed from USD 1.1 billion last year to a deficit of USD 844.7 million this quarter. This was attributed to a 7.1 percent increase in net private transfers coupled with 7.5 percent decline in trade deficit. Service trade surplus and official transfers declined by 34.2 percent and 5.1 percent, respectively (Table 5.1). 5.5. Capital Account Capital account recorded USD 915.1 million in surplus which was 132.2 percent higher than that of last year same period mainly dou to a significant rise in net official long term capital, a shift in net deficit in other public-sector long term capital from deficit to surplus and decline in net deficit of short-term capital by 71.6 percent. Similarly, foreign direct investment declined by 14.4 percent during the review period. 5.6. Changes in Reserve Position The deficit in the overall balance of payments during the third quarter of 2022/23 reached USD 373.2 million compared to USD 280.8 million deficit a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia and net foreign assets of commercial banks showed USD 220.2 million and USD 153 million drawdown, respectively (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 53.6179/USD in the third quarter of the 2022/23, depicting a 6.7 percent annual depreciation. The end period exchange rate of the Birr was 53.9027/USD, indicating the Birr’s annual depreciation against USD by 5.7 percent.

National Bank of Ethiopia Quarterly Bulletin 63 | Third Quarter 2022/23 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 2021/22 51.9938 48.5673 12.6 0.00 Qtr. III C 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 2022/23 Qtr. II B 53.3387 52.9654 3.25 0.00 October 52.8777 52.7413 1.05 0.00 November 53.0339 52.9601 1.10 0.00 December 53.3387 53.1947 1.10 0.00 Qtr. III A 53.9027 53.6179 3.15 0.00 January 53.4716 53.4081 1.05 0.00 February 53.7445 53.6174 1.00 0.00 March 53.9027 53.8283 1.10 0.00 Percentage Changes A/B 1.06 1.23 -3.08 A/C 5.72 6.68 3.28 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 53.8329/USD, showing 6.9 percent depreciation, while the selling rate was Birr 54.9131/USD, depicting 6.8 percent depreciation over last year same quarter. Therefore, the average spread between the buying and the selling rates slightly fell to 2.0 from 2.1 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 64 | Third Quarter 2022/23 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 2021/22 2022/23 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 42,998.3 4,328.5 35,986.4 32,341.2 35,792.8 26,392.4 (0.5) (18.4) (16.8) 509.7 2 Bank of Abyssinia 1,456.8 2,772.9 348.9 6,508.9 192.4 3,094.8 (44.9) (52.5) (86.8) 11.6 3 Dashen Bank 5,422.0 4,192.4 3,916.5 4,437.4 2,983.1 4,224.4 (23.8) (4.8) (45.0) 0.8 4 Awash International Bank 705.5 3,209.7 546.5 8,124.8 292.1 5,865.4 (46.5) (27.8) (58.6) 82.7 5 Wegagen Bank 2,647.4 971.6 180.1 1,626.8 142.6 910.8 (20.8) (44.0) (94.6) (6.3) 6 United Bank 1,297.9 1,243.4 560.5 826.6 511.7 861.2 (8.7) 4.2 (60.6) (30.7) 7 Development Bank 2.3 0.7 34.4 27.3 0.2 9.7 (99.3) (64.4) (90.0) 1285.7 8 Nib International Bank 4,515.8 614.8 800.6 1,076.1 314.3 748.7 (60.7) (30.4) (93.0) 21.8 9 Lion International Bank 120.7 15.7 53.7 45.0 239.7 68.4 346.4 52.0 98.6 335.7 10 Oromia International Bank 3,950.6 527.8 3,825.8 1,513.8 2,205.9 1,521.4 (42.3) 0.5 (44.2) 188.2 11 Zemen Bank 213.7 1,031.8 68.0 947.9 23.7 899.8 (65.1) (5.1) (88.9) (12.8) 12 Cooperative Bank of Oromia 234.5 1,156.5 152.1 1,067.1 117.7 624.7 (22.6) (41.5) (49.8) (46.0) 13 Buna International Bank 502.3 723.0 225.9 265.9 97.0 432.3 (57.1) 62.6 (80.7) (40.2) 14 Birhan International Bank 414.7 639.1 110.4 565.6 118.1 718.3 7.0 27.0 (71.5) 12.4 15 Abay Bank 466.2 149.2 214.1 256.7 148.4 180.8 (30.7) (29.6) (68.2) 21.2 16 Addis International Bank 731.1 196.5 524.8 369.0 605.0 144.2 15.3 (60.9) (17.2) (26.6) 17 Debub Global Bank 138.4 131.8 206.6 169.4 423.8 159.3 105.1 (5.9) 206.3 20.9 18 Enat Bank 1,115.0 207.4 274.8 232.1 39.6 256.8 (85.6) 10.6 (96.4) 23.8 19 Zamzam Bank 20.0 32.2 4.9 95.6 0.2 149.7 (96.7) 56.6 (99.2) 364.7 20 Gohe Betoch Bank - - 0.4 67.1 1.0 18.9 180.4 (71.8) - - 21 Hijera Bank - - 25.6 48.5 72.5 24.4 183.3 (49.7) - - 22 Amhara Bank - - 14.2 93.6 0.8 91.7 (94.5) (2.1) - - 23 Tsehay Bank - - 0.2 - 1.8 2.0 665.5 - - - 24 Siinqee Bank - - 7.2 0.5 4.3 - (40.7) - - - 25 Geda Bank - - - - 3.6 - - - - - 26 Ahadu Bank - - - - 10.2 3.3 - - - - Total 66,953.1 22,144.8 48,082.5 60,706.9 44,342.4 47,403.2 (7.8) (21.9) (33.8) 114.1 Average Exchange Rate 50.3412 51.3959 53.1697 54.2193 53.8329 54.9131 1.2 1.3 6.9 6.8 Spread 2.1 2.0 2.0 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 65 | Third Quarter 2022/23 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 gained ground against major currencies on annual while it depreciated on quarterly. On annual bases, USD strengthened against Japanese Yen (14.9 percent), Pound Sterling (12.4 percent), Euro (4.4 percent), SDR (4.0 percent) and Swiss Franc (0.1 percent) on yearly basis while it depreciated against Euro (5.3 percent), Swiss Franc (4.3 percent), SDR (2.7 percent) and Japanese Yen (1.5 percent) while it appreciated against Pound Sterling by 1.6 percent on quarter-on-quarter terms (Table 5.12). 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 66 | Third Quarter 2022/23 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate 2021/22 QIII C 1.1224 0.0083 1.3947 1.2909 1.0820 January 1.1327 0.0082 1.4009 1.2806 1.0886 February 1.1325 0.0084 1.4010 1.3162 1.0833 March 1.1022 0.0082 1.3822 1.2760 1.0742 2022/23 QII B 1.0188 0.0069 1.3038 1.1498 1.0364 October 0.9818 0.0069 1.2805 1.1471 1.0045 November 1.0175 0.0069 1.2985 1.1511 1.0334 December 1.0571 0.0070 1.3325 1.1513 1.0713 QIII A 1.0732 0.0070 1.3394 1.1312 1.0813 January 1.0763 0.0071 1.3427 1.1326 1.0817 February 1.0727 0.0070 1.3400 1.1284 1.0822 March 1.0707 0.0070 1.3354 1.1326 1.0798 Percentage Changes A/B 5.34 1.52 1.51 1.51 2.73 -1.62 4.33 A/C -4.38 -14.90 -3.97 -12.37 -0.07 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 67 | Third Quarter 2022/23 On the other hand, the Birr exchange rate fluctuated against major currencies on quarterly and annual basis. On annual basis, it depreciated by 6.7 percent against USD, 6.6 percent against Swiss Franc, 2.4 percent against SDR and 2.0 percent against Euro, while it appreciated by 6.3 percent against Japanese Yen and 3.5 percent against Pound Sterling. On the other hand, the Birr depreciated against Japanese Yen (8.2 percent), Euro (6.6 percent), Swiss Franc (5.6 percent), USD (1.2 percent), Pound Sterling (4.9 percent) and SDR (4.0 percent) on quarterly basis (Table5.13).

National Bank of Ethiopia Quarterly Bulletin 68 | Third Quarter 2022/23 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 2021/22 QIII C 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 50.0040 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 2022/23 QII B 52.9654 53.4950 53.2302 53.9676 54.5072 54.2374 0.3745 0.3782 0.3763 69.0627 69.7533 69.4080 62.0535 62.6741 62.3638 54.8980 55.4470 55.1725 October 52.7413 53.2687 53.0050 51.7832 52.3010 52.0421 0.3586 0.3622 0.3604 67.5329 68.2083 67.8706 59.4007 59.9947 59.6977 52.9777 53.5075 53.2426 November 52.9601 53.4897 53.2249 53.8870 54.4259 54.1565 0.3712 0.3749 0.3731 68.7711 69.4588 69.1149 62.0265 62.6467 62.3366 54.7287 55.2760 55.0023 December 53.1947 53.7267 53.4607 56.2326 56.7945 56.5136 0.3936 0.3975 0.3955 70.8840 71.5928 71.2384 64.7335 65.3808 65.0572 56.9877 57.5576 57.2727 QIII A 53.6180 54.1541 53.8860 57.5443 58.1198 57.8321 0.4053 0.4093 0.4073 71.8137 72.5318 72.1728 65.0940 65.7449 65.4194 57.9751 58.5549 58.2650 January 53.4081 53.9422 53.6752 57.4841 58.0589 57.7715 0.4089 0.4130 0.4110 71.7113 72.4285 72.0699 65.1094 65.7604 65.4349 57.7743 58.3520 58.0631 February 53.6174 54.1536 53.8855 57.5145 58.0895 57.8020 0.4045 0.4086 0.4065 71.8452 72.5636 72.2044 64.8976 65.5466 65.2221 58.0265 58.6068 58.3167 March 53.8283 54.3666 54.0975 57.6345 58.2109 57.9227 0.4024 0.4064 0.4044 71.8846 72.6034 72.2440 65.2750 65.9277 65.6014 58.1246 58.7059 58.4153 Percentage Change A/B 1.23 6.63 8.23 3.98 4.90 5.61 A/C 6.68 1.97 -6.34 2.43 -3.53 6.56 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 69 | Third Quarter 2022/23 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency March 31, 2022 December 30, 2022 March 31, 2023 Percentage Change A B C C/B C/A USD 51.2417 53.6054 54.1722 1.06 5.72 Pound 67.2956 64.5034 66.8594 3.65 -0.65 Swedish Kroner 5.5147 5.1114 5.1577 0.91 -6.47 Djibouti Frank 0.2876 0.3008 0.3040 1.06 5.70 Swiss Frank 55.3186 57.9080 59.1335 2.12 6.90 Saudi Riyal 13.6579 14.2587 14.4305 1.21 5.66 UAE Dirhams 13.9486 14.5953 14.7500 1.06 5.75 Canadian Dollar 41.0459 39.4331 39.9707 1.36 -2.62 Japanese Yen 0.4206 0.4006 0.4082 1.88 -2.96 Euro 56.9910 57.0094 58.8473 3.22 3.26 SDR 70.6110 72.0188 72.8454 1.15 3.16 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 70 | Third Quarter 2022/23 5.7.2. Movements in the Real Effective Exchange Rate During the third quarter of FY2022/23, REER appreciated by 10.3 percent as result of high domestic inflation coupled with appreciation of Birr exchange rate against Ethiopia’s main trading partners’ currencies. Likewise, the NEERI appreciated by 20.0 percent due to sizable weakening of Ethiopia’s trading partners’ currencies against US dollar particularly Sudanese Pound (233.2 percent), Turkish Lira (155.6 percent), Egyptian Pound (91.3 percent) and Japanese Yen (25.0 percent) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2022/23 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2021/22 2022/23 Percentage Change QIII QII QIII A B C C/B C/A REERI 117.2 126.9 129.3 1.9 10.3 NEERI 66.3 78.9 79.5 0.9 20.0 Source: NBE Staff Compilation NB:

REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index
A decrease in the REERI and NEERI implies depreciation and vice versa.
Sudan inflation for April 2023 is estimate 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 QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 72 | Third Quarter 2022/23 5.7.3. Volume of Transactions The volume of foreign exchange traded in the inter-bank foreign exchange market during the third quarter 2022/23 reached USD 3.2 million which was slightly (3.3 percent) higher than last year same quarter. The foreign exchange was supplied exclusively by 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 44.3 million and sold USD 47.4 million. Hence, the amount of forex purchased fell by 33.8 percent, while the sold amount surged by 114.1 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 QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Mn USD) Total Amount Traded Amount Traded among CBs

National Bank of Ethiopia Quarterly Bulletin 73 | Third Quarter 2022/23 VI. FEDERAL GOVERNMENT FINANCE The federal government collected Birr 87.7 billion in revenue during the third quarter of 2022/23 which was 11.1 percent higher than a year earlier (Table 6.1). Meanwhile, total Federal government expenditure stood at Birr 164.3 billion shown a 5.6 percent annual decline. Thus, fiscal balance of the Federal government (including grants) registered Birr 76.5 billion deficit.

National Bank of Ethiopia Quarterly Bulletin 74 | Third Quarter 2022/23 Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr] No Finer points 2021/22 2022/23 Percentage changes performance rate QIII Budget QII QIII D/A D/C D/B A B C D 1 Revenue and Grants 78,953.1 446,510.6 110,459.4 87,750.1 11.1 (20.6) 19.7 1.1 Total Revenue 78,953.1 438,851.3 110,459.4 87,750.1 11.1 (20.6) 20.0 Tax Revenue 74,677.9 400,244.0 105,222.1 85,468.0 14.4 (18.8) 21.4 Direct tax 18,730.6 124,775.1 44,450.1 17,259.2 (7.9) (61.2) 13.8 Indirect tax 55,947.3 275,468.8 60,772.1 68,208.8 21.9 12.2 24.8 Non-Tax Revenue 4,275.2 38,607.4 5,237.3 2,282.1 (46.6) (56.4) 5.9 1.2 Grant & Relief - 7,659.3 - - - - - 2 Current Expenditure 91,631.0 267,659.0 80,585.1 53,425.4 (41.7) (33.7) 20.0 3 Current Surplus/Deficit - - - - - - - (Including Grants) (12,677.9) 178,851.6 29,874.3 34,324.8 (370.7) 14.9 19.2 (Excluding Grants) (12,677.9) 171,192.4 29,874.3 34,324.8 (370.7) 14.9 20.1 4 Capital Expenditure 31,923.8 187,944.5 50,239.0 38,519.2 20.7 (23.3) 20.5 5 Regional Transfers 50,528.3 219,041.0 35,217.1 72,373.7 43.2 105.5 33.0 6 Total Expenditure 174,083.1 674,644.5 166,041.2 164,318.2 (5.6) (1.0) 24.4 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (95,130.0) (228,133.9) (55,581.8) (76,568.1) (19.5) 37.8 33.6 (Excluding Grants) (95,130.0) (235,793.1) (55,581.8) (76,568.1) (19.5) 37.8 32.5 8 Total Financing 95,130.0 228,133.9 55,581.8 76,568.1 (19.5) 37.8 33.6 8.1 Net External Borrowings (1,352.4) 3,608.0 2,864.3 7,481.0 (653.2) 161.2 207.3 External Borrowing 3,347.4 26,294.6 9,054.0 9,201.3 174.9 1.6 35.0 Amortization 4,699.7 35,909.5 6,189.6 5,766.5 22.7 (6.8) 16.1 8.2 Net Domestic Borrowings 118,597.9 224,525.9 69,425.3 54,925.3 (53.7) (20.9) 24.5 Banking System 44,936.6 - 55,078.3 36,965.5 (17.7) (32.9) - Non-Bank Sources 73,661.3 - 14,347.0 17,959.8 (75.6) 25.2 - 8.3 Privatization receipts - - - - - - - 8.4 Others and Residuals (22,115.6) - (16,707.8) 14,161.7 (164.0) (184.8) - Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 75 | Third Quarter 2022/23 6.1. Revenue and Grants In the absence of grants, total domestic revenue mobilized during the review period amounted to Birr 87.7 billion, of which Birr 85.4 billion was from taxes and Birr 2.2 billion from non-taxes. Tax revenue increased 14.4 percent over last year due to higher revenue from indirect taxes while direct tax revenue at Birr 17.2 billion, dropped by 7.9 percent compared to a year ago. The revenue performance was 19.7 percent of the annual budget (Table 6.2).

National Bank of Ethiopia Quarterly Bulletin 76 | Third Quarter 2022/23 Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2021/22 2022/23 Percentage Change Performance Rate QIII Budget QII QIII A B C D [D/A] [D/C] [D/B] Total Revenue and Grants 78,953.1 446,510.6 110,459.4 87,750.1 11.1 (20.6) 19.7 Total Domestic Revenue 78,953.1 438,851.3 110,459.4 87,750.1 11.1 (20.6) 20.0 1 Tax Revenue 74,677.9 400,244.0 105,222.1 85,468.0 14.4 (18.8) 21.4 1.1 Direct Tax Revenue 18,730.6 124,775.1 44,450.1 17,259.2 (7.9) (61.2) 13.8 1.1.1 Income Taxes 15,170.7 104,909.3 43,373.2 15,258.8 0.6 (64.8) 14.5

Personal 4,723.7 26,328.3 8,181.6 7,681.6 62.6 (6.1) 29.2
Business 10,447.0 78,581.0 35,191.6 7,577.2 (27.5) (78.5) 9.6 1.1.2 Others1 3,559.9 19,865.9 1,076.9 2,000.5 (43.8) 85.8 10.1 1.2 Indirect Taxes 55,947.3 275,468.8 60,772.1 68,208.8 21.9 12.2 24.8 1.2.1 Domestic Taxes 21,016.4 103,363.9 17,539.4 24,967.2 18.8 42.3 24.2 1.2.2 Foreign Trade Taxes 34,930.9 172,104.9 43,232.6 43,241.6 23.8 0.0 25.1
Import 34,930.9 172,104.9 43,232.6 43,241.6 23.8 0.0 25.1 2 Non-Tax Revenue 4,275.2 38,607.4 5,237.3 2,282.1 (46.6) (56.4) 5.9 3 Privatization - - - - - - - 4 Grants and Relief - 7,659.3 - - - - - Source: Ministry of Finance 1/ includes Withholding, tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 77 | Third Quarter 2022/23 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government 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 Q4 Q1 Q2 Q3 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

National Bank of Ethiopia Quarterly Bulletin 78 | Third Quarter 2022/23 Fig.VI.2: Domestic Revenue by Major Components during the Third Quarter of 2022/23 6.2. Expenditure Total Federal government expenditure (including regional transfer) reached Birr 164.3 billion which showed a 5.6 percent annual decrease. Of the total expenditure, Birr 53.4 billion (or 32.5 percent) went to finance current expenditure and Birr 38.5 billion (or 23.4 percent) to development programs. The remaining Birr 72.3 billion (or 44 percent) was allocated as regional transfers. Year-on-year, basis capital expenditure went up by 20.7 and regional transfers 43.2 percent. In contrast, current expenditure dropped by 41.7 percent. Quarterly expenditure performance was 24.4 percent of the annual plan (Table 6.2). Direct Tax Revenue 19.7% Indirect Tax Revenue 77.7% Non Tax Revenue 2.6%

National Bank of Ethiopia Quarterly Bulletin 79 | Third Quarter 2022/23 Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2021/22 2022/23 Percentage Change Performance Rate QIII Budget QII QIII [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 174,083.1 674,644.5 166,041.2 164,318.2 (5.6) (1.0) 24.4 1 Current Expenditure 91,631.0 267,659.0 80,585.1 53,425.4 (41.7) (33.7) 20.0

General Services 67,617.9 111,693.4 29,737.5 27,418.7 (59.5) (7.8) 24.5
Economic Services 1,907.9 6,995.2 2,591.1 1,923.2 0.8 (25.8) 27.5
Social Services 15,512.9 53,754.7 13,919.4 12,218.6 (21.2) (12.2) 22.7
Others expenditure 499.6 46,716.8 16,274.1 1,475.3 195.3 (90.9) 3.2
Debt Service 6,092.8 48,498.8 18,063.0 10,389.7 70.5 (42.5) 21.4 2 Capital Expenditure 31,923.8 187,944.5 50,239.0 38,519.2 20.7 (23.3) 20.5
Economic Development 21,270.8 119,853.0 32,908.7 27,126.6 27.5 (17.6) 22.6
Social Development 8,855.6 38,446.9 15,103.1 8,615.3 (2.7) (43.0) 22.4
General Development 1,797.4 29,644.6 2,227.2 2,777.3 54.5 24.7 9.4 3 Regional Transfers 50,528.3 219,041.0 35,217.1 72,373.7 43.2 105.5 33.0 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Third Quarter of 2022/23 Current Expenditure 32.5% Capital Expenditure 23.4% Regional Transfer 44.1%

National Bank of Ethiopia Quarterly Bulletin 80 | Third Quarter 2022/23 Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Fiscal operation of the Federal government resulted in an overall deficit (including grant) of Birr 76.5 billion, which was lower than Birr 95.1 billion deficit a year ago. The deficit was financed by net external borrowing, net domestic borrowing and others and residuals (Table 6.1). 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin 81 | Third Quarter 2022/23 Fig.VI.5: Federal Government Finance during Third Quarter of F.Y 2022/23 -50000 0 50000 100000 150000 200000 250000 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 82 | Third Quarter 2022/23 VII. DEVELOPMENTS IN INVESTMENT During the third quarter of 2022/23, 9 investment projects with investment capital of Birr 132.6 million became operational. Both the number of investment projects and investment capital depicted 79.1 and 68.5 percent decline compared to last year same quarter. Similarly, compared to the preceding quarter, the number of investment projects and investment capital slowed down by 43.8 and 95.4 percent respectively. All the investment projects were privately owned of which 44.4 percent was domestic and 55.6 percent foreign. Domestic investment projects had investment capital of Birr 88.7 million (66.9 percent) while that of foreign investment projects was Birr 43.9 million (33.1 percent). These investment projects have generated employment opportunities for 522 employees which was 82 percent lower than the previous quarter. Of the total employment created during the period, 63.8 percent were permanent and 36.2 percent were casual (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin 83 | Third Quarter 2022/23 Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2021/22 2022/23 QIII QII QIII Percentage Changes A B C Share C/A C/B

Total Investment Number of projects 43.0 16 9 100 -79.1 -43.8 Capital 420.5 2,879.6 132.6 66 100 -68.5 -95.4 Permanent Employment 3,038.0 438 333 100 -89.0 -24.0 Temporary Employment 201 2461 189 100 -6.0 -92.3
Private Investment Number of projects 43 16 9 100 -79.1 -43.8 Capital 420.5 2,879.6 132.6 100 -68.5 -95.4 Permanent Employment 3,038 438 333 100 -89.0 -24.0 Temporary Employment 201 2461 189 100 -6.0 -92.3 2.1 Domestic Investment Number of projects 35 9 4 44.4 -88.6 -55.6 Capital 346.8 2,179.2 88.7 66.9 -74.4 -95.9 Permanent Employment 1,816 223 67 20.1 -96.3 -70.0 Temporary Employment 41 2,377 107 56.6 161.0 -95.5 2.2. Foreign Investment Number of projects 8 7 5 55.6 -37.5 -28.6 Capital 73.7 700.4 43.9 33.1 -40.5 -93.7 Permanent Employment 1,222 215 266 79.9 -78.2 23.7 Temporary Employment 160 84 82 43.4 -48.8 -2.4
Public Investment Number of projects

Capital

Permanent Employment

Temporary Employment

Source: Ethiopian Investment Commission As for sectoral distribution, manufacturing constituted the lion’s share by accounting for 44.4 percent of total investment projects followed by construction (33.3 percent) while real estate, renting & business activities and health & social works on their parts constitutes 11.1 percent each. Out of the total Birr 132.6 million capitals invested, construction sector received 39 percent, health and social work 30.7 percent, manufacturing 25 percent and real estate, renting & business activities 5.3 percent. About 76 percent of the permanent employment was created by manufacturing, 15.6 percent by health and social work and 8.4 percent by construction. On the other hand, health and social work is the leading sector by accounting 54 percent of

National Bank of Ethiopia Quarterly Bulletin 84 | Third Quarter 2022/23 temporary employment followed by manufacturing (40.7 percent) and construction (5.3 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Third Quarter of 2022/23 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry

Construction 3 33.3 51.7 39.0 28 8.4 10 5.3 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work 1 11.1 41 30.7 52 15.6 102 54.0 Hotels and restaurants - - - - - - - - Manufacturing 4 44.4 33.2 25.0 253 76.0 77 40.7 Mining and quarrying - - - - - - - - Other community, social and personal service activities

Real estate, renting and business activities 1 11.1 7.0 5.3 - - - - Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others

Grand Total 9 100 132.6 100 333 189 100 Source: Ethiopian Investment Commission. In terms of regional distribution, Addis Ababa account about 44.4 percent of the total projects with 66.9 percent of total investment capital while multiregional projects constitutes 55.6 percent of the total projects with 33.1 percent of total investment capital. In terms of job creation Addis Ababa accounted for 20.1 and 56.6 percent of the total permanent and temporary employments respectively, while multiregional projects on their part constitutes 79.9 and 43.4 percent of permanent and temporary employment respectively (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 85 | Third Quarter 2022/23 Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS Region 2021/22 2022/23 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 34 342 45 41 9 2,179 223 2,377 4 88.7 67 107 44.4 66.9 20.1 56.6 -88.2 -74.1 48.9 161.0 -55.6 -95.9 -70.0 -95.5 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara

B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

SNNPR - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari

Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi-regional 9 79 2,993 160 7 700 215 84 5 43.9 266 82 55.6 33.1 79.9 43.4 -44.4 -89.57 -91.1 -48.8 -28.6 -93.7 23.7 -2.4 Grand Total 43 420.5 3,038 201 16 2,880 438 2,461 9 132.6 333 189 100 -132.7 -163.6 - 42.2 112.2 - 84.1 -189.7 -46.2 -97.9 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 86 | Third Quarter 2022/23 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 Global economic activity during the third quarter of the FY 2022/23 was stronger than expected. The global economy was supported by China’s economic reopening after the end of its zero-COVID policy, along with resilience in the US labour market significant monetary policy tightening notwithstanding. The global composite output Purchasing Managers’ Index (PMI) increased further in March and reached 51.8 for the third quarter of 2022/23, up from 48.4 in the previous quarter. In the United States, economic activity was moderating, reflecting weak domestic demand. GDP growth for the third quarter of the FY 2022/23 was 0.3 percent (quarter on quarter), mainly reflecting a decline in private inventories and a weakening in nonresidential investment. The United Kingdom avoided a recession, but economic prospects remain subdued. GDP increased by 0.1 percent (in threemonth-on-three-month terms) in the three

4 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2023. Bulletin months to February, driven mainly by an improvement in the services and construction sectors. In Japan, economic activity was recovering in the third quarter of the year, with inflationary pressures further broadening. High-frequency data suggest that consumer spending and confidence may be picking up, moderately supporting domestic demand despite the persistent decrease in real wages. The Chinese economy is rebounding rapidly. Economic growth in the third quarter of this fiscal year was stronger than expected, following the decline in economic activity around the turn of the year, which was related to the departure from zero-COVID policy measures and a subsequent increase in COVID-19 cases. In the review period, GDP expanded by 2.2 percent on quarter on quarter basis. 8.2. Inflation Developments Inflation across OECD economies continued to decrease, but core inflationary pressures

National Bank of Ethiopia Quarterly Bulletin 87 | Third Quarter 2022/23 remain persistently high. In March, annual headline consumer price index (CPI) inflation across OECD countries (excluding Türkiye) decreased sharply to 5.8 percent year on year, from 7.3 percent in February, largely owing to lower energy price inflation. By contrast, excluding food and energy prices, OECD core inflation (excluding Türkiye) continues to signal more persistence in underlying price pressures, decelerating to 4.5 percent in March from 4.8 percent in February. In the United State, annual headline inflation declined to 5.0 percent in March from 6.0 percent in February, primarily owing to base effects in energy prices related to the spike in energy prices following Russia-Ukraine war in 2022. However, underlying inflationary pressures remain high, with core inflation increasing marginally to 5.6 percent in March due to high service price inflation. In the Japan, annual headline inflation slowed sharply in February, reflecting the impact of new government energy subsidies. Underlying price pressures are broadening, however, with core inflation increasing further to 2.3 percent in March, the highest level since 1992 (if VAT hike effects are excluded). In the United Kingdom, headline annual CPI inflation remains very high and stood at 10.1 percent in March, above market expectations, while core inflation remained unchanged at 6.2 percent. 8.3. Commodity Price Oil prices remained broadly unchanged (+1 percent) since the March Governing Council meeting, as the oil price increase in reaction to the OPEC+ supply cut was counterbalanced by concerns about demand amid the recent US banking sector stress. Oil prices increased by 9 percent immediately after OPEC+ announced plans to reduce oil production by close to 1.7 million barrels per day. OPEC+ communicated an intention to act preemptively to stabilise oil markets in anticipation of weaker global oil demand. However, the gains in oil prices following the OPEC+ announcement were broadly reversed as oil prices continued to be affected by downside risks to US demand amid recent stress in the banking sector.

National Bank of Ethiopia Quarterly Bulletin 88 | Third Quarter 2022/23 Non-energy commodity prices have remained broadly unchanged since the March Governing Council meeting. International food commodity prices continued to be affected by severe droughts in Argentina and the announcements of temporary bans imposed by Poland, Hungary and Slovakia on Ukrainian grain imports, which counterbalanced the effects of the extension of the Black Sea Grain Initiative on grain prices. Meanwhile, metal prices were supported by higher Chinese demand following the recent reopening of the Chinese economy, but were weighed down by concerns over global demand amid stress in the banking sector. 8.4. Exchange Rate Developments In foreign exchange markets, the euro strengthened overall in trade-weighted terms. During the review period, the nominal effective exchange rate (EER) of the euro as measured against the currencies of 41 of the euro area’s most important trading partners was appreciated by 2.5 percent. In terms of bilateral exchange rate developments against major currencies, the euro appreciated against the US dollar (by 4.2 percent), amid rising interest rate differentials and easing financial market tensions, and also against the Japanese yen (by 6.8 percent) and the pound sterling (by 0.5 percent). The euro likewise strengthened against the Chinese renminbi (by 4.5 percent) and against the currencies of other major emerging economies, but depreciated against the currencies of some non-euro area EU countries.

89 | Third Quarter 2022/23 8.5. Impact of Global Economic Development on Ethiopian Economy During the third quarter of 2022/23, the global economy was stronger than expected while global core inflationary pressures remain persistently high; furthermore, oil price was also remaining unchanged. On the other hand, appreciation of NEER coupled with high domestic price relative to trading partners’ leads to REER to appreciate by 10.3 percent. Thus, international competitiveness of the country in global market eroded. As a result, the country’s export receipts decreased during the review quarter. Meanwhile, stability of commodity price in the global market help the country to save extra payment of foreign exchange for its major import items like fuel so that further suppressing impact on Ethiopia’s current account balance was circumvented.

STATISTICAL ANNEXES

Table 1(a): Statement of Condition of National Bank of Ethipia: 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 July 86,182.56 804.88 435.21 79,985.94 4,956.53 199,241.75 6,976.80 192,264.95 - 52,142.71 - 95,607.22 August 83,160.94 16.91 435.51 77,751.68 4,956.85 199,241.75 6,976.80 192,264.95 - 52,142.71 - 95,513.29 September 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 QII 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 October 76,267.41 20.18 440.94 71,128.31 4,677.97 199,237.75 6,972.80 192,264.95 - 55,942.71 - 103,348.96 November 74,512.88 19.70 458.04 69,154.25 4,880.88 199,237.75 6,972.80 192,264.95 - 55,942.71 - 106,815.62 December 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 QIII 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 January 92,263.28 19.38 480.39 86,679.91 5,083.60 218,237.75 6,972.80 211,264.95 - 55,242.71 - 121,808.56 Febraury 82,664.48 159.05 480.83 76,912.54 5,112.06 218,237.75 6,972.80 211,264.95 - 55,242.71 - 124,378.57 March 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 QIV 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 April 97,818.47 1,073.21 488.33 90,550.35 5,706.59 221,237.75 6,972.80 214,264.95 - 55,242.71 - 133,697.14 May 99,733.36 1,209.31 506.55 92,269.76 5,747.75 221,237.75 199,237.75 22,000.00 - 55,242.71 - 151,031.48 June 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 July 122,998.01 3,369.17 540.17 113,161.82 5,926.85 243,145.31 198,366.65 44,778.66 - 58,142.71 - 134,234.85 August 123,479.46 5,033.24 541.05 111,871.69 6,033.48 243,145.31 198,366.65 44,778.66 - 57,642.71 - 136,324.90 September 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 October 111,651.67 1,847.57 580.06 102,970.73 6,253.31 243,141.31 198,362.65 44,778.66 - 57,642.71 - 142,793.88 November 110,962.19 1,862.95 591.01 102,347.71 6,160.52 248,141.31 198,362.65 49,778.66 - 56,642.71 - 141,694.26 December 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 January 117,430.82 5,855.77 619.04 104,596.31 6,359.70 241,862.65 198,362.65 43,500.00 - 56,642.71 - 143,921.55 February 108,825.80 12,378.07 629.28 89,421.06 6,397.39 251,862.65 198,362.65 53,500.00 - 56,642.71 - 141,562.04 March 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 April 112,278.83 12,740.92 656.47 92,174.92 6,706.52 266,862.65 198,362.65 68,500.00 - 56,642.71 - 147,985.61 May 112,505.98 10,424.99 679.10 94,563.80 6,838.09 276,862.65 198,362.65 78,500.00 - 56,642.71 - 157,207.93 June 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 July 111,631.81 606.01 686.93 103,323.15 7,015.73 281,862.65 198,362.65 83,500.00 - 56,142.71 - 162,644.98 August 96,136.06 3,662.57 703.43 84,570.48 7,199.58 281,862.65 198,362.65 83,500.00 - 55,492.71 - 155,763.67 September 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 October 100,965.71 924.55 726.80 91,887.66 7,426.69 311,427.10 197,927.10 113,500.00 - 53,992.71 - 155,577.95 November 85,258.56 200.94 727.27 76,862.94 7,467.41 311,427.10 197,927.10 113,500.00 - 53,992.71 - 173,025.51 December 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 January 77,413.92 684.03 755.39 68,310.78 7,663.72 340,427.10 197,927.10 142,500.00 - 52,322.71 - 168,893.76 February 87,207.90 234.30 771.48 78,445.64 7,756.47 347,427.10 197,927.10 149,500.00 - 51,222.71 - 173,558.64 March 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 Qtr.IV 79,819.64 2,065.31 757.13 69,139.98 7,857.21 357,427.10 197,927.10 159,500.00 - 44,822.71 - 169,030.42 April 80,555.50 2,310.47 755.42 69,653.93 7,835.68 347,427.10 197,927.10 149,500.00 - 44,822.71 - 168,704.73 May 75,678.22 1,964.50 758.18 65,200.07 7,755.48 357,427.10 197,927.10 159,500.00 - 44,822.71 - 173,037.20 June 79,819.64 2,065.31 757.13 69,139.98 7,857.21 357,427.10 197,927.10 159,500.00 - 44,822.71 - 169,030.42 2022/23 Qtr.I 64,408.57 32.68 726.03 55,744.72 7,905.14 416,991.55 197,491.55 219,500.00 - 44,822.71 - 163,805.30 July 65,152.10 1,039.69 748.22 55,325.46 8,038.73 397,427.10 197,927.10 199,500.00 - 44,822.71 - 164,150.24 August 65,676.18 32.68 744.28 57,046.30 7,852.92 396,991.55 197,491.55 199,500.00 - 44,822.71 - 163,597.11 September 64,408.57 32.68 726.03 55,744.72 7,905.14 416,991.55 197,491.55 219,500.00 - 44,822.71 - 163,805.30 Qtr.II 62,948.06 2.17 780.90 56,164.19 6,000.80 473,991.55 433,991.55 40,000.00 - 44,822.71 - 161,398.30 October 62,910.79 777.17 743.56 53,077.85 8,312.22 443,991.55 433,991.55 10,000.00 - 44,822.71 - 161,566.31 November 63,456.46 8.11 761.18 57,170.30 5,516.87 463,991.55 433,991.55 30,000.00 - 44,822.71 - 157,703.78 December 62,948.06 2.17 780.90 56,164.19 6,000.80 473,991.55 433,991.55 40,000.00 - 44,822.71 - 161,398.30 Qtr.III 48,984.75 43.67 789.87 44,826.19 3,325.02 513,991.55 433,991.55 80,000.00 - 44,822.71 - 173,214.83 January 65,641.53 25.29 787.28 58,213.15 6,615.81 493,991.55 433,991.55 60,000.00 - 44,822.71 - 163,230.98 February 63,155.74 38.84 777.65 56,328.45 6,010.80 503,991.55 433,991.55 70,000.00 - 44,822.71 - 168,808.34 March 48,984.75 43.67 789.87 44,826.19 3,325.02 513,991.55 433,991.55 80,000.00 - 44,822.71 - 173,214.83 Silver Coins Other Total Gold Assets Reserve Tranch e Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance Others to DBE

Liabilities (In Millions of Birr) 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 July 433,174.23 122,167.53 95,533.44 29,329.97 66,203.47 95,534.05 1,100.11 94,433.94 4,849.20 115,090.02 August 430,058.69 121,652.29 92,024.86 22,697.56 69,327.30 92,093.24 1,100.86 90,992.38 4,849.20 119,439.10 September 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 QII 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 October 434,796.82 121,419.51 87,350.19 27,562.17 59,788.03 97,046.11 815.56 96,230.55 4,849.20 124,131.82 November 436,508.95 122,937.99 89,383.72 28,868.78 60,514.94 96,070.37 508.31 95,562.07 4,849.20 123,267.67 December 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 QIII 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 January 487,552.29 134,153.16 109,854.13 29,697.84 80,156.29 112,588.45 6,453.85 106,134.60 4,849.20 126,107.35 Febraury 480,523.51 136,684.50 100,110.21 31,986.12 68,124.09 110,624.34 6,459.48 104,164.86 4,849.20 128,255.26 March 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 QIV 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 April 507,996.06 145,226.63 109,405.37 22,035.76 87,369.62 132,857.15 6,705.93 126,151.22 4,849.20 115,657.72 May 527,245.29 143,635.96 127,168.83 32,405.44 94,763.40 117,844.81 6,450.00 111,394.82 4,849.20 133,746.49 June 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 July 558,520.88 140,727.44 157,230.79 36,363.76 120,867.02 148,922.57 24,257.53 124,665.04 4,849.20 106,790.89 August 560,592.38 138,761.55 155,418.66 32,636.08 122,782.58 153,870.04 24,463.98 129,406.06 4,849.20 107,692.94 September 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 October 555,229.57 127,946.83 159,005.37 50,745.88 108,259.49 155,814.57 24,549.32 131,265.25 4,849.20 107,613.60 November 557,440.47 130,193.68 162,302.19 36,203.92 126,098.27 154,757.17 24,684.28 130,072.89 1,013.45 109,173.98 December 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 January 559,857.72 147,666.78 143,724.24 31,156.98 112,567.26 159,610.17 11,251.05 148,359.12 1,013.45 107,843.10 February 558,893.19 150,124.30 143,442.82 39,256.51 104,186.31 156,566.70 11,377.30 145,189.40 1,013.45 107,745.93 March 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 April 583,769.80 166,178.40 149,894.67 32,453.37 117,441.30 159,883.41 11,712.40 148,171.01 1,013.45 106,799.87 May 603,219.26 165,503.35 162,457.15 30,755.89 131,701.25 159,518.05 11,991.32 147,526.72 1,013.45 114,727.27 June 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 July 612,282.14 165,854.96 156,631.38 28,912.95 127,718.43 168,622.16 12,087.76 156,534.40 3,109.44 118,064.21 August 589,255.08 162,818.76 137,357.80 30,813.68 106,544.12 173,809.00 12,296.38 161,512.61 3,109.44 112,160.09 September 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 October 621,963.46 166,958.63 193,659.95 40,973.24 152,686.71 203,015.79 12,579.25 190,436.54 3,109.44 55,219.66 November 623,703.87 174,750.10 214,880.34 47,682.69 167,197.65 197,202.38 12,584.98 184,617.41 3,109.44 33,761.61 December 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 650,877.35 205,019.78 194,818.58 46,541.63 148,276.95 206,900.12 13,057.88 193,842.24 3,108.33 41,030.55 January 639,057.49 201,048.51 201,524.29 40,739.61 160,784.68 201,531.83 12,931.56 188,600.27 3,108.33 31,844.53 February 659,416.34 203,292.21 210,973.15 54,632.27 156,340.88 210,275.22 13,129.92 197,145.30 3,108.33 31,767.44 March 650,877.35 205,019.78 194,818.58 46,541.63 148,276.95 206,900.12 13,057.88 193,842.24 3,108.33 41,030.55 Qtr.IV 651,099.86 208,211.28 185,498.19 31,210.79 154,287.41 214,038.32 12,953.06 201,085.25 4,389.91 38,962.17 April 641,510.04 218,021.82 173,614.13 42,764.89 130,849.24 209,968.89 12,931.95 197,036.94 3,108.33 36,796.87 May 650,965.23 209,318.93 189,712.14 55,277.99 134,434.15 206,193.91 12,965.96 193,227.95 3,108.33 42,631.92 June 651,099.86 208,211.28 185,498.19 31,210.79 154,287.41 214,038.32 12,953.06 201,085.25 4,389.91 38,962.17 2022/23 Qtr.I 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 July 671,552.14 206,426.87 203,094.01 39,751.92 163,342.10 216,349.04 12,843.22 203,505.82 4,389.91 41,292.31 August 671,087.54 200,685.59 206,636.08 29,922.58 176,713.50 219,176.85 12,794.66 206,382.19 4,389.91 40,199.11 September 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 Qtr.II 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 October 713,291.36 209,958.64 236,108.79 59,156.84 176,951.95 219,777.94 12,785.73 206,992.21 4,389.91 43,056.08 November 729,974.49 221,907.10 234,505.06 43,583.44 190,921.62 223,458.22 13,002.98 210,455.24 4,830.82 45,273.29 December 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 Qtr.III 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 January 767,686.77 247,929.23 231,275.46 45,869.39 185,406.07 239,029.99 13,324.58 225,705.41 4,830.82 44,621.27 February 780,778.33 253,774.35 230,632.32 62,006.82 168,625.50 244,281.94 13,205.92 231,076.02 4,830.82 47,258.91 March 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 Capital Account Other Total Gov't Banker Total Fund Liab. Credit Others Table 1(b): Statement of Condition of National Bank of Ethipia: End of Period Total Liab.= Assets Currency (Notes

Coins) Deposits Foreign Liabilities

Assets Loans & Adv. Investment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 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 QIII 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 January 120,732.13 27,480.50 93,251.63 24,683.66 23,026.30 988,943.04 517,940.92 462,183.50 8,818.63 240,793.85 Febraury 105,602.99 29,149.09 76,453.90 24,063.10 22,929.16 1,030,933.52 533,692.60 487,844.18 9,396.74 234,525.26 March 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 QIV 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 April 120,329.51 31,951.84 88,377.67 26,446.41 23,927.78 1,056,644.54 559,034.91 487,940.57 9,669.06 234,017.76 May 126,278.36 29,748.79 96,529.57 29,845.04 27,020.70 1,063,464.25 564,552.90 488,158.41 10,752.94 229,663.77 June 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 July 157,446.69 30,876.35 126,570.35 28,633.13 29,544.72 1,088,093.17 577,564.28 497,498.10 13,030.80 216,427.48 August 158,242.07 31,406.18 126,835.89 31,529.44 33,205.89 1,104,193.11 591,705.69 498,119.67 14,367.74 226,872.07 September 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 October 151,069.89 43,586.14 107,483.75 34,413.29 37,258.38 1,135,377.74 610,762.55 510,130.09 14,485.10 249,931.81 November 162,537.76 35,387.18 127,150.58 37,723.54 31,352.34 1,158,635.38 632,125.99 511,846.59 14,662.81 251,770.28 December 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 January 146,024.93 29,480.11 116,544.83 44,195.16 36,160.74 1,217,211.01 672,649.65 528,456.89 16,104.47 255,494.55 February 132,804.50 28,162.13 104,642.37 47,642.07 41,634.08 1,233,031.51 685,335.05 530,735.51 16,960.95 276,701.67 March 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 April 143,838.85 26,017.77 117,821.08 52,715.31 45,710.73 1,266,848.21 719,715.16 530,034.22 17,098.83 265,774.09 May 164,964.47 31,765.81 133,198.67 56,417.12 47,751.32 1,281,367.38 731,474.07 533,570.05 16,323.26 284,107.81 June 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 152,532.33 31,442.53 121,089.81 85,042.49 107,177.57 1,310,049.31 761,862.44 532,471.29 15,715.57 325,653.91 July 162,612.71 29,347.00 133,265.71 82,531.01 106,759.93 1,319,133.78 769,402.73 532,250.64 17,480.42 298,280.92 August 141,329.02 27,591.97 113,737.05 78,753.87 130,935.80 1,299,171.81 755,047.94 526,996.41 17,127.46 318,122.30 September 152,532.33 31,442.53 121,089.81 85,042.49 107,177.57 1,310,049.31 761,862.44 532,471.29 15,715.57 325,653.91 Qtr.II 174,091.03 28,533.84 145,557.19 83,677.72 176,975.24 1,305,527.11 798,315.28 488,326.33 18,885.50 360,875.77 October 184,187.64 28,666.26 155,521.38 76,681.93 139,947.98 1,285,429.81 762,824.13 504,704.65 17,901.03 337,855.05 November 189,998.46 25,835.17 164,163.29 76,531.92 167,823.42 1,270,311.98 768,869.12 484,919.22 16,523.64 342,516.50 December 174,091.03 28,533.84 145,557.19 83,677.72 176,975.24 1,305,527.11 798,315.28 488,326.33 18,885.50 360,875.77 Qtr.III 183,936.13 33,766.31 150,169.83 71,443.81 198,742.86 1,380,835.35 859,891.39 502,891.12 18,052.84 421,286.34 January 193,187.33 31,586.98 161,600.34 68,608.81 161,413.09 1,323,053.44 809,897.73 493,499.14 19,656.57 372,956.85 February 188,647.92 32,021.54 156,626.38 64,963.00 186,897.70 1,346,244.76 827,060.04 501,833.75 17,350.97 394,671.03 March 183,936.13 33,766.31 150,169.83 71,443.81 198,742.86 1,380,835.35 859,891.39 502,891.12 18,052.84 421,286.34 Qtr.IV 180,866.64 34,989.37 145,877.27 63,931.70 217,189.45 1,493,884.20 949,473.41 514,194.01 30,216.79 445,020.97 April 167,381.08 33,091.82 134,289.26 81,877.93 205,335.40 1,406,829.17 879,748.44 509,634.92 17,445.81 441,691.30 May 170,637.09 35,761.54 134,875.54 74,411.75 207,002.62 1,449,828.44 916,427.83 511,591.16 21,809.46 454,120.83 June 180,866.64 34,989.37 145,877.27 63,931.70 217,189.45 1,493,884.20 949,473.41 514,194.01 30,216.79 445,020.97 2022/23 Qtr.I 207,769.08 38,027.42 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 July 201,755.75 34,727.54 167,028.22 62,201.03 189,596.83 1,502,214.33 958,443.25 513,542.53 30,228.55 452,786.10 August 209,231.70 33,600.44 175,631.26 65,216.21 192,382.02 1,519,582.08 974,906.60 513,402.72 31,272.76 529,796.83 September 207,769.08 38,027.42 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 Qtr.II 220,718.59 34,690.71 186,027.88 73,187.54 185,538.93 1,681,476.50 1,108,587.30 537,466.48 35,422.72 481,804.36 October 210,168.00 38,411.26 171,756.74 71,093.28 184,217.91 1,598,573.30 1,038,837.31 524,946.22 34,789.77 483,649.66 November 227,924.74 36,973.12 190,951.61 70,416.97 175,226.44 1,627,096.42 1,070,428.78 525,999.35 30,668.29 479,570.33 December 220,718.59 34,690.71 186,027.88 73,187.54 185,538.93 1,681,476.50 1,108,587.30 537,466.48 35,422.72 481,804.36 Qtr.III 235,879.52 41,081.17 194,798.35 63,462.10 159,934.88 1,772,175.91 1,167,755.70 568,716.26 35,703.95 509,569.64 January 226,696.05 40,496.92 186,199.13 71,608.37 177,440.49 1,700,696.25 1,119,382.03 547,849.93 33,464.28 507,779.32 February 214,744.44 41,346.51 173,397.93 60,412.07 172,547.48 1,737,119.31 1,136,959.50 565,889.40 34,270.41 510,295.74 March 235,879.52 41,081.17 194,798.35 63,462.10 159,934.88 1,772,175.91 1,167,755.70 568,716.26 35,703.95 509,569.64 (In Millions of Birr) Table 2(a): Statement of Condition of Commercial Banks: Other Assets End of Period Total Reserves Cash in Hand Deposits with NBE Foreign Assets Claims On Gov't Total Claims on Non-Central Gov't

Table 2(b): Statement of Condition of Commercial Banks: Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 QIII 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 January 1,398,178.98 849,788.11 225,656.75 90,645.80 533,485.55 97,331.09 21,290.97 129,586.44 78,951.29 23,484.31 27,150.84 300,182.38 Febraury 1,418,054.03 852,855.86 232,947.64 80,612.57 539,295.66 88,600.95 21,977.10 132,975.89 79,532.87 23,490.44 29,952.58 321,644.23 March 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 QIV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 April 1,461,366.00 875,059.06 238,831.51 83,813.29 552,414.27 86,972.25 23,373.06 137,795.34 80,784.70 23,494.01 33,516.64 338,166.29 May 1,476,272.12 886,117.98 239,141.17 85,825.80 561,151.01 100,880.95 23,897.56 140,582.22 81,221.32 23,496.26 35,864.65 324,793.41 June 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 2020/21 Qtr.I 1,613,930.46 1,020,322.63 269,917.20 91,583.91 658,821.52 97,699.75 27,650.16 132,885.23 83,326.31 26,401.11 23,157.80 335,372.71 July 1,520,145.19 951,709.40 256,873.81 89,190.29 605,645.30 96,026.08 25,541.08 126,737.40 82,239.28 26,236.21 18,261.92 320,131.22 August 1,554,042.58 969,927.91 251,588.52 92,736.28 625,603.11 100,238.00 27,043.66 130,074.74 82,670.51 26,676.42 20,727.81 326,758.27 September 1,613,930.46 1,020,322.63 269,917.20 91,583.91 658,821.52 97,699.75 27,650.16 132,885.23 83,326.31 26,401.11 23,157.80 335,372.71 Qtr.II 1,685,119.93 1,069,388.57 282,154.65 89,154.94 698,078.98 109,414.14 30,184.61 133,129.90 86,224.23 27,173.26 19,732.41 343,002.71 October 1,608,051.10 1,029,984.52 267,986.61 87,009.47 674,988.44 92,433.85 28,083.28 132,169.02 83,591.58 25,102.71 23,474.73 325,380.44 November 1,642,019.29 1,045,817.54 272,260.86 89,027.84 684,528.84 104,275.17 28,182.91 133,036.77 83,913.97 25,701.78 23,421.02 330,706.90 December 1,685,119.93 1,069,388.57 282,154.65 89,154.94 698,078.98 109,414.14 30,184.61 133,129.90 86,224.23 27,173.26 19,732.41 343,002.71 Qtr.III 1,772,820.09 1,132,091.96 291,829.38 91,673.01 748,589.57 98,776.82 32,715.75 145,544.84 90,327.76 27,272.10 27,944.97 363,690.72 January 1,699,086.39 1,079,559.90 281,107.50 89,531.51 708,920.90 104,147.28 30,401.39 135,857.34 87,291.18 27,267.86 21,298.30 349,120.47 February 1,731,813.83 1,091,667.47 276,457.74 91,651.02 723,558.71 102,958.51 30,691.68 140,062.65 88,515.90 27,269.94 24,276.80 366,433.51 March 1,772,820.09 1,132,091.96 291,829.38 91,673.01 748,589.57 98,776.82 32,715.75 145,544.84 90,327.76 27,272.10 27,944.97 363,690.72 Qtr.IV 1,883,899.91 1,214,644.86 303,770.68 94,493.84 816,380.34 107,523.89 33,851.44 163,931.60 94,830.26 27,285.92 41,815.42 363,948.11 April 1,774,887.20 1,147,878.29 284,501.48 93,057.82 770,318.98 102,666.03 32,874.01 151,395.22 90,984.01 27,297.47 33,113.74 340,073.65 May 1,834,608.09 1,174,107.96 296,055.81 92,999.27 785,052.88 113,654.20 34,055.40 156,801.29 92,179.43 27,277.34 37,344.51 355,989.24 June 1,883,899.91 1,214,644.86 303,770.68 94,493.84 816,380.34 107,523.89 33,851.44 163,931.60 94,830.26 27,285.92 41,815.42 363,948.11 2021/22 Qtr.I 1,980,455.61 1,257,347.63 312,964.32 98,745.88 845,637.43 100,755.67 35,412.24 163,229.87 97,226.11 30,509.63 35,494.13 423,710.21 July 1,969,318.35 1,283,551.71 352,252.45 96,482.21 834,817.05 109,303.11 33,284.26 156,770.04 95,462.49 29,882.76 31,424.79 386,409.22 August 1,968,312.79 1,249,364.74 314,520.38 97,632.35 837,212.01 108,544.91 32,972.05 160,309.58 96,150.39 30,044.71 34,114.48 417,121.52 September 1,980,455.61 1,257,347.63 312,964.32 98,745.88 845,637.43 100,755.67 35,412.24 163,229.87 97,226.11 30,509.63 35,494.13 423,710.21 Qtr.II 2,101,146.87 1,300,678.83 327,347.34 99,822.67 873,508.82 136,073.86 39,240.75 167,659.15 104,707.18 31,639.75 31,312.23 457,494.27 October 2,024,102.40 1,262,908.08 314,276.73 101,773.77 846,857.58 127,402.08 35,759.54 168,730.60 100,104.99 29,429.38 39,196.23 429,302.11 November 2,047,182.27 1,265,359.01 309,789.01 100,321.42 855,248.59 144,263.63 35,349.93 165,486.72 100,964.55 31,360.81 33,161.37 436,722.98 December 2,101,146.87 1,300,678.83 327,347.34 99,822.67 873,508.82 136,073.86 39,240.75 167,659.15 104,707.18 31,639.75 31,312.23 457,494.27 Qtr.III 2,256,253.66 1,409,207.48 360,851.54 106,463.97 941,891.97 141,223.10 42,167.25 184,797.33 110,241.17 32,004.26 42,551.90 478,858.50 January 2,119,219.52 1,309,701.33 325,910.72 99,516.63 884,273.98 137,183.46 39,613.89 171,513.45 106,508.76 31,810.67 33,194.02 461,207.39 February 2,181,424.40 1,346,365.91 338,146.60 103,393.53 904,825.77 148,297.25 40,686.42 177,066.84 108,803.06 31,989.48 36,274.30 469,007.98 March 2,256,253.66 1,409,207.48 360,851.54 106,463.97 941,891.97 141,223.10 42,167.25 184,797.33 110,241.17 32,004.26 42,551.90 478,858.50 Qtr.IV 2,401,768.91 1,541,927.26 414,633.05 111,245.37 1,016,048.84 121,274.09 41,140.56 223,087.85 127,521.41 32,089.74 63,476.69 474,339.16 April 2,303,217.74 1,423,888.36 360,975.43 108,502.46 954,410.47 139,888.89 41,912.84 192,287.60 110,932.35 32,034.20 49,321.06 505,240.05 May 2,356,163.28 1,478,502.87 388,031.85 110,967.98 979,503.03 125,437.57 41,661.71 206,726.56 118,472.26 32,161.87 56,092.42 503,834.57 June 2,401,768.91 1,541,927.26 414,633.05 111,245.37 1,016,048.84 121,274.09 41,140.56 223,087.85 127,521.41 32,089.74 63,476.69 474,339.16 2022/23 Qtr.I 2,509,609.61 1,629,988.42 427,123.69 118,190.31 1,084,674.42 110,362.69 41,086.28 244,300.37 132,259.82 34,557.80 77,482.76 483,871.86 July 2,408,949.85 1,555,552.96 413,489.90 113,173.13 1,028,889.94 98,870.18 39,931.92 236,042.01 129,825.40 34,450.73 71,765.89 478,552.79 August 2,516,843.70 1,586,649.14 413,649.56 116,003.27 1,056,996.31 110,024.19 41,790.89 240,688.43 130,564.03 34,454.93 75,669.46 537,691.06 September 2,509,609.61 1,629,988.42 427,123.69 118,190.31 1,084,674.42 110,362.69 41,086.28 244,300.37 132,259.82 34,557.80 77,482.76 483,871.86 Qtr.II 2,644,193.34 1,745,608.05 444,210.07 125,746.81 1,175,651.17 148,937.67 40,862.81 242,852.89 139,347.49 39,261.98 64,243.41 465,931.93 October 2,549,024.22 1,659,692.75 434,118.51 119,821.98 1,105,752.26 127,673.59 40,655.13 246,159.02 131,909.12 35,473.34 78,776.56 474,843.73 November 2,581,703.64 1,683,543.30 428,546.65 120,046.85 1,134,949.80 151,582.61 40,740.86 241,313.61 134,393.04 38,788.90 68,131.66 464,523.27 December 2,644,193.34 1,745,608.05 444,210.07 125,746.81 1,175,651.17 148,937.67 40,862.81 242,852.89 139,347.49 39,261.98 64,243.41 465,931.93 Qtr.III 2,742,922.06 1,839,212.30 468,943.30 139,043.61 1,231,225.39 138,227.56 39,043.78 262,260.69 148,684.94 39,261.98 74,313.76 464,177.73 January 2,685,814.69 1,766,333.97 443,362.97 131,695.09 1,191,275.90 147,875.86 41,389.33 250,792.83 142,250.57 39,261.98 69,280.28 479,422.70 February 2,696,811.62 1,777,099.04 441,651.78 135,482.90 1,199,964.36 145,460.49 39,232.89 256,529.83 143,870.81 39,261.99 73,397.03 478,489.38 March 2,742,922.06 1,839,212.30 468,943.30 139,043.61 1,231,225.39 138,227.56 39,043.78 262,260.69 148,684.94 39,261.98 74,313.76 464,177.73 Non-Central Gov't Deposits (In Millions of Birr) End of Period Total (Liab.= Assets) Gov't Depos. Foreign Liab. Capital Account Other Liab.

Assets 2019/20 Qtr.I 4,681.9 4,548.8 32,110.7 45,107.5 4,996.1 424.0 39,687.4 7,843.4 94,292.3 QIII 8,447.3 2,301.9 32,663.6 48,471.2 5,417.1 694.4 42,359.7 10,051.3 101,935.4 January 7,626.0 2,299.2 32,384.2 47,446.2 5,227.7 578.4 41,640.1 8,704.4 98,459.9 Febraury 8,487.1 2,399.1 32,468.7 47,929.0 5,355.1 591.5 41,982.3 8,047.7 99,331.5 March 8,447.3 2,301.9 32,663.6 48,471.2 5,417.1 694.4 42,359.7 10,051.3 101,935.4 QIV 8,022.5 4,718.3 33,036.4 51,103.5 3,519.4 890.0 46,694.1 7,209.9 104,090.6 April 5,202.6 5,881.2 32,784.9 48,941.4 5,359.7 735.6 42,846.2 9,688.9 102,499.0 May 5,359.5 4,726.5 32,912.6 50,031.2 5,439.1 789.0 43,803.1 10,320.7 103,350.5 June 8,022.5 4,718.3 33,036.4 51,103.5 3,519.4 890.0 46,694.1 7,209.9 104,090.6 2020/21 Qtr.I 8,684.0 2,625.9 33,416.6 51,992.5 4,732.1 5,476.5 41,783.9 7,416.8 104,135.8 July 8,512.5 3,694.5 33,164.0 51,541.5 4,689.9 5,629.3 41,222.3 8,927.8 105,840.3 August 8,353.8 3,261.6 33,292.5 51,998.4 4,718.1 5,458.4 41,821.9 8,915.9 105,822.3 September 8,684.0 2,625.9 33,416.6 51,992.5 4,732.1 5,476.5 41,783.9 7,416.8 104,135.8 Qtr.II 6,225.6 5,639.4 32,913.2 53,384.2 5,038.5 5,560.5 42,785.2 8,170.5 106,332.8 October 7,658.3 2,830.0 33,545.0 52,334.0 4,661.3 5,539.0 42,133.7 7,312.5 103,679.8 November 6,850.7 3,166.1 33,669.2 52,700.6 4,758.0 5,542.3 42,400.3 7,245.0 103,631.6 December 6,225.6 5,639.4 32,913.2 53,384.2 5,038.5 5,560.5 42,785.2 8,170.5 106,332.8 Qtr.III 7,733.4 4,649.9 54,303.8 54,214.0 5,247.1 4,955.8 44,011.1 17,128.4 138,029.5 January 6,804.1 4,917.4 33,041.5 54,069.1 5,181.5 5,412.4 43,475.1 8,564.7 107,396.9 February 7,779.2 4,529.9 44,796.4 54,114.6 5,240.5 4,911.4 43,962.7 18,042.4 129,262.6 March 7,733.4 4,649.9 54,303.8 54,214.0 5,247.1 4,955.8 44,011.1 17,128.4 138,029.5 Qtr.IV 8,319.8 4,661.0 53,927.2 55,431.4 5,487.6 5,012.9 44,931.0 17,384.1 139,723.6 April 8,127.1 4,420.5 54,419.7 55,002.8 5,368.8 4,907.1 44,726.9 18,033.1 140,003.2 May 7,774.7 4,604.1 54,556.3 51,718.7 5,404.4 4,950.4 41,363.9 21,938.9 140,592.8 June 8,319.8 4,661.0 53,927.2 55,431.4 5,487.6 5,012.9 44,931.0 17,384.1 139,723.6 2021/22 Qtr.I 9,839.7 5,137.7 54,308.0 50,960.7 5,123.5 4,361.4 41,475.8 19,185.5 139,431.5 July 11,048.8 4,588.3 54,055.5 55,649.4 0.0 4,366.7 51,282.7 17,006.5 142,348.5 August 9,817.4 5,822.9 54,183.8 51,571.8 5,103.0 4,061.0 42,407.8 19,581.7 140,977.6 September 9,839.7 5,137.7 54,308.0 50,960.7 5,123.5 4,361.4 41,475.8 19,185.5 139,431.5 Qtr.II 6,893.1 3,517.6 53,910.6 54,446.1 5,224.7 4,625.0 44,596.4 18,159.0 136,926.5 October 7,742.2 4,481.3 54,436.3 54,999.4 5,149.0 4,614.9 45,235.4 17,578.5 139,237.7 November 7,756.1 4,326.5 54,539.8 54,353.6 5,176.8 4,649.5 44,527.3 18,143.6 139,119.6 December 6,893.1 3,517.6 53,910.6 54,446.1 5,224.7 4,625.0 44,596.4 18,159.0 136,926.5 Qtr.III 15,042.6 2,926.2 54,277.1 55,476.7 5,203.9 4,083.9 46,188.9 18,076.8 145,799.4 January 11,132.7 3,214.0 54,034.8 54,956.6 5,253.4 4,789.2 44,914.1 17,769.6 141,107.7 February 13,646.9 3,616.0 54,161.2 54,216.3 5,268.9 4,141.7 44,805.8 17,921.7 143,562.2 March 15,042.6 2,926.2 54,277.1 55,476.7 5,203.9 4,083.9 46,188.9 18,076.8 145,799.4 Qtr.IV 8,823.5 4,042.1 54,678.6 49,452.4 5,060.9 816.5 43,575.0 17,336.0 134,332.6 April 13,356.0 2,601.1 54,405.4 56,032.4 5,213.6 4,135.3 46,683.5 17,707.3 144,102.3 May 7,279.0 3,498.5 54,529.6 53,871.9 5,204.8 741.3 47,925.8 12,668.0 131,847.0 June 8,823.5 4,042.1 54,678.6 49,452.4 5,060.9 816.5 43,575.0 17,336.0 134,332.6 2022/23 Qtr.I 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 July 9,721.3 3,121.4 53,772.0 44,119.0 5,595.6 270.0 38,253.4 23,594.8 134,328.4 August 10,832.1 5,194.5 53,900.3 46,753.6 5,627.5 276.2 40,849.8 21,124.0 137,804.6 September 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 Qtr.II 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 October 12,303.7 3,594.1 54,152.8 51,714.1 8,079.1 286.9 43,348.1 15,709.5 137,474.2 November 18,452.3 5,150.4 54,281.1 52,132.1 7,994.1 290.3 43,847.6 15,018.0 145,033.9 December 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Public Enterprise Cooperatives Private & Individual s Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total

Total N.B.E Others 2019/20 Qrt.I 94,292.3 653.4 121.5 7,873.8 63,285.3 63,225.6 59.7 0.0 10,467.8 11,890.5 July 92,008.4 793.1 124.4 7,635.0 62,890.4 62,830.9 59.4 0.0 9,405.6 11,160.0 August 93,494.8 670.9 120.9 7,810.6 63,079.4 63,019.9 59.5 0.0 10,420.0 11,392.9 September 94,292.3 653.4 121.5 7,873.8 63,285.3 63,225.6 59.7 0.0 10,467.8 11,890.5 Qrt.II 95,512.1 581.9 121.3 7,023.6 61,046.5 60,986.3 60.2 0.0 10,476.7 16,262.1 October 100,618.2 636.5 122.5 8,295.8 66,598.4 66,538.3 60.1 0.0 10,486.2 14,478.7 November 101,129.3 604.9 120.1 8,461.1 66,532.8 66,472.6 60.2 0.0 10,392.8 15,017.7 December 95,512.1 581.9 121.3 7,023.6 61,046.5 60,986.3 60.2 0.0 10,476.7 16,262.1 Qrt.III 101,935.4 594.9 121.6 7,049.9 65,982.9 65,922.3 60.7 0.0 11,096.4 17,089.6 January 98,459.9 571.7 122.4 7,411.3 66,095.2 66,034.9 60.3 0.0 10,494.1 13,765.3 Febraury 99,331.5 577.3 123.6 7,762.0 65,786.3 65,725.7 60.6 0.0 11,081.3 14,001.0 March 101,935.4 594.9 121.6 7,049.9 65,982.9 65,922.3 60.7 0.0 11,096.4 17,089.6 QIV 104,090.6 664.9 125.1 6,922.5 68,416.9 68,355.7 61.2 0.0 12,025.9 15,935.3 April 102,499.0 587.0 122.1 7,733.9 65,814.1 65,753.4 60.7 0.0 11,739.0 16,502.9 May 103,350.5 757.8 124.5 7,326.4 65,578.2 65,517.6 60.7 0.0 11,586.8 17,976.8 June 104,090.6 664.9 125.1 6,922.5 68,416.9 68,355.7 61.2 0.0 12,025.9 15,935.3 2020/21 Qrt.I 104,135.8 630.1 126.3 6,731.2 68,456.9 68,395.8 61.1 0.0 12,071.5 16,119.8 July 105,840.3 702.5 126.0 7,029.1 68,612.9 68,551.7 61.1 0.0 11,986.1 17,383.6 August 105,822.3 685.0 126.2 7,254.8 68,130.4 68,069.2 61.1 0.0 12,015.3 17,610.6 September 104,135.8 630.1 126.3 6,731.2 68,456.9 68,395.8 61.1 0.0 12,071.5 16,119.8 Qrt.II 106,332.8 825.0 126.5 7,014.6 67,464.7 67,416.6 48.1 0.0 14,134.4 16,767.5 October 103,679.8 600.7 131.9 7,074.0 68,250.7 68,189.6 61.1 0.0 12,108.6 15,513.8 November 103,631.6 596.2 76.6 7,310.2 68,446.2 68,392.5 53.7 0.0 12,826.6 14,375.7 December 106,332.8 825.0 126.5 7,014.6 67,464.7 67,416.6 48.1 0.0 14,134.4 16,767.5 Qrt.III 138,029.5 614.0 140.5 28,909.3 68,296.3 68,248.1 48.2 0.0 14,534.3 25,535.0 January 107,396.9 786.4 144.9 7,343.9 68,040.7 67,416.6 624.1 0.0 14,372.5 16,708.5 February 129,262.6 728.4 142.5 28,588.5 68,079.8 68,031.6 48.2 0.0 14,506.3 17,217.0 March 138,029.5 614.0 140.5 28,909.3 68,296.3 68,248.1 48.2 0.0 14,534.3 25,535.0 Qrt.IV 139,723.6 664.0 138.1 31,699.0 68,466.3 68,418.1 48.2 0.0 15,716.0 23,040.2 April 140,003.2 707.6 138.0 29,158.3 68,713.2 68,665.0 48.2 0.0 15,404.6 25,881.4 May 140,592.8 678.7 138.6 29,973.5 68,622.7 68,574.5 48.2 0.0 15,224.8 25,954.5 June 139,723.6 664.0 138.1 31,699.0 68,466.3 68,418.1 48.2 0.0 15,716.0 23,040.2 2020/21 Qrt.I 139,431.5 715.5 143.9 28,576.3 67,935.5 67,886.4 49.1 0.0 17,526.9 24,533.5 July 142,348.5 740.6 137.8 32,234.1 68,211.5 68,163.2 48.2 0.0 15,645.0 25,379.7 August 140,977.6 840.0 137.8 29,383.4 67,686.3 67,638.2 48.2 0.0 17,344.8 25,585.4 September 139,431.5 715.5 143.9 28,576.3 67,935.5 67,886.4 49.1 0.0 17,526.9 24,533.5 Qrt.II 136,926.5 795.3 94.0 32,039.4 64,831.7 64,783.5 48.2 0.0 17,554.5 21,611.6 October 139,237.7 783.0 143.1 29,044.1 66,185.9 66,137.7 48.2 0.0 17,566.9 25,514.8 November 139,119.6 889.0 91.8 32,218.3 66,243.2 66,195.0 48.2 0.0 17,342.9 22,334.5 December 136,926.5 795.3 94.0 32,039.4 64,831.7 64,783.5 48.2 0.0 17,554.5 21,611.6 Qrt.III 145,799.4 681.2 33.2 32,318.7 71,021.5 18,589.7 52,431.8 0.0 18,021.5 23,723.3 January 141,107.7 603.0 91.8 32,322.7 67,825.3 67,777.2 48.1 0.0 17,592.4 22,672.5 February 143,562.2 697.2 98.2 32,431.6 68,909.0 63,805.9 5,103.1 0.0 18,009.9 23,416.3 March 145,799.4 681.2 33.2 32,318.7 71,021.5 18,589.7 52,431.8 0.0 18,021.5 23,723.3 Qrt.IV 134,332.6 656.3 31.4 34,836.0 66,456.3 55,857.8 10,598.4 0.0 19,616.8 12,735.9 April 144,102.3 579.8 32.5 32,445.7 70,744.3 62,278.3 8,466.0 0.0 18,038.4 22,261.5 May 131,847.0 573.0 34.5 32,669.8 67,610.1 57,472.3 10,137.8 0.0 17,900.3 13,059.3 June 134,332.6 656.3 31.4 34,836.0 66,456.3 55,857.8 10,598.4 0.0 19,616.8 12,735.9 2022/23 Qrt.I 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 July 134,328.4 633.6 34.7 34,901.9 66,319.0 55,953.6 10,365.4 0.0 19,729.2 12,710.1 August 137,804.6 2,251.1 33.8 35,180.5 66,816.1 56,210.4 10,605.7 0.0 20,512.9 13,010.2 September 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 Qrt.II 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 October 137,474.2 1,061.6 47.0 35,134.9 67,182.1 56,345.4 10,836.7 0.0 20,938.8 13,109.8 November 145,033.9 930.9 40.5 35,414.8 71,095.6 56,301.2 14,794.4 0.0 22,779.5 14,772.6 December 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 Qrt.III 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 January 153,243.3 952.3 42.7 35,663.1 78,095.9 56,598.1 21,497.8 0.0 23,785.3 14,704.1 February 154,313.9 935.6 48.0 35,929.3 79,238.3 56,471.1 22,767.2 0.0 23,655.2 14,507.5 March 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 Foreign Advance & Loan Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't

Table 4: Money Supply and its Determinants 1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 2020/21 Qtr.I 64,666 269,917 334,583 750,405 1,084,989 1,318,618 148,399 209,593 (61,194) 1,170,219 (27,084) (32,638) 5,554 206,545 July 109,851 256,874 366,725 694,836 1,061,560 1,273,505 140,300 206,782 (66,481) 1,133,205 (35,568) (38,660) 3,092 176,377 August 107,355 251,589 358,944 718,339 1,077,283 1,290,945 143,477 210,509 (67,032) 1,147,468 (31,020) (35,506) 4,486 182,642 September 64,666 269,917 334,583 750,405 1,084,989 1,318,618 148,399 209,593 (61,194) 1,170,219 (27,084) (32,638) 5,554 206,545 Qtr.II 108,326 282,155 390,481 787,234 1,177,715 1,382,907 139,723 216,439 (76,716) 1,243,183 (19,456) (32,638) 13,182 185,736 October 84,361 267,987 352,347 761,998 1,114,345 1,315,755 137,220 192,395 (55,175) 1,178,535 (32,330) (38,660) 6,330 169,080 November 94,807 272,261 367,067 773,557 1,140,624 1,339,630 139,015 211,937 (72,923) 1,200,615 (25,965) (35,506) 9,541 173,041 December 108,326 282,155 390,481 787,234 1,177,715 1,382,907 139,723 216,439 (76,716) 1,243,183 (19,456) (32,638) 13,182 185,736 Qtr.III 127,518 291,829 419,348 840,263 1,259,610 1,454,898 163,477 221,260 (57,783) 1,291,421 (10,275) (32,638) 22,363 185,012 January 118,187 281,107 399,294 798,452 1,197,747 1,400,468 142,719 210,706 (67,987) 1,257,749 (24,866) (38,660) 13,794 177,855 February 121,962 276,458 398,420 815,210 1,213,630 1,423,995 151,282 212,606 (61,324) 1,272,713 (18,555) (35,506) 16,950 191,810 March 127,518 291,829 419,348 840,263 1,259,610 1,454,898 163,477 221,260 (57,783) 1,291,421 (10,275) (32,638) 22,363 185,012 Qtr.IV 133,621 303,771 437,392 910,874 1,348,266 1,562,695 214,269 245,019 (30,750) 1,348,426 10,455 (32,638) 43,094 224,884 April 140,161 284,501 424,662 863,377 1,288,039 1,483,846 177,454 234,409 (56,955) 1,306,392 (18,819) (38,660) 19,841 176,988 May 133,738 296,056 429,793 878,052 1,307,845 1,501,891 180,204 246,107 (65,903) 1,321,687 (13,144) (35,506) 22,362 180,901 June 133,621 303,771 437,392 910,874 1,348,266 1,562,695 214,269 245,019 (30,750) 1,348,426 10,455 (32,638) 43,094 224,884 2021/22 Qtr.I 135,811 312,964 448,775 944,383 1,393,158 1,637,001 287,175 280,753 6,422 1,349,826 16,992 (32,638) 49,630 260,835 July 136,508 352,252 488,760 931,299 1,420,060 1,608,203 250,407 252,950 (2,543) 1,357,796 10,587 (38,660) 49,247 198,730 August 135,227 314,520 449,747 934,844 1,384,592 1,610,977 273,440 251,049 22,391 1,337,537 10,276 (35,506) 45,782 236,662 September 135,811 312,964 448,775 944,383 1,393,158 1,637,001 287,175 280,753 6,422 1,349,826 16,992 (32,638) 49,630 260,835 Qtr.II 158,929 327,347 486,277 973,331 1,459,608 1,646,427 307,462 266,561 40,901 1,338,964 11,799 (32,638) 44,437 198,617 October 138,292 314,277 452,569 948,631 1,401,200 1,604,521 283,000 270,454 12,546 1,321,521 2,262 (38,660) 40,922 205,583 November 148,915 309,789 458,704 955,570 1,414,274 1,595,085 287,304 263,744 23,560 1,307,781 5,676 (35,506) 41,182 186,488 December 158,929 327,347 486,277 973,331 1,459,608 1,646,427 307,462 266,561 40,901 1,338,964 11,799 (32,638) 44,437 198,617 Qtr.III 171,253 360,852 532,105 1,048,356 1,580,461 1,771,210 358,405 300,885 57,520 1,412,805 (3,362) (32,638) 29,277 187,388 January 169,462 325,911 495,372 983,791 1,479,163 1,679,637 323,917 299,687 24,230 1,355,720 (9,665) (38,660) 28,995 190,809 February 171,271 338,147 509,417 1,008,219 1,517,637 1,711,512 331,395 292,795 38,600 1,380,117 (11,229) (35,506) 24,277 182,646 March 171,253 360,852 532,105 1,048,356 1,580,461 1,771,210 358,405 300,885 57,520 1,412,805 (3,362) (32,638) 29,277 187,388 Qtr.IV 173,222 414,633 587,855 1,127,294 1,715,149 1,930,622 422,132 326,216 95,915 1,508,490 (9,847) (32,638) 22,791 205,626 April 184,930 360,975 545,905 1,062,913 1,608,818 1,804,315 370,109 304,662 65,447 1,434,206 1,305 (38,660) 39,965 196,801 May 173,557 388,032 561,589 1,090,471 1,652,060 1,856,556 383,714 302,149 81,565 1,472,842 (2,756) (35,506) 32,750 201,740 June 173,222 414,633 587,855 1,127,294 1,715,149 1,930,622 422,132 326,216 95,915 1,508,490 (9,847) (32,638) 22,791 205,626 2022/23 Qtr.I 169,587 427,124 596,711 1,202,865 1,799,576 2,014,526 451,249 368,420 82,829 1,563,277 2,099 (32,638) 34,738 217,050 July 171,699 413,490 585,189 1,142,063 1,727,252 1,965,210 448,402 357,675 90,727 1,516,808 (16,391) (38,660) 22,269 221,567 August 167,085 413,650 580,735 1,173,000 1,753,734 1,982,559 449,427 367,069 82,358 1,533,132 (12,080) (35,506) 23,425 216,744 September 169,587 427,124 596,711 1,202,865 1,799,576 2,014,526 451,249 368,420 82,829 1,563,277 2,099 (32,638) 34,738 217,050 Qtr.II 201,143 444,210 645,353 1,301,398 1,946,751 2,160,671 469,794 433,193 36,601 1,690,876 (314) (32,638) 32,325 213,606 October 171,547 434,119 605,666 1,225,574 1,831,240 2,049,985 441,379 384,835 56,544 1,608,606 (8,222) (38,660) 30,438 210,523 November 184,934 428,547 613,481 1,254,997 1,868,477 2,085,303 444,052 420,408 23,644 1,641,251 (5,829) (35,506) 29,676 210,996 December 201,143 444,210 645,353 1,301,398 1,946,751 2,160,671 469,794 433,193 36,601 1,690,876 (314) (32,638) 32,325 213,606 Qtr.III 217,250 468,943 686,194 1,370,269 2,056,463 2,272,872 491,577 469,870 21,707 1,781,295 (8,220) (32,638) 24,418 208,189 January 207,432 443,363 650,795 1,322,971 1,973,766 2,189,741 477,687 448,122 29,565 1,712,055 (8,441) (38,660) 30,219 207,534 February 212,428 441,652 654,080 1,335,447 1,989,527 2,216,743 469,072 441,985 27,087 1,747,672 (14,326) (35,506) 21,179 212,890 March 217,250.4 468,943.3 686,193.7 1,370,269.0 2,056,462.7 2,272,872.0 491,577.4 469,870.1 21,707.3 1,781,294.7 (8,219.9) (32,638.2) 24,418.3 208,189.4 Nat. Bank Comm. Banks Claims on Non-Cen Gov't Total Nat. Bank Comm. Banks (In Millions of Birr) End of Period Other Items Net Currency Outside Banks Net Demand Deposit Money Supply QuasiMoney Total Volume Total Credit Total

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 (17,500.40) July 97,657.91 202,619.90 300,277.81 592,275.66 892,553.47 1,027,961.25 1,207,196.54 133.22 August 98,038.78 202,138.31 300,177.09 600,461.93 900,639.02 1,029,662.07 1,103,824.87 (1,354.09) September 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (17,500.40) QII 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (18,268.27) October 92,620.16 203,837.20 296,457.36 595,511.85 891,969.21 1,057,792.89 1,119,692.54 (14,918.44) November 92,463.21 204,306.16 296,769.37 593,921.60 890,690.96 1,093,258.58 852,642.63 (13,966.47) December 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (18,268.27) QIII 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (33,988.01) January 101,445.70 227,236.35 328,682.05 622,883.09 951,565.14 1,149,602.24 786,879.01 (20,553.91) Febraury 102,051.10 239,703.12 341,754.22 611,849.42 953,603.64 1,238,069.53 716,058.36 (30,498.12) March 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (33,988.01) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (22,411.26) April 108,290.69 247,429.44 355,720.13 635,591.33 991,311.46 1,296,579.36 1,074,662.73 (37,259.32) May 117,531.55 242,489.15 360,020.70 646,976.81 1,006,997.51 1,227,817.79 1,387,158.43 (29,676.37) June 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (22,411.26) 2020/21 Qtr.I 68,222.69 262,629.42 330,852.11 774,418.40 1,105,270.51 1,269,829.10 1,259,155.56 (26,082.14) July 116,222.46 256,103.18 372,325.64 709,427.14 1,081,752.78 1,239,120.63 1,449,369.31 (34,607.72) August 113,474.62 247,059.92 360,534.54 737,734.55 1,098,269.09 1,245,762.12 1,331,062.97 (29,934.14) September 68,222.69 262,629.42 330,852.11 774,418.40 1,105,270.51 1,269,829.10 1,259,155.56 (26,082.14) Qtr.II 114,283.99 274,536.47 388,820.45 812,425.41 1,201,245.86 1,331,739.33 1,337,665.42 (18,735.93) October 89,253.61 267,182.64 356,436.25 777,999.86 1,134,436.11 1,280,229.91 1,507,346.71 (31,457.18) November 100,210.48 267,360.16 367,570.64 794,442.71 1,162,013.34 1,292,742.79 1,392,713.73 (25,056.21) December 114,283.99 274,536.47 388,820.45 812,425.41 1,201,245.86 1,331,739.33 1,337,665.42 (18,735.93) 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) January 120,904.96 268,738.76 389,643.72 788,072.52 1,177,716.25 1,347,250.58 1,426,287.65 (23,921.41) February 118,791.16 266,228.79 385,019.95 798,905.54 1,183,925.49 1,406,907.03 1,083,078.99 (18,332.56) March 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 155,441.65 311,103.69 466,545.35 910,874.18 1,377,419.53 1,584,634.91 1,871,614.62 10,602.23 April 133,993.56 294,743.52 428,737.09 862,513.43 1,291,250.52 1,553,586.83 1,273,732.29 (19,703.27) May 138,017.14 300,200.58 438,217.72 878,052.15 1,316,269.88 1,507,898.25 1,654,751.91 (13,196.47) June 155,441.65 311,103.69 466,545.35 910,874.18 1,377,419.53 1,584,634.91 1,871,614.62 10,602.23 2021/22 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 July 144,425.42 351,195.68 495,621.10 950,856.55 1,446,477.65 1,564,781.12 1,736,621.18 10,300.81 August 142,934.71 308,859.00 451,793.71 960,085.16 1,411,878.87 1,554,592.71 1,551,542.98 9,916.55 September 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 126,301.08 322,764.47 449,065.55 953,864.86 1,402,930.41 1,648,073.17 937,275.02 11,810.52 October 141,473.09 300,448.54 441,921.63 936,299.14 1,378,220.77 1,543,549.44 1,498,605.37 2,176.32 November 145,043.14 298,326.81 443,369.95 936,458.60 1,379,828.55 1,575,944.22 1,112,921.67 5,608.26 December 126,301.08 322,764.47 449,065.55 953,864.86 1,402,930.41 1,648,073.17 937,275.02 11,810.52 Qtr.III 136,095.14 355,799.61 491,894.74 1,027,388.82 1,519,283.57 1,772,981.67 988,963.66 (3,365.04) January 173,359.14 311,570.64 484,929.78 971,001.33 1,455,931.11 1,615,810.51 1,537,386.01 (9,297.90) February 166,817.63 325,635.17 492,452.80 988,054.92 1,480,507.72 1,690,973.64 1,174,479.14 (11,094.28) March 136,095.14 355,799.61 491,894.74 1,027,388.82 1,519,283.57 1,772,981.67 988,963.66 (3,365.04) Qtr.IV 201,509.05 424,642.28 626,151.33 1,127,294.21 1,753,445.54 1,957,727.73 2,093,784.29 (9,985.36) April 176,793.09 373,970.54 550,763.63 1,061,850.01 1,612,613.64 1,889,117.57 1,398,350.92 1,366.33 May 179,111.22 393,464.29 572,575.51 1,090,471.02 1,663,046.53 1,863,982.06 1,843,997.80 (2,766.60) June 201,509.05 424,642.28 626,151.33 1,127,294.21 1,753,445.54 1,957,727.73 2,093,784.29 (9,985.36) 2022/23 Qtr.I 178,914.67 415,591.34 594,506.01 1,241,356.40 1,835,862.41 1,939,988.87 1,682,086.34 2,021.73 July 181,657.89 412,249.42 593,907.31 1,166,046.39 1,759,953.70 1,912,149.64 1,939,998.06 (15,948.43) August 176,609.00 406,203.86 582,812.86 1,204,670.57 1,787,483.43 1,913,169.28 1,778,433.16 (11,657.48) September 178,914.67 415,591.34 594,506.01 1,241,356.40 1,835,862.41 1,939,988.87 1,682,086.34 2,021.73 Qtr.II 159,848.28 437,991.12 597,839.40 1,275,370.02 1,873,209.42 2,162,831.17 1,183,613.54 (313.82) October 175,492.97 415,017.29 590,510.26 1,209,641.77 1,800,152.02 1,972,085.82 1,824,159.48 (7,909.52) November 180,125.70 412,690.41 592,816.11 1,229,896.72 1,822,712.83 2,060,279.13 1,396,704.46 (5,759.54) December 159,848.28 437,991.12 597,839.40 1,275,370.02 1,873,209.42 2,162,831.17 1,183,613.54 (313.82) Qtr.III 172,648.92 462,378.10 635,027.02 1,342,863.62 1,977,890.64 2,275,144.91 1,246,906.26 (8,228.14) January 212,203.25 423,855.00 636,058.25 1,305,772.37 1,941,830.63 2,106,531.29 1,941,470.00 (8,120.29) February 206,904.72 425,310.67 632,215.38 1,308,738.31 1,940,953.69 2,190,142.41 1,487,268.55 (14,154.52) March 172,648.92 462,378.10 635,027.02 1,342,863.62 1,977,890.64 2,275,144.91 1,246,906.26 (8,228.14) 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)

Gross Reserve NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2021/22 Qtr.I 184,216 99,173 1,887 89,322 7,253 711 85,042 228,674 35,412 193,261 (44,458) (94,088) 49,630 July 194,163 111,632 606 103,323 7,016 687 82,531 201,906 33,284 168,622 (7,744) (56,990) 49,247 August 174,890 96,136 3,663 84,570 7,200 703 78,754 206,781 32,972 173,809 (31,891) (77,673) 45,782 September 184,216 99,173 1,887 89,322 7,253 711 85,042 228,674 35,412 193,261 (44,458) (94,088) 49,630 Qtr.II 164,535 80,858 835 71,699 7,573 750 83,678 242,157 39,241 202,916 (77,622) (122,059) 44,437 October 177,648 100,966 925 91,888 7,427 727 76,682 238,775 35,760 203,016 (61,128) (102,050) 40,922 November 161,790 85,259 201 76,863 7,467 727 76,532 232,552 35,350 197,202 (70,762) (111,944) 41,182 December 164,535 80,858 835 71,699 7,573 750 83,678 242,157 39,241 202,916 (77,622) (122,059) 44,437 Qtr.III 154,826 83,382 1,391 73,441 7,784 766 71,444 249,067 42,167 206,900 (94,242) (123,518) 29,277 January 146,023 77,414 684 68,311 7,664 755 68,609 241,146 39,614 201,532 (95,123) (124,118) 28,995 Febraury 152,171 87,208 234 78,446 7,756 771 64,963 250,962 40,686 210,275 (98,791) (123,067) 24,277 March 154,826 83,382 1,391 73,441 7,784 766 71,444 249,067 42,167 206,900 (94,242) (123,518) 29,277 Qtr.IV 143,751 79,820 2,065 69,140 7,857 757 63,932 255,179 41,141 214,038 (111,428) (134,219) 22,791 April 162,433 80,556 2,310 69,654 7,836 755 81,878 251,882 41,913 209,969 (89,448) (129,413) 39,965 May 150,090 75,678 1,964 65,200 7,755 758 74,412 247,856 41,662 206,194 (97,766) (130,516) 32,750 June 143,751 79,820 2,065 69,140 7,857 757 63,932 255,179 41,141 214,038 (111,428) (134,219) 22,791 2022/23 Qtr.I 140,233 64,409 33 55,745 7,905 726 75,824 261,004 41,086 219,918 (120,772) (155,509) 34,738 July 127,353 65,152 1,040 55,325 8,039 748 62,201 256,281 39,932 216,349 (128,928) (151,197) 22,269 August 130,892 65,676 33 57,046 7,853 744 65,216 260,968 41,791 219,177 (130,075) (153,501) 23,425 September 140,233 64,409 33 55,745 7,905 726 75,824 261,004 41,086 219,918 (120,772) (155,509) 34,738 Qtr.II 136,136 62,948 2 56,164 6,001 781 73,188 276,159 40,863 235,296 (140,023) (172,348) 32,325 October 134,004 62,911 777 53,078 8,312 744 71,093 260,433 40,655 219,778 (126,429) (156,867) 30,438 November 133,873 63,456 8 57,170 5,517 761 70,417 264,199 40,741 223,458 (130,326) (160,002) 29,676 December 136,136 62,948 2 56,164 6,001 781 73,188 276,159 40,863 235,296 (140,023) (172,348) 32,325 Qtr.III 112,447 48,985 44 44,826 3,325 790 63,462 274,028 39,044 234,985 (161,582) (186,000) 24,418 January 137,250 65,642 25 58,213 6,616 787 71,608 280,419 41,389 239,030 (143,169) (173,388) 30,219 Febraury 123,568 63,156 39 56,328 6,011 778 60,412 283,515 39,233 244,282 (159,947) (181,126) 21,179 March 112,447 48,985 44 44,826 3,325 790 63,462 274,028 39,044 234,985 (161,582) (186,000) 24,418 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve

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 QIII 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 January 1,276,631.17 241,264.05 218,237.75 23,026.30 1,035,367.12 573,183.63 462,183.50 Febraury 1,317,946.39 241,166.90 218,237.75 22,929.16 1,076,779.49 588,935.31 487,844.18 March 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 April 1,347,383.71 245,165.52 221,237.75 23,927.78 1,102,218.19 614,277.62 487,940.57 May 1,356,212.47 248,258.45 221,237.75 27,020.70 1,107,954.02 619,795.61 488,158.41 June 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 July 1,405,895.12 272,690.03 243,145.31 29,544.72 1,133,205.09 635,706.99 497,498.10 August 1,423,819.28 276,351.20 243,145.31 33,205.89 1,147,468.08 649,348.40 498,119.67 September 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 October 1,458,935.03 280,399.68 243,141.31 37,258.38 1,178,535.35 668,405.26 510,130.09 November 1,480,108.93 279,493.65 248,141.31 31,352.34 1,200,615.28 688,768.70 511,846.59 December 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 January 1,535,772.64 278,023.39 241,862.65 36,160.74 1,257,749.25 729,292.36 528,456.89 Febraury 1,566,209.99 293,496.73 251,862.65 41,634.08 1,272,713.27 741,977.76 530,735.51 March 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 April 1,618,965.47 312,573.38 266,862.65 45,710.73 1,306,392.10 776,357.87 530,034.22 May 1,646,300.79 324,613.96 276,862.65 47,751.32 1,321,686.83 788,116.78 533,570.05 June 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 July 1,746,418.65 388,622.57 281,862.65 106,759.93 1,357,796.08 825,545.44 532,250.64 August 1,750,335.50 412,798.45 281,862.65 130,935.80 1,337,537.05 810,540.65 526,996.41 September 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 October 1,772,896.57 451,375.08 311,427.10 139,947.98 1,321,521.49 816,816.84 504,704.65 November 1,787,031.56 479,250.51 311,427.10 167,823.42 1,307,781.05 822,861.83 484,919.22 December 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 1,958,975.19 546,169.96 347,427.10 198,742.86 1,412,805.23 909,914.10 502,891.12 January 1,857,559.77 501,840.19 340,427.10 161,413.09 1,355,719.58 862,220.44 493,499.14 Febraury 1,914,441.30 534,324.80 347,427.10 186,897.70 1,380,116.50 878,282.75 501,833.75 March 1,958,975.19 546,169.96 347,427.10 198,742.86 1,412,805.23 909,914.10 502,891.12 Qtr.IV 2,083,106.67 574,616.55 357,427.10 217,189.45 1,508,490.13 994,296.12 514,194.01 April 1,986,968.56 552,762.49 347,427.10 205,335.40 1,434,206.07 924,571.15 509,634.92 May 2,037,271.41 564,429.71 357,427.10 207,002.62 1,472,841.70 961,250.54 511,591.16 June 2,083,106.67 574,616.55 357,427.10 217,189.45 1,508,490.13 994,296.12 514,194.01 2022/23 Qtr.I 2,173,460.33 610,183.07 416,991.55 193,191.52 1,563,277.26 1,043,794.07 519,483.20 July 2,103,832.42 587,023.92 397,427.10 189,596.83 1,516,808.49 1,003,265.96 513,542.53 August 2,122,505.60 589,373.57 396,991.55 192,382.02 1,533,132.04 1,019,729.31 513,402.72 September 2,173,460.33 610,183.07 416,991.55 193,191.52 1,563,277.26 1,043,794.07 519,483.20 Qtr.II 2,350,406.97 659,530.47 473,991.55 185,538.93 1,690,876.49 1,153,410.01 537,466.48 October 2,236,815.69 628,209.45 443,991.55 184,217.91 1,608,606.24 1,083,660.02 524,946.22 November 2,280,468.82 639,217.98 463,991.55 175,226.44 1,641,250.84 1,115,251.49 525,999.35 December 2,350,406.97 659,530.47 473,991.55 185,538.93 1,690,876.49 1,153,410.01 537,466.48 Qtr.III 2,455,221.09 673,926.43 513,991.55 159,934.88 1,781,294.66 1,212,578.41 568,716.26 January 2,383,486.71 671,432.04 493,991.55 177,440.49 1,712,054.67 1,164,204.74 547,849.93 Febraury 2,424,210.64 676,539.02 503,991.55 172,547.48 1,747,671.62 1,181,782.21 565,889.40 March 2,455,221.09 673,926.43 513,991.55 159,934.88 1,781,294.66 1,212,578.41 568,716.26 Loans & Advances Investments Gross Domestic Credit Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total

1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2019/20 Qtr.I 918495.0 818660.4 225668.9 502444.5 90546.9 99834.7 20433.5 79401.2 July 893141.7 783577.6 203229.6 490063.5 90284.5 109564.1 29330.0 80234.1 August 897513.8 790757.2 205843.5 494265.0 90648.7 106756.6 22697.6 84059.1 September 918495.0 818660.4 225668.9 502444.5 90546.9 99834.7 20433.5 79401.2 QII 968377.7 852170.8 233018.8 529431.0 89720.9 116206.9 30939.5 85267.4 October 926806.5 816834.6 213218.8 513078.4 90537.4 109971.9 27562.2 82409.7 November 936041.3 818482.6 212155.9 515494.8 90831.9 117558.7 28868.8 88689.9 December 968377.7 852170.8 233018.8 529431.0 89720.9 116206.9 30939.5 85267.4 QIII 991737.3 877914.7 246556.7 550592.7 80765.3 113822.6 26131.4 87691.1 January 977105.2 850076.3 225656.8 533773.7 90645.8 127028.9 29697.8 97331.1 Febraury 973747.1 853160.0 232947.6 539599.8 80612.6 120587.1 31986.1 88601.0 March 991737.3 877914.7 246556.7 550592.7 80765.3 113822.6 26131.4 87691.1 QIV 1133363.0 1002114.6 251513.7 659017.0 91583.9 131248.3 33548.6 97699.7 April 1066249.9 933860.0 238831.5 605838.2 89190.3 132389.8 36363.8 96026.1 May 1090528.2 957654.1 239141.2 625776.7 92736.3 132874.1 32636.1 100238.0 June 1133363.0 1002114.6 251513.7 659017.0 91583.9 131248.3 33548.6 97699.7 2020/21 Qtr.I 1151766.4 1020518.1 269917.2 659017.0 91583.9 131248.3 33548.6 97699.7 July 1084292.2 951902.3 256873.8 605838.2 89190.3 132389.8 36363.8 96026.1 August 1102975.5 970101.5 251588.5 625776.7 92736.3 132874.1 32636.1 100238.0 September 1151766.4 1020518.1 269917.2 659017.0 91583.9 131248.3 33548.6 97699.7 Qtr.II 1210840.9 1069724.7 282154.6 698415.1 89154.9 141116.2 31702.1 109414.1 October 1173382.9 1030203.1 267986.6 675207.1 87009.5 143179.7 50745.9 92433.8 November 1186499.2 1046020.1 272260.9 684731.4 89027.8 140479.1 36203.9 104275.2 December 1210840.9 1069724.7 282154.6 698415.1 89154.9 141116.2 31702.1 109414.1 Qtr.III 1261780.3 1132400.7 291829.4 748898.4 91673.0 129379.5 30602.7 98776.8 January 1215236.3 1079932.1 281107.5 709293.1 89531.5 135304.3 31157.0 104147.3 Febraury 1234210.5 1091995.4 276457.7 723886.7 91651.0 142215.0 39256.5 102958.5 March 1261780.3 1132400.7 291829.4 748898.4 91673.0 129379.5 30602.7 98776.8 Qtr.IV 1360219.5 1215852.2 303770.7 817587.7 94493.8 144367.3 36843.5 107523.9 April 1283620.7 1148501.3 284501.5 770942.1 93057.8 135119.4 32453.4 102666.0 May 1319664.2 1175254.1 296055.8 786199.0 92999.3 144410.1 30755.9 113654.2 June 1360219.5 1215852.2 303770.7 817587.7 94493.8 144367.3 36843.5 107523.9 2021/22 Qtr.I 1389560.1 1257694.6 312964.3 845984.4 98745.9 131865.5 31109.8 100755.7 July 1422056.3 1283840.3 352252.4 835105.6 96482.2 138216.1 28912.9 109303.1 August 1389026.8 1249668.2 314520.4 837515.5 97632.4 139358.6 30813.7 108544.9 September 1389560.1 1257694.6 312964.3 845984.4 98745.9 131865.5 31109.8 100755.7 Qtr.II 1482471.9 1301532.0 327347.3 874362.0 99822.7 180939.9 44866.0 136073.9 October 1431614.8 1263239.5 314276.7 847189.0 101773.8 168375.3 40973.2 127402.1 November 1457939.0 1265992.7 309789.0 855882.3 100321.4 191946.3 47682.7 144263.6 December 1482471.9 1301532.0 327347.3 874362.0 99822.7 180939.9 44866.0 136073.9 Qtr.III 1598050.3 1410285.6 360851.5 942970.1 106464.0 187764.7 46541.6 141223.1 January 1488169.1 1310246.0 325910.7 884818.7 99516.6 177923.1 40739.6 137183.5 Febraury 1550166.6 1347237.1 338146.6 905697.0 103393.5 202929.5 54632.3 148297.3 March 1598050.3 1410285.6 360851.5 942970.1 106464.0 187764.7 46541.6 141223.1 Qtr.IV 1695244.5 1542759.6 414633.0 1016881.2 111245.4 152484.9 31210.8 121274.1 April 1606914.8 1424261.1 360975.4 954783.2 108502.5 182653.8 42764.9 139888.9 May 1660173.3 1479457.7 388031.8 980457.9 110968.0 180715.6 55278.0 125437.6 June 1695244.5 1542759.6 414633.0 1016881.2 111245.4 152484.9 31210.8 121274.1 2022/23 Qtr.I 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 July 1694761.7 1556139.6 413489.9 1029476.6 113173.1 138622.1 39751.9 98870.2 August 1727178.4 1587231.6 413649.5 1057578.8 116003.3 139946.8 29922.6 110024.2 September 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 Qtr.II 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 October 1847045.7 1660215.3 434118.5 1106274.8 119822.0 186830.4 59156.8 127673.6 November 1880660.4 1685494.3 428546.6 1136900.8 120046.9 195166.1 43583.4 151582.6 December 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 Qtr.III 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 January 1962387.6 1768642.3 443363.0 1193584.3 131695.1 193745.2 45869.4 147875.9 Febraury 1985364.0 1777896.7 441651.8 1200762.0 135482.9 207467.3 62006.8 145460.5 March 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 Time Dep. (30 days & over) Total National Bank Comm. Banks Table 8: Deposits by Type and Sector (In Millions of Birr) Non-Central Gov't Deposits with CBs Central Gov't Dep. with End of Period Total Deposits Total Net Demand Deposit Savings Deposit

1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2020/21 Qtr.I 53517.0 184698.6 131181.6 33204.1 27650.2 27650.2 0.0 190,252.6 19.6 60.7 -31821.6 -0.1 July 55910.9 157446.7 101535.8 28633.1 25541.1 25541.1 0.0 160,538.7 15.7 59.9 1380544.0 3.4 August 52396.4 158242.1 105845.7 31529.4 27043.7 27043.7 0.0 162,727.9 17.1 60.7 1412839.0 3.6 September 53517.0 184698.6 131181.6 33204.1 27650.2 27650.2 0.0 190,252.6 19.6 60.7 -31821.6 -0.1 Qtr.II 57514.8 146676.5 89161.7 43367.0 30184.6 30184.6 0.0 159,859.0 15.3 59.9 -28127.2 -0.1 October 58956.9 151069.9 92112.9 34413.3 28083.3 28083.3 0.0 157,399.9 14.7 60.8 1486082.3 3.5 November 56131.8 162537.8 106405.9 37723.5 28182.9 28182.9 0.0 172,078.4 16.7 59.5 1500205.9 3.6 December 57514.8 146676.5 89161.7 43367.0 30184.6 30184.6 0.0 159,859.0 15.3 59.9 -28127.2 -0.1 Qtr.III 59747.7 136453.4 76705.7 55078.8 32715.7 32715.7 0.0 158,816.4 14.5 62.1 -5192.1 0.0 January 61558.9 146024.9 84466.1 44195.2 30401.4 30401.4 0.0 159,818.7 14.1 61.8 1566437.1 3.7 Febraury 59204.0 132804.5 73600.5 47642.1 30691.7 30691.7 0.0 149,754.9 13.9 61.6 1610210.5 3.9 March 59747.7 136453.4 76705.7 55078.8 32715.7 32715.7 0.0 158,816.4 14.5 62.1 -5192.1 0.0 Qtr.IV 64445.4 131471.8 67026.3 76945.1 33851.4 33851.4 0.0 174,565.4 14.9 61.1 -17860.6 0.0 April 66168.8 143838.9 77670.0 52715.3 32874.0 32874.0 0.0 163,680.2 13.5 61.6 1639967.3 3.7 May 62558.4 164964.5 102406.1 56417.1 34055.4 34055.4 0.0 187,326.2 16.3 62.1 1685086.2 4.0 June 64445.4 131471.8 67026.3 76945.1 33851.4 33851.4 0.0 174,565.4 14.9 61.1 -17860.6 0.0 2021/22 Qtr.I 67910.7 152532.3 84621.7 85042.5 35412.2 35412.2 0.0 202,162.6 16.2 59.7 -19114.4 0.0 July 67922.5 162612.7 94690.2 82531.0 33284.3 33284.3 0.0 211,859.5 16.8 60.2 1818572.2 4.1 August 69657.2 141329.0 71671.8 78753.9 32972.0 32972.0 0.0 187,110.8 14.6 59.3 1837448.3 3.7 September 67910.7 152532.3 84621.7 85042.5 35412.2 35412.2 0.0 202,162.6 16.2 59.7 -19114.4 0.0 Qtr.II 70512.8 174091.0 103578.2 83677.7 39240.8 39240.8 0.0 218,528.0 17.3 58.3 -29222.7 -0.1 October 71880.3 184187.6 112307.3 76681.9 35759.5 35759.5 0.0 225,110.0 17.3 59.2 1850680.0 3.6 November 69532.1 189998.5 120466.4 76531.9 35349.9 35349.9 0.0 231,180.4 18.3 58.7 1866495.3 3.9 December 70512.8 174091.0 103578.2 83677.7 39240.8 39240.8 0.0 218,528.0 17.3 58.3 -29222.7 -0.1 Qtr.III 74776.7 183936.1 109159.4 71443.8 42167.2 42167.2 0.0 213,212.7 15.8 58.7 727.6 0.0 January 77575.4 193187.3 115611.9 68608.8 39613.9 39613.9 0.0 222,182.3 15.8 58.6 1937962.6 3.5 Febraury 72371.5 188647.9 116276.4 64963.0 40686.4 40686.4 0.0 212,924.5 16.3 59.6 2007447.1 4.0 March 74776.7 183936.1 109159.4 71443.8 42167.2 42167.2 0.0 213,212.7 15.8 58.7 727.6 0.0 Qtr.IV 80244.8 180866.6 100621.9 63931.7 41140.6 41140.6 0.0 203,657.8 13.8 59.9 -4391.0 0.0 April 83201.7 167381.1 84179.4 81877.9 41912.8 41912.8 0.0 207,346.2 13.4 59.8 2151482.7 3.8 May 78207.5 170637.1 92429.6 74411.7 41661.7 41661.7 0.0 203,387.1 14.3 59.1 2199478.3 4.0 June 80244.8 180866.6 100621.9 63931.7 41140.6 41140.6 0.0 203,657.8 13.8 59.9 -4391.0 0.0 2022/23 Qtr.I 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 July 87044.9 201755.8 114710.8 62201.0 39931.9 39931.9 0.0 224,024.9 13.7 60.0 2211693.1 3.8 August 82750.5 209231.7 126481.2 65216.2 41790.9 41790.9 0.0 232,657.0 15.0 60.6 2309939.7 4.2 September 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 Qtr.II 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 October 94758.5 210168.0 115409.5 71093.3 40655.1 40655.1 0.0 240,606.1 13.8 60.9 2342477.7 3.7 November 89394.4 227924.7 138530.3 70417.0 40740.9 40740.9 0.0 257,600.9 15.5 60.6 2360083.7 3.8 December 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 Qtr.III 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 January 98909.9 226696.1 127786.2 71608.4 41389.3 41389.3 0.0 256,915.1 14.0 61.3 2466151.3 3.8 Febraury 95825.9 214744.4 118918.5 60412.1 39232.9 39232.9 0.0 235,923.6 13.3 60.7 2489143.3 3.9 March 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 Note: 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. 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. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits Ratio: Loans Adv. to Dep. Debit Balance TurnOver of Total Short Deposit Term Long Term (In Millions of Birr) End of Period Reserve Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio

2019/20 Qtr.I 124143.8 122970.8 374.8 1551.8 3766.4 11166.3 106111.5 1173.0 0.8 41.5 99.5 73.3 121.0 836.9 July 122335.0 121167.2 374.3 1542.6 3739.3 11244.4 104266.7 1167.8 0.8 41.4 99.5 73.4 120.9 831.7 August 121819.8 120650.2 374.1 1545.7 3746.1 11252.4 103731.7 1169.6 0.8 41.4 99.5 73.4 120.9 833.6 September 124143.8 122970.8 374.8 1551.8 3766.4 11166.3 106111.5 1173.0 0.8 41.5 99.5 73.3 121.0 836.9 QII 128238.0 127057.0 374.2 1628.5 4030.4 11526.2 109497.7 1181.0 0.8 41.5 99.5 73.4 121.2 844.6 October 121587.0 120411.5 374.5 1544.6 3764.3 10810.2 103918.0 1175.5 0.8 41.5 99.5 73.3 121.0 839.4 November 123104.9 121925.8 374.4 1572.3 3852.1 10889.1 105237.9 1179.1 0.8 41.5 99.5 73.4 121.1 842.7 December 128238.0 127057.0 374.2 1628.5 4030.4 11526.2 109497.7 1181.0 0.8 41.5 99.5 73.4 121.2 844.6 QIII 139272.7 138080.7 376.4 1709.2 4226.1 12431.6 119337.4 1192.0 0.8 41.4 99.5 73.3 122.5 854.4 January 134319.6 133133.2 376.6 1685.3 4158.2 12053.1 114859.9 1186.4 0.8 41.5 99.5 73.4 121.3 850.0 Febraury 136850.9 135661.3 376.5 1685.2 4158.0 11968.0 117473.4 1189.7 0.8 41.5 99.4 73.2 121.9 852.8 March 139272.7 138080.7 376.4 1709.2 4226.1 12431.6 119337.4 1192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 140676.8 139482.2 375.8 1674.6 4389.0 12225.4 120817.5 1194.6 0.8 41.5 99.5 73.2 123.1 856.5 April 145382.3 144189.7 375.5 1695.4 4326.4 12874.1 124918.3 1192.6 0.8 41.4 99.5 73.3 123.0 854.6 May 143791.7 142598.0 376.0 1675.7 4291.4 12674.9 123580.0 1193.7 0.8 41.4 99.5 73.3 123.1 855.6 June 140676.8 139482.2 375.8 1674.6 4389.0 12225.4 120817.5 1194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 124558.5 123361.6 375.8 1520.3 4430.4 10642.3 106393.0 1196.9 0.8 41.4 99.4 73.1 123.3 858.7 July 140883.2 139687.7 375.9 1631.7 4448.4 12165.6 121066.1 1195.4 0.8 41.5 99.5 73.2 123.2 857.2 August 138917.3 137720.8 375.9 1606.7 4519.7 11914.5 119304.0 1196.5 0.8 41.5 99.5 73.2 123.3 858.3 September 124558.5 123361.6 375.8 1520.3 4430.4 10642.3 106393.0 1196.9 0.8 41.4 99.4 73.1 123.3 858.7 Qtr.II 139017.2 137817.6 373.0 1538.1 6611.0 15844.8 56691.9 56758.8 1199.7 0.8 41.4 99.4 73.1 123.2 861.7 October 128100.7 126904.2 374.5 1514.5 6469.2 15657.9 67175.1 35713.0 1196.5 0.8 41.4 99.4 73.1 123.2 858.5 November 130346.7 129150.7 373.8 1480.0 6588.5 15700.1 55673.9 49334.4 1196.0 0.8 41.4 99.4 73.1 123.1 858.1 December 139017.2 137817.6 373.0 1538.1 6611.0 15844.8 56691.9 56758.8 1199.7 0.8 41.4 99.4 73.1 123.2 861.7 Qtr.III 159636.9 158424.2 372.7 1605.5 6789.7 14970.3 59977.3 74708.8 1212.6 0.8 41.4 99.4 73.0 123.8 874.1 January 147819.5 146616.8 372.6 1592.7 6720.7 15248.8 57258.1 65423.8 1202.7 0.8 41.4 99.4 73.1 123.3 864.7 February 150277.0 149071.6 372.6 1599.6 6668.1 14514.8 57262.5 68654.0 1205.4 0.8 41.4 99.4 73.0 123.3 867.5 March 159636.9 158424.2 372.7 1605.5 6789.7 14970.3 59977.3 74708.8 1212.6 0.8 41.4 99.4 73.0 123.8 874.1 Qtr.IV 163861.0 162638.3 372.8 1574.6 6180.0 14058.6 60268.5 80183.9 1222.7 0.8 41.4 99.4 73.0 124.3 883.7 April 166330.5 165115.7 372.7 1605.7 6683.0 15278.1 61916.3 79259.9 1214.8 0.8 41.4 99.4 73.0 123.8 876.3 May 165655.3 164436.0 372.8 1604.5 6415.2 14859.0 61316.1 79868.5 1219.3 0.8 41.4 99.4 73.0 124.1 880.5 June 163861.0 162638.3 372.8 1574.6 6180.0 14058.6 60268.5 80183.9 1222.7 0.8 41.4 99.4 73.0 124.3 883.7 2021/22 Qtr.I 167348.0 166108.6 373.4 1555.7 6033.7 13977.5 60653.6 83514.6 1239.4 0.8 41.4 99.4 73.1 124.9 899.7 July 165949.7 164720.8 373.5 1576.6 6197.1 14242.3 60707.4 81623.8 1228.9 0.8 41.4 99.4 73.1 124.6 889.6 August 162913.5 161680.9 373.5 1562.2 6048.9 13688.9 59461.4 80546.0 1232.6 0.8 41.4 99.4 73.1 124.6 893.3 September 167348.0 166108.6 373.4 1555.7 6033.7 13977.5 60653.6 83514.6 1239.4 0.8 41.4 99.4 73.1 124.9 899.7 Qtr.II 187557.9 186303.5 373.3 1620.5 6351.7 15477.5 65181.8 97298.6 1254.4 0.8 41.4 99.4 73.1 125.4 914.3 October 167053.4 165807.2 373.4 1561.6 5912.0 13606.7 59946.0 84407.5 1246.2 0.8 41.4 99.4 73.1 125.0 906.4 November 174844.9 173594.4 373.3 1566.7 6124.9 14706.1 62372.8 88450.5 1250.5 0.8 41.4 99.4 73.1 125.1 910.7 December 187557.9 186303.5 373.3 1620.5 6351.7 15477.5 65181.8 97298.6 1254.4 0.8 41.4 99.4 73.1 125.4 914.3 Qtr.III 205113.8 203837.5 373.2 1655.4 6435.2 15976.0 67754.5 111643.3 1276.2 0.8 41.4 99.4 73.2 125.8 935.6 January 201143.3 199881.9 373.2 1645.4 6482.8 16127.0 67682.4 107571.1 1261.3 0.8 41.4 99.4 73.1 125.5 921.1 February 203386.2 202115.4 373.2 1654.4 6445.2 15990.4 67685.7 109966.5 1270.8 0.8 41.4 99.4 73.1 125.6 930.4 March 205113.8 203837.5 373.2 1655.4 6435.2 15976.0 67754.5 111643.3 1276.2 0.8 41.4 99.4 73.2 125.8 935.6 Qtr.IV 208303.5 207010.2 372.5 1665.0 6169.9 15834.6 66430.7 116537.6 1293.3 0.8 41.4 99.4 73.3 126.0 952.4 April 218118.3 216834.4 373.2 1668.5 6538.6 16959.9 70255.6 121038.6 1283.9 0.8 41.4 99.4 73.3 125.9 943.1 May 209415.7 208127.4 372.9 1672.9 6317.6 15994.8 67139.4 116629.7 1288.3 0.8 41.4 99.4 73.3 126.0 947.4 June 208303.5 207010.2 372.5 1665.0 6169.9 15834.6 66430.7 116537.6 1293.3 0.8 41.4 99.4 73.3 126.0 952.4 2022/23 Qtr.I 207706.7 206402.2 372.4 1637.8 6075.6 15406.7 64926.0 117983.8 1304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206519.1 205223.7 372.5 1654.0 6128.0 15490.1 65783.2 115795.9 1295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200777.8 199477.5 372.4 1637.4 6041.4 14687.1 63681.5 113057.7 1300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207706.7 206402.2 372.4 1637.8 6075.6 15406.7 64926.0 117983.8 1304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235831.2 234512.0 369.3 1669.4 6356.9 17775.5 70868.3 137472.6 1319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209959.3 208649.3 369.3 1636.9 6036.8 15370.2 65279.2 119956.8 1310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221904.6 220591.6 369.3 1649.6 6188.2 16413.8 68188.1 127782.7 1313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235831.2 234512.0 369.3 1669.4 6356.9 17775.5 70868.3 137472.6 1319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258421.6 257085.3 372.1 1729.6 6376.1 19216.4 68774.5 160616.6 1336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247929.9 246606.9 369.3 1693.9 6311.9 18755.9 69672.4 149803.6 1323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253771.1 252440.5 368.5 1702.0 6362.1 19087.9 69223.5 155696.5 1330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258421.6 257085.3 372.1 1729.6 6376.1 19216.4 68774.5 160616.6 1336.3 0.8 41.4 99.4 73.2 126.5 994.9 10 25 50 100(coin) Table 10: Circulating Notes and Coins by Denomination 5 10 50 100 200 Total Value (Coins) End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 1 5

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 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 June 1, 1996- Sep. 15, 1996 NBE Lending to: CBEs/ Discount Rate/ 10.5 Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 2.Savings deposits Differed by ownership and maturity Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 01/12/2010 to 10-Oct-2017 11/10/2017 to todate Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- 01/08/2002 Aug. 2002 to 07/02/2005 08/02/2005 04/07/2007 04/07/2007 30/11/2010

Non-interest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2021/22 Qtr.I 603459.6 311862.6 113500.0 6097.7 192264.9 107177.6 23818.9 83,358.7 184,419.4 18.1 184401.3 July 538030.8 281862.6 83500.0 6097.7 192264.9 106759.9 23818.9 82,941.1 149,408.2 18.1 149390.1 August 607277.3 281862.6 83500.0 6097.7 192264.9 130935.8 23818.9 107,117.0 194,478.9 18.1 194460.8 Sebtember 603459.6 311862.6 113500.0 6097.7 192264.9 107177.6 23818.9 83,358.7 184,419.4 18.1 184401.3 Qtr.II 741918.7 311427.1 113500.0 5662.2 192264.9 176975.2 23818.9 153,156.4 253,516.4 18.1 253498.3 October 676135.3 311427.1 113500.0 5662.2 192264.9 139948.0 23818.9 116,129.1 224,760.2 18.1 224742.1 November 720585.9 311427.1 113500.0 5662.2 192264.9 167823.4 23818.9 144,004.6 241,335.4 18.1 241317.3 December 741918.7 311427.1 113500.0 5662.2 192264.9 176975.2 23818.9 153,156.4 253,516.4 18.1 253498.3 Qtr.III 841007.6 347427.1 149500.0 5662.2 192264.9 198742.9 25160.8 173,582.0 294,837.7 18.1 294819.6 January 741062.6 340427.1 142500.0 5662.2 192264.9 161413.1 24406.3 137,006.8 239,222.4 18.1 239204.3 February 808856.5 347427.1 149500.0 5662.2 192264.9 186897.7 24406.3 162,491.4 274,531.7 18.1 274513.6 March 841007.6 347427.1 149500.0 5662.2 192264.9 198742.9 25160.8 173,582.0 294,837.7 18.1 294819.6 Qtr.IV 696371.9 357427.1 159500.0 5662.2 192264.9 217189.5 28544.7 188,644.8 121,755.4 18.1 121737.3 April 664401.9 347427.1 149500.0 5662.2 192264.9 205335.4 25917.8 179,417.6 111,639.4 18.1 111621.3 May 681898.1 357427.1 159500.0 5662.2 192264.9 207002.6 26938.1 180,064.5 117,468.4 18.1 117450.3 June 696371.9 357427.1 159500.0 5662.2 192264.9 217189.5 28544.7 188,644.8 121,755.4 18.1 121737.3 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143,298.2 163,491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148,077.4 172,550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1

Since December 2019, Gov't Treasury bills to others includes Both Treasury bills and Notes Table 12: Government Internal Debt by Holder Direct Advance NBE Total Gov't Bonds (In Millions of Birr) End of Period Total Gov't Indebtedness National Bank of Ethiopia Commercial Banks Others

Table 13: General Government Quarterly Revenue (In million Birr) 9Month (QIII) 12Month (QIV) Original Budget Revised Budget Revised 3mon (QI) Revised 6 Month (QII) 9Month (QIII) Tax revenue 349,198.8 111,160.7 477,770.3 128,571.5 593,695.1 614,207.3 127,517.5 296,377.7 168,860.2 429,935.5 133,557.8 Direct taxes 163,963.0 43,787.0 215,805.4 51,842.4 257,572.6 267,470.3 57,170.1 144,020.0 86,849.9 189,835.1 45,815.1 Income and profits tax 145,351.3 39,391.1 189,622.1 44,270.9 248,870.9 258,230.6 55,712.6 141,335.5 85,623.0 186,269.6 44,934.0 Personal income 61,709.9 22,668.5 82,815.4 21,105.5 98,435.1 102,025.3 24,245.2 49,947.1 25,701.9 71,944.6 21,997.6 Rental income tax 3,793.3 421.5 4,223.6 430.3 5,862.2 7,522.6 2,015.3 4,983.8 2,968.5 5,746.5 762.7 Business profits 83,641.4 16,722.6 106,806.8 23,165.4 118,775.9 121,930.8 26,154.3 79,650.6 53,496.3 96,972.4 17,321.8 Withholding income tax on imports 4,686.0 1,663.4 6,268.6 1,582.6 8,482.5 8,517.5 423.4 1,126.1 702.7 2,028.9 902.8 Agriculture income 421.6 309.6 421.9 0.3 562.7 867.9 34.0 187.3 153.4 441.5 254.2 Other income 3,654.0 -627.8 6,313.5 2,659.5 12,246.1 12,585.7 1,880.3 3,312.9 1,432.6 5,554.7 2,241.8 Interest income tax 3,277.5 1,378.6 4,299.5 1,022.0 4,077.4 4,138.0 864.8 1,894.9 1,030.1 3,196.5 1,301.5 Capital gains tax 109.6 59.4 302.4 192.8 428.9 642.6 95.3 232.8 137.5 384.4 151.6 Rural land use fee 302.3 162.8 387.9 85.6 385.1 921.4 48.3 208.9 160.6 398.5 189.6 Urban land lease fee 2,367.5 1,028.5 3,965.9 1,598.4 8,316.6 8,318.3 1,409.2 2,475.5 1,066.3 3,167.0 691.5 Domestic indirect taxes 88,409.7 32,310.9 130,654.9 42,245.2 164,017.6 174,632.1 30,425.3 69,203.0 38,777.7 113,711.9 44,508.9 Sales/TOT/excise taxes 46,232.0 17,989.6 66,749.7 20,517.7 82,997.1 92,062.8 12,926.7 26,189.5 13,262.8 49,783.1 23,593.6 Petroleum products 368.5 95.7 551.3 182.8 1,248.9 1,289.9 94.8 574.5 479.7 996.5 422.0 Alcohol and tobacco 3,315.2 1,258.0 4,924.4 1,609.2 5,743.5 5,749.7 1,192.3 2,631.9 1,439.7 4,564.6 1,932.7 Other goods 42,548.2 16,635.8 61,274.0 18,725.8 76,004.7 85,023.3 11,639.6 22,983.0 11,343.4 44,221.9 21,238.9 Services TOT/ sales tax 39,469.3 13,142.7 58,954.2 19,484.9 75,546.7 76,347.0 15,638.8 39,071.3 23,432.5 58,156.4 19,085.2 Stamp duties 2,708.4 1,178.6 4,951.1 2,242.6 5,473.7 6,222.2 1,859.8 3,942.2 2,082.4 5,772.4 1,830.2 Import duties and taxes 96,826.1 35,062.8 131,310.0 34,483.9 172,104.9 172,104.9 39,922.1 83,154.7 43,232.6 126,388.5 43,233.7 Custom duties 37,286.0 13,584.5 50,185.0 12,899.0 62,238.8 62,238.8 14,889.1 31,782.2 16,893.2 48,818.8 17,036.6 Sales/excise taxes 46,466.4 17,334.7 63,829.3 17,362.9 79,454.3 79,454.3 20,024.1 41,025.4 21,001.3 61,131.6 20,106.2 Petroleum products 1,166.0 -240.9 3,585.4 2,419.4 4,237.9 4,237.9 1,378.5 2,622.1 1,243.6 3,150.4 528.3 Alcohol and tobacco 481.9 245.6 754.6 272.7 786.5 786.5 197.5 377.3 179.8 455.4 78.1 Other imports 44,818.5 17,329.9 59,489.2 14,670.7 74,429.9 74,429.9 18,448.1 38,026.0 19,577.9 57,525.9 19,499.8 Surtax on imports 13,073.7 4,143.6 17,295.7 4,222.0 30,411.9 30,411.9 5,009.0 10,347.2 5,338.2 16,438.1 6,090.9 Export taxes Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 34,358.8 11,747.0 62,290.2 27,931.4 99,321.0 98,582.9 15,851.5 33,161.5 17,310.1 48,115.2 14,953.6 Charges and fees 4,899.6 1,216.8 7,166.2 2,266.6 7,027.9 7,334.3 1,254.6 2,600.3 1,345.7 3,911.9 1,311.6 Sales of goods & services 5,589.6 2,026.7 8,823.5 3,233.8 11,691.6 14,844.3 2,142.0 4,987.2 2,845.1 7,890.0 2,902.8 Residual surplus, capital charge, interest 0.0 payments and state dividend 4,929.6 624.7 13,347.2 8,417.7 23,508.3 23,436.4 1,975.2 3,160.7 1,185.4 3,465.0 304.3 Reimbursement & property sales 682.0 114.2 4,325.6 3,643.6 1,908.8 2,047.3 272.4 680.3 407.9 940.6 260.3 Miscellaneous 10,992.5 4,891.8 12,622.5 1,630.0 34,506.2 26,765.9 3,797.2 7,888.9 4,091.8 11,218.6 3,329.7 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 7,265.5 2,872.7 16,005.3 8,739.8 20,678.3 24,154.7 6,410.0 13,844.1 7,434.1 20,689.1 6,845.0 Total revenue 383,557.6 122,907.7 540,060.5 156,502.9 693,016.1 712,790.2 143,369.0 329,539.2 186,170.3 478,050.7 148,511.4 External grants 19,668.6 7,586.5 26,693.1 7,024.5 38,924.0 38,924.0 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 Grants in kind/earmarked 19,668.6 7,586.5 26,693.1 7,024.5 31,264.7 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 Untied cash & CPF/grants 0.0 7,659.3 7,659.3 0.0 Total revenue and grants 403,226.2 130,494.2 566,753.6 163,527.4 731,940.1 751,714.2 149,934.6 342,983.1 193,048.5 499,936.0 156,952.9 Sources: Ministry of Finance & NBE Ethiopian fiscal year Fiscal year ending July 7 2015 2022/23 Pre-Actual Pre-Actual 2021/22 2014

Table 14: General Government Quarterly Expenditure (In million Birr) 9Month (QIII) 12Month QIV Original Budget Revised Budget Revised 3mon (QI) Revised 6Month (QII) 9Month (QIII) A. Capital Expenditure Economic development 103,836.3 43,508.2 155,288.3 51,452.1 222,775.1 229,935.4 26,968.7 77,313.0 50,344.3 127,087.1 49,774.1 Agriculture 20,753.7 7,626.9 25,074.1 4,320.5 27,914.6 28,261.1 4,492.9 10,332.0 5,839.1 18,455.4 8,123.4 Natural Resource 19,077.7 11,394.0 32,760.3 13,682.6 50,055.5 53,727.4 4,036.1 15,726.3 11,690.2 28,516.2 12,789.9 o/w: Water 18,677.2 11,023.7 32,384.4 13,707.3 45,549.8 49,174.6 2,908.0 15,274.1 12,366.1 27,032.9 11,758.7 Mines & Energy 846.4 99.4 979.1 132.8 1,413.0 1,446.6 2.6 1,036.6 1,034.0 1,531.6 495.0 Trade, Industry & Tourism 3,064.1 1,528.4 7,277.1 4,213.1 6,726.1 7,737.3 254.5 688.8 434.4 1,617.0 928.2 Urban dev't & housing 16,170.5 7,062.6 26,891.4 10,720.9 43,270.3 43,785.6 7,230.4 19,357.0 12,126.6 26,901.7 7,544.7 Road construction 42,805.8 15,265.4 59,958.7 17,152.9 83,814.3 84,789.9 10,780.0 29,525.5 18,745.5 48,840.9 19,315.5 Transport & communication 1,118.2 531.6 2,347.6 1,229.4 9,581.3 10,187.5 172.1 646.8 474.7 1,224.2 577.4 Social Development 43,187.0 15,634.9 65,626.6 22,439.6 75,896.2 78,646.0 8,035.1 29,001.7 20,966.5 44,311.2 15,309.6 Education 24,935.2 10,714.7 41,725.4 16,790.2 46,454.8 47,285.6 4,646.7 19,754.9 15,108.2 29,403.8 9,648.9 Health 14,415.7 2,293.1 20,834.8 6,419.1 22,539.8 23,564.0 2,827.9 7,810.5 4,982.7 12,435.4 4,624.9 Socail welfare 2,320.2 1,786.1 717.5 -1,602.7 2,135.5 2,177.0 370.0 730.3 360.3 1,144.4 414.1 Culture & sport 1,515.9 840.9 2,349.0 833.1 4,766.2 5,619.3 190.5 705.9 515.3 1,327.6 621.7 General Development 22,327.8 11,969.7 41,140.7 18,812.9 87,234.2 84,244.7 5,283.4 17,078.8 11,795.5 30,205.0 13,126.1 Compensation payments 0.0 External assistance 19,668.6 13,487.0 26,693.1 7,024.5 31,424.5 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 Sub Total Capital Expenditure 169,351.1 71,112.8 262,055.7 92,704.6 385,905.5 392,826.1 40,287.2 123,393.5 83,106.3 201,603.4 78,209.8 B. Current Expenditure General Services 150,648.2 89,091.6 214,473.6 63,825.4 196,768.2 201,880.4 43,228.9 95,686.5 52,457.6 145,612.0 49,925.5 Organ of the State 17,339.2 8,047.6 23,852.5 6,513.3 18,495.4 19,128.2 5,047.4 10,948.7 5,901.3 16,252.2 5,303.5 Justice 9,322.9 3,094.3 21,719.9 12,397.0 26,857.7 27,976.7 3,319.6 6,447.8 3,128.3 10,131.3 3,683.4 Defence 76,469.2 61,017.9 102,616.7 26,147.5 84,000.0 84,000.0 17,326.7 39,541.6 22,214.9 59,448.1 19,906.5 Public order & security 24,132.3 9,543.3 31,861.7 7,729.4 32,242.8 35,392.8 8,414.7 21,358.8 12,944.2 33,364.5 12,005.6 Other General services 23,384.6 7,388.4 34,422.8 11,038.2 35,172.3 35,382.8 9,120.6 17,389.5 8,268.9 26,415.9 9,026.4 Economic Services 36,929.4 14,661.2 50,711.1 13,781.7 56,536.3 60,413.7 12,437.5 25,763.0 13,325.4 39,124.1 13,361.1 Agriculture&natural resource 23,865.6 10,198.4 31,061.1 7,195.5 35,376.3 36,691.0 6,870.2 15,156.5 8,286.3 22,926.9 7,770.4 Agriculture 19,988.7 8,455.8 23,281.8 3,293.1 27,785.0 28,780.7 5,735.3 12,239.5 6,504.2 18,429.4 6,189.9 Natural resource 3,876.9 1,742.7 7,779.3 3,902.4 7,591.3 7,910.4 1,134.9 2,917.0 1,782.0 4,497.5 1,580.5 o/w: Water 3,876.9 1,981.5 5,677.1 1,800.2 6,967.8 7,690.8 1,023.1 2,882.6 1,859.6 4,466.1 1,583.5 Trade, Industry & Tourism 6,737.0 2,360.2 9,613.7 2,876.7 12,507.7 13,148.5 2,954.9 5,550.6 2,595.7 8,655.5 3,104.9 Mines & Energy 253.9 52.2 356.7 102.8 333.2 372.9 64.3 139.9 75.6 240.8 100.9 Tourism 351.7 -266.7 85.9 -265.8 517.0 514.1 76.2 187.8 111.7 288.6 100.8 Transport & communication 1,401.0 958.3 3,331.5 1,930.5 2,453.6 2,876.6 857.0 1,419.1 562.1 2,069.5 650.4 Urban devt. & construction 3,414.8 1,147.3 4,911.8 1,497.0 5,254.5 5,492.9 1,242.6 2,615.2 1,372.5 3,889.4 1,274.3 o/w: Road Construction 1,453.3 775.3 2,706.1 1,252.8 2,353.6 2,409.0 557.3 1,209.9 652.6 1,771.8 561.9 Economic development studies 905.4 211.5 1,350.5 445.1 94.0 1,317.6 372.3 693.9 321.5 1,053.3 359.5 Social Services 139,698.5 41,402.0 200,594.3 60,895.8 197,234.8 209,493.8 53,987.9 101,248.0 47,260.1 150,895.5 49,647.5 Education & training 92,260.9 33,328.6 127,505.8 35,244.9 125,202.8 132,945.3 34,744.7 65,774.1 31,029.4 99,736.0 33,962.0 Culture & sports 1,582.0 -7.1 4,163.2 2,581.2 4,453.0 4,773.2 1,140.9 2,495.8 1,354.9 3,753.5 1,257.7 Public health 29,836.9 11,594.7 47,266.8 17,429.9 51,717.4 55,877.7 11,861.7 23,442.5 11,580.8 35,913.2 12,470.8 Labour & social welfare 2,573.8 1,946.4 2,423.4 -150.4 2,747.0 2,782.0 734.6 1,339.3 604.7 2,306.9 967.6 Rehabilitation 13,444.9 -5,460.6 19,235.1 5,790.2 13,114.6 13,115.6 5,505.9 8,196.3 2,690.4 9,185.8 989.5 Interest & Charges 24,746.4 7,852.6 38,512.8 13,766.5 48,498.8 48,498.8 11,001.8 29,064.7 18,063.0 39,454.4 10,389.7 Internal debt 16,776.4 5,398.8 26,602.1 9,825.7 28,452.0 28,452.0 7,880.3 21,347.7 13,467.5 30,195.7 8,847.9 External debt 7,969.9 2,453.8 11,910.7 3,940.8 20,046.8 20,046.8 3,121.5 7,717.0 4,595.5 9,258.7 1,541.7 O/w: defence commercial Miscellaneous 7,793.5 2,720.4 12,751.6 4,958.1 75,435.5 70,003.2 8,459.7 28,190.3 19,730.6 33,140.1 4,949.8 External assistance * 0.0 Sub Total Current Expenditure 359,816.0 155,727.8 517,043.4 157,227.4 574,473.7 590,289.9 129,115.7 279,952.5 150,836.7 408,226.1 128,273.6 Grand Total Expenditure 529,167.0 226,840.6 779,099.0 249,932.0 960,379.2 983,116.0 169,402.9 403,346.0 233,943.1 609,829.4 206,483.4

Estimated value Sources: Ministry of Finance, NBE 2014 2015 2022/23 Ethiopian fiscal year Fiscal year ending July 7 Pre-Actual Pre-Actual 2021/22

(In Metric Tone) MGR Jet fuel Gasoil LFO HFO Total fuel oil Qtr.I 72,312.7 213,015.5 398,136.4 7,953.2 22,697.0 714,114.9 30,650.2 Qtr.II 71,317.0 161,194.0 497,966.0 10,441.0 21,413.0 762,331.0 31,854.0 Qtr.III 77,271.8 197,134.4 509,229.5 10,178.0 14,817.0 808,630.6 24,995.0 Qtr.IV 77,966.0 164,577.8 496,459.6 7,382.2 12,097.0 758,482.6 19,479.2 Qtr.I 82,152.2 206,560.2 468,051.3 11,312.3 7,675.0 775,750.9 18,987.3 Qtr.II 97,258.6 208,282.6 550,034.0 7,804.9 7,775.0 871,155.1 15,579.9 Qtr.III 96,423.6 215,632.5 580,188.0 11,008.7 12,397.1 915,649.9 23,405.8 Qtr.IV 88,010.8 170,307.9 601,081.2 9,502.8 7,807.9 876,710.6 17,310.7 Qtr.I 106,706.3 165,269.2 591,077.3 10,763.3 10,241.3 884,057.5 21,004.7 Qtr.II 99,641.2 234,532.1 608,690.1 8,174.2 10,396.3 961,433.8 18,570.5 Qtr.III 114,839.2 149,872.7 629,025.2 9,240.3 12,457.8 915,435.2 21,698.1 Qtr.IV 120,355.6 188,431.8 678,879.8 7,607.5 14,387.8 1,009,662.5 21,995.3 Qtr.I 120,069.7 205,741.8 570,182.1 6,646.3 4,500.0 979,262.1 83,268.5 Qtr.II 122,357.9 221,894.3 600,552.3 9,751.8 9,596.8 1,028,073.0 83,268.5 Qtr.III 135,787.6 208,436.3 690,546.5 5,987.2 9,894.9 1,118,039.0 83,268.5 Qtr.IV 128,524.0 183,926.2 635,440.9 8,695.8 11,076.0 1,031,159.5 83,268.5 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,801.9 129,360.2 606,724.7 6,500.0 13,000.0 924,386.8 19,500.0 Qtr.III 187,847.2 150,727.4 684,671.1 6,672.2 13,440.1 1,043,358.0 20,112.3 2022/23 2021/22 2020/21 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 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 Crop 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 Animal Farming and Hunting 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 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 59,285.2 61,852.6 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 2,015.5 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 11,624.5 Manufacturing 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 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 96,268.6 102,266.2 108,223.9 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 43,360.1 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 16,522.3 17,515.6 Construction 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 Whole Sale and Retail Trade 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 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 54,536.5 Transport and Communications 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 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 78,605.2 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 95,299.7 103,829.9 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 93,768.3 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 46,432.3 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 29,413.0 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 41,829.7 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 2,141,452.8 2,277,383.5 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 28,811.9 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 2,114,238.3 2,248,571.6 Taxes on Products 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,072.5 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 2,228,170.1 2,346,644.1 Source:MoPD Sectors/Year

Table 17 : Growth Rate of GDP By Economic Activity at Constant Prices (In percent) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 5.6 6.1 Crop 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 5.7 6.9 Animal Farming and Hunting 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 5.8 4.6 Forestry 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 4.0 4.3 Fishing 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2.8 1.7 21.9 Mining and Quarrying 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 115.4 6.1 Manufacturing 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 5.1 4.8 Large and Medium Scale Manufacturing 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 6.2 5.8 Small Scale and Cottage Industries 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 2.5 2.4 Electricity and Water 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 9.2 6.0 Construction 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 6.6 4.9 Whole Sale and Retail Trade 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 6.3 7.9 Hotels and Restaurants 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 2.6 8.0 Transport and Communications 16.5 12.7 13.3 13.7 15.1 6.4 21 1.2 7.0 9.8 Financial Intermediation -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 9.0 10.5 Real Estate, Renting and Business Activities 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 8.9 9.0 Public Administration and Defense 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 4.9 4.5 Education 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 2.0 1.6 Health and Social Work 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 13.4 10.8 Other Community , Social & Personal Services 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 2.0 2.1 Private Households with Employed Persons 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 2.2 2.3 Total 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 6.3 6.3 Less : FISIM 6.4 19.4 17.9 16.9 17.6 16.0 7 14.2 11.0 5.9 Gross Value Added at Constant Basic Prices 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.4 Taxes on Products 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 -4.7 -13.9 GDP at Constant Market Prices 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 5.6 5.3 Source: MoPD Industry/Year

Table 18: GDP by Economic Activity at Current Prices 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 370,012 422,902 484,026 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 Crop 238,052 272,201 309,349 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 Animal Farming and Hunting 101,728 113,693 132,287 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 Forestry 30,470 36,789 42,608 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 Fishing 685 796 1,225 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 Mining and Quarrying 10,045 8,986 6,259 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 Manufacturing 46,803 61,744 83,370 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 Large and Medium Scale Manufacturing 28,787 40,111 58,040 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 Small Scale and Cottage Industries 21,088 23,844 24,972 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 Electricity and Water 9,604 10,752 10,560 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 35,255.3 Construction 48,338 88,410 148,198 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 Whole Sale and Retail Trade 117,028 151,450 187,022 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 Hotels and Restaurants 18,004 24,954 33,841 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 Transport and Communications 41,221 49,215 57,579 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 Financial Intermediation 19,936 24,206 32,684 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,956.5 Real Estate, Renting and Business Activities 54,746 60,283 63,825 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 Public Administration and Defense 35,401 41,309 51,521 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 Education 21,637 28,739 35,388 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 Health and Social Work 7,593 9,881 12,917 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 Other Community , Social & Personal Services 13,303 14,779 16,721 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 Private Households with Employed Persons 9,443 12,024 15,327 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 Total 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 4,165,858.8 5,967,649.3 Less : FISIM 6,335 7,796 11,628 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,451.0 Annex4 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 4,119,057.0 5,900,198.3 Taxes on Products 70,618 86,098 105,129 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 GDP at Current Market Prices 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 4,341,024.2 6,157,538.2 Source: MoPD (In million Birr) Industry/Year 22

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 35.9 42.2 Crop 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 40.9 46.1 Animal Farming and Hunting 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 27.3 35.6 Forestry 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 22.6 26.8 Fishing 50.8 16.2 53.8 12.8 63.5 4.1 28.5 24.1 34.3 6.3 Mining and Quarrying 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 Manufacturing 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 11.7 30.6 Large and Medium Scale Manufacturing 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 12.8 30.8 Small Scale and Cottage Industries 7.9 13.1 4.7 10.4 40.1 12.4 3.0 16.2 9.0 30.1 Electricity and Water 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 27.7 15.8 Construction 53.7 82.9 67.6 60.3 26.4 50.9 9.3 14.5 21.2 55.4 Whole Sale and Retail Trade 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 24.7 44.6 Hotels and Restaurants 34.8 38.6 35.6 22.9 8.0 19.0 25.1 19.1 20.8 35.7 Transport and Communications 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.5 30.8 37.2 Financial Intermediation 40.3 21.4 35.0 21.7 30.3 33.9 22.6 12.2 19.3 47.2 Real Estate, Renting and Business Activities 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 47.7 76.7 Public Administration and Defense 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 32.4 18.7 Education 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 23.6 9.8 Health and Social Work 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 14.8 19.7 Other Community , Social & Personal Services 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 18.3 26.8 Private Households with Employed Persons 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 19.6 48 Total 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.3 29.3 43.3 Less : FISIM 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.8 19.7 44.1 Gross Value Added at Current Basic Prices 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 29.4 43.2 Taxes on Products 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 16.0 15.9 GDP at Current Market Prices 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 28.6 41.8 Source: MoPD Sectors/Year 23

Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Gross Value Added at Current Basic Prices 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 4,119,056.00 5,900,198.0 Taxes on Products, net 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.0 257,340.0 GDP at Current Market Prices 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 4,341,024.0 6,157,538.0 Incomes from ROW, net (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (19,203.0) (22,381.0) (27,827.0) Gross National Income at Current Basic Prices 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 4,096,676.0 5,872,372.0 Gross National Income at Current Market Prices 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 4,318,643.7 6,129,711.5 Current Transfers from ROW, net 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 292,126.0 399,122.0 Gross National Disposable Income 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 4,610,770.0 6,528,833.0 Government Final Consumption Expenditure 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.0 453,263.0 Private Final Consumption Expenditure 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 3,135,110.0 4,764,429.0 Gross Capital Formation (Investment) 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 1,216,585.0 1,560,325.0 Exports of Goods and Services 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 331,294.0 507,692.0 Imports of Goods and Services 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 725,530.0 1,128,171.0 Resource Balance (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (329,095.7) (394,236.0) (620,479.0) Gross Domestic Savings 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,349.0 939,846.0 Gross National Savings 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,092,095.0 1,311,141.0 Mid-year Population (In Million) 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 101.9 104.1 Per Capita Nominal GDP (In Birr) 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,849.0 42,595.0 59,160.0 Per Capita Real GDP (In Birr) 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,155.3 21,860.5 22,580.2 Average Exchange Rate (Birr/USD) 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 48.6 Real GDP (In USD) 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,294.2 57,101.7 48,388.0 Nominal GDP (In USD)(Million) 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,672.6 111,261.9 126,776.6 Per Capita Nominal GDP (In USD) 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 1,091.8 1,218.0 Per Capita Real GDP (In USD) 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 560.3 464.9 GDP Deflator 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 1.95 2.62 Source: MoPD Description / Year 24

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 GDP at Current Basic Prices 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 43.2 Taxes on Products, net 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 16.0 15.9 GDP at Current Market Prices 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.2 28.6 41.8 Incomes from ROW, net (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.3 Gross National Income at Current Basic Price 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.0 29.5 43.3 Gross National Income at Current Market Price 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.1 28.7 41.9 Current Transfers from ROW, net 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (12.5) 38.9 36.6 Gross National Disposable Income 15.1 21.5 22.1 18.1 15.0 20.2 22.8 22.0 29.3 41.6 Government Final Consumption Expenditure 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.6 24.5 18.2 Private Final Consumption Expenditure 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.9 32.6 52.0 Gross Capital Formation (Investment) 6.6 36.4 27.0 15.1 20.3 6.7 26.2 8.8 17.9 28.3 Exports of Goods and Services 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.7 37.7 53.2 Imports of Goods and Services 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.4 27.4 55.5 Resource Balance (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.4 Gross Domestic Savings 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.0 17.0 14.3 Gross National Savings 6.3 31.4 27.1 20.3 10.3 28.1 16.4 8.0 22.2 20.1 Mid-year Population (in Million) 2.5 2.5 2.4 2.3 2.2 2.1 Per Capita GDP (Birr) (Nominal) 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 25.8 38.9 Per Capita GDP (Birr) (Real) 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 3.3 3.3 Average Exchange Rate (Birr/USD) 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 24.5 24.5 Real GDP (USD) 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 GDP at Current Market Prices(USD) 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.0 3.3 13.9 Per Capita GDP (USD) (Nominal) 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 1.1 11.6 Per Capita GDP (USD) (Real) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 Percentage Change in GDP Deflator 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 21.8 34.5 Source:MoPD Description / Year

Period General Index Food and NonAlcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Footwear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 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 QI 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 QII 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 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 Table 22(A): National Non-Food Consumer Price Index, Source: Central Statistical Agency(CSA) and NBE Staff Compilation

December 2016=100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish & Sea Food Hosing,Water, Electricity, Gas and Other Fuels Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 Source: CSA and NBE Staff Compilation Table 22 (B): National Food Consumer Price Index,

Period General Index Food & Nonalcoholic Beverages Alcoholic beverages & Tobacco Clothing & Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 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 QIII 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 QIV 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 QI 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 QII 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 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 Table 22 (C): Addis Ababa Non-Food Consumer Price Index

Table 22(D): Addis Ababa Food Consumer Price Index Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2

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 the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 Source: Central Statistical Agency AFAR

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 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 75.17 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 77.37 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 78.77 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 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 AMHARA Table 22 (E2): 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 & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 Source: Central Statistical Agency BENISHANGUL GUMUZ Table 22 (E3): Regional States' Consumer Price Indices (Non-Food)

Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 Source: Central Statistical Agency DIRE DAWA

Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.7 378.0 230.4 249.4 244.9 574.7 229.3 347.3 347.7 Source: Central Statistical Agency GAMBELLA

Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 Source: Central Statistical Agency HARARI

Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 Source: Central Statistical Agency OROMIA

Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 9913% 9867% 9951% 9916% 9747% 10070% 10120% 9632% 9392% 10000% 10016% 10000% 9816% 9934% 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 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 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 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 Source: Central Statistical Agency SNNPR

Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QIV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 QI 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 QII 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 QIII 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Source: Central Statistical Agency SOMALI

Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 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 2022/23 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

Table 22 (F1): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 Source: Central Statistical Agency AFAR

Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 Source: Central Statistical Agency AMHARA

Table 22 (F3): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Nonalcoholic 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 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 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 464.5 429.9 369.3 328.1 534.4 321.1 Source: Central Statistical Agency BENISHANGUL GUMUZ

Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 Source: Central Statistical Agency DIRE DAWA

Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 Source: Central Statistical Agency GAMBELLA

Table 22 (F6): Regional States' Consumer Price Index (Food) 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 NonAlcoholic Beverages 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 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 Source: Central Statistical Agency HARARI

Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 Source: Central Statistical Agency OROMIA

Table 22 (F8): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 Source: Central Statistical Agency SNNPR

Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic 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 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 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 Source: Central Statistical Agency SOMALI

Table 22 (F10):: Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Nonalcoholic 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 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 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 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

(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 - 125,049.3 134,316.0 156,031.4 147,274.5 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 1,198,132.3 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 702,322,899.1 Source: Ethiopian Customs Commission Total Grand Total 2015 2016 2017 2018 2019 2020 2021 America Asia Oceania Table 23 A2: Ethiopia: Direction of External Trade: IMPORT Continents Country Africa Europe

(In millions of USD) Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F G H I J K=I/A L=J/B Djibouti 47.1 128.1 32.0 140.9 32.6 144.5 61.2 128.5 28.5 110.7 (39.4) (13.5) Egypt 1.4 52.7 0.3 473.1 0.6 290.9 0.8 127.1 1.5 257.1 8.9 387.7 Ghana 0.5 0.3 0.4 0.3 0.2 0.2 0.1 0.2 0.1 0.2 (74.5) (41.0) Kenya 3.8 37.5 7.0 31.4 8.8 31.7 8.7 36.5 24.3 17.7 533.2 (52.8) Libia - - - - - - - - - - - - Morocco 0.3 470.7 0.4 448.1 0.9 0.1 0.2 148.1 0.1 297.0 (61.6) (36.9) Nigeria 0.5 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.4 0.1 (28.4) 563.5 Ruwanda 0.0 - 0.1 0.0 0.0 19.7 0.0 13.2 0.0 0.0 92.3 - Somali Land - 0.0 - 0.0 - 0.0 - 0.0 - - - (100.0) Somalia 104.1 - 67.9 - 65.8 - 41.0 - 40.9 - (60.7) - South Africa 2.3 55.2 6.1 47.5 8.4 46.8 1.5 72.2 2.5 55.1 10.0 (0.1) Sudan 24.8 0.6 20.8 2.2 14.2 0.6 25.8 0.6 22.3 0.8 (10.1) 29.1 Tanzania 0.0 0.7 0.0 0.2 0.1 0.0 - 0.5 (100.0) (35.6) Uganda 0.3 0.8 0.3 0.6 0.8 1.4 0.4 0.5 0.3 0.6 (12.7) (27.9) Zambia 0.1 0.1 0.0 0.2 0.0 0.4 0.0 0.3 0.0 0.0 (98.6) (94.3) Zembabwe 0.2 0.0 0.5 0.0 0.0 0.6 0.0 - 0.1 - (33.3) (100.0) Others 9.9 6.5 3.3 0.6 6.6 88.7 9.4 7.3 22.9 4.2 132.5 (35.8) Total 195.1 753.1 139.5 1,144.9 139.2 625.7 149.6 534.6 143.9 743.9 (26.2) (1.2) %Share Of Continent 18.52 16.34 12.01 22.90 14.25 13.74 19.23 11.87 16.48 17.87 - - Austria 0.1 0.6 0.1 0.8 0.0 2.4 0.0 1.2 0.1 6.8 (29.1) 1,050.0 Belgium 29.7 10.8 45.9 22.1 45.9 22.6 18.1 43.7 17.2 18.1 (42.1) 66.7 Bulgaria 0.9 20.8 1.1 10.9 0.4 0.3 0.5 3.8 1.0 1.5 6.5 (92.7) Cyprus - 1.9 0.3 1.5 - 1.7 - 0.6 - 0.9 - (52.5) Czech Republic 0.2 1.5 0.3 1.8 0.1 2.4 0.1 3.1 0.1 4.4 (35.9) 184.4 Slovakia 0.0 1.9 0.0 2.1 - 1.3 - 0.6 0.0 2.9 2,389.6 51.2 Denmark 0.3 7.0 0.5 4.9 0.2 5.1 0.1 7.6 0.4 4.2 21.2 (39.7) Finland 2.1 4.1 1.7 3.1 0.0 6.6 0.0 4.3 0.3 13.8 (87.9) 238.6 France 7.9 27.5 13.9 21.9 10.7 38.0 6.1 44.2 6.5 54.9 (18.2) 99.6 Germany 60.9 47.4 77.7 36.0 77.0 37.9 38.7 46.5 39.4 30.3 (35.3) (36.0) Greece 1.2 1.6 3.4 1.4 1.5 0.5 0.6 0.2 1.2 3.3 (2.3) 114.0 Hungary 0.2 4.0 0.2 1.4 0.0 1.5 0.0 7.8 0.0 5.5 (97.0) 38.4 Ireland 0.2 8.0 0.0 7.2 0.3 5.5 0.0 8.7 - 35.2 (100.0) 340.5 Italy 24.7 44.4 25.1 41.4 20.4 62.7 11.2 53.3 15.7 32.1 (36.3) (27.7) Netherlands 88.0 30.2 122.3 21.1 120.9 35.1 85.1 13.8 101.7 36.3 15.5 20.3 Norway 3.4 1.0 5.0 0.9 4.6 0.8 3.2 1.6 3.5 2.4 4.2 135.8 Poland 0.2 3.4 0.4 13.2 0.4 10.2 0.1 9.5 1.4 7.8 500.5 132.2 Portugal 0.6 0.9 1.1 1.3 0.9 2.0 0.8 1.3 1.1 0.5 87.1 (39.8) Rumania 0.1 2.3 0.1 0.4 0.2 17.1 0.5 6.4 0.3 4.7 196.4 101.2 Spain 5.1 8.7 6.0 7.5 3.0 12.2 2.5 14.7 3.0 10.9 (40.5) 25.0 Sweden 3.0 4.7 3.5 6.0 3.6 2.1 2.0 6.8 1.7 1.1 (42.7) (76.7) Switzerland 167.8 3.8 97.7 3.8 51.1 4.1 52.8 21.6 47.4 33.4 (71.7) 769.9 Turkey 5.4 272.9 7.4 200.6 5.9 308.6 5.8 224.0 16.0 104.7 195.6 (61.6) Ukraine 0.2 134.8 - 13.7 - 68.1 0.0 88.3 0.0 36.0 (99.7) (73.3) United Kingdom 11.7 16.7 22.1 56.2 19.5 66.6 17.5 63.4 15.7 50.5 34.5 201.5 Russia 2.6 9.7 2.0 4.3 5.3 1.3 3.7 28.2 4.6 4.4 75.5 (54.1) Yugoslavia - - - - - - - - - - - - Others 2.9 8.1 4.6 2.6 18.3 7.6 1.7 20.8 3.9 4.6 35.1 (43.5) Total 419.5 678.7 442.4 488.0 390.4 724.3 251.2 725.9 282.2 511.3 (32.7) (24.7) %Share Of Continent 39.82 14.72 38.10 9.76 39.95 15.91 32.29 16.11 32.31 12.28 - - Brazil - 3.7 0.0 2.3 - 12.6 0.0 9.7 - 1.1 - (69.6) Canada 7.1 26.1 6.4 32.8 5.8 8.1 9.6 8.3 7.1 22.3 1.2 (14.4) Cuba - - - - - - - 0.0 - - - - Mexico 0.1 2.1 0.2 5.4 0.1 11.7 0.1 3.5 0.0 5.5 (70.8) 160.1 United States 89.3 172.4 125.6 250.8 77.4 258.4 72.9 297.2 62.8 257.4 (29.7) 49.3 Others 0.6 116.8 0.6 2.9 0.5 3.1 0.9 21.5 1.8 15.9 182.7 (86.4) Total 97.1 321.2 132.7 294.2 83.9 293.9 83.6 340.3 71.7 302.3 (26.2) (5.9) %Share Of Continent 9.22 6.97 11.43 5.88 8.58 6.45 10.75 7.55 8.21 7.26 - - China, Mainland 19.3 853.4 51.9 858.3 34.5 869.7 17.5 941.4 16.6 787.2 (13.6) (7.8) China, Taiwan 7.7 11.3 14.0 7.9 7.7 3.2 3.8 7.0 4.4 7.2 (42.1) (36.5) Hong Kong 3.9 1.6 7.0 2.7 6.5 0.6 4.4 0.5 4.0 0.7 2.0 (52.4) India 20.7 623.1 27.1 565.7 10.6 495.8 19.2 632.4 45.7 465.3 120.7 (25.3) Indonesia 9.3 64.5 3.4 38.4 3.9 67.7 4.3 70.3 7.2 74.2 (22.3) 15.0 Israel 31.1 5.4 22.4 5.2 23.0 7.5 25.0 2.6 34.2 2.4 9.9 (54.6) Japan 34.4 16.4 53.3 13.5 28.0 21.9 22.9 18.0 17.9 26.2 (48.0) 59.3 N.Korea, Pdrk 0.1 1.0 0.1 0.3 0.0 0.2 - 0.3 0.0 0.0 (99.1) (99.6) S.Korea 21.1 46.5 48.3 32.8 33.3 28.4 20.9 26.4 17.9 35.3 (15.4) (24.1) Kuwait 1.2 403.6 1.7 216.2 1.5 181.1 1.8 100.5 0.8 374.6 (32.6) (7.2) Lebanon 0.6 1.1 1.0 3.1 0.9 1.6 0.5 1.0 0.9 0.4 42.8 (63.3) Malaysia 3.9 230.5 7.3 164.0 3.5 175.8 2.5 210.7 2.4 94.5 (37.6) (59.0) Pakistan 6.1 14.6 6.5 6.9 1.6 7.9 2.6 5.8 3.2 12.1 (46.8) (17.1) Saudi Arabia 81.8 159.2 75.3 771.7 72.4 577.5 85.8 401.1 88.4 240.5 8.2 51.1 Singapore 7.6 2.8 11.6 7.0 15.2 1.7 11.1 1.1 27.7 1.4 266.0 (49.0) Yemen 8.3 5.5 5.2 0.7 1.8 - 3.4 0.5 5.7 0.5 (32.2) (90.7) Thailand 0.1 41.4 2.2 24.8 0.6 27.7 0.2 37.1 2.7 45.6 1,888.6 10.1 UAE 44.0 321.7 67.1 297.7 63.2 346.4 37.1 347.2 46.5 371.6 5.6 15.5 Others 35.0 48.2 30.8 52.5 31.7 91.5 23.2 97.7 44.6 63.0 27.5 30.8 Total 336.2 2,851.8 436.2 3,069.5 340.1 2,906.2 286.3 2,901.7 371.0 2,602.8 10.3 (8.7) %Share Of Continent 31.92 61.86 37.56 61.39 34.81 63.83 36.80 64.42 42.47 62.52 - - Australia 4.7 4.5 8.6 2.9 10.2 2.1 6.8 1.8 4.4 2.0 (7.2) (55.3) Others 0.8 0.9 1.9 0.8 1.3 0.7 0.4 0.2 0.3 0.9 (69.6) (5.5) Total 5.5 5.5 10.5 3.8 11.5 2.8 7.2 2.0 4.6 2.9 (16.6) (46.8) % Share Of Continent 0.53 0.12 0.90 0.08 1.18 0.06 0.92 0.05 0.53 0.07 - - Unspecified - - 12.0 - - Grand TotalGrand Total 1,053.5 4,610.3 1,161.3 5,000.3 977.0 4,552.9 778.0 4,504.5 873.5 4,163.1 (17.1) (9.7) 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 2022/23 Percentage Change Table 23B: Direction of Trade** QIII QIV QI QII QIII America: Asia: Oceania: Country of Origin 2021/22 Africa: Europe:

Table 24: Volume of Exports, By Major Commodity Groups (In metric tone) 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 July 26,901.9 17,276.0 146.8 16,256.0 1,118.3 16,367.8 - 0.3 - 144.1 4,455.3 - 18.0 5.4 - 2,626.7 August 25,608.4 7,574.9 245.5 12,376.4 1,435.0 13,927.1 - 0.4 - 885.6 4,803.2 - 18.0 18.0 - 2,792.1 September 20,438.4 7,250.9 74.8 14,589.8 1,172.6 10,994.6 - 0.3 - 956.5 3,557.5 - - 16.8 - 2,686.5 Qtr I 72948.6 32101.8 467.2 43222.2 3725.9 41289.5 0.0 1.0 0.0 1986.2 12816.0 0.0 36.0 40.2 0.0 8105.3 October 22,268.3 8,097.1 137.8 23,948.2 973.9 14,012.4 - 0.3 - 786.3 3,034.2 - - 22.0 - 2,883.9 November 14,033.0 4,238.6 162.5 27,910.7 855.5 12,063.1 1.4 0.3 - 396.1 2,615.0 - 11.1 2.7 - 2,475.2 December 8,981.1 11,461.5 150.9 28,377.7 951.8 13,288.7 11.6 0.3 - 245.1 1,790.6 - 56.0 19.7 - 2,182.9 QII 45282.4 23797.1 451.2 80236.6 2781.2 39364.2 13.0 0.9 0.0 1427.4 7439.8 0.0 67.1 44.4 0.0 7542.1 January 8,743.0 18,336.9 175.8 46,729.8 878.2 15,413.7 6.0 0.3 - 662.6 2,621.0 - 18.1 23.6 - 2,664.0 February 17,162.0 20,703.6 110.2 56,294.0 886.9 14,788.1 0.8 0.2 - 1,541.5 2,179.9 - - 132.1 - 3,179.8 March 19,642.9 15,869.8 142.1 56,272.1 923.0 15,934.2 0.1 0.3 - 168.7 1,988.0 - - 753.9 - 3,258.2 QIII 45548.0 54910.3 428.1 159295.8 2688.1 46136.0 6.9 0.8 0.0 2372.9 6788.9 0.0 18.1 909.5 0.0 9102.0 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 24: (continued) Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity(i n '1000' kwh) Others* Re-Exports Grand Total* July 2,836.9 2.0 - - - - - 9,542.6 243.1 666.0 8,676.0 119,341.9 2,632.0 85,316.6 August 1,101.5 - - - - 29.4 - 11,957.1 357.1 923.7 12,687.3 113,422.2 2,810.2 69,684.6 September 1,287.2 15.3 - - - - - 12,894.0 261.2 607.5 22,408.9 109,153.4 2,703.3 61,738.6 Qtr I 5225.6 17.3 0.0 29.4 0.0 34393.7 861.3 2197.3 43772.3 341917.5 8145.5 216739.7 October 3,195.6 34.5 - - - 0.5 - 8,905.1 380.5 440.8 6,696.3 124,304.9 2,905.9 76,164.3 November 407.1 0.4 - - - 5.0 - 9,137.5 446.3 508.1 11,435.8 119,532.3 2,478.0 64,765.3 December 1,449.5 - - - - 0.7 - 6,618.3 881.3 262.9 7,319.7 127,833.7 2,202.6 67,517.8 QII 5052.2 35.0 0.0 6.1 0.0 24661.0 1708.2 1211.8 25451.8 371670.9 7586.5 208447.4 January 2,439.4 0.3 - - - - - 8,954.6 222.5 563.4 10,379.9 128,800.8 2,687.6 96,273.0 February 5,503.8 66.2 - - - 1.0 - 9,647.9 274.3 715.1 9,460.2 344,864.2 3,311.9 116,979.2 March 7,333.3 75.0 - - - 1.1 - 9,246.0 263.1 313.3 10,928.6 244,903.3 4,012.0 114,953.3 QIII 15276.4 141.4 0.0 2.1 0.0 27848.6 759.9 1591.9 30768.8 718568.3 10011.5 328205.4 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2022/23 2022/23

Table 25: Value of Exports, by Major Commodity Groups (In Thusands 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 July 8,242,397.7 1,483,408.9 102,229.7 789,694.1 329,881.9 305,090.5 - 823,306.4 17,600.6 1,571,742.0 - 7,565.5 22,118.6 - 635,334.6 August 7,956,742.8 656,662.6 146,171.5 640,368.4 451,249.1 260,851.5 - 1,085,974.5 102,148.0 1,527,113.7 - 7,673.9 105,096.9 - 664,315.0 September 6,121,932.1 636,492.8 81,682.7 673,697.6 355,233.3 235,365.1 - 735,507.6 106,459.6 1,131,145.5 - - 104,784.3 - 514,587.7 Qtr I 22,321,072.5 2,776,564.3 330,083.9 2,103,760.1 1,136,364.3 801,307.1 - 2,644,788.5 - 226,208.2 4,230,001.2 - 15,239.4 231,999.7 - 1,814,237.3 October 6,153,208.2 688,440.0 115,671.9 940,543.1 440,752.0 580,301.3 - 861,030.2 89,624.3 983,465.2 - - 98,970.8 - 901,795.7 November 3,901,570.3 384,035.0 145,652.9 1,082,543.5 432,304.3 711,593.0 1,616.3 961,571.9 43,437.3 879,385.4 - 4,340.3 1,562.2 - 970,440.9 December 2,363,052.8 985,277.0 132,638.4 1,286,366.6 460,356.9 1,073,233.4 13,144.4 948,511.9 42,341.6 987,647.4 - 23,521.5 88,827.4 - 887,761.7 Qtr II 12,417,831.4 2,057,752.0 393,963.2 3,309,453.2 1,333,413.3 2,365,127.7 14,760.7 2,771,114.0 - 175,403.3 2,850,497.9 - 27,861.9 189,360.4 - 2,759,998.2 January 2,326,842.6 1,617,450.3 93,710.7 1,888,880.9 333,644.1 277,120.7 346.5 1,025,435.5 80,982.5 1,408,157.0 - 7,772.8 109,310.4 - 579,371.0 February 4,616,844.1 1,884,602.9 115,066.3 2,489,095.0 326,277.7 274,104.0 19.0 698,268.7 183,211.7 1,194,707.6 - - 117,803.1 - 628,261.0 March 5,805,297.5 1,483,609.5 113,995.8 2,513,191.2 367,399.1 294,832.6 1.0 811,558.2 30,475.2 1,108,485.3 - - 127,067.9 - 608,067.6 Qtr III 12,748,984.1 4,985,662.7 322,772.8 6,891,167.1 1,027,320.8 846,057.3 366.4 2,535,262.3 - 294,669.4 3,711,349.9 - 7,772.8 354,181.4 - 1,815,699.6 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 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 July 126,486.4 350.0 - - - - - 2,453,387.2 14,150.6 37,932.8 761,207.3 346,091.1 657,453.1 14,330,370.5 August 39,029.9 - - - - 6,066.0 - 3,059,479.3 22,970.8 50,488.0 867,694.2 331,531.8 769,411.9 13,604,367.8 September 41,813.8 6,223.5 - - - - - 3,241,219.3 12,100.6 45,681.7 658,534.9 334,927.8 619,372.0 10,696,888.3 Qtr I 207,330.1 6,573.5 - - - 6,066.0 - 8,754,085.8 49,221.9 134,102.6 2,287,436.4 1,012,550.7 2,046,237.0 - 38,631,626.6 October 207,805.7 9,668.4 - - - 480.5 - 2,516,781.8 37,759.7 88,480.8 451,012.0 362,788.3 1,000,766.5 11,853,802.9 November 117,009.5 1,333.9 - - - 4,236.8 - 2,649,810.0 46,940.9 101,647.3 655,819.9 368,067.5 972,003.1 9,520,053.4 December 93,840.2 - - - - 741.5 - 1,959,960.8 40,077.9 43,088.8 377,018.3 390,690.6 976,589.1 9,292,681.0 Qtr II 418,655.4 11,002.3 - - - 5,458.8 - 7,126,552.6 124,778.6 233,216.9 1,483,850.1 1,121,546.4 2,949,358.6 - 30,666,537.3 January 96,148.4 173.8 - - - - - 2,442,856.7 11,394.9 36,468.4 338,284.0 422,452.7 688,681.4 9,749,024.7 February 222,728.7 3,037.7 - - - 108.2 - 2,563,417.5 12,949.6 48,618.5 367,892.4 615,130.0 746,064.0 12,528,261.0 March 284,087.3 9,376.5 - - - 209.6 - 2,607,251.0 15,504.6 22,820.5 381,885.4 806,852.0 735,135.5 13,263,980.9 Qtr III 602,964.4 12,588.0 - - - 317.8 - 7,613,525.2 39,849.2 107,907.4 1,088,061.8 1,844,434.7 2,169,880.9 - 35,541,266.5 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Particulars 2022/23 Particulars 2022/23

Table 26: Value 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. July 4,670,791 173,903 45,165 4,279 21,942,334 954,457 847,892 30,285 403,552 1,159,673 384,620 August 8,148,077 93,273 56,823 - 17,460,805 1,221,511 2,037,797 25,707 349,184 1,177,415 585,769 September 8,417,676 103,483 23,781 - 17,534,508 1,055,419 2,206,401 5,862 440,341 1,141,727 523,331 Qtr I 21,236,545 370,659 125,770 4,279 56,937,647 3,231,387 5,092,089 61,854 1,193,076 3,478,815 1,493,721 October 11,273,025 132,193 26,704 2,021 16,397,006 1,078,250 2,099,216 4,471 622,520 1,530,615 627,800 November 8,042,285 102,018 21,188 - 17,602,993 1,126,311 1,781,301 12,857 571,067 1,311,295 731,263 December 8,872,358 125,168 38,827 - 13,855,652 1,186,109 3,786,209 11,390 841,584 1,459,988 790,376 Qtr II 28,187,669 359,380 86,719 2,021 47,855,652 3,390,671 7,666,726 28,719 2,035,171 4,301,897 2,149,440 January 3,802,929 43,678 20,509 - 15,365,622 1,127,792 2,238,202 2,718 769,824 1,096,546 808,116 February 5,010,526 94,456 21,865 3,201 14,587,235 1,453,159 2,610,463 6,116 921,844 1,000,044 883,643 March 5,090,787 124,461 37,562 - 22,886,531 1,621,606 3,005,076 29,274 529,142 1,311,450 1,193,131 Qtr III 13,904,242 262,594 79,936 3,201 52,839,388 4,202,557 7,853,742 38,108 2,220,810 3,408,040 2,884,890 Table 26: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 1,800,626 700,170 522,693 5,443,908 7,881,810 326,616 3,028,640 3,112,154 433,716 27,057,820 77,812,950 August 1,760,990 850,853 388,066 5,892,620 9,743,228 420,242 5,955,661 2,534,735 237,635 31,085,201 87,490,856 September 1,301,762 407,852 339,159 5,775,626 7,527,844 640,287 3,901,714 2,056,117 198,766 21,258,104 72,803,643 Qtr I 4,863,378 1,958,876 1,249,918 17,112,154 25,152,882 1,387,145 12,886,015 7,703,007 870,117 79,401,125 238,107,450 October 1,639,788 490,472 553,607 4,477,090 8,691,543 327,558 3,286,198 2,909,541 198,596 32,397,536 85,856,211 November 1,577,299 483,432 458,010 5,018,734 7,729,305 826,815 5,214,421 821,322 207,678 22,305,114 75,123,387 December 1,549,602 716,421 489,055 4,506,076 6,735,475 862,067 3,533,204 516,240 695,734 27,510,008 77,565,303 Qtr II 4,766,689 1,690,324 1,500,673 14,001,901 23,156,323 2,016,439 12,033,822 4,247,102 1,102,008 82,212,659 238,544,901 January 1,788,974 541,501 422,654 3,760,946 6,393,209 350,395 2,604,315 1,193,094 124,735 34,693,462 75,956,128 February 1,279,927 504,151 481,763 4,338,345 7,610,995 366,471 1,940,404 606,744 250,318 21,437,414 64,802,341 March 1,733,159 890,859 557,913 7,730,538 5,705,915 389,817 2,856,110 1,316,734 289,051 26,500,642 82,483,023 Qtr III 4,802,060 1,936,510 1,462,331 15,829,828 19,710,119 1,106,683 7,400,830 3,116,572 664,103 82,631,518 223,241,492 Note : Food and Live animal also includes Grain 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 (In 000 birr) Period 2022/23 Period 2022/23

Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 137,408.1 2,197.7 156.3 41.5 344,481.8 14,118.5 1,427.3 16.6 1,743.4 6,205.0 4,760.7 August 233,641.3 737.7 146.8 - 302,415.4 18,294.1 1,033.2 58.3 1,373.0 7,936.9 6,789.1 September 227,275.6 848.8 109.3 - 322,397.0 14,125.6 1,608.7 1.2 2,822.1 10,288.3 197,972.6 Qtr I 598,324.9 3,784.2 412.4 41.5 969,294.3 46,538.1 4,069.1 76.2 5,938.5 24,430.2 209,522.4 October 313,825.1 1,409.1 99.9 18.8 307,111.0 18,761.9 2,992.5 1.0 5,174.9 8,420.1 8,311.2 November 207,644.7 772.1 42.9 - 324,893.8 17,173.2 1,843.8 26.7 5,973.9 6,299.8 9,546.8 December 195,585.1 879.4 117.8 - 292,381.9 16,032.4 1,852.9 8.8 5,684.6 6,765.7 9,429.9 Qtr II 717,054.9 3,060.7 260.6 18.8 924,386.8 51,967.5 6,689.2 36.5 16,833.4 21,485.5 27,288.0 January 100,416.3 459.0 1,419.8 - 297,441.7 16,077.6 2,250.5 7.5 5,057.7 7,046.2 11,477.5 February 122,874.4 896.2 49.7 34.3 282,360.0 21,039.6 2,660.0 5.6 5,839.0 5,566.0 13,454.5 March 116,745.1 1,068.3 111.8 - 463,556.4 22,121.5 4,038.4 24.1 5,798.4 7,503.7 13,382.9 Qtr III 340,035.7 2,423.5 1,581.3 34.3 1,043,358.0 59,238.7 8,948.9 37.1 16,695.1 20,115.8 38,315.0 Table 27: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 11,727.7 1,679.9 11,541.7 165,657.1 13,714.9 805.2 5,632.2 104,319.0 33.5 308,096.0 1,031,445.2 August 11,017.7 1,941.8 7,645.5 340,360.7 17,008.8 1,486.8 6,433.3 84,476.7 25.5 362,936.9 1,321,282.6 September 8,064.1 1,010.6 7,742.4 447,692.0 13,110.0 1,512.1 7,552.5 69,095.3 34.3 324,003.1 1,588,170.3 Qtr I 30,809.53 4,632.23 26,929.58 953,709.86 43,833.73 3,804.09 19,618.03 257,891.06 93.26 995,035.94 3,940,898.07 October 11,705.8 1,253.7 12,762.4 166,628.9 23,787.6 1,515.2 6,848.1 105,134.9 36.4 578,537.7 1,469,201.3 November 10,273.5 1,220.8 11,586.3 121,884.2 16,182.0 2,095.2 5,554.6 27,441.0 33.2 335,947.2 1,078,995.0 December 10,378.5 1,730.0 11,191.9 73,524.4 14,457.6 3,435.5 4,203.5 23,168.1 60.6 443,857.6 1,091,578.2 Qtr II 32,357.81 4,204.58 35,540.65 362,037.45 54,427.20 7,045.88 16,606.22 155,743.91 130.27 1,358,342.52 3,639,774.47 January 13,582.9 1,338.0 8,677.8 207,281.2 12,764.0 1,289.8 8,049.2 40,269.2 42.4 539,211.9 1,233,891.1 February 10,600.3 1,253.5 9,009.3 72,111.8 13,194.7 1,229.6 8,085.5 17,578.6 62.8 310,671.2 880,997.9 March 12,911.4 1,860.1 10,210.7 74,509.7 17,184.2 1,582.7 6,236.2 37,703.2 36.6 333,199.0 1,092,081.1 Qtr III 37,094.54 4,451.59 27,897.85 353,902.72 43,142.96 4,102.09 22,370.84 95,551.04 141.78 1,183,082.17 3,206,970.07 Source: Ethiopian Customs Commission Note : Food and Live animal also includes Grain *** 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 Period 2022/23 Period 2022/23

Table 28: Value of Imports, by End-Use** (In Millions of Birr) Qtr II Qtr III Qtr IV Annual QI QII Qtr III Raw Materials 1,551.9 1,467.5 1,432.3 5,577.0 1,470.1 1,897.1 2,348.3 Semi-finished Goods 32,974.2 52,840.9 70,995.0 183,975.3 44,332.2 37,585.3 57,088.4 Chemicals 6,111.3 5,773.8 5,222.5 24,699.5 7,083.0 6,854.6 7,999.8 Fertilizers 3,422.9 19,091.0 44,803.6 69,190.3 13,194.6 6,738.7 22,758.1 Textile Materials 2,134.7 2,682.6 2,662.0 9,507.6 3,200.8 2,958.2 3,053.7 Others 21,305.3 25,293.6 18,307.0 80,577.9 20,853.8 21,033.9 23,276.9 Fuel 34,182.0 44,058.2 60,909.5 169,598.8 59,153.7 50,681.6 55,982.7 Crude petroleum 3.3 - 3.9 7.2 4.3 2.0 3.4 Petroleum Products* 34,084.3 42,510.8 59,026.7 165,014.8 57,581.7 47,855.7 52,839.4 Others 94.4 1,547.3 1,878.8 4,576.9 1,567.7 2,823.9 3,139.9 Capital Goods 33,448.8 36,518.2 46,675.3 148,011.6 48,816.4 45,147.4 35,076.9 Transport 5,093.7 4,216.7 2,191.0 15,566.9 3,586.9 3,447.9 2,259.6 Tyres for Heavy Vehicles 1,247.1 1,399.9 869.0 4,394.4 1,292.6 1,717.1 1,189.8 Heavy Road Motor Veh. 1,502.6 1,236.1 861.1 4,175.3 1,272.2 1,578.1 940.8 Aircraft 2,224.2 1,438.7 408.9 6,502.9 949.4 29.2 9.9 Others 119.8 142.0 52.0 494.2 72.7 123.5 119.1 Agricultural 699.9 490.3 726.4 2,678.3 753.5 1,105.3 738.4 Industrial 27,655.1 31,811.1 43,757.9 129,766.5 44,475.9 40,594.2 32,078.9 Consumer Goods 103,655.4 94,277.4 75,259.0 367,771.2 82,674.4 101,255.4 70,871.6 Durables 9,141.3 11,347.9 10,297.7 39,584.5 11,266.4 13,700.9 10,299.7 Radio & T.V. 510.5 664.0 614.8 2,231.8 1,598.3 1,980.4 1,544.2 Tyres for cars & Other Veh. 528.4 793.2 405.7 2,202.9 657.4 614.7 438.7 Cars & Other Veh. 117.6 329.3 198.5 852.8 239.5 247.2 279.3 Others 7,984.8 9,561.4 9,078.7 34,297.0 8,771.2 10,858.5 8,037.5 Non-durables 94,514.1 82,929.5 64,961.3 328,186.7 71,408.0 87,554.5 60,571.9 Cereals 28,623.8 31,239.7 17,866.1 105,138.0 18,652.0 22,602.4 14,552.2 Other Food 18,914.6 15,138.4 13,820.1 68,806.4 15,041.4 26,470.4 16,222.0 Medical & Pharmaceuticals 19,174.2 6,923.7 5,658.1 38,231.2 5,948.5 8,238.4 8,604.6 Textile Fabrics 4,043.6 3,894.0 4,342.2 16,603.2 4,332.0 4,354.0 4,477.4 Others 23,757.9 25,733.7 23,274.8 99,407.9 27,434.1 25,889.2 16,715.7 Miscellaneous 1,343.6 2,296.8 2,221.7 7,277.0 1,657.7 1,978.1 1,873.6 Total Imports 207,155.8 231,458.9 257,492.8 882,211.0 238,104.5 238,544.9 223,241.5 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 2022/23 Categories

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Manufacturing 7 71 6 58 5 81 5 174.4 5 193.0 7.0 60.5 4 33.2 Agriculture, hunting and forestry 1 20.0 Real estate, renting and business activities 4 18 4 18 6 43 5 33.5 5 34.0 4.0 636.2 1 7.0 Hotels and restaurants 1 105 1 15.0 Education 1.0 1500.0 Health and social work 1 3.0 1.0 5.0 1 40.7 Construction 31 287 10 136.4 7 25.0 1.0 10.6 3 51.7 Wholesale, retail trade and repair service 1 7 Transport, storage and communication 1 2 7 60.5 4 111.0 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 1 10 Others 1 33.0 2.0 667.2 Grand Total 13 98.6 11 182.0 43 421 27 404.8 24 434.0 16 2879.6 9.0 132.6 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QIII No of projects Investment Capital Sector/Sub-sector (In Millions of Birr) QIII No of projects Investment Capital QII No of projects Investment Capital Investment Capital QI No of projects Investment Capital No of projects Investment Capital 2014(2021/22) QIV No of projects Investment Capital QI QII No of projects 2022/23

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 4062 1084 1916 72 479 70 702 115 162 49 253 77 Agriculture, hunting and forestry Real estate, renting and business activities 55 62 102 23 742 102 99 219 85 55 72 2300 Hotels and restaurants 60 80 87 Education 120 40 Health and social work 2 5 12 20 52 102 Construction 30 24 2 5 30 30 28 10 Wholesale, retail trade and repair service 1,964 969 Transport, storage and communication 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 6 30 42 22 Grand Total 6084 2117 162 103 3038 201 578 289 884 210 438 2461 333 189 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QIII 2022/23 Sector/Sub-sector QI 2014(2021/22) QII QIII QIV QI QII

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