NBE Annual Report 2022-2023

ANNUAL
REPORT nbe.gov.et
2022 | 2023

NBE Annual Report
© 2025 National Bank of Ethiopia
Sudan Street, Addis Ababa, Ethiopia www.nbe.gov.et Prepared by Domestic Economic Analysis and Publication Directorate National Bank of Ethiopia Designed by NBE Communications Address_Tel +251 115 51 74 30 +251 115 51 45 88 P.O.Box nbeinfo@nbe.gov.et nbe.gov.et Addis Ababa, Ethiopia This publication can be acquired by subscription or exchange Please contact:
National Bank of Ethiopia
Domestic Economic Analysis and Publication Directorate P.O.BOX 5550 Tel. +251 115 17 52 62/115 17 52 68 Addis Ababa, Ethiopia

NBE's BOARD OF DIRECTORS
H.E. Ambassador Girma Birru
Chairperson
H.E. Ahmed Shide
Member
H.E. Dr. Eyob Tekalign
Member
H.E. Mamo E. Mihretu
Member
H.E. Fikadu Digafie
Member
Mr. Gebreyesus Gunte
Secretary

NBE's EXCECUTIVE
MANAGEMENT MEMBERS
Mr. Abate Mitiku
Director, Change Management, Planning and Communication Directorate Member Mr. Gebreyesus Gunte Senior Advisor to the Governor Member & Secretary H.E. Mamo E. Mihretu Governor & Chairperson H.E. Fikadu Digafie Vice Governor & Chief Economist, Monetary Stability Cluster Member H.E. Eyob G/Eyesus Vice Governor, Corporate Service Cluster Member H.E. Solomon Desta Vice Governor, Financial Institution Supervision Cluster Member

NBE's SENIOR MANAGEMENT MEMBERS
H.E. Mamo E. Mihretu
Governor & Chairperson
Mrs. Martha H/Mariam
Advisor to Vice Governor,
Financial Institution
Suppervision Cluster
Member
H.E. Fikadu Digafie
Vice Governor
& Chief Economist,
Monetary Stability Cluster
Member
Mr. Mulualem Eshetu
Advisor to Vice Governor &
Chief Economist
Member
Mr. Gebreyesus Gunte
Senior Advisor to the Governor
Member
H.E. Eyob G/Eyesus
Vice Governor, Corporate
Service Cluster
Member
H.E. Solomon Desta
Vice Governor, Financial
Institution Supervision Cluster
Member

Mr. Abate Mitiku
Director, Change Management, Planning and
Communication Directorate
Member
CONTINUED
Mr. Wondimeneh Asrat
Director, Internal Audit and Risk Management
Directorate
Member
Mr. Fitsum Tsehaye
Director, Domestic Economic Analysis and
Publication Directorate
Member
Mrs. Woyenshet Zeberga
Director, Monetary and Financial Analysis
Directorate
Member
Mr. Befekadu Gashaw
Director, Economic Modeling and Statistical
Analysis Directorate
Member
Mr. Habtamu Wokineh
Director, External Economic Analysis and
International Relations Directorate
Member
Mrs. Yenehassab Tadesse
Director, Foreign Exchange Monitoring and
Reserve Management Directorate
Member
Mr. Frezer Ayalew
Director, Bank Supervision Directorate
Member

Mr. Belay Tulu
Director, Insurance Supervision Directorate
Member
CONTINUED
Mr. Sintayehu Dessalegn
A-Director, Micro-Finance Institutions
Supervision Directorate
Member
Mr. Solomon Damtew
A-Director, Payment & Settlememt System
Directorate
Member
Mr Temesgen Zeleke
Head, Financial Inclusion Secretariat
Member
Mr. Temeliso Abebe
Director, Credit Reference and Movable
Collateral Registry Directorate
Member
Mr. Gebeyaw Takele
Director, Project Management Oce
Member
Mr. Abebe Senbete
Director, Currency Management Directorate
Member
Mrs. Workabeba Bahiru
Director, Human Resource Management
Directorate
Member

Mrs Merema Kamil
Director, Corporate Finance Directorate
Member
CONTINUED
Mr Zelalem Abera
Director, Procurement and Service
Management Directorate
Member
Mr Eyasu Teshome
Director, Engineering , Property & Transport
Service Management Directorate
Member
Mr Wondewosen Tsegaw
Director, Information System Management
Directorate
Member
Mr Mesfin Getachew
Director, Legal Service Directorate
Member
Mr Kassahun Yohannes
Acting Director, Ethiopian Institute of Financial Studies Member Mr. Girmaye Amare Acting Deputy Director, Ethiopian Institute of Financial Studies Member Mr. Gobena Worana Deputy Director, Bank Supervision Directorate Member

Mr. Shambel Teshome
Acting Deputy Director, Foreign Exchange
Monitoring and Reserve Management Directorate
Member
CONTINUED
Mr. Abebayew Dufera
Acting Deputy Director, Foreign Exchange
Monitoring and Reserve Management Directorate
Member
Mrs. Habtam Shumbeza
Construction Project Manager
Member
Mr. Dawit Tesfaye
Acting Manager - ICT and Consultancy
Projects
Member

ETHIOPIA: MACROECONOMIC AND SOCIAL INDICATORS I GOVERNOR’S NOTE 1
I. OVERALL ECONOMIC PERFORMANCE 4
1.1 Economic Growth 4
1.2 GDP by Sector 6
1.3 GDP by Expenditure Components 9
1.4 Micro and Small-Scale Enterprises 10
1.5 Access to Water Supply 12
1.6 Road Sector Development 14
1.7 Telecommunication 18
II. ENERGY PRODUCTION 22
2.1 Electric Power Generation 22
2.2 Volume and Value of Petroleum Imports 23
III. PRICE DEVELOPMENTS 28
3.1 Developments in Consumer Price at National Level 28
3.2 Consumer Price Developments in Regional States 31
IV. MONETARY AND FINANCIAL DEVELOPMENTS 36
4.1 Monetary Developments and Policy 36
4.2 Developments in Interest Rate 40
4.3 Developments in Financial Sector 41
4.4 Financial Activities of NBE 54
4.5 Developments in Financial Markets 54
V. DEVELOPMENTS IN EXTERNAL SECTOR 59
5.1 Overall Balance of Payments 59
5.2 Developments in Merchandise Trade 62
5.3 Services and Transfers 70
5.4 Current Account 73
5.5 Capital Account 73
5.6 Changes in Reserve Position 73
5.7 External debt 73
5.8 Developments in Foreign Exchange Markets 74
CONTENTS

VI. GENERAL GOVERNMENT FINANCE 80
6.1. General 80
6.2. Revenue and Grants 81
6.3. Expenditure 83
6.4. Deficit Financing 85
VII. INVESTMENT 89
7.1. Investment by Sector 92
7.2. Distribution by Region 94
VIII. INTERNATIONAL DEVELOPMENTS 96
8.1. International Economic Developments 96
8.2. Implications of International Economic Developments
on the Ethiopia Economy 99
Audited Financial Statements for the Year Ended 30 June 2023 100 Statistical Annexes 211

Ethiopia: Macroeconomic and Social Indicators
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015)

1. 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 Arable Land (% of total area) NA 12.00 13 14.2 14.32 14.41 16.2 16.2 Agricultural Irrigated Land (% of totalAgricultural area) NA NA 4.0 4.0 4.7 5 6% 6.20% Population Density (person per sq.km)* 101.00 104.00 106 109 112 115 123 127
2. Social Indicators
   Population total, in millions (Mid-Year population) 91.2 93.4 95.5 97.6 99.75 101.9 104.1 105.7 (o/w Urban Poulation, in %) 19.9 20.3 21 22.8 28.2 Working Age Population (In Millions) Urban 12.2 12.8 12 13.13 14.03 15.01 16.04 31.1 Rural 39.7 40.8 42 43.06 44.28 45.8 46.6 40.4 Total 52.0 53.6 56 56.19 58.31 60.81 62.64 61.7 Age Dependency Ratio 75.0 75 69 62 Life Expectancy at Birth (Male - Female) 60.2-64.2 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 Crude Birth Rate 30.3:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 Crude Death Rate 7.2:1000 7.2:1000 6:03 6.00 6.:30 Natural Rate of Population Increase (In %) 2.31 2.31 2:07 Total Fertility Rate 3.94chil:W 3.94chil:W 3.5chil:W 4.6chil:W 4.6chil:W 4.1 People : Hospital Beds 2850:1 2980:1 3617:1 1,312 2750 2720 2900 3225: 1 bed People : Physician1 14045:1 22766:1 26635:1 10,521:1 9977:1 8448:1 7576 5737 People : Nurse1 1999:1 1194:1 1780:1 1620:1 1705 1473 1415 983 Infant Mortality Rate 62.4:1000 62.4:1000 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 Access to Safe Water (In %) Country Level 61.0 66.0 71 76 79.3 58.5 58.76 67.1 Urban Population 52.5 55.0 60 66 66.5 62.95 71.97 75.7 Rural Population 63.1 68.0 74 79 82.7 57.26 59.76 64.5 Student-Teacher Ratio Primary (1-8) 46:1 43.00 43 39 39 34.8 34.6 36.4 Secondary (9-12) 26.5:1 43.00 43 22.5 24 27.4 27.7 26.6 Technical & Vocational 12.6፡1 11.00 26 13.3 13.3 1:11 1:11 1:18 Student-School Ratio Primary (1-8) 573፡1 580.00 567 628 528 512.7 526.6 517.6 Secondary (9-12) 767.2፡1 754.00 741 568 940 1017 1063 1009.6 Technical & Vocational 523፡1 329.00 318 246.8:1 246.6:1 177 158 151.5 Indicators I

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015)
3. Macroeconomic Indicators
3.1. Real sector Development2
GDP at Current Market Price (In Mn. Birr) 1568097.5 1832553.7 2202372.7 2696222.7 3374746.9 4341024.2 6157015.2 8723116.8 Nominal GDP Growth Rate (In %) 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 Average Marginal Exchange Rate (Birr per USD) 21.1 22.4 26.1 28.1 31.3 39.0 48.6 53.3 GDP at Current Market Price (In Mn. USD) 74296.6 81760.4 84355.6 95951.0 107672.6 111261.9 126772.7 163712.9 Nominal GDP per Capita (In USD) 814.6 875.8 883.3 983.1 1079.4 1091.7 1217.8 1548.7 Real GDP per Capita (In Birr) 17192.4 18393.9 19204.9 20312.7 21144.7 21860.6 22543.2 23664.4 Real GDP per Capita Growth Rate (In %) 5.0 7.0 4.4 5.8 4.1 3.4 3.1 5.0 GDP Deflator (% change) 9.5 6.7 12.5 13.2 18.2 21.8 34.7 32.9 Real GDP at constant basic price (In Mn. Birr) 1449397.5 1596481.6 1719491.3 1874689.3 1989587.7 2114238.3 2248662.8 2409921.4 Real GDP at constant market price (In Mn. Birr) 1568097.5 1717127.2 1834066.5 1982516.7 2109180.1 2227894.7 2346748.0 2501498.3 Real GDP Growth Rate (In %) 8.0 10.1 7.7 9.0 6.1 6.3 6.4 7.2 Agriculture & Allied Activties(In Billion Birr) 544.1 580.4 600.9 623.8 650.3 686.4 728.4 774.0 Industrial Sector (In Billion Birr) 343.9 413.8 464.4 526.2 576.9 618.8 649.2 694.2 Service Sector(In Billion Birr) 575.9 619.3 673.9 745.7 786.8 836.2 899.8 971.3 Agriculture & Allied Activties (% of GDP) 37.2 36.0 34.5 32.9 32.3 32.1 32.0 31.7 Industrial Sector (% of GDP) 23.5 25.6 26.7 27.8 28.6 28.9 28.5 28.5 Service Sector (% of GDP) 39.3 38.4 38.7 39.3 39.1 39.0 39.5 39.8 Private Consumption Expenditure 1042264.6 1219365.9 1441581.1 1848070.0 2360896.0 3134993.8 4764429.0 6882737.9 Government Consumption Expenditure 174598.8 203607.9 225523.2 247362.0 307769.0 383565.3 453263.0 551106.6 Investment 585665.0 704596.0 751626.2 948866.0 1037685.0 1216584.9 1560325.0 1933863.0 Exports 122500.8 139830.1 184282.1 213437.0 239229.0 329634.5 507692.0 575061.6 Imports 424749.9 430233.2 502112.9 561512.0 571230.0 723391.3 1128171.0 1220461.4 Resource Balance -302249.0 -290403.0 -317831.0 -348075.0 -329096.0 -394236.0 -620479.0 -645399.8 Gross Private Consumption (% of GDP) 66.5 66.5 65.5 68.5 70.0 72.2 77.4 78.9 Gross Government Cosumption (% of GDP) 11.1 11.1 10.2 9.2 9.1 8.8 7.4 6.3 Gross Domestic Fixed Investment (% of GDP) 37.3 38.4 34.1 35.2 30.7 28.0 25.3 22.2 Resource Balance (% of GDP) (19.3) (15.8) (14.4) (12.9) (9.8) -9.08 -10.1 -7.4
3.2. Monetary Indicators
Narrow Money Supply (M1) (In Mn. Birr) 178,609.66 216,769.62 281,154.66 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 Broad Money Supply (M2) (In Mn. Birr) 445,266.25 573,384.05 740,572.88 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 Net Foreign Assets (In Mn. Birr) 21,524.19 38,034.79 39,376.20 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) Reserve Requirement (CBs) 21,745.43 28,278.91 36,385.76 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 Interest Rate (In %) Minimum Deposit Rate 5.00 5.00 7 Lending Rate 12.75 12.75 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 490,230.35 631,092.73 784,621.73 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 Government 47,524.36 85,441.85 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 Other Sectors 442,705.99 545,650.89 682,618.90 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 Indicators Continued…. II

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015)
3.3. Inflation (CPI growth rate)3
Country Level
-General inflation 9.7 7.4 14.60 12.60 19.90 20.20 33.80 32.50 -Food inflation 11.2 7.2 13.40 13.10 23.30 23.20 40.30 31.70 -Non-Food inflation (core inflation) 8.1 7.5 15.80 11.90 15.80 16.40 25.15 33.90 Addis Ababa -General inflation 10.3 2.3 16.5 14.6 18.8 19.5 29.8 37.3 -Food inflation 16.6 1.2 8.7 15 25.9 26.2 36.6 35.5 -Non-Food inflation (core inflation) 5.8 3.2 22.6 14 13.9 14.4 24.1 39.0
3.4. External Trade(In Mn.USD)
Export of goods & services 6077.3 6257.2 7095.9 7694.9 7715.7 8498.9 10457.7 10855.8 Import of goods & services 20552.1 19714.0 19707.4 20704.8 18828.3 19177.0 23845.0 23430.0 Net trade in goods & services -14474.7 -13456.9 -12611.4 -13009.9 -11112.6 -10678.0 -13387.3 -12574.2 Current account balance including official transfers -6655.1 -6543.2 -5285.0 -4948.0 -4401.9 -3190.7 -5145.1 -4672.9 Capital account balance 6554.1 6885.3 6184.6 4822.4 4326.5 3785.8 2723.7 3547.3 Overall balance of payments -830.9 658.6 -201.6 -941.6 -833.4 298.7 -2149.8 -752.0
3.5. Government Finance (In Mn .Birr4)
Total Revenue (including grants) 244,819.4 270,214.1 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 Total Revenue (excluding grants) 231,805.2 257,737.2 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 o/w Tax-Revenue 190,519.7 210,172.5 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 Tax-Revenue as % of GDP 12.1 11.5 10.7 10.0 9.2 9.0 7.8 6.8 Total Expenditures 280,892.8 329,658.1 354,205.3 413,105.7 488,243.2 599,006.7 779,099.0 938,771.6 Current Expenditures 136,708.7 176,634.6 210,470.2 238,156.6 280,667.0 363,596.9 517,043.4 582,854.6 Capital Expenditures 144,184.1 153,023.5 143,735.1 174,949.1 207,576.1 235,409.7 262,055.7 355,917.0 Equity Contribution (Sinking Fund) - - - - - - - - Special Programs - - - - - - - - Total Expenditures as % of GDP 17.9 18.0 16.1 15.4 14.5 13.8 12.7 10.8 Current Surplus/Deficit 108,110.7 93,579.4 77,091.9 106,779.9 114,298.8 115,291.2 49,710.3 134,732.1 Overall Budget Deficit (including grants) (36,073.4) (59,444.0) (66,643.2) (68,169.2) (93,277.4) (120,118.5) (212,345.4) (221,184.9) Deficit as % of GDP (2.3) (3.2) (3.0) (2.5) (2.8) (2.8) (3.4) (2.5) Overall Budget Deficit (excluding grants) (49,087.6) (71,920.9) (84,557.1) (101,788.3) (133,930.4) (154,424.0) (239,038.5) (253,312.4) Deficit as % of GDP (3.1) (3.9) (3.8) (3.8) (4.0) (3.6) (3.9) (2.9)
3.6. Exchange Rate (Birr/ USD)
Inter-Bank Forex Market Rate5

• Period weighted Average 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163 48.5673 53.2830
• End period 21.8004 23.1081 27.2621 28.9109 34.9822 43.6910 51.9938 54.5943
  Indicators
  Continued….
  III

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015)
3.7. Treasury Bill Market (In Mn. Birr)
T-Bills Demanded (Total) 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 T-Bills Sold 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 Average Weighted Yield (in %) 1.438 1.424 1.420 1.741 4.808 7.970 9.459 9.70 T-Bills Outstanding by holder 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 Banks - - - 650.00 5,604.00 52,040.00 195,432.29 146,568.05 Non-Banks 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48
3.8. Inter Bank Money Market Rate5
3.9. Financial Institutions
Number of Commercial Banks 17.00 18.00 30.00 31.00 (o/w Private banks) 16.00 17.00 28.00 29.00 Number of Bank Branches 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 Population : Bank Branch 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 Number of Insurance Companies 17.00 18.00 (o/w Private Insurance Companies) 16.00 17.00 Number of Insurance Branches 426 492.00 532.00 568.00 605.00 635.00 690.00 741.00 Population : Insurance Branch 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 Number of Development Banks 1.00 1.00 1 Number of Development Bank Branches 110 110.00 107 107 93 82 83 83 Number of Micro-financial Institutions 35.00 35.00 38 38 39 39 43 47 Source : Ministries of Agriculture, Finance, Health, and Education, National Bank of Ethiopia, Ethiopian Statistical Services, … etc Note:- *population is estimated using component method after 2006/2007

1. Excluding manpower out side the Ministry of Health.

2. The GDP data series is revised on basis of 2015/16 =100 base year

3. Inflation data is calculated using the new base year (December 2016=100)

4. Figures for government finance are preliminary estimates from 1999/00 onwards.

5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001.
   *Mid year population was obtained from MoF
   Indicators
   Continued….
   IV

6. The Ethiopian economy registered real GDP
   growth of 7.2 percent in 2022/23, compared with the 6.4 percent expansion a year ago. It was also roughly doubled the average for Sub￾Saharan Africa over the same period. This economic growth was attributed to 7.9 percent growth in service sector, 6.9 percent in industry and 6.3 percent in agriculture sector. The share of services in GDP rose to 40.3 percent while that of industry modestly declined to 28.8 percent and that of agriculture to 32.1 percent. GOVERNOR'S NOTE

7. In the past decade and half, per capita income has steadily increased to USD 1,549 in
   2022/23. Meanwhile, investment-to-GDP ratio stood at 22.2 percent which saw a slight drop in recent years due to slow down in public and private investment. Similarly, gross domestic savings-to-GDP ratio stood at 14.8 percent which was 0.5 percentage point lower than a year earlier.

8. Annual average headline inflation moderately subsided to 32.6 percent in 2022/23 from 33.8
   percent in the previous year. Yet, inflation has remained above single digit mid-term target in the past five years due to the rise in both food and non-food inflation. Likewise, annual headline inflation dropped to 29.3 percent from 34.0 percent a year ago on account of a 10.1 percent decline in food and non-alcoholic beverages, despite a 3.0 percent increase in non￾food inflation. Inflation has been a persistent challenge over the last five years and showed a significant volatility depending on various external and internal shocks which included instability in some parts of the country, the Russia — Ukraine war, mismatch in aggregate supply and demand, high commodity prices in the global market as well as expansionary monetary and fiscal policies. Against this backdrop, NBE has embarked on pursuing contractionary monetary policy to maintain price stability aided by prudent fiscal and other administrative measures.

9. Regarding fiscal operations, the government focused on revenue mobilization and fiscal
   consolidation measures in 2022/23 that led to an increase in tax revenue to cover a greater proportion of government expenditures from domestic sources. Meanwhile, government expenditures were largely geared towards supporting capital expenditure and enhancing pro-poor social spending programs and safety nets. Accordingly, domestic revenue registered a 26.6 percent annual growth in 2022/23 while general government expenditure showed a 20.5 percent increment resulting in a budget deficit of 2.5 percent of GDP which was lower than the 3 percent of GDP target.

10. In the external sector, merchandise trade deficit narrowed in 2022/23 due to the fall in
    merchandise import which outweighed the decline in merchandise export. Proceeds from merchandise export saw a 11.8 percent annual drop due to lower export receipts mainly from co¤ee, oil seeds, gold, and chat. Similarly, total merchandise imports slowed down by 5.4 percent as a result of a decline in imports of raw materials, semi-finished goods, and consumer goods. Improvement in net service surplus together with narrower merchandise trade deficit has led to improvements in the current account balance including ocial transfers. Capital account balance also saw an increase in surplus compared to the previous year.

11. NBE continued to apply managed float exchange rate regime in 2022/23. Hence, the Birr was
    allowed to depreciate by 9.7 percent in nominal terms against US Dollar while real e¤ective exchange rate marginally appreciated by 2.6 percent due to higher domestic inflation and appreciation of the Birr against that of Ethiopia's major trading partner currencies.

12. In 2022/23 the safety and soundness of the financial sector has been duly ensured against all
    financial soundness indicators. The financial sector has continued to play its growing role of intermediation and broadly contributed to the country's growth performance. In 2022/23, with the opening of new bank branches, the number of bank branches rose to 11,281 from 8,944 a year ago. The banking sector also increased its deposit mobilization by 27 percent, loan collection (45 percent) and loan disbursement (28 percent). The sector's non- performing loan ratio was within the required limit of 5 percent. In addition, insurance companies, microfinance institutions and capital goods finance companies have expanded their outreach and increased their financial services. Accordingly, financial inclusion and access to finance has seen substantial growth momentum despite limitations.

13. Looking ahead, the economic prospects in 2023/24 is expected to continue its positive
    trajectory with relatively stable macroeconomic environment, and growing financial intermediation despite some risks emanating from internal and external factors. Hence, e¤ective implementation of the Home Grown Economic Reform Program and proactive policy measures are expected to contribute towards developing a modern, vibrant, competitive and sound financial system and sustained economic growth and development. Furthermore, openings up the financial sector to foreign investment, operationalization of the Ethiopian Securities Exchange as well as implementation of the various reform initiatives on the pipeline are expected to stimulate savings, investment, employment, and enhance access to finance and financial inclusion.

14. In conclusion, I would like to thank all the management and sta¤s of the NBE for their dedication,
    diligence and commitment in realizing the strategic objectives of the Bank and in contributing to the country's overall macroeconomic stability and growth in 2022/23. I would also take this opportunity to call upon our development partners and the Ethiopian public to continue supporting Ethiopia's endeavors to bring about robust progress in socio- economic development and better living standards to all members of our society in the coming years.

15. The Ethiopian economy registered real GDP
    growth of 7.2 percent in 2022/23, compared with the 6.4 percent expansion a year ago. It was also roughly doubled the average for Sub￾Saharan Africa over the same period. This economic growth was attributed to 7.9 percent growth in service sector, 6.9 percent in industry and 6.3 percent in agriculture sector. The share of services in GDP rose to 40.3 percent while that of industry modestly declined to 28.8 percent and that of agriculture to 32.1 percent.

16. In the past decade and half, per capita income has steadily increased to USD 1,549 in
    2022/23. Meanwhile, investment-to-GDP ratio stood at 22.2 percent which saw a slight drop in recent years due to slow down in public and private investment. Similarly, gross domestic savings-to-GDP ratio stood at 14.8 percent which was 0.5 percentage point lower than a year earlier.

17. Annual average headline inflation moderately subsided to 32.6 percent in 2022/23 from 33.8
    percent in the previous year. Yet, inflation has remained above single digit mid-term target in the past five years due to the rise in both food and non-food inflation. Likewise, annual headline inflation dropped to 29.3 percent from 34.0 percent a year ago on account of a 10.1 percent decline in food and non-alcoholic beverages, despite a 3.0 percent increase in non￾food inflation. Inflation has been a persistent challenge over the last five years and showed a significant volatility depending on various external and internal shocks which included instability in some parts of the country, the Russia — Ukraine war, mismatch in aggregate supply and demand, high commodity prices in the global market as well as expansionary monetary and fiscal policies. Against this backdrop, NBE has embarked on pursuing contractionary monetary policy to maintain price stability aided by prudent fiscal and other administrative measures.

18. Regarding fiscal operations, the government focused on revenue mobilization and fiscal
    consolidation measures in 2022/23 that led to an increase in tax revenue to cover a greater proportion of government expenditures from domestic sources. Meanwhile, government expenditures were largely geared towards supporting capital expenditure and enhancing pro-poor social spending programs and safety nets. Accordingly, domestic revenue registered a 26.6 percent annual growth in 2022/23 while general government expenditure showed a 20.5 percent increment resulting in a budget deficit of 2.5 percent of GDP which was lower than the 3 percent of GDP target.

19. In the external sector, merchandise trade deficit narrowed in 2022/23 due to the fall in
    merchandise import which outweighed the decline in merchandise export. Proceeds from merchandise export saw a 11.8 percent annual drop due to lower export receipts mainly from co¤ee, oil seeds, gold, and chat. Similarly, total merchandise imports slowed down by 5.4 percent as a result of a decline in imports of raw materials, semi-finished goods, and consumer goods. Improvement in net service surplus together with narrower merchandise trade deficit has led to improvements in the current account balance including ocial transfers. Capital account balance also saw an increase in surplus compared to the previous year.

20. NBE continued to apply managed float exchange rate regime in 2022/23. Hence, the Birr was
    allowed to depreciate by 9.7 percent in nominal terms against US Dollar while real e¤ective exchange rate marginally appreciated by 2.6 percent due to higher domestic inflation and appreciation of the Birr against that of Ethiopia's major trading partner currencies.

21. In 2022/23 the safety and soundness of the financial sector has been duly ensured against all
    financial soundness indicators. The financial sector has continued to play its growing role of intermediation and broadly contributed to the country's growth performance. In 2022/23, with the opening of new bank branches, the number of bank branches rose to 11,281 from 8,944 a year ago. The banking sector also increased its deposit mobilization by 27 percent, loan collection (45 percent) and loan disbursement (28 percent). The sector's non- performing loan ratio was within the required limit of 5 percent. In addition, insurance companies, microfinance institutions and capital goods finance companies have expanded their outreach and increased their financial services. Accordingly, financial inclusion and access to finance has seen substantial growth momentum despite limitations.

22. Looking ahead, the economic prospects in 2023/24 is expected to continue its positive
    trajectory with relatively stable macroeconomic environment, and growing financial intermediation despite some risks emanating from internal and external factors. Hence, e¤ective implementation of the Home Grown Economic Reform Program and proactive policy measures are expected to contribute towards developing a modern, vibrant, competitive and sound financial system and sustained economic growth and development. Furthermore, openings up the financial sector to foreign investment, operationalization of the Ethiopian Securities Exchange as well as implementation of the various reform initiatives on the pipeline are expected to stimulate savings, investment, employment, and enhance access to finance and financial inclusion.

23. In conclusion, I would like to thank all the management and sta¤s of the NBE for their dedication,
    diligence and commitment in realizing the strategic objectives of the Bank and in contributing to the country's overall macroeconomic stability and growth in 2022/23. I would also take this opportunity to call upon our development partners and the Ethiopian public to continue supporting Ethiopia's endeavors to bring about robust progress in socio- economic development and better living standards to all members of our society in the coming years.

OVERALL ECONOMIC PERFORMANCE

I. THE OVERALL ECONOMIC
PERFORMANCE
The Ethiopian economy continued to grow with real GDP average growth rate of 8.1 percent from 2013/14 to 2022/23. This average GDP growth was one of the highest in Africa and it reflected moderate improvement in the living standards of the population both in urban and rural areas. In 2022/23, real GDP showed a 7.2 percent annual expansion compared to 3.3 percent forecast for sub-Saharan African countries (WEO, October 2023). The growth was mainly contributed to the growth the services sector (43.8 percent), agricultural sector (28.2 percent) and industrial sector (27.9 percent). Nominal GDP per capita went up to USD 1,549 from USD 1,218 in the preceding year, registering a 27.1 percent year-on-year increase. Real per capita GDP, however, decreased by 4.3 percent to USD 444.1during the same period. The Ethiopian economy is projected to grow by 7.9 percent in 2023/24 (MoPD, 2023) compared with the 4 percent forecast for sub-Saharan African countries (WEO, October 2023).
1.1 Economic Growth
ANNUAL REPORT 2022/23 4 NATIONAL BANK OF ETHIOPIA

Table 1.1: Sectorial Contributions to GDP and GDP Growth
Source: Ministry of Planning and Development (MoPD) (In Billions of Birr) 5 ANNUAL REPORT 2022/23 NATIONAL BANK OF ETHIOPIA Items Year 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Sector Agriculture 544.1 580.4 600.8 623.8 650.3 686.4 728.4 774.0 Industry 343.9 414.7 467.5 526.2 576.9 618.8 649.2 694.2 Services 575.9 619.3 671.8 747.3 786.9 836.2 899.8 971.3 Total 1,463.9 1,614.3 1,740.1 1897.4 2,014.1 2,141.5 2,277.5 2,439.5 Less FISIM 14.5 17.0 19.8 21.0 24.5 27.2 28.8 29.6 Real GDP 1,449.4 1,596.5 1,719.5 1,874.7 1,989.6 2,114.2 2,248.7 2,409.9 Growth in Real GDP 8.0 10.1 7.7 9.0 6.1 6.3 6.4 7.2 Real GDP per capita 815 876 883 985 1,080 1,092 1,218 1,549 Growth in Real GDP per capita 9.5 7.5 0.9 11.6 9.6 1.1 11.6 27.1 Mid-year population (in millions) 91.2 93.4 95.5 97.6 99.7 101.9 104.1 105.7 Share in GDP (in %) Agriculture 37.5 36.3 34.9 33.3 32.7 32.5 32.4 32.1 Industry 23.7 25.9 27.0 28.1 29.0 29.3 28.9 28.8 Services 39.7 38.8 39.2 39.8 39.5 39.6 40.0 40.3 Agriculture Real Growth rate 2.3 6.7 3.5 3.8 4.3 5.6 6.1 6.3 Contribution to real GDP growth 0.9 2.5 1.3 1.3 1.4 1.8 2.0 2.0 Growth contribution in percent 11.3 24.6 16.4 14.7 22.8 29.0 31.2 28.2 Industry Real Growth rate 22.2 20.6 12.7 12.6 9.6 7.3 4.9 6.9 Contribution to real GDP growth 4.7 4.8 3.3 3.4 2.6 2.1 1.4 2.0 Growth contribution in percent 58.8 47.3 42.5 37.5 42.4 33.6 22.6 27.9 Services Real Growth rate 8.7 7.5 8.5 11.0 5.3 6.3 7.6 7.9 Contribution to real GDP growth 3.4 3.0 3.3 4.3 2.1 2.4 3.0 3.1 Growth contribution in percent 42.5 29.3 42.3 48.2 34.0 39.1 46.7 43.8

ANNUAL REPORT 2022/23 6 NATIONAL BANK OF ETHIOPIA The share of agriculture in Ethiopian economy during the F.Y 2022/23 was 32.1 percent with an annual growth rate of about 6.3 percent. The sector contributed about 28.2 percent to the overall GDP growth. The sector’s growth was driven by a marginal increase in crop production (from 6.9 percent to 7.1 percent). Crop production sector contributed about 21.1 percent to the annual GDP growth. In 2022/23, total cultivated land area showed a 0.5 percent decline and reached 12.1 million hectares. As a result, the total agricultural crop production dropped by 0.9 percent to amount to 325 million quintals. Cereal production accounted for 88 percent of the total crop production during the review period. Production of pulses increased by 7.3 percent as cultivated land area increased by 7.4 percent. On the other hand, oil seeds production decreased by 4.8 percent, as cultivated land area shrunk by 6.4 percent. Industry sector achieved a 6.9 percent annual growth and it contributed about 27.9 percent to the overall economic growth for the review fiscal year. The manufacturing sub sector also exhibited a 7 percent in expansion and contributed about 23.4 percent to the industrial sector annual growth and 6.5 percent to the overall real GDP growth. Meanwhile, the construction sector contributed 20.5 percent to the GDP growth and 73.9 percent to industrial sector growth. Thus, currently, the sector is the leading sub sector in the industry due to expansion of roads, dams and housing infrastructures. The service sector was relatively the dominant sector in the Ethiopian economy and it registered a 7.9 percent annual growth in 2022/23 and constituted about 40.3 percent of the overall economy. The major contributor in the service sector during the fiscal year whole sale and retail trade; constituted 14.6 percent of the whole economy followed by transport & communications (5.8 percent), real estates, renting & business activities comprising (4.7 percent), public administration & defense (4 percent), financial intermediation (3.6 percent) and hotels & restaurants (2.5 percent).
1.2 GDP by Sector

7 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA
Fig.I.1: GDP Growth by Major Sectors
Table 1.2: Estimates of Agricultural Production and Cultivated Areas of Major
Crops for Private Peasant Holdings - Meher Season Source: Ministry of planning and development (MoPD) Source: Ethiopian Statistical Service (ESS) (Area in thousands of hectares and production in thousands of quintals) Agricultural Production 2019/20 2020/21 2021/22 2022/23 Cultivated Area Total Production Cultivated Area Total Production Cultivated Area Total Production Cultivated Area Total Production Cereals 10,478 296,726 9,759 283,191 9,998 290,808 9,844 285,831 Percentage Change 1.2 6.9 -6.9 -4.6 2.4 2.7 -1.5 -1.7 Pulses 1,563 30,051 1,628 31,298 1,677 31,680 1,801 34,005 Percentage Change -3.5 -0.2 4.2 4.1 3.0 1.2 7.4 7.3 Oilseeds 820 8,421 647 6,813 522 5,415 488.5 5,153 Percentage Change 9.8 7.3 -21.1 -19.1 -19.2 -20.5 -6.4 -4.8 Total 12,862.0 335,199 12,034 321,302 12,197 327,904 12,133 324,989 Percentage Change 1.1 6.2 -6.4 -4.1 1.4 2.1 -0.5 -0.9 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture Industry Service Real GDP

Sectors 2018/19 2019/20 2020/21 2021/22 2022/23 Growth rate Crop 3.0 4.7 5.7 6.9 7.1 Animal Farming and Hunting 6.0 3.3 5.8 4.6 4.4 Forestry 3.8 3.9 4.0 4.3 4.0 Fishing 2.3 2.8 1.7 21.9 38.6 Share in Agriculture Crop 64.8 65.0 65.1 65.6 66.1 Animal Farming and Hunting 26.2 25.9 26.0 25.6 25.2 Forestry 8.8 8.8 8.6 8.5 8.3 Fishing 0.3 0.3 0.2 0.3 0.4 Growth rate Mining and Quarrying -21.9 91.4 115.4 6.1 -7.1 Manufacturing 7.7 7.5 5.1 4.8 7.0 Electricity and Water 4.0 7.2 9.2 6.0 13.2 Construction 15.0 9.9 6.6 4.9 7.1 Share in Industry Mining and Quarrying 0.5 0.9 1.8 1.8 1.6 Manufacturing 24.3 23.9 23.4 Electricity and Water 2.7 2.6 2.7 2.7 2.9 Construction 72.5 72.6 72.2 Growth rate Whole Sale and Retail Trade 11.7 6.4 6.3 7.9 7.6 Hotels and Restaurants 9.0 2.2 2.6 8.0 10.3 Transport and Communications 21.0 1.2 7.0 9.8 12.0 Real Estate, Renting and Business Activities 7.5 9.5 8.9 9.0 9.1 Public Administration and Defense 9.0 2.3 4.9 4.5 4.0 Others* 7.5 6.4 6.2 6.5 6.5 Share in Service Whole Sale and Retail Trade 35.9 36.3 36.3 36.4 36.3 Hotels and Restaurants 6.5 6.3 6.0 6.1 6.2 Transport and Communications 14.0 13.4 13.5 13.8 14.3 Real Estate, Renting and Business Activities 10.7 11.1 11.4 11.5 11.7 Public Administration and Defense 11.2 10.9 10.7 10.4 10.0 ANNUAL REPORT 2022/23 8 NATIONAL BANK OF ETHIOPIA
Table 1.3: Estimates of Agricultural Production and Cultivated Areas of Major
Crops for Private Peasant Holdings - Meher Season Source: Ministry of planning and development (MoPD)

• Includes: financial intermediation, education, health and social work, private households with employed persons and
  other community, social and personal services.
  Others* 21.7 22.1 22.0 21.8 21.5

9 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA
The total consumption expenditure (public and private) as a percent of GDP increased to 85.2 percent in 2022/23 from 84.8 percent in the preceding year due to a 1.5 percentage point rise in private consumption expenditure which reduced domestic saving by 0.5 percentage points. Thus, gross domestic saving to GDP decreased to 14.8 percent from 15.2 percent recorded a year earlier. Likewise, the ratios of gross capital formation to GDP and government consumption to GDP dropped by 3.1 and 1.1 percentage point, respectively. In the same way, domestic absorption to GDP ratio dropped by 2.7 percentage point vis-à-vis last fiscal year.
1.3 GDP by Expenditure Components
Table: 1.4: Expenditure on GDP and Gross Domestic Savings (As Percentage of GDP)
Source: Ministry of Planning and Development (MoPD) Year Domestic Absorption Consumption Expenditure Gross Capital Formation Resource Balance Exports of Goods & Services Imports of Goods & Services Gross Domestic Total Govt. Pvt. Savings 2010/11 113.8 82.7 11.8 70.9 31.1 (14.5) 16.3 30.7 17.3 2011/12 116.4 80.4 9.5 71.0 36.0 (17.4) 13.4 30.8 19.6 2012/13 115.2 82.2 10.2 71.9 33.0 (16.1) 12.2 28.2 17.8 2013/14 116.2 79.3 10.6 68.8 36.8 (17.0) 11.3 28.4 20.7 2014/15 116.1 77.9 10.3 67.6 38.2 (20.4) 9.1 29.5 22.1 2015/16 115.0 77.6 11.1 66.5 37.3 (19.3) 7.8 27.1 22.4 2016/17 116.1 77.6 11.1 66.5 38.4 (15.8) 7.6 23.5 22.4 2017/18 109.8 75.7 10.2 65.5 34.1 (14.4) 8.4 22.8 24.3 2018/19 112.9 77.7 9.2 68.5 35.2 (12.9) 7.9 20.8 22.3 2019/20 109.8 79.2 9.1 70.0 30.6 (9.8) 7.1 16.9 20.8 2020/21 109.1 81.1 8.8 72.2 28.0 (9.1) 7.6 16.7 18.9 2021/22 110.1 84.8 7.4 77.4 25.3 (10.1) 8.2 18.4 15.2 2022/23 107.4 85.2 6.3 78.9 22.2 (7.4) 6.6 14.0 14.8 Average 2018/19- 2022/23 109.9 81.6 8.2 73.4 28.3 (9.2) 7.5 17.4 18.4 Average 2013/14- 2022/23 113.0 79.3 9.8 69.5 33.7 (11.1) 8.7 23.2 20.7

ANNUAL REPORT 2022/23 10 NATIONAL BANK OF ETHIOPIA During 2022/23, a total of 208,667 new micro and small-scale enterprises (MSEs) were established, and they created employment opportunities for 4.5 million people. These enterprises acquired more than Birr 10.6 billion in loans from financial institutions to conduct their business operations.
1.4 Micro and Small-Scale Enterprises
Table 1.5: Numbers, Amount of Credit and Jobs Created through MSEs
Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) (Credit in Millions of Birr)
Table 1.6: Numbers, Amount of Credit and Jobs Created during 2022/23 through MSEs
by Region (Credit in Millions of Birr)
Particulars 2020/21 2021/22 2022/23
No. of MSE's 115,200 160,099 208,667
Amount of credit 5,016.2 9,519.13 10,557.1
No of Total employment 585,119 2,009,140.0 4,467,023.0 Addis Ababa Oromia SNNPR Amhara Tigray Dire Dawa Sidama SW Ethiopia Harari Benishangul Somali Gambela Afar Total No. of MSEs 20,578 156,299 15,172 - - 319 5,327 1,419 938 1,014 6,045 492 1,064 208,667 Amount of credit 2,627.2 5,303.0 863.5 - - 391.2 177.6 106.4 26.9 17.2 1,039.0 4.9 - 10,557.0 Employment 377,887 3,530,254 215,384 - - 12,182 58,498 23,654 8,459 27,768 142,104 14,091 56,742 4,467,023 Regional Percentage Share No. of MSEs 9.9 74.9 7.3 - - 0.2 2.6 0.7 0.4 0.5 2.9 0.2 0.5 100 Amount of credit 24.9 50.2 8.2 - - 3.7 1.7 1.0 0.3 0.2 9.8 0.0 - 100 No. of total Employment created by MSEs
8.5 79.0 4.8 - - 0.3 1.3 0.5 0.2 0.6 3.2 0.3 1.3 100

!
2,627
5,303
178 106
27 17
1,039

1,000
2,000
3,000
4,000
5,000
6,000
Addis
Ababa
Oromia
SNNPR
Amhara
Sidama
SW
Ethiopia
Diredawa
Harari
Benishan gul
Somali
Gambela
Tigray
Afar
Millions of Birr
11 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA
In terms of regional distribution, 74.9 percent of the newly established MSEs were located in Oromia followed by Addis Ababa (9.9 percent), former SNNPR (7.3 percent), Somali (2.9 percent), Sidama (2.6 percent) and others (2.5 percent). With respect to total loans, MSEs in Oromia received 50.2 percent, followed by Addis Ababa (24.9 percent), Somali (9.8 percent), SNNPR ( 8.2 percent), Dire Dawa (3.7 percent), Sidama (1.7 percent) and in SW Ethiopia 1 percent. Of the total jobs created by these enterprises, about 79 percent was in Oromia, 8.5 percent in Addis Ababa, 4.8 percent in SNNPR, 3.2 percent in Somali, 1.3 percent in Sidama & Afar each and others 1.9 percent. Fig.I.2: Annual Distribution of Numbers of MSEs during 2022/23 Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) Fig.I.3: Annual Distribution of Amount of Credit during 2022/23 Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) 20,578 156,299 15,172 5,327 1,419 319 938 1,014 6,045 492 1,064 - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 Addis Ababa Oromia SNNPR Amhara Sidama SW Ethiopia Diredawa Harari Benishangul Somali Gambela Tigray Afar

ANNUAL REPORT 2022/23 12 NATIONAL BANK OF ETHIOPIA Fig.I.4: Annual Distribution of Employment Created during 2022/23 Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) During 2022/23, the number of population having access to portable water supply improved by
4.6 percentage points over the preceding fiscal year and reached 67.1 percent1 (i.e., 64.5
percent rural and 75.7 percent urban population). The result also indicates that urban areas had relatively better access to potable water than the rural areas (Table 1.7). In terms of regional distribution, 86.7 percent of the population in Oromia had access to potable water followed by Dire Dawa (77 percent), Gambella (76.7 percent), Amhara (73.6 percent), Benshangul Gumuz (64.6 percent), Sidama (55.3 percent), Addis Ababa (55 percent), SNNPR and Afar (50.8 percent each), Harari (44 percent), Somali (43.4 percent) and SWE (39.8 percent). In terms of access to potable water in urban areas, Oromia had 88.3 percent share followed by Amhara (72.2), Dire Dawa (68 percent), Gambella (63.2 percent), Benishangul Gumuz (62.9 percent), Afar (62.7 percent), Sidama (62.4 percent), SNNPR (61.5 percent), Addis Ababa (55 percent), Somali (47.9 percent), SWE (46 percent), and Harari (24 percent). Similarly, Oromia region had 87.9 percent share in terms of access to potable water in rural areas followed by Dire Dawa (87 percent), Gambella (86.2 percent), Amhara (73.9 percent), Benishangul Gumuz (65.1 percent), Harari (63 percent), Sidama (54.3 percent), Afar (52.3 percent), SNNPR (50.4 percent), Somali (41.5 percent) and SWE (38.7 percent).
1.5 Access to Water Supply
Access to Potable Water data for Tigray region is not incorporated in the Table since the data is not available ! 377,887 3,530,254 215,384 - 58,498 23,654 12,182 8,459 27,768 142,104 14,091 - 56,742 - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Addis Ababa Oromia SNNPR Amhara Sidama SW Ethiopia Diredawa Harari Benishangul Somali Gambela Tigray Afar

13 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA
Table 1.7: Percentages of People with Access to Potable Water by Region
Source: Ministry of Water, Irrigation and Energy and NBE Sta© Computation2 Regions 2021/22 2022/23 Change in percentage point Rural Urban Total Rural Urban Total A B C D E F D-A E-B F-C Tigray1 NA - - - Afar 64.0 74.2 70.3 52.3 62.7 50.8 -11.7 -11.5 -19.5 Amhara 72.2 69.2 71.8 73.9 72.2 73.6 1.6 2.9 1.9 Oromia 82.0 78.4 80.2 87.9 88.3 86.7 5.9 9.9 6.5 SNNPR 46.4 58.4 48.6 50.4 61.5 50.8 4.0 3.1 2.2 Somali 37.0 45.0 39.4 41.5 47.9 43.4 4.5 2.9 4.0 B.Gumuz 62.6 62.0 62.4 65.1 62.9 64.6 2.5 0.9 2.2 Gambella 85.2 61.9 75.1 86.2 63.2 76.7 1.0 1.3 1.6 Harari 62.0 23.0 42.5 63 24.0 44.0 1.0 1.0 1.5 D. Dawa 83.0 60.0 75.8 87.0 68.0 77.0 4.0 8.0 1.2 Sidama 49 60 51.6 54.3 62.4 55.3 5.3 2.4 3.7 SWE - - - 38.7 46.0 39.8 - - - AA - 57.0 57.0 - 55.0 55.0 - -2.0 -2.0 Total 59.8 71.9 62.5 64.5 75.7 67.1 4.7 3.8 4.6 This result has been computed based on 2nd water supply inventory

ANNUAL REPORT 2022/23 14 NATIONAL BANK OF ETHIOPIA Fig.I.5: Access to water supply by region Source: Ministry of Water, Irrigation and Energy; and NBE Sta© Computation
1.6 Road Sector Development
1.6.1 Road Network
Road transport is the dominant mode of transport in Ethiopia, and it accounts for about 95 percent of motorized inter-urban freight and passenger movements. In 2022/23, the total stock of road network reached 171,368 km, depicting a 5.8 percent annual expansion. The country’s total road network consisted of 65,855 Km (38.4 percent) Woreda road, 42,488 (24.8 percent) rural road, 30,534.9 Km (17.8 percent) Federal Road and 32,491 Km (19 percent) urban road. With regard to the Federal roads, asphalt road constituted 18,218 Km (59.7 percent) and gravel roads 12,317 Km (40.3 percent). The share of asphalt road in total road network amounted to
10.6 percent, about 0.3 percentage point higher than the preceding year. Similarly, rural road
grew by 6.6 percent constituted 24.8 percent of the total road network during the review period. Addis Ababa Amhara Oromia SNNPR Afar Somali Ben-Gumuz Harari Gambella Sidama SWE Dire Dawa National average Rural Urban Total

Table 1.8: Classification of Road Network
(Length in km)
Source: Ethiopian Roads Authority

• Includes community road, which was replaced by Woreda road and registered as new road in 2010/11.
  Total road length does not include community road length till 2010/11as it is non-engineered road; but it includes Woreda road.
  1.6.2 Road Density
  The proper level of road network is assessed by road density measured by road length per 1,000 persons or by road length per 1,000 km2 . At the end of 2022/23, road density per 1,000 square Km expanded to 149.3 km from 141 km a year earlier showing a 5.9 percent annual growth while road density per 1,000 population decreased by 1.4 percent (Table 1.9). 15 ANNUAL REPORT 2022/23 NATIONAL BANK OF ETHIOPIA Year Federal Road Rural road Woreda road * Urban Roads Total Asphalt Gravel Paved Coble Unpaved Length Growth rate Length Growth rate Length Growth rate Length Growth rate Length Growth rate 2008/09 6,938 14.4 14,234 (0.9) 25,640 7.1 85,767 22.5 NA 46,812 5.5 2009/10 7,476 7.8 14,373 1.0 26,944 5.1 100,385 17.0 NA 48,793 4.2 2010/11 8,295 11.0 14,136 (1.6) 30,712 14.0 854 (99.1) NA 53,997 10.7 2011/12 9,875 19.0 14,675 3.8 31,550 2.7 6,983 717.7 NA 63,083 16.8 2012/13 11,301 14.4 14,455 (1.5) 32,582 3.3 27,628 295.6 NA 85,966 36.3 2013/14 12,640 11.8 14,217 (1.6) 33,609 3.2 39,056 41.4 NA 99,522 15.8 2014/15 13,551 7.2 14,055 (1.1) 30,641 (8.8) 46,810 19.9 1,693 850 2,814 110,414 10.9 2015/16 14,632 8.0 13,400 (4.7) 31,620 3.2 48,057 2.7 1,693 NA 3,664 113,066 2.4 2016/17 15,886 8.6 12,813 (4.4) 33,367 5.5 52,748 9.8 1,693 2,814 3,664 122,985 8.8 2017/18 15,886 - 12,813 - 35,985 7.8 56,732 7.6 1,693 2,814 850 126,773 3.1 2018/19 15,886 - 12,813 - 35,806 (0.5) 55,808 (1.6) 1,914 5,200 15,583 143,010 12.8 2019/20 15,886 - 12,813 - 35,806 0.0 55,808 - 1,734 5,798 16,182 144,028 0.7 2020/21 16,225 2.1 12,491 (2.5) 38,547 7.7 59,604 6.8 1,771 6,568 20,624 155,830 8.2 2021/22 16,760 3.3 12,231 (2.1) 39,840 3.4 62,430 4.7 1,824 7,046 21,903 162,034 4.0 2022/23 18,218 8.7 12,317 0.7 42,488 6.6 65,855 5.5 1,926 7,365 23,198 171,368 5.8

Table 1.9: Road Densities
Source: Ethiopian Roads Authority
Year
Road Density /1000 person
Road density /1000 sq. km
2009/10 0.6 44.4
2010/11 0.65 48.3
2011/12 0.75 57.3
2012/13 1.0 78.2
2013/14 1.1 90.5
2014/15 1.2 100.4
2015/16 1.23 102.8
2016/17 1.3 109.2
2017/18 1.3 115.2
2018/19 1.43 130.9
2019/20 1.41 131.3
2020/21 1.42 135.8
2021/22 1.43 141.0
2022/23 1.41 149.3
Growth rate in
2022/23 against
2021/22 -1.4 5.9
1.6.3 Road Accessibility
In 2022/23, the annual average distance from all-weather roads reached 4.1 kilometers depicting a 4.7 percent annual decline. Likewise, the proportion of area with more than 5km from all-weather roads decreased to 29.8 percent from 32 percent a year ago (Table 1.10). About 22 percent of the asphalt road and 5 percent of the gravel road were in good condition during the review period (Figure I.6). ANNUAL REPORT 2022/23 16 NATIONAL BANK OF ETHIOPIA Year

Table 1.10: Road Accessibility
Source: Ethiopian Roads Authority
Fig.I.6: Status of Road
Source: Ethiopian Roads Authority
Indicator 2021/22 2022/23 Percentage change
Proportion of area more than 5Km from all-weather road 32 29.8 -6.9 Average distance from all-weather roads 4.3 4.1 -4.7
1.6.4 Road Sector Financing
In 2022/23, total investment in road construction and expansion increased by 1.6 percent to Birr
58.5 billion from Birr 57.6 billion a year earlier (Table I.11 and fig.I.7).
Investment in Federal road construction and expansion constituted 90.4 percent of the total road investment capital and reached at Birr 52.9 billion, while regional roads accounted for 6.2 percent and Woreda road 3.3 percent (Table I.11) and (Fig.I.7). 17 ANNUAL REPORT 2022/23 NATIONAL BANK OF ETHIOPIA 74 73
28.50 26 24 22
58 59 59
66 66
14 14
5 5
70 70 72 71
20 21 22
2013/14
2014/15
2015/16
2016/17
2017/18
2018/19
2019/20
2020/21
2021/22
2022/23
Percentage
Asphalt Roads in Good
Condition
Gravel Roads in
Goods
Condition
Total Roads
Network in
Good Condition

Table 1.11: Investments in the Road Sector
Source: Ethiopian Roads Authority

• All municipalities’ maintenance.
  Fig.I.7: Investment in Road Construction and Expansion Source: Ethiopian Roads Authority Road type 2021/22 2022/23 Percentage A Share (In %) B change Share (In %) Federal roads 50,111.0 87.0 52,906.4 90.4 5.6 Regional roads 5,397.0 9.4 3,654.1 6.2 -32.3 Woreda roads 2,060.0 3.6 1,938.6 3.3 -5.9 Urban road* - - - - 0.0 Total 57,568.0 100 58,499.1 100 1.6 (In millions of Birr) In today’s digitized world telecommunication has become one of the prime support services required for rapid growth and modernization of various sectors of the economy. Expansion of infrastructure development such as telecommunication would have significant impact on attracting investment, creating market opportunities, enhancing competitiveness and boosting regional economic integration.
  1.7 Telecommunication
  ANNUAL REPORT 2022/23 18 NATIONAL BANK OF ETHIOPIA 10000 20000 30000 40000 50000 60000 70000 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 In Millions of Birr Federal Road Regional Road Woreda Road Urban Road Total Investment

Cognizant of this fact, the Ethiopian government has made major investment to improve service quality, expansion of service coverage and enhancing institutional capacity in the telecom sector. In 2022/23, the total number of subscribers reached 71.9 million depicting a 8 percent annual growth. This was attributed to 7.7 percent increase in mobile voice and 30.5 percent rise in internet & data subscribers despite the 3.5 percent drop in fixed voice service subscribers. Of the total subscribers, mobile voice accounted for 69.5 million (96.6 percent) followed by internet & data (1.6 million or 2.2 percent) and fixed voice service (854 thousand or 1.2 percent) (Table 1.13).
Table 1.12: Number of Subscribers (In 000’)
Source: Ethio-Telecom
Note: Total subscriber base doesn't include internet and data user.
Service Type 2021/22 2022/23
Percentage
Change
Total subscriber base 66,593 71,922 8.0
Mobile voice subscriber 64,506 69,500 7.7
Internet and data subscriber 1,202 1569 30.5
Fixed voice service subscriber 885 854 -3.5
Internet and data user 26,080 33,897 30.0
Mobile voice 64,506 69,500 7.7
Residential 63,604 68,478 7.7
Enterprises 902 1,020 13.1
Broad band & internet subscriber 845 1,222 44.6 Residential 616 926 50.3 Enterprises 229 296 29.3 Narrow band data & internet subscriber 357 347 -2.8 Residential 0 0.2 -50.0 Enterprises 357 347 -2.8 Fixed voice 885 854 -3.5 Residential 512 491 -4.1 Enterprises 373 363 -2.7 Broad band data & internet user 25,722 33,435 30.0 Broad band data Residential 25,159 32,197 28.0 Broad band data enterprise 563 1,239 120.1 Narrow data & internet user 358 461 28.8 Narrow band residential 1 0.4 -33.3 Narrow band enterprise 357 461 29.1 19 ANNUAL REPORT 2022/23 NATIONAL BANK OF ETHIOPIA

At the same time, the country’s telecommunication penetration rate (telecom density) increased from 62.8 percent in 2021/22 to 66.2 percent in 2022/23 due to improvement in mobile density (65.4 percent) compared to 62.8 percent a year ago. Similarly, internet and data density increased to 31.5 percent from 24.8 percent during the review period while fixed line density remained at 0.8 percent (Table 1.14). Ethio-telecom’s income increased by 21.9 percent and reached Birr 75.8 billion in 2022/23 vis-à-vis Birr 62.2 billion income in the previous year. Likewise, total expenses of the company went up by 47.6 percent to Birr 47.1 billion during the review period. Thus, its gross profit stood at Birr 28.7 billion about 5.3 percent lower than a year earlier (Table 1.16).
Table 1.13: Telecom Density
Source: Ethio-Telecom
Tele-density is mobile plus fixed telephone subscribers per 100 inhabitants
Table 1.14: Financial Performance and Asset of Ethio-Telecom
Source: Ethio-Telecom
Tele density/100
Inhabitants 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Fixed line 1.2 1.2 1.0 0.9 0.8 0.8 Mobile 39.8 41.9 44.9 53.6 62.0 65.4 Total 41.0 43.1 45.9 54.5 62.8 66.2 Internet and data 18.5 21.8 24.0 24.3 24.8 31.5 (In Billions of Birr) Finance and Asset 2019/20 2021/22 2022/23 Percentage Change A B C C/A

C/B
Income 55.8 62.2 75.8 35.8 21.9
Expense 25.9 31.9 47.1 81.9 47.6
Gross Profit 24.7 30.3 28.7 16.3 -5.3
Assets 39.1 40.2 51.3 31.2 27.6
Fixed Gross - - - - -
Depreciation 5.4 6.4 6.2 15.0 -3.0
ANNUAL REPORT 2022/23 20 NATIONAL BANK OF ETHIOPIA

ENERGY PRODUCTION

II. ENERGY PRODUCTION
Ethiopia has immense potential for hydroelectric power, geothermal and wind energy generation. According to Ethiopian Electric Power Corporation (EEPCO) report, the country has an estimated hydro-power potential of 45,000 MW, a geothermal potential of 10,000 MW and
1.3 million MW potential for wind farm. Yet, the country’s generating capacity is largely based on
hydropower reservoirs as nine of its major rivers are suitable for hydroelectric power generation. In addition, the non-renewable fuels such as gasoline and charcoal are widely used as energy sources. Considering the increasing power demand and capacity shortfall in the system and to have a better generation mix, the country is looking to diversify its production of renewable power to wind and geothermal sources. Wind energy has been identified as an immediate and clean energy solution since wind power is renewable with short construction period and significant immediate result. Thus, the Ethiopian Electric Power Corporation has implemented di¤erent wind power projects in several parts/sites of the country. Adama II wind farm is the latest and the third project completed and started operation with a generating capacity of 153 MW thereby raising the country’s wind power by 324 MW (combined with Adama I (51MW) and Ashegoda (120 MW)). In addition, a process is underway to undertake the construction of Aysha 300 MW wind power project. Ethiopia has also been identified as one of the countries with a great potential for solar energy because of its geographical location near to the equator. With the intent of becoming a major power exporter in East Africa, the country is also building several geothermal power plants. The Ethiopian Electric Power Corporation is a public enterprise mandated with the task of generating, transmitting, distributing, and selling electricity. The Corporation generates electricity through two di¤erent power supply systems, namely, the Inter Connected System (ICS)3 and Self Contained System (SCS)4. The ICS constituted the major source of electric power generating system in Ethiopia. The total amount of electric power generated in 2022/23 was about 17.7 billion KWH, showing a 14.2 percent annual increase. About 96.7 percent of the electric power was generated by hydropower and the remaining 3.3 percent by wind sources (Table 2.1).
2.1 Electric Power Generation
Generates power by connecting to other systems 4 Generates power independently ANNUAL REPORT 2022/23 22 NATIONAL BANK OF ETHIOPIA

Source
2020/21 2021/22 2022/23
Percentage
Change
[A]
Share in
% [B]
Share in
% [C]
Share in
% [C/A] [C/B]
ICS
Hydro
Power 14,850,391.3 95.6 14,914,367.2 96.2 17,126,115.6 96.7 15.3 14.8 Thermal Power - - - - - Geothermal - - - - - Wind 608,171.7 3.9 560,562.1 3.6 575,617.1 3.3 -5.4 2.7 Biomass 73,491.9 0.5 29,149.8 0.2 6,575.0 0.0 -91.1 - 77.4 Sub Total 15,532,055.0 100 15,504,079.1 100 17,708,307.7 100 14.0 14.2 SCS Hydro Power - - - - - - - Thermal Power - - - - - - - Sub Total - - - - - - - - Total Hydro Power 14,850,391.3 95.6 14,914,367.2 96.2 17,126,115.6 96.7 15.3 14.8 Thermal Power - - - - - - Geothermal - - - - - Wind 608,171.7 3.9 560,562.1 3.6 575,617.1 3.3 -5.4 2.7 Biomass 73,491.9 0.5 29,149.8 0.2 6,575.0 0.0 -91.1 - 77.4 Grand Total 15,532,055.0 100 15,504,079.1 100 17,708,307.7 100 14.0 14.2 (I n ‘000 KWH)
Table 2.1: Electric Power Generation in ICS and SCS
Source: Ethiopian Electric Power Corporation
During the review period, about 3.9 million a total metric tons of petroleum products with a total value of Birr 203.8 billion were imported by the Ethiopian Petroleum Enterprise. As compared to previous year, total value of and volume of petroleum imports increased by 24 percent and
2.4 percent, respectively. Imported volume of jet fuel and regular gasoline showed annual
increase of 25.2 and 4.9 percent while fuel oil and gas oil dropped by 19.7 and 1.9 percent, respectively. In terms of value, jet fuel increased by 55.8 percent followed by gas oil (21.5 percent) and regular gasoline (16.2 percent). The value of fuel oil however, dropped by 22.9 percent (Table 2.2) (Fig.II.1 & Fig.II.2).
2.2 Volume and Value of Petroleum Imports
23 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA

Table 2.2: Volume and Value of Petroleum Imports
Source: Ethiopian Petroleum Enterprise
Fig.II.1: Trends in Volume of Petroleum Imports (In ‘000) Source: Ethiopian Petroleum Enterprise (Volume in MT and Value in '000 Birr) Petroleum Products 2021/22 2022/23 Volume Value Volume Value Percentage Change A B C D C/A D/B Regular Gasoline (MGR) 673,719.1 32,617,390.0 706,499.4 37,906,113.5 4.9 16.2 Jet Fuel 496,706.6 20,352,168.4 621,715.4 31,711,252.4 25.2 55.8 Fuel Oil 81,539.4 2,434,822.3 65,442.0 1,876,056.4 (19.7) (22.9) Gas Oil (ADO) 2,597,202.5 108,886,608.3 2,546,849.9 132,302,935.2 (1.9) 21.5 Total 3,849,167.6 164,290,989.0 3,940,506.7 203,796,357.4 2.4 24.0 ANNUAL REPORT 2022/23 24 NATIONAL BANK OF ETHIOPIA 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Jet Fuel Fuel Oil Gas Oil

Fig.II.2: Trends in Value of Petroleum Imports (In ‘000) Source: Ethiopian Petroleum Enterprise
Table 2.3: Annual Retail Prices of Petroleum Products in Addis Ababa (Birr/liter)
Source: Ethiopian Petroleum Enterprise
Domestic retail prices of petroleum products were adjusted in line with the global oil prices. As the international oil prices tended to increase during 2022/23 domestic retail prices were also adjusted upwards. Accordingly, retail prices of Regular Gasoline increased (97.2 percent), Fuel Oil (68.4 percent), Gas Oil and kerosene (127.7 percent each) and Jet Fuel (20.4 percent) in the review period (Table 2.3). As illustrated in Fig.II.3, the retail fuel prices in Addis Ababa have been rising for the last five consecutive years owing to the rise in international oil price. Year Quarter MGR Fuel Oil Gas Oil Kerosene Jet fuel 2020/21 Qtr.1 21.53 32.91 18.75 18.75 25.87 Qtr.2 21.87 33.27 18.98 18.98 24.74 Qtr.3 25.12 37.96 22.42 22.42 35.51 Qtr.4 25.86 40.05 23.18 23.18 51.76 Average 23.59 36.05 20.83 20.83 34.47 2021/22 Qtr.1 25.86 40.05 23.18 23.18 47.76 Qtr.2 29.78 44.70 27.02 27.02 56.43 Qtr.3 31.74 68.33 28.94 28.94 68.29 Qtr.4 35.16 95.81 33.27 33.27 79.46 Average 30.64 62.22 28.10 28.10 62.99 2022/23 Qtr.1 50.90 105.47 52.65 52.65 94.03 Qtr.2 59.88 100.74 64.83 64.83 73.41 Qtr.3 61.29 98.37 67.30 67.30 70.60 Qtr.4 69.52 114.60 71.15 71.15 65.35 Average 60.40 104.79 63.98 63.98 75.85 Annual percentage change 97.2 68.4 127.7 127.7 20.4 25 ANNUAL REPORT 2022/23 NATIONAL BANK OF ETHIOPIA ! 20000000 40000000 60000000 80000000 100000000 120000000 140000000 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Jet Fuel Fuel Oil Gas Oil

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Fig.II.3: Trends in Average Fuel Price in Addis Ababa Source: Ethiopian Petroleum Enterprise ANNUAL REPORT 2022/23 26 NATIONAL BANK OF ETHIOPIA

PRICE DEVELOPMENTS

III. PRICE DEVELOPMENTS
In 2022/23, annual average headline inflation reached 32.6 percent whereas food inflation contributed 19 percent and non-food inflation 13.6 percent. The headline inflation declined to
32.6 percent from 33.8 percent a year ago largely due to 8.6 percentage point slowdown in
food & non alcoholic beverage inflation. In contrast, non-food inflation rose from 25.2 percent to 33.9 percent during the same period (Table 3.1). The slowdown in annual average food & non-alcoholic beverage inflation was ascribed to decreased inflation of bread & cereals (11.5 percentage point), oils & fats (43.4 percentage points), food products (23.3 percentage points) and non-alcoholic beverages (27.3 percentage points). Bread and cereals contributed the 11.6 percent to the 31.7 percent average food price rise in 2022/23 (Table 3.3). Annual average non-food inflation increased by 8.7 percentage points and reached 33.9 percent in 2022/23 on account of higher inflation in transport (21.8 percentage points), clothing and foot wear (15.1 percentage points), restaurants & hotels) (13.3 percentage points), furniture, furnishing household equipment & operations (7.5 percentage points), recreation & culture (6.7 percentage points), house rent, construction materials, water, fuel & power (4.7 percentage points) and miscellaneous goods & services (25.4 percentage points). House rent, water, fuel and power had the biggest contribution (8.1 percent) to the 33.9 percent average non-food inflation recorded in 2022/23 (Table 3.4). Moreover, annual headline inflation declined to 29.3 percent from 34.0 percent a year ago owing to 10.1 percentage points decrease in food & non-alcoholic beverages inflation. Food inflation had 12.5 percent absolute growth while non-food inflation accounted for 16.8 percent of the annualized inflation recorded in 2022/23 (Table 3.2).
3.1 Developments in Consumer Price at
National Level
ANNUAL REPORT 2022/23 28 NATIONAL BANK OF ETHIOPIA

Table 3.1: Annual Average Inflation Rates (in %)
Source: Ethiopian Statistical Service (ESS)
Table 3.2: Annual Year-on Year Inflation Rates (in %)
Source: Ethiopian Statistical Service (ESS)
Fig.III.1: Developments in Average National Inflation Rates Source: Ethiopian Statistical Service (ESS) Items Weight (%) 2021/22 2022/23 Change (in %age Points) Absolute Contribution to Headline Inflation of 2022/23 (in %) A B B-A C General 100 33.8 32.6 -1.3 32.6 Food &Non￾alcoholic beverages
40.3 31.7 -8.6 19.0
Non-Food 46 25.2 33.9 8.7 13.6
Items
Weight
(%)
2021/22 2022/23
Change (in
%age
Points)
Absolute Contribution to
Headline Inflation of
2022/23 (in %)
A B B-A C
General 100 34.0 29.3 -4.7 29.3
Food &Non￾alcoholic beverages
54 38.1 28.0 -10.1 12.5
Non-Food 46 28.4 31.4 3.0 16.8
29 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
2021 2022 2023
P erce nt
General Food & Non-alcoholic bevarages Non Food

0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
J a n u ary
F e bru ary
M arc h
A pril
M a y
J u n e
J uly
A u g ust
S e pte m b er
O cto b er
N ov e m b er
D e c e m b er
J a n u ary
F e bru ary
M arc h
A pril
M a y
J u n e
J uly
A u g ust
S e pte m b er
O cto b er
N ov e m b er
D e c e m b er
J a n u ary
F e bru ary
M arc h
A pril
M a y
J u n e
2021 2022 2023
General Food & Non-alcoholic bevarages Non Food Fig.III.2: Development in Annual Year-on-Year National Inflation Rate Source: Ethiopian Statistical Service (ESS)
Table 3.3: Annual Average Food Inflation Rates (in %)
Source: Ethiopian Statistical Service (ESS)
(Dec. 2016=100)
Items Weight
2021/22 2022/23
Change(in
%age
Points)
Absolute
Contribution to
Food Inflation of
2022/23 (%)
A B B-A C
Food & Non-alcoholic beverages Inflation 0.54 40.3 31.7 -8.6 31.7 Bread & Cereals 0.17 42.3 30.8 -11.5 11.6 Meat 0.04 31.0 39.7 8.7 2.9 Fish and sea food 0.00 34.8 107.7 72.9 0.03 Milk, cheese & egg 0.03 35.3 41.5 6.2 2.1 Oils & Fats 0.04 86.9 43.5 -43.4 3.4 Fruit 0.00 31.0 45.2 14.2 0.2 Vegetables 0.12 26.0 30.1 4.1 6.2 Sugar jam, honey, chocolate 0.01 21.7 33.6 11.9 0.4 Food products n.e.c 0.06 37.4 14.1 -23.3 1.6 Non-alcoholic beverages 0.05 62.0 34.7 -27.3 3.0 ANNUAL REPORT 2022/23 30 NATIONAL BANK OF ETHIOPIA

Items Weight
2021/22 2022/23
Change
(in %age
Points)
Absolute
Contribution to Non￾Food Inflation of
2022/23 (%)
A B B-A C
Non-Food Inflation 0.46 28.3 33.9 5.6 33.9
Alcoholic Beverages and tobacco 0.05 33.8 33.2 -0.6 3.6 Clothing and Footwear 0.06 24.6 39.7 15.1 5.8 Housing, Water, Electricity, Gas and other Fuel 0.17 19.3 23.9 4.6 8.1 Furnishings, Household Equipment and Routine maintenance of houses 0.05 43.4 51.0 7.6 6.5 Health 0.01 36.8 26.5 -10.3 0.6 Transport 0.02 7.5 29.3 21.8 1.7 Communication 0.02 9.5 5.3 -4.2 0.1 Recreation and culture 0.00 43.0 49.7 6.7 0.6 Education 0.00 27.3 20.1 -7.2 0.2 Restaurant & hotel 0.05 28.1 41.4 13.3 5.0 Miscellaneous Goods 0.03 29.0 54.3 25.4 2.9
Table 3.4: Annual Average Non- Food Inflation Rates (in %)
Source: Ethiopian Statistical Service (ESS)
(Dec. 2016=100)
In 2022/23, the regional average headline inflation increased to 36.4 percent from 34.9 percent in the preceding year. Dire Dawa (44.8%), Afar (42.0%), Somali (40.2%) and Addis Ababa (37.3%) registered annual headline inflation rates greater than the regional average. Dire Dawa experienced the highest headline inflation of (44.8 percent) while the lowest (32.4 percent) was in Benshangul Gumuz and SNNP, revealing a 12.4 percentage point margin in the rates of inflation between regions with highest and lowest headline inflation (Table 3.5).
3.2 Consumer Price Developments
in Regional States
31 ANNUAL REPORT 2022/23
NATIONAL BANK OF ETHIOPIA

34.9 37.0 38.1 34.6
29.8 33.4
39.5 35.7 33.3 32.9
32.4 33.5 33.5 34.7
37.3
44.8
32.4
40.2 42.0
33.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
SNNP Harari Oromia Tigray Gambella Addis
Ababa
Dire
Dawa
Ben.
Gum
Somali Afar Amhara percent
2021/22 2022/23
Regions
2021/22 2022/23 Change
General
Food &Non￾alcoholic beverages
Non￾food General
Food
&Non￾alcoholic beverages
Non￾food General
Food &Non￾alcoholic beverages
Non￾food
A B C D E F G=D-A H=E-B I=F-C
SNNP 34.9 44.9 20.8 32.4 31.7 33.5 -2.6 -13.2 12.7 Harari 37.0 41.5 33.4 33.5 35.9 31.5 -3.4 -5.5 -1.9 Oromia 38.1 43.5 29.8 33.5 32.3 35.6 -4.6 -11.2 5.8 Tigray Gambela 34.6 41.5 24.5 34.7 35.4 33.6 0.2 -6.1 9.2 Addis Ababa 29.8 36.6 24.1 37.3 35.5 39.0 7.5 -1.1 14.9 Dire Dawa 33.4 37.3 29.4 44.8 40.9 49.1 11.3 3.7 19.7 Ben. Gumuz 39.5 44.8 55.1 32.4 32.6 13.8 -7.1 -12.2 -41.3 Somali 35.7 43.8 25.6 40.2 37.3 44.5 4.5 -6.5 18.9 Afar 33.3 41.3 23.7 42.0 41.0 43.5 8.7 -0.3 19.8 Amhara 32.9 35.9 29.2 33.1 26.1 49.5 0.2 -9.8 20.3 Regions Average 34.9 41.1 29.6 36.4 34.9 37.4 Standard deviation 2.8 3.4 9.7 4.5 4.5 10.5 Coe³cient of variation 8.0 8.3 32.9 12.3 12.8 28.2
Table 3.5: Regional Average Annual Inflation (2022/23 FY)
Source: Ethiopian Statistical Service (ESS)
Fig.III.3:Variation in Regional Annual Average Headline Inflation Source: Ethiopian Statistical Service (ESS) ANNUAL REPORT 2022/23 32 NATIONAL BANK OF ETHIOPIA

The regional average food & non-alcoholic beverages inflation slowed down to 34.9 percent in 2022/23 from 41.1 percent last year. Food & non-alcoholic beverages inflation in Afar (41.0%), Dire Dawa(40.9%), Somali(37.3%), Harari(35.9%), Addis Ababa(35.5%) and Gambella(35.4%) was higher than the regional average. The highest food & non-alcoholic beverages inflation was registered in Afar and Dire Dawa (41.0%) while the lowest was in Amhara(26.1%), depicting a
14.9 percentage point margin among the regions (Table 3.5).
During 2022/23, average regional non-food inflation increased to 37.4 percent from 29.6 percent in 2021/22. Amhara (49.5%), Dire Dawa(49.1%), Somali(44.5%), Addis Ababa (39.0%) and Afar (43.5%) recorded non-food inflation higher than the regional average. The highest non-food inflation was recorded in Amhara (49.5%) and the lowest (13.8 %) in Benishangul Gumuz showing a 35.7 percentage point margin in the rate of non-food inflation among the regions (Table 3.5). Fig.III.4: Variation in Regional Annual Average Food & Non-alcoholic Beverages Inflation Source: Ethiopian Statistical Service (ESS) 33 ANNUAL REPORT 2022/23 NATIONAL BANK OF ETHIOPIA 44.9 41.5
43.5 41.5
36.6 37.3
44.8 43.8
41.3
35.9
31.7
35.9
32.3
35.4 35.5
40.9
32.6
37.3
41.0
26.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
SNNP Harari Oromia Tigray Gambella Addis
Ababa
Dire
Dawa
Ben. Gum Somali Afar Amhara percent
2021/22 2022/23

Fig.III.5: Variation in Regional Annual Average Non-food Inflation Source: Ethiopian Statistical Service (ESS) ANNUAL REPORT 2022/23 34 NATIONAL BANK OF ETHIOPIA 20.8 33.4 29.8
24.5 24.1
29.4
55.1
25.6 23.7
29.2
33.5
31.5
35.6 33.6
39.0
49.1
13.8
44.5 43.5
49.5
0.0
10.0
20.0
30.0
40.0
50.0
60.0
SNNP Harari Oromia Tigray Gambella Addis
Ababa
Dire DawaBen. Gum Somali Afar Amhara percent
2021/22 2022/23

STATISTICAL
ANNEXES
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Table 1: GDP By Economic Activity at Constant Prices (In millions of Birr)
2008 2009 2010 2011 2012 2013 2014 2015
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 Crop 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 Animal Farming and Hunting 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 Forestry 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 64,328.3 Fishing 1,381.9 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 2,794.3 Mining and Quarrying 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 10,796.1 Manufacturing 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 Large and Medium Scale Manufacturing 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 Small Scale and Cottage Industries 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 44,859.6 Electricity and Water 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 Construction 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 Whole Sale and Retail Trade 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 Hotels and Restaurants 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 60,146.9 Transport and Communications 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 Financial Intermediation 41,601.3 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 Real Estate, Renting and Business Activities 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 Public Administration and Defense 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 Education 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 47,583.1 Health and Social Work 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 32,650.5 Other Community , Social & Personal Services 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 22,890.2 23,400.6 Private Households with Employed Persons 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 18,939.5 19,329.1 Total 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,452.8 2,277,492.4 2,439,478.1 Less : FISIM 14,485.8 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,829.5 29,556.7 Gross Value Added at Constant Basic Prices 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 Taxes on Products 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 GDP at Constant Market Prices 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,507.2 Source:MoPD Sectors/Year

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Tab el 2: Growth Rate of GDP By Econom ci Act vi ity at Constant Pr ci es 2007 2008 2009 2010 2011 2012 2013 2014 2015 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agr ci ulture, Hunt ni g and Forestry 6.3 2.3 6.7 3.5 3 8. 4.3 5 6. 6.1 6.2 Crop 7.2 3 4. 8.2 4.7 3 4.7 5.7 6 9. 7.1 An mi al Fa mr ni g and Hunt ni g 4.7 -1.5 4.2 0 6. 6 3.3 5 8. 4 6. 4 4. Forestry 3.5 2.2 3 6. 3.5 3 8. 3 9. 4 0. 4.3 4 0. F si h ni g 30 6. 0.1 0.5 11.3 2.3 2 8. 1.7 21 9. 38 6. M ni ni g and Quarry ni g -25 6. -3.3 -29 8. -20 8. -21 9. 91 4. 115 4. 6.1 -7.1 Manufactur ni g 81 .2 81 4. 24.7 5.5 7.7 7.5 5.1 4 8. 7 0. Large and Med ui m Sca el Manufactur ni g 23.1 22.9 91 .2 6 0. 01 9 8. 6.2 5 8. 8 4. Small Sca el and Cottage nI dustr ei s 3 8. 2.5 36 9. 4 6. 3 2 6. 2.5 2 4. 3.5 E el ctr ci ity and Water 4.5 15 0. 4 9. 3.3 4 7.2 9.2 6.5 12.7 Construct oi n 31 6. 25 0. 20.7 15.7 15 9 9. 6 6. 4 9. 7.1 Who el Sa el and Retail Trade 12.3 8.2 6.5 12.3 11.7 6 4. 6.3 7 9. 7 6. Hote sl and Restaurants 29 6. 15 6. 0.1 6.5 9 2.2 2 6. 8 0. 01 .3 Transport and Commun ci at oi ns 13.3 13.7 15.1 6 4. 21 1.2 7 0. 9 8. 12 0. F ni anc ai l nI te mr ed ai t oi n 7.5 9 6. 81 .3 01 .7 01 .1 01 .2 9 0. 01 .5 9.5 Real Estate, Rent ni g and Bus ni ess Act vi it ei s 4.1 3.7 4 4. 6.2 7.5 9.5 8 9. 9 0. 9.1 Publ ci Adm ni si trat oi n and Defense 6 0. 7 4. 13.2 8 9. 9 2.3 4 9. 4.5 4 0. Educat oi n 9.2 8 8. -3.2 3 6. 4 1 8. 2 0. 1 6. 2.5 Health and Soc ai l Work 13 0. 01 8. 7 0. 8.3 41 .3 12 9. 13 4. 01 8. 11 0. Other Community , Soc ai l & Personal Serv ci es 3.7 3 0. 4.5 5.1 6.3 2.5 2 0. 2.1 2.2 Pr vi ate Househo dl s with Emp ol yed Persons 4 4. 4.3 3.5 3 9. 2.5 2.3 2.2 2.3 2.1 Total 01 4. 8 0. 01 .2 7 8. 8 9. 6.2 6.3 6 4. 7.1 Less : F SI MI 17 9. 61 9. 17 6. 61 0. 7 41 .2 11 0. 5 9. 2.5 Gross Va ul e Added at Constant Bas ci Pr ci es 01 4. 8 0. 01 .1 7.7 9 0. 6.1 6.3 6 4. 7.2 Taxes on Products 01 .2 3.1 1 6. -5 0. -1 8. 6.3 -4.7 -13 9. -6 6. GDP at Constant Market Pr ci es 01 4. 7 6. 9.5 6 8. 8.3 6.1 5 6. 5.3 6 6. Source M: oPD Industry/Year 2022/23 24,598,623.6 5,994,083.8 220,345.5 76,635,417.1 8,948,029.7 8,611,306.9 10,925,653.4 5,542,764.6 10,588,592.9 1,830,694.9 0.0 56,476,065.0 191,663,400.4 4,825,674.9 77,470,351.8 428,652,684 912,983,688.2

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Table 3: GDP by Economic Activity at Current Prices
(In million Birr)
2010 2011 2012 2013 2014 2015
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 3,114,215.0 Crop 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 2,189,185.1 Animal Farming and Hunting 191,867 247,337.3 303,074.1 385,788.3 523,066.6 731,290.9 Forestry 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 Fishing 2,351 3,020.6 3,747.5 5,034.3 5,351.5 7,481.6 Mining and Quarrying 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 Manufacturing 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 Large and Medium Scale Manufacturing 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 Small Scale and Cottage Industries 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 Electricity and Water 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 Construction 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,662,566.4 Whole Sale and Retail Trade 275,513 360,656.3 444,506.1 554,457.8 801,596.4 1,129,865.3 Hotels and Restaurants 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 Transport and Communications 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 Financial Intermediation 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 Real Estate, Renting and Business Activities 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 Public Administration and Defense 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 Education 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 Health and Social Work 24,100 27,328.0 34,927.8 40,104.3 47,995.9 60,118.6 Other Community , Social & Personal Services 23,634 28,140.8 33,305.6 39,400.7 49,977.4 66,077.1 Private Households with Employed Persons 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 Total 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,483,209.8 Less : FISIM 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 Gross Value Added at Constant Basic Prices 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,899,675.3 8,403,773.7 Taxes on Products 137,583 152,599.6 191,351.1 221,967.3 257,339.9 319,343.1 GDP at Current Market Prices 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.2 8,723,116.8 Source: MoPD Industry/Year

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Table 4: Growth Rates of GDP by Economic Activity at Current Prices (%)
2010 2011 2012 2013 2014 2015
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 11.0 33.0 32.6 35.9 42.2 34.7 Crop 8.6 37.5 35.7 40.9 46.1 33.5 Animal Farming and Hunting 16.5 28.9 27.0 27.3 35.6 39.8 Forestry 11.6 16.2 26.5 22.6 26.8 29.7 Fishing 4.1 28.5 24.1 34.3 6.3 39.8 Mining and Quarrying -16.3 -16.9 186.3 220.5 11.9 (15.2) Manufacturing 13.1 17.4 18.9 11.7 30.6 49.6 Large and Medium Scale Manufacturing 13.4 20.2 20.1 12.8 30.8 53.6 Small Scale and Cottage Industries 12.4 3.0 16.2 9.0 30.1 39.8 Electricity and Water 9.6 20.7 27.2 27.7 14.5 52.4 Construction 50.9 9.3 14.5 21.2 55.4 55.6 Whole Sale and Retail Trade 22.4 32.4 23.2 24.7 44.6 41.0 Hotels and Restaurants 19.0 25.1 19.1 20.8 35.7 50.3 Transport and Communications 6.8 20.4 40.5 30.8 37.2 25.1 Financial Intermediation 33.9 22.6 12.2 19.3 47.0 31.9 Real Estate, Renting and Business Activities 12.4 33.4 45.8 47.7 76.7 77.1 Public Administration and Defense 17.1 9.1 16.4 32.4 18.7 37.8 Education 24.0 13.1 11.3 23.6 9.8 28.5 Health and Social Work 28.4 13.4 27.8 14.8 19.7 25.3 Other Community , Social & Personal Services 14.9 19.1 18.4 18.3 26.8 32.2 Private Households with Employed Persons 27.9 22.6 22.7 19.6 48.0 19.0 Total 21.4 23.3 25.3 29.3 43.2 42.2 Less : FISIM 42.2 22.0 13.8 19.7 43.8 18.1 Gross Value Added at Current Basic Prices 21.2 23.3 25.4 29.4 43.2 42.4 Taxes on Products 6.9 10.9 25.4 16.0 15.9 24.1 GDP at Current Market Prices 20.2 22.4 25.2 28.6 41.8 41.7 Source: MoPD Sectors/Year

Table 5: Summary of External Public Debt
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) EXTERNAL DEBT Disbursed * 382,564.9 449,037.6 539,568.8 703,675.6 782,908.8 1,010,608.8 1,289,835.3 1,453,608.9 1,534,072.6 Undisbursed n.a DRAWINGS (gross) 119,075.7 73,812.2 66,379.3 92,796.0 79,206.1 106,681.7 56,108.5 55,519.7 78,725.5 REPAYMENTS (1) -13,967.5 -16,306.7 -19,479.7 -30,619.4 -40,234.6 -44,679.7 -56,216.2 -81,284.9 -72,998.9 DEBT SERVICING (2) 18,974.75 23,872.4 29,345.3 42,480.4 58,214.7 64,124.9 75,973.7 105,770.6 95,611.9 Principal 13,967.5 16,306.7 19,479.7 30,619.4 40,234.6 44,679.7 56,216.2 81,284.9 72,998.9 Interest (3) 5,007.2 7,565.7 9,865.6 11,861.0 17,980.1 19,445.1 19,757.5 24,485.7 22,613.0 DEBT SERVICE TO EXPORT OF GOODS RATIO 31.1 39.4 45.0 57.4 77.8 68.5 54.1 53.1 49.6 EXTERNAL DEBT TO TO GDP (%) 29.5 28.6 29.4 32.0 29.1 29.9 29.7 23.6 17.6 EXPORT OF GOODS 61,064.4 60,526.4 65,167.1 74,044.8 74,807.7 93,641.5 140,326.9 199,307.5 192,804.5 GDP (Current Current Price) 1,297,954.7 1,568,097.5 1,832,786.0 2,200,120.6 2,690,751.4 3,374,746.9 4,341,024.2 6,157,015.2 8,722,307.7 Source: Ministry of Finance and Economic Development *Excludes State defence Credits and Ruble denominated debt. (1)-on cash basis; includes repayments of Trust Fund Loans , and repurchases from IMF. (2)-on accrual basis; includes repayments of Trust Fund Loans, and repurchases from IMF. (3) - Includes IMF charges and interest. Revised based on rebased GDP series NB: USD to birr coversion is made by using annual average exchange rate. (In Millions of Birr)

Table 6: Balance of Payments (In Millions of Birr)
G.C. 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 EFY (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) TRADE BALANCE -292,474.9 -289,030.5 -324,244.9 -349,149.7 -341,436.0 -417,133.0 -681,230.9 -720,920.9 Export(f.o.b) 60,526.4 65,167.1 74,044.8 74,806.8 93,641.5 140,326.9 199,197.1 192,804.3 Coffee 15,253.7 19,795.6 21,905.1 21,436.5 26,824.8 35,480.3 69,485.1 71,409.4 Other Exports 45,272.7 45,371.5 52,139.7 53,370.3 66,816.7 104,846.6 129,712.0 121,394.9 Imports (c.i.f.) -353,001.4 -354,197.6 -398,289.7 -423,956.5 -435,077.5 -557,459.9 -880,428.0 -913,725.2 Fuel -28,260.8 -40,876.9 -60,553.0 -72,961.5 -65,445.6 -75,723.5 -168,062.9 -211,347.1 Other Imports -324,740.5 -313,320.8 -337,736.7 -350,995.0 -369,632.0 -481,736.4 -712,365.1 -702,378.1 Net Services -13,027.4 -12,588.8 -5,221.1 -15,833.5 -6,862.8 516.4 31,043.3 52,518.3 Travel -1,386.5 -951.7 7,146.7 6,225.9 10,431.2 26,800.9 22,577.5 28,054.5 Other Transportation 11,209.2 8,569.4 13,494.3 18,091.2 27,972.4 28,743.3 53,574.7 72,162.5 Government(n.i.e.) 7,600.2 8,625.2 5,641.9 7,935.0 1,878.4 6,314.9 9,019.8 11,089.2 Investment Income -7,849.3 -11,214.0 -11,410.1 -16,925.9 -19,203.0 -22,380.5 -27,861.8 -22,028.7 Other Services -22,601.0 -17,617.7 -20,094.0 -31,159.7 -27,942.0 -38,962.2 -26,266.8 -36,759.2 Net Goods & Services -305,502.3 -301,619.3 -329,466.0 -364,983.2 -348,298.9 -416,616.7 -650,187.6 -668,402.6 Private Transfers (net) 135,680.5 122,945.6 158,601.1 167,629.9 162,534.4 238,717.8 345,119.4 362,459.0 Current Account Balance -169,821.8 -178,673.7 -170,864.9 -197,353.3 -185,764.5 -177,898.8 -305,068.2 -305,943.6 Public Transfers (net) 29,359.9 32,014.6 32,678.7 58,540.8 47,797.8 53,408.5 55,185.2 58,256.0 Non Monetary Capital (net) 138,330.8 154,325.0 161,503.2 135,289.6 135,603.6 147,709.5 132,280.7 186,753.7 Public long-term (net)* 67,020.2 57,928.2 68,083.1 46,595.6 64,463.4 6,465.0 -22,774.0 11,437.8 Short-term 2,322.0 2,913.8 -3,792.1 4,099.0 -4,682.9 -13,081.3 -5,601.1 -7,339.7 FDI 68,988.6 93,483.1 97,212.3 84,595.0 75,823.1 154,325.7 160,655.8 182,655.5 Net errors and Omissions -15,405.0 7,096.2 -28,580.3 -22,894.2 -23,758.0 -11,564.6 13,190.0 20,862 Overall Balance -17,536.1 14,762.1 -5,263.3 -26,417.1 -26,121.1 11,654.6 -104,412.3 -40,071.4 Financing : 17,536.1 -14,762.1 5,263.3 26,417.1 26,121.1 -11,654.6 104,412.3 40,071.4 Monetary Authorities (Reseves), net 17,536.1 -14,762.1 5,263.3 26,417.1 26,121.1 -11,654.6 104,412.3 40,071.4 Arrears Change 0.0 Debt Relief 0.0 Cancellation 0.0 Rescheduling 0.0 Sorce: NBE Staff Compilation *Includes other public sector long-term loan and private loan NB: USD to birr coversion is made by using annual average exchange rate.

Table 7: Value of Major Exports (In Thousands of Birr)
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) Co™ee 15,267,166.7 19,897,558.9 21,893,480.4 21,490,708.9 27,044,310.5 36,367,828.0 70,175,272.0 71,425,122.0 Oilseeds 10,076,702.8 7,891,362.5 11,188,854.0 10,921,323.8 11,012,982.9 13,180,233.0 12,896,678.4 13,781,966.4 Leather and Leather products 2,424,089.0 2,558,995.8 3,455,808.7 3,285,473.7 2,208,391.3 1,425,336.1 1,609,850.6 1,315,467.5 Pulses 4,886,962.9 6,276,562.9 7,124,264.4 7,659,551.2 7,422,895.7 9,243,279.1 10,711,389.3 17,370,062.4 Meat Products 2,026,532.5 2,214,721.7 2,661,968.0 2,484,948.7 2,107,034.0 2,964,430.2 5,329,508.5 4,345,071.3 Fruits & Vegetables 1,128,060.7 1,257,748.5 1,603,497.1 1,709,468.5 1,834,795.4 2,730,982.1 4,272,817.6 4,921,869.7 Sugar - 115,431.7 133,582.5 106,710.5 45,089.5 7,832.9 614.7 15,127.5 Gold 6,113,142.1 4,683,990.8 2,605,757.2 775,705.7 6,572,639.3 25,378,419.0 26,464,048.5 10,491,436.8 Oil Cakes - - - - - - - - Live Animals 3,090,572.3 1,506,508.9 1,539,071.6 1,287,954.6 1,671,076.6 1,758,839.4 1,437,406.1 931,096.6 Chat 5,511,986.7 6,113,689.6 6,882,238.3 8,511,121.5 10,116,170.9 15,808,881.6 18,910,324.2 13,154,557.3 Petroleum Products - - - - - - - - Bee's Wax 51,326.1 60,566.7 81,311.4 67,657.8 65,655.6 69,226.8 58,907.4 58,881.0 Tantalem 151,563.5 137,861.4 246,007.6 274,291.8 155,490.6 179,801.6 464,712.4 902,447.4 Cotton 11.6 - 140,351.4 8,572.2 8,218.7 - - - Text. & Text. Prdts 1,633,981.4 2,004,285.7 2,695,228.8 4,296,263.5 5,235,336.0 5,725,100.5 8,529,908.7 7,911,617.6 Cereals and Flour 185,207.8 645,101.2 156,779.6 81,940.5 117,441.6 758,212.7 1,642,831.6 1,738,883.7 Natural Gum 175,997.8 266,180.1 233,800.6 144,922.8 157,838.7 137,246.6 107,704.1 55,155.3 Civet - - - - - - - - Hop - - - - - - - - Animal Fodder - - - - - - - - Natural Honey 41,928.3 31,343.9 23,694.8 13,468.4 16,439.3 3,036.6 10,592.0 11,932.7 Marble - - - - - - - - Flower 4,737,809.0 4,905,507.6 5,982,071.2 7,228,221.9 13,208,479.3 18,461,631.4 26,445,082.3 30,210,536.2 Beverage 109,780.9 90,513.2 108,799.4 114,745.8 111 3, 98.5 191,924.6 223,891.9 270,324.6 Spices 566,214.9 554,729.1 441,282.3 381,907.9 432,708.0 620,629.5 807,366.2 559,747.4 Others 1,759,529.8 2,473,083.9 5,013,633.7 4,087,463.4 4,820,745.8 6,688,537.9 9,896,132.5 11,686,027.9 Others 9,362,025.1 11,108,606.1 15,041,649.2 16,631,798.2 24,264,096.5 32,766,121.4 48,128,221.7 53,346,672.9 RE-exports - - - - Total 59,938,566.96 63,685,744.10 74,211,482.8 74,932,423.0 94,365,138.3 141,701,409.6 199,995,039.0 191,157,331.5 Commodity

Table 8: Quantity of Major Exports (In Metric Tons)
2014/15 2014/15 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2007) (2007) (2009) (2010) (2011) (2012) (2013) (2014) (2015) Co™ee 183,870.70 198,658.11 225,747.01 238,572.83 230,931.42 271,111.52 248,653.58 303,235.24 241,700.46 Oilseeds 319,461.91 436,573.50 333,514.13 348,548.01 260,001.58 236,504.53 245,479.33 172,139.72 150,286.63 Leather and Leather products 6,174.96 5,983.46 5,890.12 6,400.79 5,590.40 3,551.27 2,290.59 2,239.29 1,695.73 Pulses 340,736.88 375,425.13 392,743.28 438,061.53 462,821.56 354,010.48 280,603.44 213,873.61 396,224.76 Meat Products 19,034.52 18,965.08 19,564.98 19,954.85 17,719.23 12,819.96 14,631.78 19,012.08 11,527.96 Fruits & Vegetables 150,148.72 167,076.37 178,569.19 188,976.92 175,619.64 191,183.11 221,695.57 222,650.42 177,240.33 Sugar - - 51,126.64 35,958.09 43,706.24 17,515.03 2,511.84 10.00 19.99 Gold 9.04 8.58 5.97 2.82 0.82 3.32 9.56 8.68 3.46 Oil Cakes - - - - - - - - - Live Animals 77,860.31 77,779.01 36,066.48 31,936.99 24,346.65 29,395.64 26,262.97 17,266.04 7,873.21 Chat 49,204.18 47,000.13 48,818.10 47,023.94 53,565.91 57,136.13 71,209.90 56,331.21 31,310.12 Petroleum Products - - - - - - - - - Bee's Wax 520.38 267.65 302.34 358.70 283.18 258.01 229.00 158.02 139.22 Tantalem 147.79 185.90 229.30 2,860.36 386.20 76.08 66.77 161.47 1,534.87 Cotton 8.29 0.34 - 3,529.38 252.91 80.00 - - - Text. & Text. Prdts 14,858.30 12,281.54 16,192.82 16,761.81 19,888.80 22,798.39 24,045.62 35,234.52 31,382.08 Cereals and Flour 39,171.91 11,403.59 71,737.19 11,805.28 3,579.95 4,670.14 25,144.37 38,367.58 39,005.50 Natural Gum 3,472.77 2,351.01 3,383.90 2,482.77 1,111.41 1,384.59 769.68 472.71 308.66 Civet - - - - - - - - - Hop - - - - - - - - - Animal Fodder - - - - - - - - - Natural Honey 681.18 592.53 444.10 316.30 134.43 152.14 15.61 53.91 37.78 Marble - - - - - - - - - Flower 46,330.67 50,629.10 49,356.08 50,100.88 57,849.31 94,389.84 101,578.88 114,253.02 112,989.70 Beverage 2,990.00 4,213.56 3,943.14 3,566.97 4,404.93 4,430.26 5,310.98 5,439.07 4,502.34 Spices 19,146.48 13,374.79 12,427.56 12,576.85 11,589.88 12,499.67 12,823.23 8,667.63 6,429.37 Commodity

Table 9: Value of Major Imports
(Thousands of Birr)
Period
Food & Live
Animals Beverages Tobacco
Petroleum
Crude
Petroleum
Prod. Chemicals Fertilizers
Medical &
Pharm. Prod Soap & Polish Rubber Prod.
2012/13 11,635,650 261,691 193,101 0 26,565,255 2,092,402 5,332,244 7,169,253 907,442 4,030,338 2013/14 9,165,826 533,829 91,441 18 47,619,870 3,647,031 7,808,484 2,389,297 2,186,493 5,858,244 2014/15 13,155,398 570,045 94,776 200 39,822,539 3,751,995 8,641,772 2,568,987 2,186,737 5,979,668 2015/16 24,592,888 746,323 153,595 109 27,005,493 3,616,705 10,491,320 2,531,734 2,694,456 6,350,622 2016/17 14,830,981 699,400 122,286 3,729 39,143,280 3,323,962 12,279,084 2,091,492 3,090,001 6,708,574 2017/18 22,346,613 843,503 107,047 1,795 58,613,987 4,277,092 12,361,827 1,495,997 3,299,739 6,438,707 2018/19 19,283,197 547,466 107,233 885 69,942,603 5,355,212 17,709,856 2,431,705 3,923,383 7,698,856 2019/20 30,535,356 921,922 113,817 1,964 62,056,891 5,815,180 16,823,353 3,092,276 4,539,296 9,435,759 2020/21 59,877,394 944,240 202,052 10,059 72,597,464 6,105,217 21,000,828 4,407,459 5,425,663 9,959,762 2021/22 115,668,627 2,097,436 417,870 6,971 165,014,806 9,140,163 24,263,829 10,813,389 7,324,338 13,968,242 2022/23 81,855,321 1,256,609 402,246 9,501 208,987,032 14,080,158 28,785,485 183,926 7,465,607 14,675,878
Table 9 Continued:
Period Textiles Clothings
Glass &
Glass Ware
Metal & Metal
Manfc.
Machinery &
Aircraft
Road Motor
Vehicles
Electrical
Materials Grain*
Telecomm.
Appara. Others
2012/13 2,744,224 4,449,522 722,828 21,688,480 28,035,377 20,493,273 11,912,689 9,865,215 96,583 58,096,034 '2013/14 4,622,749 5,442,436 1,942,407 29,939,445 36,774,861 23,820,186 22,735,293 5,603,599 349,551 54,927,511 2014/15 5,819,130 6,802,500 2,477,281 45,631,138 45,707,264 31,471,855 43,251,536 2,971,791 1,489,172 69,454,129 2015/16 5,669,241 7,990,759 2,731,966 46,750,241 58,130,972 33,759,296 37,416,225 3,617,393 1,212,163 78,646,953 2016/17 5,416,692 8,529,700 3,376,822 41,572,482 56,981,595 33,498,960 30,086,052 3,847,407 7,730,645 82,328,213 2017/18 5,039,340 9,639,953 3,159,828 37,072,741 65,746,027 27,957,776 28,222,631 5,975,107 428,242 107,882,087 2018/19 6,145,566 6,571,190 2,989,311 40,675,845 59,368,139 22,151,317 27,929,885 4,653,401 1,364,754 126,233,238 2019/20 9,389,053 5,910,193 3,276,373 51,308,076 69,932,130 9,497,824 25,002,128 4,674,500 610,593 119,663,926 2020/21 10,385,932 7,877,484 3,026,514 53,117,272 78,005,719 4,859,279 32,953,170 19,960,579 809,586 184,416,278 2021/22 15,606,493 6,910,168 5,052,160 58,411,496 66,130,653 4,644,695 36,926,587 39,825,945 1,266,842 334,881,277 2022/23 20,253,949 8,720,790 5,403,817 63,694,153 88,070,178 6,777,732 41,298,064 19,397,703 3,335,125 309,064,138

• Included in "Food & Live Animals".
  Paper & Paper
  Manfc.
  2,064,095
  1,992,580
  2,062,833
  2,525,557
  2,457,186
  2,180,534
  2,964,510
  4,263,241
  3,359,773
  5,473,448
  8,663,978
  GRAND TOTAL
  208,490,479
  261,847,552
  330,938,955
  353,016,619
  354,271,135
  397,115,468
  423,394,151
  432,189,352
  559,341,145
  884,019,490
  912,983,688

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Table 10 continued:
Period
Paper & Paper
Manfc. Textiles Clothings
Glass & Glass
Ware Metal & Metal Manfc.
Machinery &
Aircraft
Road Motor
Vehicles
Electrical
Materials Grain*
2007/08 78,419.8 41,135.5 30,473.6 38,345.1 732,819.0 103,879.9 73,545.7 64,580.6 433,009.5 2008/09 90,504.2 36,349.3 24,278.1 33,469.0 641,508.0 108,046.9 84,279.6 87,896.5 1,731,465.1 2009/10 238,737.5 37,964.1 33,454.5 28,208.1 836,745.9 141,184.6 204,618.5 194,059.8 1,567,321.8 2010/11 57,452.1 38,370.2 31,669.4 25,489.8 772,360.7 231,077.7 133,737.9 64,156.8 438,137.4 2011/12 89,205.8 46,129.4 37,796.9 45,244.9 904,607.4 151,778.3 241,940.5 76,974.4 1,679,919.7 2012/13 94,055.2 41,858.8 36,103.1 56,403.7 992,746.4 207,980.6 177,514.2 89,945.7 1,252,139.3 2013/14 113,120.3 66,313.0 41,513.8 188,603.6 1,392,828.4 367,372.0 186,099.4 173,869.1 735,463.4 2014/15 96,423.9 81,769.5 110,349.1 215,500.2 1,646,691.0 288,534.3 211,528.3 230,648.1 258,852.9 2015/16 120,939.2 535,911.0 511,001.1 1,450,218.2 11,290,987.4 2,226,215.5 1,435,282.4 1,341,928.8 3,281,134.3 2016/17 122,068.3 105,571.3 51,937.5 332,152.8 1,817,012.2 331,153.8 351,494.6 127,280.9 341,047.4 2017/18 89,634.4 88,081.1 50,756.5 232,072.1 1,381,381.2 255,910.3 204,680.5 119,953.9 640,192.1 2018/19 105,345.9 140,618.8 45,285.6 194,706.0 1,695,672.5 234,828.2 159,140.1 131,509.1 538,413.5 2019/20 138,210.5 120,255.0 27,295.3 161,693.5 1,743,124.7 223,926.9 83,162.6 122,689.1 738,036.9 2020/21 153,513.0 127,478.8 26,875.7 99,087.8 1,402,145.2 183,969.3 28,862.0 94,220.0 2,012,278.3 2021/22 82,589.9 122,823.2 20,255.8 100,373.4 983,740.9 157,420.5 15,175.1 64,307.6 1,474,052.7 2022/23 302,429.9 141,777.2 20,166.1 118,727.9 2,302,735.4 200,412.5 22,394.0 74,685.7 637,963.3 4/50"(@AB(C%08."(%D(=/E%#(F.?%#71

• Included in "Food & Live Animals".
  G$-(="7#$6(4%-"1H
  I855"#(!#%&:
  /,(!&#)
  /!()&""
  /%(/"&#
  )'(&-/'
  /%()#&)
  /-(%/!!
  /!(%%&/
  -)(/-#&
  -%(#,'!
  !)!(/''#
  ,"#(',#/
  ,!)(&%%!
  '%('/-'
  ,,,(&#'&
  '!('"',
  '%(-%)-
  '/(&!#*%
  Telecomm.
  Appara.
  4,251.1
  1,794.6
  1,428.2
  1,134.6
  917.4
  1,102.4
  533.9
  503.6
  3,618.7
  280.1
  264.5
  280.4
  430.6
  232.3
  268.6
  452.9
  4/50"(@AB(C%08."(%D(=/E%#(F.?%#71
  G$-(="7#$6(4%-"1H
  Investment
  Capital
  20.0
  118.2

56150.9
1139.5

716.7
62490
2015(2022/23)

(In Millions of Birr)
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) RAW MATERIALS 3,426.40 3,147.26 2,809.23 3,617.87 4,233.32 5,070.88 5,400.91 5,577.02 5,752.90 SEMI-FINISHED GOODS 51,856.36 61,207.76 58,840.49 65,669.07 78,116.49 97,796.04 105,406.69 184,980.29 173,829.41 Chemicals 6,398.19 7,389.96 7,524.19 8,910.53 10,858.90 16,743.30 18,890.76 24,699.48 27,517.04 Fertilizers 10,163.58 9,167.59 8,354.88 13,001.60 14,219.85 19,517.00 28,031.17 70,195.28 49,289.35 Textile Materials 1,311.24 1,335.60 1,580.89 1,589.57 2,276.95 3,485.51 5,359.73 9,507.58 10,364.29 Others 33,983.34 43,314.60 41,380.52 42,167.37 50,760.78 58,050.24 53,125.03 80,577.94 86,658.73 FUEL 40,943.09 28,246.34 40,940.19 61,013.95 72,941.90 64,685.48 76,625.78 169,859.55 211,126.40 Crude Petroleum 0.20 0.11 3.73 1.80 0.88 1.96 10.32 7.18 7.64 Petroleum Products 39,822.54 27,005.49 39,143.28 58,613.99 69,942.60 62,056.89 72,597.46 165,014.81 203,796.30 Others 1,120.35 1,240.74 1,793.18 2,398.17 2,998.41 2,626.62 4,017.99 4,837.57 7,322.46 CAPITAL GOODS 138,421.22 143,943.46 135,285.20 136,684.08 140,570.41 128,229.80 151,669.63 148,132.94 202,143.52 Transport 34,176.24 32,362.86 32,005.58 29,339.13 39,817.70 12,249.42 13,690.16 15,688.20 38,728.67 Tyres for Heavy Vehicle 2,741.61 2,818.81 3,186.58 2,628.97 3,172.73 4,191.33 4,299.83 4,394.44 4,354.59 Heavy Road Motor Vehicle 19,986.57 20,520.03 22,400.17 18,666.44 11,441.56 5,652.14 2,954.13 4,175.33 25,107.09 Aircraft 3,826.27 3,462.96 3,362.78 7,529.52 24,229.19 2,033.72 5,328.32 6,624.19 8,685.05 Others 7,621.78 5,561.06 3,056.05 514.20 974.22 372.22 1,107.88 494.24 581.94 Agricultural 1,444.71 1,761.37 1,691.39 1,343.02 1,616.02 2,745.65 3,422.46 2,678.25 4,987.84 Industrial 102,800.27 109,819.23 101,588.23 106,001.93 99,136.69 113,234.74 134,557.01 129,766.49 158,427.01 CONSUMER GOODS 90,614.30 111,228.72 109,625.01 122,572.11 119,758.04 124,714.69 213,380.89 368,192.64 314,095.72 Consumer Durables 32,305.54 33,062.24 38,146.76 35,022.62 33,670.41 28,525.81 31,313.80 39,701.10 77,073.09 Radio & Television 3,008.95 3,069.50 9,556.66 2,836.57 3,417.15 1,947.48 2,061.47 2,348.43 6,094.82 Tyres, Cars & Other Veh. 1,258.24 1,211.53 1,435.07 1,624.56 1,511.83 1,596.76 1,477.42 2,202.90 2,321.72 Cars & Other Vehicles 7,305.98 9,342.33 9,917.73 12,001.85 9,999.35 3,455.56 812.32 852.77 34,113.23 Others 20,732.38 19,438.89 17,237.31 18,559.64 18,742.09 21,526.01 26,962.59 34,296.99 34,543.31 Consumer Non- Durables 58,308.75 78,166.48 71,478.24 87,549.49 86,087.63 96,188.88 182,067.09 328,491.55 237,022.64 Cereals 12,065.34 21,856.74 12,363.68 20,043.62 16,734.20 26,055.01 53,253.48 105,138.02 55,245.36 Other Food 8,988.00 13,252.27 13,007.05 16,254.14 15,642.11 16,738.49 32,012.30 68,806.45 56,686.47 Medical & Pharmaceutical 11,823.44 13,636.15 15,028.19 14,814.52 21,133.74 21,356.68 26,642.51 38,536.00 36,071.23 Textile Fabrics 11,523.90 13,056.13 12,979.33
14,797.76 11,089.57 12,300.45 18,599.28 16,603.16 22,416.79 Others 13,908.07 16,365.19 18,099.98 21,639.45 21,488.01 19,738.25 51,559.52 99,407.91 66,602.79 MISCELLANEOUS 5,677.60 5,243.09 6,771.02 7,558.39 7,773.99 11,692.47 6,857.24 7,277.05 6,035.74 TOTAL IMPORTS 330,938.95 353,016.62 354,271.13 397,115.47 423,394.15 432,189.35 559,341.15 884,019.49 912,983.69
Table 11: Value of Imports, By End Use
Investment
Capital
5010.3

57479.7

62490.0
2015(2022/23)

Table 12: Value of Imports, By Country of Origin
(Thousands of Birr)
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2008 2009 2010 2011 2012 2013 2014 Djibouti 25.5 54.6 7,505.5 269,451.0 1,226,326.3 5,657,336.4 20,613,926.2 Kenya 704,623.9 775,026.6 883,937.3 1,139,053.5 2,682,248.7 2,237,418.7 5,292,979.2 Sudan 885,021.3 2,697,548.6 2,500,770.0 2,303,862.7 2,295,903.2 1,107,245.5 176,219.6 U.A.E 9,676,619.7 8,283,685.2 14,283,917.6 15,436,918.6 17,282,832.8 36,910,293.4 60,220,789.4 France 4,176,288.1 4,505,121.3 4,756,805.0 4,355,547.8 8,257,770.3 7,481,685.2 6,609,334.3 Germany 7,849,773.2 5,711,671.2 7,256,006.1 9,018,930.8 9,208,171.1 8,345,258.5 8,779,107.1 Italy 13,340,823.0 15,518,259.6 13,370,601.9 9,585,488.8 8,191,163.0 13,317,722.6 9,137,982.9 Netherlands 4,140,318.9 4,540,832.5 6,172,113.2 5,203,113.3 4,678,959.5 3,780,241.5 7,141,614.2 U.K. 4,277,114.5 3,750,299.2 5,981,832.7 9,114,791.7 9,216,314.9 11,152,568.7 6,097,132.3 Russia 3,983,984.5 947,736.5 2,472,934.4 3,422,604.1 2,116,402.5 4,712,302.7 6,054,250.0 Yugoslavia 0.0 0.3 0.0 U.S.A. 26,691,945.0 22,894,078.3 31,244,388.2 38,161,945.4 33,114,719.7 38,100,962.8 48,138,146.4 China, P. Rep. 117,251,124.0 114,932,245.7 100,864,789.1 109,790,427.2 112,353,466.1 126,418,108.2 162,302,544.7 Japan 14,792,746.8 15,545,024.5 13,546,649.0 10,523,030.1 5,490,339.1 4,139,127.9 3,480,925.1 Saudi Arabia 7,964,804.7 10,728,630.6 9,089,126.5 6,854,464.4 14,250,180.6 19,549,678.9 57,856,736.4 Rest of the World 137,281,406 143,440,920 184,684,091 198,214,521 201,824,554 276,431,194 482,117,802 Total Import 353,016,618.9 354,271,134.9 397,115,467.6 423,394,150.7 432,189,352.0 559,341,145.1 884,019,489.6 Countries 2022/23 24,598,623.6 5,994,083.8 220,345.5 76,635,417.1 8,948,029.7 8,611,306.9 10,925,653.4 5,542,764.6 10,588,592.9 1,830,694.9 0.0 56,476,065.0 191,663,400.4 4,825,674.9 77,470,351.8 428,652,684 912,983,688.2

Table 13: Values of Export by Destination*
(In Thousand of Birr)
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) Djibouti 2,237,358.7 3,657,884.1 1,594,047.2 2,205,921.5 2,283,064.5 3,312,767.9 3,572,337.4 3,702,736.4 4,497,508.4 6,856,655.5 8,046,821.4 Kenya 190,937.6 383,109.9 586,440.4 618,827.4 1,186,102.0 1,057,668.8 566,102.0 439,609.0 1,616,543.8 814,696.3 3,292,880.6 Sudan 1,675,096.7 1,550,096.2 1,649,715.5 1,333,607.7 983,314.5 2,690,709.5 1,945,939.4 2,168,104.2 3,168,442.1 3,966,853.8 4,023,359.7 U.A.E 1,434,079.8 1,505,223.0 1,968,395.0 1,663,203.4 2,694,755.9 2,890,041.4 3,660,308.4 3,936,157.3 7,145,156.7 9,434,813.3 10,581,684.4 France 602,489.7 685,632.9 721,352.6 679,965.7 827,504.6 815,455.0 556,438.0 890,052.7 2,181,537.6 1,930,292.1 1,886,179.1 Germany 4,200,733.7 3,578,887.9 4,206,156.1 3,374,501.1 3,943,246.8 4,729,675.7 3,117,963.9 5,026,821.2 5,745,974.7 13,556,632.4 10,792,625.7 Italy 1,185,007.4 1,193,640.4 1,089,194.7 966,200.8 1,347,709.3 1,485,535.5 1,195,539.3 1,401,024.7 2,839,821.4 3,960,106.4 3,704,728.0 Netherlands 3,029,773.3 3,733,608.0 3,590,928.2 3,705,135.6 4,177,990.4 5,001,313.7 5,843,402.3 9,670,552.9 10,695,072.7 18,888,943.7 21,196,233.9 U.K. 859,631.5 1,034,640.7 701,778.1 807,237.0 1,290,346.0 1,158,597.9 1,158,806.1 1,052,198.4 2,357,712.9 2,726,446.9 3,758,186.7 Russia 215,319.3 382,322.7 305,928.6 332,653.0 386,108.6 471,864.5 344,778.3 369,994.7 1,891,810.4 729,040.5 889,009.7 Yugoslavia 0.0 45,939.9 0.0 U.S.A. 2,055,429.7 2,528,824.6 3,516,765.2 3,284,622.6 4,317,231.5 6,053,876.5 5,308,192.0 5,031,320.4 8,495,485.6 17,565,965.5 16,895,318.4 China, P.Rep. 4,660,201.6 7,588,195.4 7,378,001.3 6,643,602.4 5,111,009.8 6,301,806.7 3,985,339.1 2,500,656.6 3,731,565.0 5,219,670.4 5,677,015.0 Japan 1,617,076.4 1,304,904.4 1,965,574.6 1,212,783.4 2,233,317.5 2,377,676.8 3,335,760.7 3,431,247.0 3,495,238.4 7,440,192.5 5,950,701.4 Saudi Arabia 2,754,839.5 3,516,770.4 4,039,151.9 3,642,647.6 4,400,225.0 4,971,483.0 5,022,828.1 6,349,911.2 7,463,486.1 13,454,223.6 17,313,019.1 Rest of the World 29,405,616.7 29,599,272.5 26,546,929.3 29,421,718.0 28,503,817.8 ######### 35,318,688.1 48,394,751.6 76,376,053.7 93,064,511.3 78,851,285.5 Total Export 56,123,591.7 62,243,013.1 59,860,358.7 59,938,567.0 63,685,744.1 74,211,482.8 74,932,423.0 94,365,138.3 141,701,409.6 199,609,044.4 192,859,048.4

• Export value of gold is not included in this table for the years before 2003/04
  Countries

Table 14: Trade Balance with Major Trading Partners
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) Djibouti 2,205,895.91 2,283,009.94 3,305,262.37 3,302,886.37 2,476,410.09 1,159,828.00 - 13,757,270.62 - 16,551,802.25 - Kenya 85,796.43 - 411,075.40 173,731.42 572,951.51 - 2,242,639.74 - 620,874.88 - 4,478,282.86 - 2,701,203.26 - Sudan 448,586.45 1,714,234.10 - 189,939.59 357,923.38 - 127,799.00 - 2,061,196.66 3,790,634.17 3,803,014.22 U.A.E 8,013,416.29 - 5,588,929.30 - 11,393,876.20 - 11,776,610.13 - 13,346,675.45 - 29,765,136.69 - 50,785,976.13 - 66,053,732.73 - France 3,496,322.40 - 3,677,616.68 - 3,941,350.04 - 3,799,109.79 - 7,367,717.62 - 5,300,147.55 - 4,679,042.19 - 7,061,850.62 - Germany 4,475,272.13 - 1,768,424.37 - 2,526,330.43 - 5,900,966.85 - 4,181,349.91 - 2,599,283.75 - 4,777,525.29 2,181,318.80 Italy 12,374,622.20 - 14,170,550.33 - 11,885,066.35 - 8,389,949.56 - 6,790,138.34 - 10,477,901.21 - 5,177,876.51 - 7,220,925.46 - Netherlands 435,183.35 - 362,842.14 - 1,170,799.45 - 640,289.00 4,991,593.40 6,914,831.20 11,747,329.49 15,653,469.31 U.K. 3,469,877.49 - 2,459,953.18 - 4,823,234.75 - 7,955,985.63 - 8,164,116.46 - 8,794,855.85 - 3,370,685.36 - 6,830,406.26 - Russia 3,651,331.50 - 561,627.87 - 2,001,069.82 - 3,077,825.86 - 1,746,407.72 - 2,820,492.31 - 5,325,209.50 - 941,685.29 - Yugoslavia 45,939.89 0.26 - 0.00 - - - - - - U.S.A. 23,407,322.41 - 18,576,846.83 - 25,190,511.74 - 32,853,753.41 - 28,083,399.33 - 29,605,477.20 - 30,572,180.84 - 39,580,746.64 - China, P.Rep. 110,607,521.54 - 109,821,235.92 - 94,562,982.35 - 105,805,088.06 - 109,852,809.46 - 122,686,543.20 - 157,082,874.30 - 185,986,385.48 - Japan 13,579,963.40 - 13,311,707.06 - 11,168,972.25 - 7,187,269.43 - 2,059,092.16 - 643,889.53 - 3,959,267.41 1,125,026.50 Saudi Arabia 4,322,157.13 - 6,328,405.58 - 4,117,643.49 - 1,831,636.29 - 7,900,269.49 - 12,086,192.84 - 44,402,512.79 - 60,157,332.66 - Rest of the World 107,859,687.90 - 114,937,102.51 - 153,791,081.32 - 162,895,833.11 - 153,429,802.60 - 200,055,140.29 - 389,053,290.44 - 349,801,398.03 - OverallTrade Balance 293,078,051.94 - 290,585,390.79 - 322,903,984.82 - 348,461,727.63 - 337,824,213.76 - 417,639,735.45 - 684,410,445.18 - 720,124,639.83 - Trading Country (Thousands of Birr)

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1997/98 4,716.8 6,377.2 11,094.0 7,549.3 18,643.3 1998/99 5,196.4 6,182.5 11,378.9 8,020.5 19,399.4 1999/00 5,914.3 7,136.0 13,050.3 9,127.5 22,177.8 2000/01 5,911.8 7,834.0 13,745.8 10,770.4 24,516.2 2001/02 5,461.9 8,690.6 14,152.5 12,139.5 26,292.1 2002/03 6,582.0 8,834.8 15,416.8 13,643.4 29,060.2 2003/04 7,843.9 10,192.1 18,036.0 15,590.0 33,626.0 2004/05 10,026.0 11,265.1 21,291.1 18,920.7 40,211.7 2005/06 11,422.9 12,389.0 23,811.9 22,565.5 46,377.4 2006/07 13,708.4 15,909.3 29,617.7 27,034.2 56,651.9 2007/08 17,654.1 17,696.3 35,350.4 32,831.8 68,182.1 2008/09 19,715.0 22,397.6 42,112.7 40,397.1 82,509.8 2009/10 24,206.8 28,227.8 52,434.6 51,997.8 104,432.4 2010/11 32,574.9 43,596.1 76,171.0 69,206.0 145,377.0 2011/12 38,537.1 56,312.7 94,849.9 94,548.9 189,398.8 2012/13 45,671.0 69,074.7 114,745.7 120,567.9 235,313.6 2013/14 53,161.4 80,887.8 134,049.2 163,682.8 297,732.0 2014/15 60,460.9 94,245.4 154,706.3 216,622.6 371,328.9 2015/16 66,686.2 111,923.5 178,609.7 266,656.6 445,266.3 2016/17 73,917.7 142,851.9 216,769.6 356,614.4 573,384.1 2017/18 86,417.3 194,737.4 281,154.7 459,418.2 740,572.9 2018/19 92,017.0 216,920.2 308,937.1 577,815.4 886,752.5 2019/20 109,071.8 251,513.7 360,585.5 677,060.8 1,037,646.3 2020/21 133,621.3 303,770.7 437,392.0 910,874.2 1,348,266.1 2021/22 173,382.8 414,633.0 588,015.8 1,127,294.2 1,715,310.0 2022/23 211,636.8 494,505.4 706,142.2 1,464,706.2 2,170,848.4 Source: National Bank of Ethiopia 4/50"(@JB(9%.?%-"-71(%D(2#%/&(=%-"K 8%-(()9 (4$#,)-

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1996/97 19,803.4 10,975.8 8,838.9 2,136.9 8,827.6 8,822.5 - 5.1 - 1997/98 22,050.8 12,032.4 9,819.3 2,213.1 10,018.4 10,015.4 - 3.0 - 1998/99 23,942.7 13,053.8 10,562.2 2,491.6 10,888.9 10,883.2 - 5.7 - 1999/00 31,283.7 19,423.4 16,533.1 2,890.3 11,860.3 11,852.1 - 8.2 - 2000/01 34,035.1 21,357.4 14,342.5 7,014.9 12,677.7 12,667.6 - 10.1 - 2001/02 28,099.0 15,985.1 8,986.7 6,998.4 12,113.9 12,082.4 - 31.5 - 2002/03 28,689.4 17,229.8 9,387.6 7,842.2 11,459.7 11,417.1 - 42.6 - 2003/04 31,653.0 19,199.2 9,389.2 9,809.9 12,453.8 12,245.1 - 208.7 - 2004/05 40,873.5 21,673.8 19,540.0 2,133.9 19,199.7 15,927.0 - 3,272.7 - 2005/06 49,298.6 25,266.4 19,095.7 6,170.6 24,032.2 19,431.1 - 4,601.1 - 2006/07 61,846.9 30,337.6 24,855.6 5,482.1 31,509.2 23,493.8 - 8,015.5 - 2007/08 78,475.1 33,075.7 35,405.8 (2,330.1) 45,399.4 33,600.6 - 11,798.8 - 2008/09 89,205.9 32,786.5 37,827.2 (5,040.7) 56,419.4 38,802.0 - 17,617.4 - 2009/10 104,416.2 33,013.1 39,340.3 (6,327.2) 71,403.1 47,603.6 - 23,799.5 - 2010/11 135,558.6 28,651.7 45,323.7 (16,672.1) 106,906.9 61,871.3 - 38,785.6 6,250.0 2011/12 189,122.1 21,557.4 45,344.1 (23,786.7) 167,564.6 94,617.0 - 60,445.6 12,502.0 2012/13 233,406.4 21,965.5 55,377.3 (33,411.8) 211,440.8 114,384.6 - 80,549.2 16,507.0 2013/14 299,729.6 26,630.8 64,211.9 (37,581.2) 273,098.9 141,975.8 - 110,866.0 20,257.0 2014/15 393,439.8 30,735.3 77,076.8 (46,341.6) 362,704.5 185,501.9 - 153,845.6 23,357.0 2015/16 490,230.4 47,524.4 95,038.1 (47,513.7) 442,706.0 226,849.2 - 190,249.8 25,607.0 2016/17 631,092.8 85,441.8 120,891.0 (35,449.2) 545,650.9 283,835.2 - 234,589.8 27,226.0 2017/18 784,621.8 102,002.8 140,206.9 (38,204.0) 682,618.9 346,302.9 - 289,023.3 47,292.7 2018/19 963,699.9 109,799.2 172,171.4 (62,372.2) 853,900.7 443,362.2 - 358,395.8 52,142.7 2019/20 1,302,948.3 137,082.9 195,711.0 (58,628.1) 1,165,865.4 588,391.2 - 519,331.4 58,142.7 2020/21 1,659,218.4 214,275.2 245,019.2 (30,744.0) 1,444,943.3 778,613.2 - 609,687.4 56,642.7 2021/22 2,195,732.5 422,864.0 326,216.3 96,647.7 1,772,868.5 996,662.2 - 731,383.6 44,822.7 2022/23 2,711,304.0 573,675.7 521,300.0 52,375.7 2,137,628.3 1,293,479.3 - 799,326.4 44,822.7

• Includes Claims on Other Financial Institutions
  Source: National Bank of Ethiopia

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(In Millions of Birr)
1=2+6 2=3to5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 1997/98 8,843.6 3,105.7 2.5 3,036.8 66.4 5,737.9 3,012.6 2,072.5 940.1 5,831.0 2,165.6 3,665.4 1998/99 8,839.9 3,588.8 2.8 3,508.9 77.1 5,251.1 2,752.1 1,685.1 1,067.0 6,087.8 2,521.8 3,566.0 1999/00 7,814.5 2,921.7 2.8 2,840.5 78.4 4,892.8 3,043.9 2,089.5 954.4 4,770.6 1,967.3 2,803.3 2000/01 7,829.5 2,907.8 2.9 2,829.6 75.3 4,921.7 3,029.5 1,815.4 1,214.1 4,800.0 1,693.7 3,106.3 2001/02 11,470.7 5,743.6 2.9 5,660.0 80.7 5,727.1 3,648.3 1,703.3 1,945.0 7,822.4 3,798.6 4,023.8 2002/03 14,427.2 7,988.2 2.9 7,899.3 86.0 6,439.0 3,378.1 1,674.7 1,703.4 11,049.1 6,284.8 4,764.3 2003/04 17,449.8 11,307.3 2.5 11,213.3 91.6 6,142.5 4,452.0 1,889.5 2,562.4 12,997.8 8,744.9 4,253.0 2004/05 19,963.5 13,704.9 57.0 13,556.5 91.3 6,258.6 6,095.5 1,979.8 4,115.7 13,868.0 9,589.2 4,278.8 2005/06 16,759.0 10,071.7 89.2 9,889.6 92.8 6,687.3 4,649.5 1,735.8 2,913.6 12,109.6 7,158.0 4,951.5 2006/07 19,514.9 11,977.3 429.3 11,448.5 99.5 7,537.7 6,174.6 1,986.3 4,188.3 13,340.4 7,789.0 5,551.4 2007/08 16,735.5 8,708.7 5.5 8,589.2 114.0 8,026.8 5,069.9 2,301.9 2,768.0 11,665.6 5,940.7 5,725.0 2008/09 26,434.3 17,214.6 18.2 17,069.0 127.5 9,219.7 8,457.5 3,076.5 5,380.9 17,976.8 11,833.7 6,143.1 2009/10 42,350.1 27,289.3 443.3 26,700.3 145.7 15,060.8 15,160.3 3,254.3 11,906.0 27,189.8 15,383.3 11,806.5 2010/11 79,945.5 51,551.4 1,395.2 49,960.5 195.7 28,394.2 24,410.9 5,715.5 18,695.4 55,534.7 32,856.0 22,678.7 2011/12 64,119.0 40,101.4 2,038.1 37,868.1 195.3 24,017.6 26,738.5 5,484.2 21,254.3 37,380.5 18,847.1 18,533.4 2012/13 72,658.1 44,140.0 2,253.2 41,685.1 201.8 28,518.1 27,009.6 7,515.2 19,494.4 45,648.5 24,645.6 21,002.9 2013/14 77,878.0 50,624.5 1,217.6 49,188.5 218.4 27,253.5 31,905.7 7,995.1 23,910.6 45,972.3 26,713.9 19,258.4 2014/15 82,741.8 66,817.7 79.3 66,423.1 315.3 15,924.1 45,170.9 8,326.6 36,844.3 37,570.9 29,973.4 7,597.6 2015/16 95,055.0 74,156.7 1,113.9 72,711.3 331.5 20,898.2 73,530.8 9,880.5 63,650.3 21,524.2 10,506.4 11,017.7 2016/17 98,750.8 73,874.3 741.3 72,783.6 349.4 24,876.5 60,716.1 10,818.8 49,897.3 38,034.8 23,977.0 14,057.7 2017/18 102,738.9 77,617.4 750.5 76,448.4 418.4 25,121.5 63,362.7 14,504.8 48,858.0 39,376.2 28,759.4 10,616.8 2018/19 127,270.4 98,726.6 804.9 97,484.0 437.8 28,543.8 112,765.3 18,006.4 94,758.9 14,505.2 3,967.8 10,537.4 2019/20 147,202.9 112,086.4 3,280.6 108,280.4 525.4 35,116.5 155,524.2 24,578.2 130,946.0 -8,321.3 -18,859.6 10,538.3 2020/21 202,804.8 125,859.7 628.2 124,551.3 680.2 76,945.1 203,617.1 33,850.4 169,766.7 -812.3 -43,907.0 43,094.7 2021/22 143,751.3 79,819.6 2,065.3 76,997.2 757.1 63,931.7 255,178.9 41,140.6 214,038.3 -111,427.5 -134,218.7 22,791.1 2022/23 130,367.5 56,154.3 129.2 55,230.1 795.0 74,213.2 290,465.2 42,887.7 247,577.5 -160,097.7 -191,423.1 31,325.5 !"#$%&&'()&*+$,&-&.+/%012&3456"21%&7+$,0218&+9&:6%&;":0+2"$&<"2=&+9&3:60+>0"&"2,&?+@@%/50"$&<"2=8 Source: National Bank of Ethiopia (NBE) CBs' Foreign Exchange Total Liab. Comm. Banks
NBE Total End of Fiscal Year Gross Gold and Foreign Exchange Holdings National Bank of Ethiopia International Reserves Foreign Liabilities Net Gold & Foreign Exchange Gross Total NBE Total Gold Foreign Exchange Reserve Tranche NBE Comm. Banks

Table 18: Treasury Bills Auction Results
Bank Non-bank Total Bank Non-bank Total Bank Non-bank Total 1997/98 5086.0 98.0 116.0 214.0 2386.7 3705.3 6092.0 1521.6 3033.9 4555.5 3.714 1998/99 13435.5 88.0 193.0 282.0 6231.3 6986.2 13217.5 5261.2 6333.0 11594.2 3.650 1999/00 16147.0 110.0 162.0 272.0 10772.3 7550.5 18322.8 7954.4 5356.8 13311.2 3.262 2000/01 12100.0 133.0 208.0 346.0 10361.0 7844.0 18205.0 5087.7 4235.3 9322.9 2.829 2001/02 16625.0 152.0 166.0 326.0 18632.6 6216.0 26089.1 12176.4 3996.8 16453.2 1.982 2002/03 29818.0 174.0 122.0 296.0 33488.0 5341.8 38829.8 26987.6 2830.4 29818.0 1.311 2003/04 51645.0 152.0 120.0 272.0 56481.0 4960.0 61441.0 47921.8 3710.2 51632.0 1.023 2004/05 41262.5 175.0 94.0 269.0 49658.5 7237.7 56896.2 37783.9 3281.1 41065.0 0.243 2005/06 47793.5 142.0 45.0 187.0 56687.5 3916.0 60603.5 44465.6 3327.9 47793.5 0.038 2006/07 69487.0 99.0 68.0 167.0 71259.0 7663.0 78922.0 58599.6 6715.4 65315.0 0.493 2007/08 48889.0 92.0 88.0 180.0 46761.0 13127.5 59888.5 35613.0 12103.5 47716.5 0.674 2008/09 28471.9 83.0 178.0 261.0 21974.5 24792.7 46767.2 2672.0 25167.8 27839.8 0.520 2009/10 55203.3 82 198 280 23386.9 27871.2 51258.1 13902.0 27834.5 41736.5 0.652 2010/11 83390.7 65 155 220 23715.3 32044.8 55760.0 20271.3 32044.8 52316.0 1.305 2011/12 96511.9 202 204 406 26712.7 50482.1 77194.8 24212.7 50482.1 74694.8 1.944 2012/13 107484.5 394 210 604 51493.5 62185.7 109184.5 51493.5 62185.7 109184.5 2.203 2013/14 88074.94 226 240 466 31226.00 81608.55 112834.55 16989.0 76933.5 94233.3 1.503 2014/15 100739.4 0.0 248.0 248.0 0.0 136536.8 136536.8 0.0 110593.3 110593.3 1.340 2015/16 145877.4 0.0 217.0 217.0 0.0 161575.2 161575.2 0.0 199200.0 199200.0 1.323 2016/17 204543.2 0.0 200.0 200.0 0.0 225321.2 225321.2 0.0 225321.2 225321.2 1.298 2017/18 286494.2 0.0 192.0 192.0 0.0 323991.2 323991.2 0.0 323991.2 323991.2 1.341 2018/19 397958.2 3.0 189.0 192.0 650.0 421983.5 422633.5 650.0 421983.5 422633.5 1.410 2019/20 231486.9 35.0 128.0 163.0 11143.0 232012.1 243155.1 5980.0 228859.1 234839.1 4.526 2020/21 330673.0 286.0 117.0 403.0 127679.0 157104.6 284783.6 109655.9 129143.7 238799.6 7.977 2021/22 858468.8 412.0 174.0 586.0 365432.3 234046.3 599478.6 357032.3 225236.3 582268.6 9.006 2022/23 1278068.3 414.0 235.0 649.0 287405.1 307826.2 595231.3 268255.1 307826.2 576081.3 9.381 Annual Weighted Yield Period Amount Offered Number of Bidders Amount Demanded (in millions of Birr) Amount Sold (in millions of Birr)

Table 19: Employment Created by Domestic & Foreign Investment Projects Which Have Commenced Operation, by Sector
Perm.
Empl.
Temp.
Emp
Perm.
Empl.
Temp.
Emp
Perm.
Empl.
Temp.
Emp
Perm.
Empl.
Temp.
Emp
Perm.
Empl.
Temp.
Emp
Perm.
Empl.
Temp.
Emp
Perm.
Empl.
Temp.
Emp
Agriculture, hunting and forestry 6,082 859 259 2428 536 1,862 3 5 27 2 - - - - Construction 3,346 5,232 1664 2738 3,368 1,788 100 168.0 1,837 961 30 24 765 355 Education 89 0 16 23 200 154 2 2.0 - - 17 - 120 40 Electricity, gas, steam and water supply - - 0 250 - - - - - - - - - - Fishing - - - - - - - - - - - - - - Health and social work 20 5 44 220 43 8 6 6 74 23 20 - 66 127 Hotels and restaurants 23 35 97 64 173 75 35 20 391 192 60 80 107 5 Manufacturing 6,016 3,143 123,353 8,070 15,918 5,142 2,858 1,387 6,657 2,116 8,747 1,566 5031 4445 Mining and quarrying 74 299 96 414 35 92 - - - - - - - - Other community, social and personal service activities 37 8 125,002 109 19 12 - - - - - - - - Real estate, renting and business activities 4,989 187 81,347 21,710 2,269 1,303 52 41 1868 2362 1,109 426 625 4,375 Transport, Storage and Communication 28 7 23 28 44 121 0 807 388 3 2 65 32 Wholesale, retail trade & repair service - - 2 0 - - - - 23 66 3 30 - - Others* 8 - 100 160 26 105 34 5 84 22 2,925 1,324 70 52 Grand Total 20,712 9,775 332,003 36,214 22,631 10,541 3,211 1,634 11,768 6,132 12,914 3,452 6,849 9,431 Sector 2014(2021/22) 2015(2022/23) 2009(2016/17) 2010(2017/18) 2011(2018/19) 2012(2019/20) 2013(2020/21)

Table 20: Number and Investment Capital of Domestic & Foreign Investment Projects Which Have Commenced Operation by Sector
(In Millions of Birr)
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Agriculture, hunting and forestry 42 322.8 27 297.7 1 10.5 6 114.5 - - 1 Construction 344 3,002.1 176 1,745.7 15 135.5 224 1,799.1 47 482.1 14 Education 7 67.8 6 68 1 2.5 2 13.0 1 20.6 1 Electricity, gas, steam and water supply 1.0 100.0 - - - - - - - - - Fishing - - - - - - - - - - - Health and social work 15 276.4 5 25 3 18.0 9 864.1 1 7.0 3 Hotels and restaurants 5 57.8 7 39.5 3 307.9 18 5,887.4 1 105.4 2 Manufacturing 578 14,494.8 337 4,647.0 42 710.1 242 12,097.0 26 1308.2 59 Mining and quarrying 7 81.0 4 38 - - - - - - - Other community, social and personal service activities 46 245.8 2 82 - - 1 5.0 - - - Real estate, renting and business activities 496 7,204.8 404 1909.305 15 98.3 238 10,426.5 23 130.7 14 Transport, Storage and Communication 5 11.4 5 20.0 2 17.9 34 669.2 8 62.5 6 Wholesale, retail trade & repair service 1 2.0 - - - - 3 381.5 1 1.7 - Others* 3 9.5 3 79 2 19.6 8 1,816.1 4 65.7 4 Grand Total 1,550 25,876.2 976 8,952 84 1,320 785 34,073 112 2,184 104 Sector 2014(2021/22) 2015(2022/23) 2010(2017/18) 2011(2018/19) 2012(2019/20) 2013(2020/21) Investment Capital 20.0 118.2 - - - - 56150.9 1139.5 - 716.7 62490 2015(2022/23)

Annex 21: Number and Capitalof Domestic & Foreign Investment Projects Which Have Commenced Operation, by Region
(In Millions of Birr)
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Investment
Capital
No. of
Projects
Addis Ababa 1,362 19,839.3 681 6,838.4 40 650 711 30,820 64 750.0 35 Afar 46 380.0 - - - - - - - - - Amhara 15 39.7 20 152.5 6 11 41 285.2 1 1.7 - B.Gumze 1 2.0 - - - - - - - - - Dire Dawa - - - - - - - - - - - Gambella - - - - - - - - - - - Harari - - - - - - - - - - - Multiregional 59.0 5,217.5 69 1,135 37 645 33 2,967.7 46 1,327 69 Oromia - - 157 560.4 - - - - - - SNNPR 1 2.5 - - - - - 1 105.4 - Somali - - - - - - - - - - - Tigray 66 395.3 49 265.6 1 15 - - - - Grand Total 1,550 25,876.3 976 8,951.7 84 1,320 785 34,073 112 2,184 104 Sector 2014(2021/22) 2015(2022/23) 2010(2017/18) 2011(2018/19) 2012(2019/20) 2013(2020/21) Investment Capital 5010.3 - - - - - - 57479.7 - - - 62490.0 2015(2022/23)

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