Third Quarter Report 2024-25

Third Quarter Report 2024/25 1
National Bank of Ethiopia Quarterly Bulletin
QUARTERLY BULLETIN nbe.gov.et
FISCAL YEAR SERIES
THIRD QUARTER 2024/25
VOLUME 41 | NO. 3

NATIONAL BANK OF ETHIOPIA
(Central Bank)
P.O.Box: 5550, Addis Ababa, Ethiopia
Tel. +251-11-551-7430
Tel. +251-11-551-4588
Telegraphic Address:
NATIONAL BANK, TELEX 21020, CODES
USED PETERSON 3RD & 4TH ED
BENTLEY’S 2ND PHRAS A.B.C . . . 6TH EDITION
 nbe.edpc@ethionet.et
 www.nbe.gov.et
Prepared By: Domestic Economic Analysis & Publication Directorate, National Bank of Ethiopia This Publication can be acquired by subscription or exchange. Please Contact:
Domestic Economic Analysis & Publication Directorate National Bank of Ethiopia 📨 5550 📞 +251-11-517-5262/11-517-5268 Addis Ababa, Ethiopia

NATIONAL BANK OF ETHIOPIA
Quarterly Bulletin
Volume 41, No.3
Third Quarter 2024/25
Fiscal Year Series
Addis Ababa, 2025

Contents
Ethiopia: Macroeconomic and Social Indicators I
I. OVERVIEW 1
1.1. International Economic Developments 1
1.2. Macroeconomic Developments in Ethiopia 1
1.2.1. Inflation 1
1.2.2. Monetary Developments 1
1.2.3. Interest rate 2
1.2.4. Financial Sector Developments 2
1.2.5. External Sector and Foreign Exchange Developments 3
1.2.6. Federal Government Fiscal Operations 4
1.2.7. Investment 4
II. ENERGY PRODUCTION AND PROCESSING 5
2.1. Import of Petroleum Products 5
2.2. Electric Power Generation 8
III. QUARTERLY PRICE DEVELOPMENTS 11
3.1. Developments in National Quarterly Inflation 11
3.2. Developments in Regional Quarterly Inflation 14
IV. MONETARY DEVELOPMENTS 17
4.1. Monetary Developments and Policy 17
4.2. Developments in Monetary Aggregates 17
4.2.1. Developments in Broad Money 17
4.3. Developments in Reserve Money and Monetary Ratio 20
4.4. Developments in Interest Rates 21
4.5. Developments in the Financial Sector 23
4.6. Activities of the Banking System 26
4.6.1. Resource Mobilization 26
4.6.1.1. Deposit Mobilization 27
4.6.1.2. Collection of Loans 28
4.6.1.3. Borrowing 28
4.6.2. Disbursement of Fresh Loans 29
4.6.3. Outstanding Credit 30
4.7. Financial Activities of NBE 31
4.8. Developments in Financial Markets 31

4.8.1. Treasury Bills Market 31
4.8.2. Inter-Bank Money Market 33
4.8.3. Corporate Bond Market 35
V. EXTERNAL SECTOR DEVELOPMENTS 36
5.1. Balance of Payments 36
5.2. Balance of Trade 39
5.2.1. Export of Goods 39
5.2.2. Import of Goods 44
5.2.3. Direction of Trade 46
5.2.3.1. Export of Goods 46
5.2.3.2. Import of Goods 47
5.3. Services and Transfers 48
5.3.1. Net Services 48
5.3.2. Transfers 50
5.4. Current Account Balance 51
5.5. Capital Account 51
5.6. Changes in Reserve Position 51
5.7. Developments in the Foreign Exchange Market 51
5.7.1. Exchange Rate Movements 51
5.7.2. Movements in the Real Effective Exchange Rate 57
5.7.3. Volume of Transactions 59
VI. FEDERAL GOVERNMENT FINANCE 60
6.1. Revenue and Grants by Component 62
6.2. Expenditure by Component 65
6.3. Deficit Financing 67
VII. DEVELOPMENTS IN INVESTMENT 68
VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 72
8.2 Overview of the World Economy 72
8.2 Inflation Developments 72
8.3. Commodity Price 73
8.4. Exchange Rate Developments 73
8.5. Impact of Global Economic Development on Ethiopian Economy 73
STATISTICAL ANNEXES 74

National Bank of Ethiopia Quarterly Bulletin
I
Third Quarter Report 2024/25
Ethiopia: Macroeconomic and Social Indicators
Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016)

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 Arable Land (% of total area) 13 14.2 14.32 14.41 16.2 16.2 17.3 Agricultural Irrigated Land (% of total Agricultural area) 4.0 4.0 4.7 5 6% 6.20% 6.20% Population Density (person per sq.km)* 106 109 112 115 123 127 132
2. Social Indicators
   Population total, in millions (Mid-Year population) 95.5 97.6 99.75 101.9 104.1 105.7 108.4 (o/w Urban Poulation, in %) 21 22.8 28.2 28.2 Working Age Population (In Millions) Urban 12 13.13 14.03 15.01 16.04 31.1 31.1 Rural 42 43.06 44.28 45.8 46.6 40.4 40.4 Total 56 56.19 58.31 60.81 62.64 61.7 61.7 Age Dependency Ratio 69 62 73 Life Expectancy at Birth (Male - Female) 62.4-66.6 62.4-66.6 62.4-66.7 65.5 69 Crude Birth Rate 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 31.8:1000 Crude Death Rate 6:03 6.00 6.:30 6.5 Natural Rate of Population Increase (In %) 2:07 4.6 Total Fertility Rate 3.5chil:W 4.6chil:W 4.6chil:W 4.1 4.6 People : Hospital Beds 3617:1 1,312 2750 2720 2900 3225: 1 bed 3650:1 Bed People : Physician1 26635:1 10,521:1 9977:1 8448:1 7576 5737 5,843 People : Nurse1 1780:1 1620:1 1705 1473 1415 983 999 Infant Mortality Rate 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 47:1000 Access to Safe Water (In %) Country Level 71 76 79.3 58.5 58.76 67.1 69.52 Urban Population 60 66 66.5 62.95 71.97 75.7 66.62 Rural Population 74 79 82.7 57.26 59.76 64.5 79.12 Student-Teacher Ratio Primary (1-8) 43 39 39 34.8 34.6 36.4 35.5 Secondary (9-12) 43 22.5 24 27.4 27.7 26.6 22.6 Technical & Vocational 26 13.3 13.3 1:11 1:11 1:18 1:17 Student-School Ratio Primary (1-8) 567 628 528 512.7 526.6 517.6 513.3 Secondary (9-12) 741 568 940 1017 1063 1009.6 864.9 Technical & Vocational 318 246.8:1 246.6:1 177 158 151.5 172.8

National Bank of Ethiopia Quarterly Bulletin
II
Third Quarter Report 2024/25
Continued:
Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016)
3. Macroeconomic Indicators
3.1. Real sector Development2
GDP at Current Market Price (In Mn. Birr) 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 8,722,308 11,752,138 Nominal GDP Growth Rate (In %) 20.2 22.4 25.5 28.6 41.8 42.4 35.6 Average Marginal Exchange Rate (Birr per USD) 26.1 28.1 31.3 39.0 48.57 53.283 55.96 GDP at Current Market Price (In Mn. USD) 84,355.6 95,951.0 107,673 111271.2 126,783 163,698 210,001 Nominal GDP per Capita (In USD) 2,018.1 2,228.3 1,080 2429.5 1,218 1,549 1,937 Real GDP per Capita (In Birr) 19,205 46,148.6 47,632.8 48,650.00 50,359.40 61,918.28 66,448.64 Real GDP per Capita Growth Rate (In %) 5 140 3 2.1 3.5 23.0 7.3 GDP Deflator (% change) 12.5 13.2 18.2 21.8 34.7 32.9 25.5 Real GDP at constant basic price (In Mn. Birr) 1,719,491 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 2,603,952.86 Real GDP at constant market price (In Mn. Birr) 1,834,066 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,498 2,684,525 Real GDP Growth Rate (In %) 7.7 9.0 6.1 6.3 6.1 7.2 8.1 Agriculture & Allied Activties(In Billion Birr) 600.9 623.8 650.3 686.4 728.4 774.0 827.9 Industrial Sector (In Billion Birr) 464 526.2 576.9 618.8 649.2 694.2 758.4 Service Sector(In Billion Birr) 674 745.7 786.8 836.2 899.8 971.3 1,046.1 Agriculture & Allied Activties (% of GDP) 34.9 33.3 32.7 32.5 32.4 32.1 31.8 Industrial Sector (% of GDP) 27.0 28.1 29.0 29.3 28.9 28.8 29.1 Service Sector (% of GDP) 39.2 39.8 39.5 39.6 40 40.3 40.2 Private Consumption Expenditure 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429 6,882,737.92 9,422,416 Government Consumption Expenditure 225,523.2 247,362.0 307,769 383,565 453,263 551106.6 650,000 Investment 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325 1,933,863 2,409,022 Exports 184,282.1 213,437.0 239,229 329,634 507,692 575,062 652,779 Imports 502,112.9 561,512.0 571,230 723,391 1,128,171 1,220,461 1,382,079 Resource Balance (317,831.0) (348,075.0) -329,096 -394,236 -620,479 -645,400 (729,300) Gross Private Consumption (% of GDP) 65.5 68.5 69.96 72 77.4 78.9 80.2 Gross Government Cosumption (% of GDP) 10.2 9.2 9.1 8.84 7.4 6.3 5.5 Gross Domestic Fixed Investment (% of GDP) 34.1 35.2 30.7 28.02 25.3 22.2 20.5 Resource Balance (% of GDP) (14.4) (12.9) (9.8) -9.08 -10.1 -7.4 -6.2
3.2. Monetary Indicators
Narrow Money Supply (M1) (In Mn. Birr) 281,154.66 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 822,498.60 Broad Money Supply (M2) (In Mn. Birr) 740,572.88 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 2,477,891.90 Net Foreign Assets (In Mn. Birr) 39,376.20 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) (245,298.39) Reserve Requirement (CBs) 36,385.76 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 Interest Rate (In %) Minimum Deposit Rate 7 Lending Rate 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 784,621.73 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 2,797,752.10 Government 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 Other Sectors 682,618.90 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 2,052,211.00

National Bank of Ethiopia Quarterly Bulletin
III
Third Quarter Report 2024/25
Continued:
Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016)
3.3. Inflation (CPI growth rate)3
Country Level
-General inflation 14.60 12.60 19.90 20.20 33.80 32.50 26.60 -Food inflation 13.40 13.10 23.30 23.20 40.30 31.70 28.10 -Non-Food inflation (core inflation) 15.80 11.90 15.80 16.40 25.15 33.90 24.40 Addis Ababa -General inflation 16.5 14.6 18.8 19.5 29.8 37.3 31.20 -Food inflation 8.7 15 25.9 26.2 36.6 35.5 34.10 -Non-Food inflation (core inflation) 22.6 14 13.9 14.4 24.1 39.0 28.60
3.4. External Trade(In Mn.USD)
Export of goods & services 7095.9 7694.9 7715.7 8498.9 10457.7 10855.8 11763.6 Import of goods & services 19707.4 20704.8 18828.3 19177.0 23845.0 23430.0 25128.0 Net trade in goods & services -12611.4 -13009.9 -11112.6 -10678.0 -13387.3 -12574.2 -13364.4 Current account balance including official transfers -5285.0 -4948.0 -4401.9 -3190.7 -5145.1 -4672.9 -5916.9 Capital account balance 6184.6 4822.4 4326.5 3785.8 2723.7 3547.3 4128.3 Overall balance of payments -201.6 -941.6 -833.4 298.7 -2149.8 -752.0 -1347.9
3.5. Government Finance (In Mn .Birr4)
Total Revenue (including grants) 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 873,126.5 Total Revenue (excluding grants) 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 840,094.8 o/w Tax-Revenue 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 716,172.2 Tax-Revenue as % of GDP 10.7 10.0 9.2 9.0 7.8 6.8 6.1 Total Expenditures 354,205.3 413,105.7 488,243.2 599,006.7 779,099.0 938,771.6 1,120,077.3 Current Expenditures 210,470.2 238,156.6 280,667.0 363,596.9 517,043.4 582,854.6 652,619.7 Capital Expenditures 143,735.1 174,949.1 207,576.1 235,409.7 262,055.7 355,917.0 467,457.6 Equity Contribution (Sinking Fund) - - - - - - - Special Programs - - - - - - - Total Expenditures as % of GDP 16.1 15.4 14.5 13.8 12.7 10.8 9.5 Current Surplus/Deficit 77,091.9 106,779.9 114,298.8 115,291.2 49,710.3 134,732.1 220,506.9 Overall Budget Deficit (including grants) (66,643.2) (68,169.2) (93,277.4) (120,118.5) (212,345.4) (221,184.9) (246,950.7) Deficit as % of GDP (3.0) (2.5) (2.8) (2.8) (3.4) (2.5) (2.1) Overall Budget Deficit (excluding grants) (84,557.1) (101,788.3) (133,930.4) (154,424.0) (239,038.5) (253,312.4) (279,982.5) Deficit as % of GDP (3.8) (3.8) (4.0) (3.6) (3.9) (2.9) (2.4)
3.6. Exchange Rate (Birr/ USD)
Inter-Bank Forex Market Rate5

• Period weighted Average 26.1082 28.0543 31.3427 39.0163 48.5673 53.2830 55.9623
• End period 27.2621 28.9109 34.9822 43.6910 51.9938 54.5943 57.3265

National Bank of Ethiopia Quarterly Bulletin
IV
Third Quarter Report 2024/25
Continued:
Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016)
3.7. Treasury Bill Market (In Mn. Birr)
T-Bills Demanded (Total) 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 812,892.09 T-Bills Sold 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 797,797.09 Average Weighted Yield (in %) 1.420 1.741 4.808 7.970 9.459 9.70 9.74 T-Bills Outstanding by holder 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 447,802.85 Banks - 650.00 5,604.00 52,040.00 195,432.29 146,568.05 162,259.26 Non-Banks 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48 285,543.59
3.8. Inter Bank Money Market Rate5
3.9. Financial Institutions
Number of Commercial Banks 17.00 18.00 30.00 31.00 32.00 (o/w Private banks) 16.00 17.00 28.00 29.00 30.00 Number of Bank Branches 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 12,278.00 Population : Bank Branch 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 8,918.00 Number of Insurance Companies 17.00 17.00 18.00 (o/w Private Insurance Companies) 16.00 16.00 17.00 Number of Insurance Branches 532.00 568.00 605.00 635.00 690.00 741.00 799.00 Population : Insurance Branch 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 147,771.93 Number of Development Banks 1.00 Number of Development Bank Branches 107 107 93 82 83 83 105.00 Number of Micro-financial Institutions 38 38 39 39 43 47 48.00 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 outside 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 transactions intro￾duced beginning from October 24, 2001.
   *Midyear population was obtained from MoF

Third Quarter Report 2024/25 1
National Bank of Ethiopia Quarterly Bulletin
I. OVERVIEW
1.1. International Economic Developments
Growth in global activity declined in the third quarter of 2024/25. In March, the global com￾posite output Purchasing Managers’ Index (PMI) excluding the euro area increased to 52.3, from 51.7 in February, as services activity expanded moderately, to 52.9 from 51.6 in February. In contrast, the manufacturing output PMI fell to 50.5, from 51.9 in February. In United State, Real GDP turned slightly negative in the third quarter of 2024/25, as the front￾loading of imports resulted in a large negative contribution from net trade. At the same time, domestic demand remained relatively solid. In China, real GDP growth was strong in the third quarter of 2024/25, boosted by robust do￾mestic demand and frontloaded exports. In the United Kingdom, real GDP growth picked up in the third quarter of 2024/25, driven by strong investment growth and net trade.
1.2. Macroeconomic Developments in Ethiopia
1.2.1. Inflation
In the third quarter of 2024/25, annualized quarter on quarter general inflation rate de￾creased to 14.6 percent from 27.9 percent of last year same quarter. Quarter-on-quarter basis as well, overall inflation decreased to 2.0 percent from 5.4 per￾cent of the preceding quarter, due to 5.0 and 0.8 percentage points decline in food and non-food inflation, respectively. Non-food inflation was the primary contributor to this quar￾ter-on-quarter headline inflation, accounting for 84 percent, while food inflation contributed the remaining 16 percent.
1.2.2. Monetary Developments
As part of broader macroeconomic reforms, the NBE has implemented new monetary pol￾icy framework in line with its primary goal of ensuring low and stable inflation. Accordingly, early July 2024, NBE has moved from monetary aggregate targeting framework to an inter￾est-rate based monetary policy framework. Under the new policy framework, the Nation￾al Bank Rate (NBR) serves as the primary means of signalling the NBE’s policy stance and guiding the 7-day interbank interest rate (operational target), through which it influences other market rates. Following the adoption of this new framework, the NBE has begun utiliz￾ing indirect monetary policy tools, including Open Market Operations (OMOs) and Standing Facilities (SFs), to enhance the transmission and effectiveness of monetary policy. During the review period, the NBE maintained its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates were set at 18.0 percent and 12.0 percent, respectively.

Third Quarter Report 2024/25 2
National Bank of Ethiopia Quarterly Bulletin
Broad money supply (M2) reached Birr 3.1 trillion at the end of the third quarter of 2024/25, representing an annual growth of 27.0 percent. This growth was primarily driven by a 20.3 percent increase in domestic credit, which outweighed a 40.7 percent contraction in net external assets and 603.2 percent in other net items. During the same period, net claims on government surged by 118.3 percent, while credit to non-government declined by 12.1 per￾cent. Reserve money reached Birr 646.5 billion during the review period, depicting a 44.9 and 15.8 percent annual and quarterly expansion, respectively. The money multiplier, measured by the ratio of broad money to reserve money, declined from 5.4 to 4.7 over the past year. This decline trend generally indicates a larger share of money creation is now occurring through NBE rather than the Commercial banks.
1.2.3. Interest rate
During the review period, average savings deposit rate remained unchanged at 8.0 percent, while average lending interest rate increased to 15.0 percent from 14.8 percent a year ago. The weighted average time deposit rate remained at 7.7. The weighted average yield on T-bills rate for the quarter increased to 16.29 percent from 10.11 percent last year same pe￾riod. Given 14.6 percent headline inflation, the real lending interest rate as well as the T-bill market yield was Positive.
1.2.4. Financial Sector Developments
a) Banks
By the end of the third quarter 2024/25, Ethiopia had 32 banks, (30 private banks and 2 state-owned) operating through 12,520 branches across the country, resulting in a popula￾tion-to-bank-branch ratio of 8,7461 . About 30.3 percent of all bank branches were in Addis Ababa. The total capital of the banking system reached Birr 391.7 billion, with state-owned banks accounting for 39.8 percent and private banks 60.2 percent. During the review quarter, the banking sector disbursed Birr 277.4 billion in new loans, re￾flecting a 130.3 percent year-on-year increase. Of the new loans, the share of state-owned banks was 58.1 percent, and that of private banks was 41.9 percent. The primary recipients of the fresh loans were agriculture (Birr 91.7 billion or 33.1 percent), international trade (Birr 52.2 billion or 18.8 percent), domestic trade (Birr 49.4 billion or 17.8 percent), manufacturing (Birr
29.7 billion or 10.7 percent), financial institutions (Birr 21.8 billion or 7.8 percent), consumer
and staff loan (Birr 16.3 billion or 5.9 percent).
Meanwhile, the banking system collected Birr 155.6 billion in loans, depicting a 42.7 percent annual growth. Of the total loan collection, private banks accounted for 61.6 percent and state- owned constituted 38.4 percent. In contrast, total outstanding credit of the banking system depicted 12.2 percent annual 1 Total population is 109,499,000 as ESS Estimation for 2024

Third Quarter Report 2024/25 3
National Bank of Ethiopia Quarterly Bulletin decline primarily due to the conversion of corporate bonds to government bonds, bringing it down to Birr 1.9 trillion. About 99.4 percent of the total outstanding credit held by private banks comprised of claims to cooperatives and private enterprises. b) Insurance Sector The insurance sector, despite being a key component of the financial industry remained shallow and narrow over the past few decades. Currently, there are 18 insurance companies operating in the market, consisting of 17 private firms and one state-owned. The total num￾ber of branches reached to 820, up from 791 a year earlier. About 57 percent of the insur￾ance branches were in Addis Ababa. At the end of the quarter, the total capital of insurance companies has increased to Birr 27.2 billion, with private insurance companies accounting for 81.9 percent of the total capital. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) stood at 55. They mobilized about Birr 35.1 billion in saving deposit, showing a 32.6 percent annual growth. Their outstanding credit also increased by 21.9 percent and reached Birr 44.8 billion while their capital grew 33.3 percent to stand at Birr 14.3 billion.
1.2.5. External Sector and Foreign Exchange Developments
a) External Sector Development
Total receipts from export of goods reached USD 2.0 billion, reflecting (120 percent) annual growth driven by increases in the export of gold (which grew over seven-fold), followed by coffee (126.5 percent), flower (5.4 percent), pulses (12.5 percent), electricity (199.4 percent), meat and meat products (58.5 percent), live animals (210.4 percent), fruits and vegetables (13.8 percent) and leather & leather products (31.4 percent). On the other hand, decline in export proceeds were registered in oil seeds (32.2 percent), textiles & textile products (1.0 percent) and chat (36.8 percent). The total merchandise import bill amounted to USD 5.1 billion, depicting (13.9 percent) an￾nual growth, due to higher import bills for capital goods, semi-finished goods, fuel and raw materials, despite decline in import bills of consumer and miscellaneous goods. During the review period, total transfer receipts rose by 21.3 percent, reaching USD 1.9 billion, driven by increases in private transfers (36.2 percent), despite the decline in official trans￾fers (66.2 percent). Similarly, total transfer payments went up to USD 58.6 million from USD 17.2 million during the same period previous year, due to six-fold increase in private transfer and (37.2 percent) rise in official transfer payments. The current account balance (including official transfers) registered a deficit of USD 479.6 million compared to USD 1.7 billion a year ago mainly driven by narrowing of trade deficit

Third Quarter Report 2024/25 4
National Bank of Ethiopia Quarterly Bulletin coupled with higher net private transfers and net services. Net inflows in the capital account increased by 25.9 percent and reached USD 1.3 billion, primarily due to increase in foreign direct investment, private long-term capital. In addition, decline in net short term capital outflow and shift in other public-sector long-term capital from net payment to surplus have contributed for the increase. b) Exchange Rate Development In the foreign exchange market, weighted average official exchange rate of Birr reached 127.3614/ USD reflecting a year-on-year depreciation of 129.5 percent. Similarly, the real effective exchange rate (REER) of the Birr experienced a year-on-year de￾preciation (50.7 percent) primarily due to the shift to a market-based exchange rate regime introduced on July 29, 2024, which resulted in a weakening of the Birr against the currencies of major trading partners. Additionally, this depreciation was influenced by slowdown in do￾mestic inflation, which further impacted the REER. Similarly, nominal effective exchange rate index (NEERI) experienced 50.0 percent depreciation on an annual basis due to the weaken￾ing of trading partners’ currencies against the US Dollar.
1.2.6. Federal Government Fiscal Operations
During the third quarter of 2024/25, the Federal government total revenue and grants reached Birr 232.8 billion, reflecting 137 percent annual growth. Likewise, Federal government expenditure amounted to Birr 398.6 billion, depicting a 129.9 percent annual increase. Con￾sequently, Federal fiscal balance (including grants) resulted in a deficit of Birr 165.7 billion.
1.2.7. Investment
During the review quarter, 48 investment projects became operational, with a total capital investment of Birr 26.1 billion. While the number of investment projects increased by 108.7 percent, the capital investment showed a 57.6 percent annual decline. Likewise in the review period, the number of job created showed a substantial increase compared to the same period last year.

Third Quarter Report 2024/25 5
National Bank of Ethiopia Quarterly Bulletin
II. ENERGY PRODUCTION AND PROCESSING
2.1. Import of Petroleum Products
In the third quarter of 2024/25, the import volume of petroleum products experienced a sig￾nificant annual growth of 18.7%, reaching approximately 1 million metric tons. This increase can be attributed to notable rises in specific categories of petroleum products: jet fuel im￾ports surged by 40.1%, gas oil by 17.8%, and regular gasoline by 4.8%. However, there was a considerable decline in fuel oil imports, which fell by 25.7%. When compared to the previous quarter, the total volume of petroleum products imported increased by 4.4%. In terms of import share, gas oil dominated the imports, accounting for 60.4% of the total. Jet fuel, regular gasoline, and fuel oil made up 22%, 16.5%, and 1.1% of the total imports, respectively (as detailed in Table 2.1) .
Table 2.1: Volume of Petroleum Products Imported
(In Metric Ton)
Petroleum
Products
2023/24 2024/25 Percentage
Qtr. III Qtr. II Qtr. III Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Regular Gasoline
(MGR) 167,262.1 18.7 160,088.2 15.7 175,312.5 16.5 4.8 9.5 Jet Fuel 166,926.9 18.6 211,426.4 20.7 233,796.1 22.0 40.1 10.6 Fuel Oil 15,928.8 1.8 21,940.8 2.2 11,839.1 1.1 -25.7 -46.0 Gas Oil (ADO) 546,034.0 60.9 625,523.9 61.4 643,078.7 60.4 17.8 2.8 Total 896,151.8 100.0 1,018,979.3 100.0 1,064,026.4 100.0 18.7 4.4 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported (In Metric Ton) - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

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During the 3rd quarter of 2024/25, the total value of petroleum products imported reached Birr 109.4 billion. This represents a substantial increase of 139.7% compared to the same pe￾riod last year and a 10.2% rise compared to the preceding quarter. The remarkable annual increase in the value of petroleum imports can be attributed to significant increases across all categories of petroleum products, as detailed in Table 2.2. The overall trend indicates a strong demand for petroleum products, which has driven up their import value significantly over the past year and quarter.
Table 2.2: Value of Petroleum Products Imported
(In ‘000Birr)
Petroleum
Products
2023/24 2024/25 Percentage
Qtr. III Qtr. II Qtr. III Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Regular
Gasoline
(MGR)
9,266,362.0
20.3
16,989,660.2 17.1 20,173,715.0
18.4 117.7 18.7
Jet Fuel 8,522,367.6 18.7 20,799,403.6 21.0 23,697,154.6 21.7 178.1 13.9 Fuel Oil 542,277.3 1.2 1,648,513.3 1.7 959,144.2 0.9 76.9 (41.8) Gas Oil (ADO) 27,300,145.2 59.8 59,801,389.3 60.3 64,530,701.3 59.0 136.4 7.9 Total 45,631,152.2 100.0 99,238,966.4 100.0 109,360,715.0 100.0 139.7 10.2 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 I II III IV I II III I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 2024/25 in Million Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the quarter under review, the average Free On Board (FOB) price of petroleum prod￾ucts experienced a notable decrease of 15% compared to the same period in the previous fiscal year. In contrast, when compared to the previous quarter, the average FOB price of petroleum products increased by 3.2%. This rise was influenced by price increases in specific categories: fuel oil saw a significant increase of 5.4%, followed by regular gasoline at 4.5%, gas oil at 2.6%, and jet fuel at 1.6% (Table 2.3).

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These price fluctuations highlight the inherent volatility of the petroleum market, which can be influenced by a range of factors. These include geopolitical tension in Yemen, Rus￾sia-Ukraine war and etc.
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2023/24 2024/25 Percentage Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Regular Gasoline (MGR) 817.5 700.8 732.48 -10.4 4.5 Jet Fuel 782.2 675.3 686.40 -12.2 1.6 Fuel Oil 425.3 431.3 454.76 6.9 5.4 Gas Oil (ADO) 1729.7 1285.3 1,318.45 -23.8 2.6 Average 938.7 773.2 798.02 -15.0 3.2 Brent Crude Oil (USD/Barrel) 83.00 74.61 75.81 -8.7 1.6 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 2024/25 USD/MT MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average price of Brent crude oil, which is used as a point of reference for international oil price, went down by 8.7 percent and reached USD 75.8 per barrel compared with USD 83 a year ago. The average retail price of fuel in Addis Ababa during the review period raised in to Birr 127 per litter from Birr 86.3 per litter a year ago; depicting a 47.1 percent increase as a result of the lifting up of fuel subsidy in retail price of all petroleum products (Table 2.4).

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Table 2.4: Addis Ababa Average Retail Prices of Fuel
(Birr/Liter)
Petroleum Products
2023/24 2024/25
Percentage Change Qtr. III Qtr. II Qtr. III
A B C C/A C/B
Regular Gasoline (MGR) 77.65 91.14 105.20 35.5 15.4 Fuel Oil 123.52 197.87 214.84 73.9 8.6 Gas Oil (ADO) 79.75 90.28 101.96 27.9 12.9 Kerosene 79.75 90.28 101.96 27.9 12.9 Jet fuel 70.83 77.76 110.77 56.4 42.5 Average 86.30 109.47 126.95 47.1 16.0 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 50 100 150 200 250 I II III IV I II III IV QI QII QIII IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade
2.2. Electric Power Generation
The significant increase in electric power generation during the third quarter of 2024/25, reaching 7.8 billion kilowatt-hours (KWH), highlights a robust growth trend in the energy sector. This 44 percent rise compared to the previous year can be attributed primarily to substantial increases in production from renewable energy sources, specifically hydropow￾er and wind (Table 2.5). This increase in hydropower generation suggests good weather conditions such as higher water levels in reservoirs and improved production capacity of our hydropower dams. Sim￾ilarly, the 35.1 percent increase in wind energy production indicates better utilization of wind resources.

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Generally, the data reflects a positive shift in the energy landscape, emphasizing the im￾portance of investing in and developing renewable energy infrastructure to meet growing electricity demands while promoting sustainability.
Table 2.5: Electricity Generation by Sources
In ‘000 of K.W.H)
Power
Source
2023/24 2024/25 Percentage
Qtr. III Qtr. II Qtr. III Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Hydropower 5,198,060.0 96.2 6,793,676.3 96.8 7,511,832.7 96.5 44.5 10.6 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 199,821.6 3.7 223,201.5 3.2 269,971.2 3.5 35.1 21.0 Biomass 6,949.5 0.1 - - - - - - Total 5,404,831.2 100.0 7,016,877.8 100.0 7,781,804.0 100.0 44.0 10.9 Source: Ethiopian Electric Power The data indicates that during the third quarter of 2024/25, a remarkable 96.5 percent of the total energy generated came from hydropower, while only 3.5 percent was sourced from wind energy. This distribution highlights the dominant role of hydropower in the energy mix for that period (Table 2.5). This growth in renewable energy sources is particularly noteworthy as it aligns with global trends toward sustainable energy generation and reduced reliance on fossil fuels. The ex￾pansion of hydropower and wind energy not only supports energy security but also con￾tributes to environmental goals by reducing greenhouse gas emissions. By system of gen￾eration, virtually all the power was generated through the interconnected systems (ICS)2 (Table 2.6).

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

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Table 2.6: Generation of electricity power in the interconnected system (ICS) and Self￾contained system (SCS)
(In ‘000 of K.W.H)
System of Power supply
2023/24 2024/25 Percentage
Qtr. III Qtr. II Qtr. III Share
A
Share
(in %) B
Share
(in %) C
Share
(In %) C/A C/B
ICS
Hydro power 5,198,060.0 96.2 6,793,676.3 96.8 7,511,832.7 96.5 44.5 10.6 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 199,821.6 3.7 223,201.5 3.2 269,971.2 3.5 35.1 21.0 Biomass 6,949.5 0.1 - - - - - - Sub-Total 5,404,831.2 100.0 7,016,877.8 100.0 7,781,804.0 100.0 44.0 10.9 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 5,404,831.2 100.0 7,016,877.8 100.0 7,781,804.0 100.0 10.9 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type (In ‘000 of K.W.H) 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 2020/21 QI QII QIII QIV 2021/22QI QII QIII QIV 2022/23QI QII QIII QIV 2023/24QI QII QIII IV 2024/25QI QII QIII Hydropower Thermal Power Geo- thermal Wind Biomass Source: Ethiopian Electric Power

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III. QUARTERLY PRICE DEVELOPMENTS
3.1. Developments in National Quarterly Inflation
In the third quarter of 2024/25, annualized quarter on quarter general inflation rate de￾creased to 14.6 percent from 27.9 percent of last year same quarter. This was largely on account of 16.9 percentage points plunge in food inflation and 8.0 percentage points de￾crease in non-food inflation. About 57.6 percent was contributed by food inflation as 42.4 by non-food (Table 3.1).
Table 3.1: Annualized Quarterly National Inflation (in %)
Inflations
2023/24 2024/25 Change in
%age Points
Contributions in (%) to
QIII- General Inflation
Weights in %
QIII QII QIII
A B C C-A C-B Absolute Relative
Headline 100 27.9 17.7 14.6 -13.3 -3.1 14.6 100 Food 54 30.9 19.7 14.0 -16.9 -5.7 8.4 57.6 Non-food 46 23.6 14.8 15.6 -8.0 0.8 6.2 42.4 Source: Ethiopian Statistical Service (ESS) and NBE compilation Fig.3.1: Trends in Contributions of Annualized quarterly Inflations(QIII-2024/25) 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2021/22 2022/23 2023/24 2024/25 % Food Non-food Quarter-on-quarter basis as well, overall inflation decreased to 2.1 percent from 5.4 percent of the preceding quarter. It moderately dropped by 2.7 percentage points compared to 4.8 percent recorded in same quarter of last year (Table 3.2). Non-food inflation contributed larger share of 84 percent as food inflation shared 16 percent (Table 3.2). Quarter on quarter food and non-alcoholic beverages inflation rate also decreased to 0.5 percent from 5.5 percent of the preceding quarter (QII) and from 5.5 percent of last year same quarter (Table 3.2). The decline in quarter on quarter inflation rate of food and non-alcoholic beverages was

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National Bank of Ethiopia Quarterly Bulletin mainly driven by decrease in inflation of ‘bread & cereals’ by 6.9 percentage points, ‘oils & fats’ by 6.2 percentage points, vegetables by 7.4 percentage points and food products by
2.2 percentage points.
Under this quarter, the largest weight contributors to affect quarter on quarter food inflation were: ‘bread and cereals’ (-373%), nonalcoholic beverages (154%), vegetables (92%), food products (90%), and ‘oils & fats’ 54% (Table 3.3). There was huge contribution volatility for food inflation. Quarter on quarter non-food inflation rate also decreased to 4.4 percent from 5.2 percent of the preceding quarter (QII). This quarter-on-quarter non-food inflation rate decline was mainly driven by the decrease in quarterly inflation of health to -2.8 percent (i.e defilation), ‘housing, water, electricity & gas fuels’ to 4.0 percent, transport to 7.3 percent, and ‘hotel & restaurant’ to 2.2 percent (Table 3.4). The largest contributors of third quarter non-food inflation were: ‘housing, water, electrici￾ty, gas & other fuels’ (29%), ‘alcoholic beverages & tobacco’ (20%) and ‘furnishings, house equipment & operations’ 13.8% (Table 3.4).
Table 3.2: Quarter on Quarter National Inflation (in %)
Inflations Weights in %
2023/24 2024/25 Change in %age
Points
Contribution in (%) to
QIII QII QIII QIII General Inflation
A B C C-A C-B Absolute Relative
Headline 100 4.8 5.4 2.0 -2.7 -3.3 2.0 100
Food 54 5.5 5.5 0.5 -5.0 -5.0 0.3 16
Non-food 46 3.7 5.2 4.4 0.7 -0.8 1.7 84
Source: ESS and NBE compilation
Fig.3.2: Trends in Quarter on Quarter National Inflations -6 -4 -2 0 2 4 6 8 10 12 14 QII QIII QIV QI QII QIII QIV QI QII QIII 2022/23 2023/24 2024/25 % General Food Non-Food Bread & Cereals Source: ESS & NBE Compilation

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Table 3.3: Quarter-on-Quarter National Food & Non-alcoholic Beverages Inflation (in %)
Food Items Weights
2023/24 2024/25 Change in
%age points
Contribution in %
QIII QII QIII to Food Inflation
A B C C-A C-B Absolute Relative
Food and Non-alcoholic
Beverages 0.54 5.5 5.5 0.5 -5.0 -5.0 0.5 100
Bread and Cereals 0.17 5.5 1.9 -4.9 -10.5 -6.9 -2.0 -373.2 Meat 0.04 3.3 2.8 2.9 -0.5 0.0 0.2 42.3 Fish and Sea food 0.0002 1.6 0.9 5.0 3.5 4.1 0.0 0.3 Milk, cheese and egg 0.03 5.9 2.7 1.9 -3.9 -0.7 0.1 18.5 Oils & Fats 0.04 0.7 10.1 3.9 3.1 -6.2 0.3 53.6 Fruit 0.002 2.8 4.4 6.5 3.7 2.1 0.0 4.6 Vegetables 0.12 11.0 9.6 2.1 -8.9 -7.4 0.5 91.5 Sugar, honey, jam 0.01 6.8 3.5 6.5 -0.3 3.0 0.1 19.0 Food products 0.06 6.6 7.4 5.2 -1.4 -2.2 0.5 89.7 Non-alcoholic beverages 0.05 -5.8 12.7 11.0 16.9 -1.7 0.8 153.7 Source: ESS & NBE Compilations
Table 3.4: Quarter-on-Quarter National Non-food Inflations (in %)
Non-food Item Weights
2023/24 2024/25 Change in
%age points
Contribution in % to
QIII QII QIII Non-food Inflation
A B C C-A C-B Absolute Relative
Non-Food Inflation 0.46 3.7 5.2 4.4 0.7 -0.8 4.4 100.0 Alcoholic Beverages and tobacco 0.05 10.1 2.8 8.1 -2.0 5.3 0.9 19.5 Clothing and Footwear 0.06 2.4 3.9 4.3 2.0 0.4 0.6 12.4 Water, electricity, Gas & other fuels 0.17 1.6 6.4 4.0 2.4 -2.4 1.3 28.7 Furnishings & housing Equipment 0.05 2.6 2.1 4.6 2.0 2.5 0.6 13.8 Health 0.01 4.6 1.7 -2.8 -7.4 -4.4 -0.1 -1.5 Transport 0.02 7.1 22.6 7.3 0.2 -15.3 0.5 10.0 Communication 0.02 3.9 -2.6 4.6 0.8 7.3 0.04 0.9 Recreation & culture 0.004 1.3 -0.5 1.7 0.4 2.3 0.02 0.4 Education 0.002 1.7 7.1 3.3 1.6 -3.8 0.02 0.5 Restaurant & hotel 0.05 5.1 5.5 2.2 -2.9 -3.3 0.3 6.6 Miscellaneous 0.03 3.2 3.5 6.7 3.6 3.28 0.4 8.6 Source: ESS & NBE Compilations

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3.2. Developments in Regional Quarterly Inflation
In the third quarter of 2024/25, annualized average quarterly inflation rate of the regions was on a free fall to 15.9 percent from 28.1 percent a year ago. This magnificent drop was achieved on account of plunge in food inflation by 19.3 percentage points and non-food by
4.2 percentage points (Table 3.5).
Likewise, average quarter-on-quarter overall regional inflation rate decreased to 3.5 per￾cent from 5.1 percent in the preceding quarter (QII) and from 5.2 percent of the last year same period (Table 3.6). Harari, Somali, SNNP, Gambella, Addis Ababa and Afar showed higher headline inflation than the regional average. The highest headline inflation 6.5 percent was registered in Harari and the lowest 0.01 percent in Amhara region, showing about 6.5 percentage point range (Table 3.6). The deviation in the regional headline inflations from the average, as signified by standard deviation, increased to 2.6 percent from 2.3 percent recorded in the preceding quarter and
1.2 percent recorded in last year same quarter (Table 3.6).
The regional quarter-on-quarter average food inflation rate also decreased to 1.4 percent from 4.7 percent of the preceding quarter and 4.8 percent of last year same quarter. The quarter-on quarter food inflation rate in SNNP, Gambella, Harari, Addis Ababa and So￾mali was higher than the regional average. The highest food inflation was recorded in SNNP (5.3%) and the lowest in Dire Dawa (-1.9%), signifying 7.2 percentage points range. The vari￾ation in food inflation, measured by standard deviation, decreased to 2.8 percent from 2.9 percent in the preceding quarter but increased from 1.9 percent last year same quarter (Table 3.6). Moreover, quarter-on-quarter regional average non-food inflation increased to 6.3 percent from 5.7 percent of the preceding quarter and 5.6 percent of last year same quarter. Somali, Afar and Harari recorded higher non-food inflation than the regional average. The quarterly non-food inflation was the highest in Somali with 11.3 percent and the lowest in Amhara with
2.6 percent, revealing 8.7 percentage point range. The variation in regional non-food infla￾tion, measured by the standard deviation, increased to 3.2 percent from 2.2 percent of last
year same quarter (Table 3.6).

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Table 3.5: Annualized Quarter on Quarter Regional Inflation Rates (in %)
(December 2016=100)
Regions
2023/24 2024/25 Change in Percentage Points QIII QII QIII A B C C-A C-B General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food SNNP 21.0 17.2 27.3 20.9 23.7 16.6 24.3 27.1 20.0 3.3 9.9 -7.4 3.4 3.4 3.3 Harari 19.7 33.7 8.1 19.0 17.1 21.1 18.9 15.3 22.5 -0.8 -18.4 14.3 -0.2 -1.8 1.4 Oromia 30.1 33.0 25.3 20.0 23.5 14.0 14.2 14.8 13.1 -15.9 -18.3 -12.1 -5.8 -8.8 -0.9 Gambella 25.6 29.9 18.5 21.6 17.4 29.0 20.4 15.7 28.8 -5.3 -14.2 10.3 -1.2 -1.8 -0.2 Addis Ababa 31.6 38.9 25.3 20.4 20.8 19.9 19.5 16.9 22.1 -12.0 -22.0 -3.2 -0.8 -3.9 2.1 Dire Dawa 21.8 30.6 13.0 20.0 24.7 14.5 15.8 17.1 14.3 -6.0 -13.4 1.3 -4.1 -7.6 -0.2 Benshangul Gumuz 36.9 43.3 30.0 14.3 11.9 17.4 11.6 10.5 12.9 -25.3 -32.7 -17.1 -2.7 -1.4 -4.6 Somali 25.8 32.5 17.0 6.0 5.5 6.7 5.9 2.2 11.3 -19.9 -30.2 -5.8 -0.1 -3.2 4.5 Afar 34.6 36.7 31.8 17.0 17.2 16.6 15.4 12.3 19.7 -19.2 -24.4 -12.1 -1.6 -4.9 3.1 Amhara 33.7 39.7 26.1 18.5 20.0 16.4 12.9 10.9 15.7 -20.8 -28.8 -10.4 -5.6 -9.1 -0.7 Regions Average 28.1 33.5 22.2 17.8 18.2 17.2 15.9 14.3 18.0 -1.7 -3.5 0.7 -1.6 -3.3 0.6 Standard deviation 6.1 7.2 7.7 4.7 5.9 5.7 5.2 6.3 5.5 Coefficient of variation 0.2 0.2 0.3 0.4 0.3 Source: ESS & NBE Compilations

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Table 3.6: Quarter-on-Quarter Regions’ General, Food and Non-food Inflation
(December 2016=100)
Regions
2023/24 2024/25 Change in Percentage Points QIII QII QIII A B C C-A C-B General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food General Food & Non￾alcoholic beverages Non-food SNNP 2.8 2.4 3.3 6.3 7.1 4.9 5.6 5.3 6.3 2.9 2.8 3.0 -0.6 -1.8 1.4 Harari 6.7 5.3 8.1 7.6 2.5 13.2 6.5 3.7 9.4 -0.2 -1.6 1.2 -1.0 1.2 -3.8 Oromia 5.6 6.6 3.9 6.1 6.6 5.2 0.5 -0.9 3.1 -5.1 -7.6 -0.8 -5.6 -7.5 -2.2 Gambella 6.5 6.7 6.1 4.2 3.4 5.7 5.4 5.0 5.9 -1.1 -1.6 -0.2 1.1 1.7 0.2 Addis Ababa 4.7 5.9 3.6 7.5 7.4 7.6 4.0 2.5 5.4 -0.7 -3.5 1.8 -3.5 -4.9 -2.2 Dire Dawa 4.1 4.4 3.7 4.4 6.5 1.9 0.5 -1.9 3.6 -3.6 -6.4 -0.1 -3.9 -8.4 1.6 Benshangul Gumuz 4.1 0.6 8.7 3.9 3.4 4.6 1.7 -0.6 4.4 -2.5 -1.2 -4.2 -2.3 -4.0 -0.2 Somali 6.1 5.7 6.8 -0.3 -1.9 2.0 6.0 2.4 11.3 -0.1 -3.2 4.5 6.4 4.3 9.4 Afar 6.0 4.5 8.1 5.9 6.3 5.2 4.5 0.1 10.9 -1.4 -4.4 2.8 -1.3 -6.2 5.7 Amhara 5.0 6.2 3.3 5.7 5.3 6.2 0.01 -1.9 2.6 -4.9 -8.0 -0.6 -5.6 -7.1 -3.5 Regions Average 5.2 4.8 5.6 5.1 4.7 5.7 3.5 1.4 6.3 -12.2 -19.3 -4.2 -1.9 -3.9 0.8 Standard deviation 1.2 1.9 2.2 2.3 2.9 3.2 2.6 2.8 3.2 Coefficient of variation 0.2 0.4 0.6 0.6 0.7 2.0 0.5 Source: ESS & NBE Compilations

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IV. MONETARY DEVELOPMENTS
4.1. Monetary Developments and Policy
As part of a broader macroeconomic reforms and its primary goal of ensuring low and sta￾ble inflation, the NBE has modernized its monetary policy framework. Early July 2024, NBE has moved from monetary aggregate targeting framework to an interest-rate based monetary policy framework. Under the new policy framework, the policy interest rate-National Bank Rate (NBR) has been applied as the primary means of signalling its policy stance and to guide the 7-day inter￾bank interest rate (operational target) through which it affects other market rates and ulti￾mately influencing broader monetary and credit conditions. Moreover, following the implementation of new monetary policy framework, NBE has imple￾mented indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. Accordingly, during the review period, NBE held its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates stood at 18.0 percent and 12.0 percent, respectively. During the review period, NBE has continued its tight monetary policy stance. Accordingly, inflation has declined significantly over the review period.
4.2. Developments in Monetary Aggregates
4.2.1. Developments in Broad Money
At the end of the third quarter of the 2024/25 fiscal year, the broad money supply (M2) reached Birr 3.1 trillion, marking an annual growth of 27.0 percent and 9.4 percent compared to the previous quarter. This growth was primarily driven by a 20.3 percent increase in do￾mestic credit, which outweighed a significant contraction of 40.7 percent in external asset (net) and 603.2 percent in other item (net). During the same period, net claims on the gov￾ernment rose by 118.3 percent3 while credit to the non-government sector declined by 12.1 percent (Table 4.1). 3 The significant growth of claim on government and decline in claim on non-government sector was mainly due to CBE’s recapitalization which includes the conversion of SOEs loans into government bonds.

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Table 4.1: Factors Influencing Broad Money
(In Millions of Birr)
Particulars
Qtr. III Qtr. II Qtr. III Percentage
Change
Contributions of each component to broad money growth Mar-24 (Dec. 24) (Mar. 25) C/A C/B Annual A B C

1. External Assets (net) (245,174.7) (426,809.5)

(344,838.6) -40.7 19.2 -15.3
2. Domestic Credit 2,688,354.7 3,063,146.1 3,234,024.0 20.3 5.6 83.9
. Claims on Central Gov’t (net) 667,365.4 1,489,909.8 1,456,738.2 -118.3 -2.2 121.4 . Claims on Non-Central Gov’t 2,020,989.3 1,571,794.3 1,777,285.8 -12.1 13.1 -37.5 . Financial Institutions 41322.71 35,322.7 33,522.7 -18.9 -5.1 -1.2 . Others 1,979,666.6 1,537,913.6 1,743,763.1 -11.9 13.4 -76.8
3. Other Items (net) 33,837.6 -159,866.5 -170,277.8 -603.2 -6.5 -31.4
4. Broad Money (M2) 2,409,342.5 2,796,203.1 3,059,463.3 27.0 9.4 100.0
Source: Staff Computation, NBE
Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) -250.0 -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 2018/19Q1 Q2 Q3 Q4 2019/20Q1 Q2 Q3 Q4 2020/21Q1 Q2 Q3 Q4 2021/22Q1 Q2 Q3 Q4 22-23Q1 Q2 Q3 Q4 23-24Q1 Q2 Q3 Q4 24-25Q1 Q2 Q3 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets

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Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 2020/21q1 q2 q3 q4 2021/22q1 q2 q3 q4 2022/23 q1 q2 q3 q4 2023/24q1 q2 q3 q4 2024/25q1 q2 q3 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit Source: Staff computation, NBE Breaking down the components, the quasi-money supply grew by 26.2 percent annually and 8.7 percent quarterly. Similarly, the narrow money supply increased by 28.5 percent year-over-year and expanded by 10.9 percent over the last quarter. Narrow money con￾tributed 34.8 percent to the growth of broad money while quasi-money accounted for 65.2 percent largely due to a rise in savings deposits within the banking system (Table 4.2).
Table 4.2: Components of Broad Money
(In millions of Birr, unless specified)
Particulars
Qtr. III Qtr. II Qtr. III
Per￾centage
Change
Contributions of Each
Component to Broad
Money growth
(Mar-24) (Dec. 24) (Mar. 25) C/A C/B Annual
A B C

1. Narrow Money Supply 792,622.60 918,802.97 1,018,727.30 28.5 10.9 34.8
   . Currency outside banks 220,782.60 249,524.10 290,490.00 31.6 16.4 10.7 . Demand Deposits (net) 571,840.05 669,278.87 728,237.40 27.3 8.8 24.1
2. Quasi-Money 1,616,719.84 1,877,400.17 2,040,736.00 26.2 8.7 65.2
   . Savings Deposits 1,441,298.11 1,667,746.62 1,819,579.11 26.2 9.1 58.2 . Time Deposits 175,421.73 209,653.54 221,156.85 26.1 5.5 7.0
3. Broad Money Supply 2,409,342.44 2,796,203.14 3,059,463.30 27.0 9.4 100.0
   Source: Staff Computation, NBE

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National Bank of Ethiopia Quarterly Bulletin
Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) - 500.0 1,000.0 1,500.0 2,000.0 2018/19Q1 Q2 Q3 Q4 2019/20Q1 Q2 Q3 Q4 2020/21Q1 Q2 Q3 Q4 2021/22Q1 Q2 Q3 Q4 202/23Q1 Q2 Q3 Q4 2023/24Q1 Q2 Q3 Q4 2024/25Q1 Q2 Q3 Currency Outside Banks Time Dep. Demand Dep.(net) Saving Dep. Source: Staff Computation, NBE
4.3. Developments in Reserve Money and Monetary Ratio
During the review period, reserve money amounted to Birr 646.5 billion, reflecting 44.9 and
15.8 percent annual and quarterly expansion respectively. The money multiplier, measured
by the ratio of broad money to reserve money, declined from 5.4 to 4.7 over the past year. This decline trend generally indicates a larger share of money creation is now occurring through National Banks rather than the Commercial banks (Table 4.3).
Table 4.3: Monetary Aggregates and Ratios
(In millions of Birr unless otherwise indicated) Particulars Qtr. III Qtr. II Qtr. III Percentage Change Mar-24 (Dec. 24) (Mar. 25) C/A C/B A B C

1. Reserve Requirement (CB’s) 166,446.7 203,124.9 207,876.0 24.9 2.3
2. Actual Reserve (CB’s) 191,952.6 257,743.3 298,239.5 55.4 15.7
3. Excess Reserve (CB’s) 25,505.9 54,618.4 90,363.5 254.3 65.4
4. Reserve Money 446,268.7 558,398.9 646,548.5 44.9 15.8
   . Currency in Circulation 254,316.1 300,655.6 348,309.0 37.0 15.8 . Banks deposits at NBE 191,952.6 257,743.3 298,239.5 55.4 15.7
5. Money Multiplier (Ratio)
   . Narrow Money to Reserve Money 1.8 1.6 1.6 -11.1 0.0 . Broad Money to Reserve Money 5.4 5.0 4.7 -13.0 -6.0
6. Other Monetary Ratios (%)
   . Currency to Narrow Money 27.9 27.2 28.5 2.2 4.8 . Currency to Broad Money 9.2 8.9 9.5 3.3 6.7 . Narrow Money to Broad Money 32.9 32.9 33.3 1.2 1.2 . Quasi Money to Broad Money 67.8 67.1 66.7 -1.6 -0.6 Source: Staff Computation, NBE

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National Bank of Ethiopia Quarterly Bulletin
Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (%) -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2021/22 2022/23 2023/24 2024/25 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (In Millions of Birr) (50,000.00) - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 2018/19Q1 Q2 Q3 Q4 2019/20Q1 Q2 Q3 Q4 2020/21Q1 Q2 Q3 Q4 2021/22Q1 Q2 Q3 Q4 2022/23Q1 Q2 Q3 Q4 20223/24… Q2 Q3 Q4 20224/25… Q2 Q3 In Millions of Birr Required reserve Actual reserve Excess reserve Source: Staff Computation NBE
4.4. Developments in Interest Rates
At the end of the Third quarter of the 2024/25 fiscal year, the average savings deposit rate remained steady at 8.0 percent, while the average lending interest rate increased to 15.0 percent from 14.8 percent last year same period. The weighted average time deposit rate remains at 7.7. The weighted average yield on T-bills for the quarter increased to 16.29 per￾cent from 10.11 percent last year same period. Given 14.6 percent headline inflation, the real lending interest rate as well as the T-bill market yield was Positive (Table 4.4).

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National Bank of Ethiopia Quarterly Bulletin
Table 4.4: Interest Rate Development
(Percent per annum)
Particulars 2023/24 2024/25 Percentage point
Changes4
QIII QII QIII Annual Quarterly

1. National Bank Rate (NBR) - 15.00 15.00 0.00
2. Savings Deposit Rate 1/
   Minimum 7.00 0.00 0.00
   Maximum 9.00 0.00 0.00
   Average Saving Rate 8.00 0.00 0.00
3. Time Deposits
   Up to 1yr 7.63 7.65 7.67 0.04 0.02
   1-2 years 7.79 7.71 7.73 -0.06 0.02
   Over 2 years 7.74 7.76 7.79 0.05 0.03
   Average Time Dep. Rate (Weighted) 7.79 7.71 7.73 -0.06 0.02
4. Demand Deposit (Weighted) 0.05 0.00 0.00
5. Lending Rate 2/
   Minimum 7.00 0.00 0.00
   Maximum 22.50 23.00 23.00 0.50 0.00
   Average Lending Rate 14.8 15.00 15.00 0.20 0.00
6. T-bills Rate (Weighted) 10.11 13.58 16.29 6.18 2.71
   28-days 9.85 15.22 16.26 6.41 1.04
   91-days 10.28 13.63 15.80 5.52 2.17
   182-days 10.11 11.36 15.51 5.40 4.15
   364-days 10.21 14.13 17.58 7.37 3.45
7. GERD Bond Yield 3/
   Maturity within 5 Years 7.50 0.20 0.00
   Maturity above 5 Years 8.00 8.0 8.00 0.00 0.00
8. Headline Inflation (Y-o-Y) 26.20 17.0 14.59 0.00 0.00
9. Food Inflation (Y-o-Y) 29.00 18.7 11.87 -12.61 -3.41
10. Core/non-food Inflation (Y-o-Y) 22.00 14.4 16.24 -17.13 -6.83
    Source: Staff Computation, NBE
    4 Difference between two percent values

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Fig.IV.6: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (%) 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Av. Saving Dep.Rate Av. Lending Rate 91 day T-bills yield Inflation rate (core) Source: Staff computation, NBE
4.5. Developments in the Financial Sector
The number of banks in Ethiopia has reached 32, of which, 30 were private and 2 state owned. With the total bank branches reaching 12,520, population to bank branch ratio stood at 8,7465. State owned banks accounted for 17.8 percent of the total bank branches while private banks had an 82.2 percent share. Of the total bank branches, 30.3 percent were in Addis Ababa. Total capital of the banking system (excluding NBE) reached Birr 391.7 billion of which, state owned banks accounted for 39.8 percent and private banks 60.2 percent (Table
4.5 and Fig.IV.8).
The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branch network increased to 820 from 791 a year ago. About 56.8 percent of the insurance branches were in Addis Ababa. Total capital of insurance companies reached Birr 27.2 billion of which private insurance companies accounted for 81.9 percent (Table 4.6). At the end of the review quarter, the number of Micro Finance Institutions (MFIs) was 55. Their savings, credit, capital and total asset witnessed a 32.6 percent, 21.9 percent, 33.3 percent and 36.2 percent respectively annual growths signify the relative importance of micro-fi￾nance institutions in providing access to finance and financial inclusion both in rural and urban areas (Table 4.7). 5 Total population is 109,499,000 as CSA estimation for 2024

National Bank of Ethiopia Quarterly Bulletin
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Third Quarter Report 2024/25
Table 4.5: Branch Network and Capital of the Banking System
(Branch in Number & Capital in Millions of Birr) Source: Commercial Banks and DBE Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

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National Bank of Ethiopia Quarterly Bulletin
Fig.IV.8: Share of Branch Network and Capital of Banking System
18.8 18.1 17.8
32.6 40.7 39.7
81.2 81.9 82.2
67.4 59.3 60.3
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2023/24 Qrt.III
(Branch)
2024/25 Qrt.II
(Branch)
2024/25 Qrt.III
(Branch)
2023/24 Qrt.III
(Capital )
2024/25 Qrt.II
(Capital)
2024/25 Qrt.III
(Capital)
Percentage share from total
Private Banks State own Banks
Source: Staff computation, NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) Insurance Companies Branch Capital 2023/24 2024/25 2023/24 2024/25 Quarter III Quarter II Quarter III Quarter III Quarter II Quarter A.A Reg III Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,989 4,901 4,923 2 Awash Insurance Company S.C. 32 31 63 34 32 66 34 32 66 3,161 4,020 4,153 3 Africa Insurance Company S.C. 20 15 35 20 15 35 20 15 35 627 751 845 4 National Insurance Company of Ethiopia S.C. 25 17 42 25 17 42 25 17 42 471 587 536 5 United Insurance Company S.C. 34 17 51 34 19 53 35 19 54 1,645 1,906 2,040 6 Global Insurance Company S.C. 13 9 22 13 9 22 13 9 22 332 414 430 7 Nile Insurance Company S.C. 37 24 61 37 24 61 37 24 61 1,488 1,713 1,874 8 Nyala Insurance S.C. 20 20 40 20 20 40 20 20 40 1,807 2,504 2,482 9 Nib Insurance Company S.C. 31 16 47 31 16 47 31 16 47 1,283 1,225 1,604 10 Lion Insurance Company S.C. 20 22 42 20 24 44 20 24 44 569 810 1,011 11 E-Life & General Insurance S.C. 23 8 31 26 8 34 26 8 34 402 481 537 12 Oromia Insurance Company S.C. 29 32 61 29 32 61 29 32 61 1,757 2,062 2,361 13 Abay Insurance S.C. 21 17 38 25 17 42 25 17 42 858 1,040 1,055 14 Berhan Insurance S.C. 20 9 29 20 9 29 20 11 31 479 683 630 15 Tsehay Insurance S.C. 26 12 38 29 12 41 29 12 41 612 759 748 16 Lucy Insurance S.C. 28 7 35 31 9 40 31 10 41 270 366 374 17 Bunna Insurance S.C. 23 15 38 23 15 38 23 15 38 460 931 992 18 Zemen Insurance S.C. 20 7 27 23 7 30 23 7 30 360 523 593 TOTAL 447 344 791 465 351 816 466 354 820 20,570 25,678 27,187 Source: Insurance Companies

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Table 4.7: Microfinance Institutions Performance
(In thousands of Birr)
Particulars
2023/24 2024/25 % Change
QIII QII QIII
A B C D=C/A E=C/B
Total Capital 10,718,699.3 13,487,218.0 14,287,026.0 33.3 5.9 Saving 27,951,368.2 35,061,368.3 37,073,517.5 32.6 5.7 Credit 36,783,788.2 43,249,254.3 44,830,153.8 21.9 3.7 Total Assets 54,354,739.0 69,213,953.4 74,018,625.3 36.2 6.9 Source: Micro-finance Institutions
4.6. Activities of the Banking System
4.6.1. Resource Mobilization
Total resource mobilized by the banking system (the sum of net change in deposit, net change in borrowings and loans collected) showed a 109.8 percent annual growth because of annual increase in net deposit and loan collected by 212.3 percent and 42.7 percent re￾spectively (Table 4.8).
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Particulars
State Owned Banks Private Banks Grand Total
Annual Quarter
1 2 (3) = (1) + (2)
Qtr.II
2023/24
Qtr.III
2024/25
Qtr.II
2023/24
Qtr.III
2024/25
Qtr.III
2023/24
Qtr.II
2024/25
Qtr.III
2024/25 Change % Change Change % Change
A B C D=C-A E=D/A100 F=C-B G=F/B100

1. Deposits (net change) 160,189.9 142,979.4 71,445.5 153,360.5 94,878.9 231,635.5 296,339.9 201,461.0 212.3 64,704.5 27.9
   -Demand 85,766.1 70,311.8 14,398.3 54,840.7 41,130.2 100,164.3 125,152.5 84,022.3 204.3 24,988.2 24.9 -Saving 70,191.6 71,628.5 43,334.0 86,453.9 44,112.1 113,525.6 158,082.4 113,970.4 258.4 44,556.8 39.2 -Time 4,232.3 1,039.1 13,713.2 12,065.9 9,636.7 17,945.5 13,105.0 3,468.3 36.0 -4,840.6 -27.0
2. Borrowing (net change) 2,127.5 1,860.2 0.0 0.0 12,440.9 2,127.5 1,860.2 -10,580.7 -85.0 -267.3 -12.6
   -Local -206.8 2,631.3 0.0 0.0 5,990.7 -206.8 2,631.3 -3,359.4 -56.1 2,838.1 1,372.1 -Foreign 2,334.3 -771.0 0.0 0.0 6,450.2 2,334.3 -771.0 -7,221.2 -112.0 -3,105.4 -133.0
3. Collection of Loans 39,186.4 59,785.7 82,548.0 95,797.2 108,995.8 121,734.4 155,582.9 46,587.2 42.7 33,848.5 27.8
4. Total Resources
   Mobilized (1+2+3) 201,503.8 204,625.3 153,993.5 249,157.7 216,315.5 355,497.3 453,783.0 237,467.5 109.8 98,285.7 27.6
5. Disbursement 97,670.7 161,030.0 72,783.9 116,352.6 120,420.6 170,454.6 277,382.6 156,962.0 130.3 106,928.0 62.7
6. Change in Liquidity
   4-5) 103,833.0 43,595.4 81,209.7 132,805.0 95,894.9 185,042.7 176,400.4 80,505.5 84.0 -8,642.3 -4.7 Memorandum Item: 0.0 0.0 Outstanding Credit* 454,371.4 579,605.2 1,210,156.6 1,282,459.4 2,120,349.2 1,664,527.9 1,862,064.6 -258,284.6 -12.2 197,536.7 11.9 Source: Commercial Banks and DBE

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National Bank of Ethiopia Quarterly Bulletin
Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 500,000.00 I III I III I III I III I III 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE
4.6.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 3.2 trillion, depicting 34.3 percent annual growth. Demand deposits, which accounted for 35.7 percent of the total deposits, reached Birr 1.1 trillion and had a 52.7 percent annual growth. Similarly, saving deposit went up by 27.0 percent and amounted to Birr 1.8 trillion accounting for 57.3 percent of the total deposits. Time deposits constituted 7.0 percent of the total deposit liabilities and rose by
17.8 percent to reach Birr 225.8 billion. Of the total deposit, the share of private bank was 51.3
percent and that of state owned banks 48.7 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
Deposit by types
Quarter III
%
Share
Quarter II
%
Share
Quarter III
%
Share
Percentage
Change (
2023/24 2024/25 2024/25 Growth)
A B C C/A C/B
Demand Deposit 752,280.9 31.4 1,023,296.1 35.1 1,148,448.6 35.7 52.7 12.2 Saving Deposit 1,450,155.1 60.6 1,683,075.9 57.7 1,841,158.3 57.3 27.0 9.4 Time Deposit 191,740.3 8.0 212,669.6 7.3 225,774.6 7.0 17.8 6.2 Total 2,394,176.3 100.0 2,919,041.5 100.0 3,215,381.4 100.0 34.3 10.2 Share of state owned Banks 48.2 48.7 48.7 Share of Private Banks 51.8 51.3 51.3 Source: Commercial Banks and DBE

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Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II III 2020/2021 2021/2022 2022/2023 2023/2024 2023/2024 In percent State owned Banks Private Banks All Banks Source: CBEs & DBE
4.6.1.2. Collection of Loans
During the review quarter, banks collected loans amounting to Birr 155.6 billion which was a
42.7 percent annual growth (Table 4.8). Of the total loan collected, private banks accounted
for 61.6 percent and state owned banks 38.4 percent.
4.6.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 137.4 billion showing a 7.0 percent annual increase. Of the total borrowing, Birr 97.9 billion (71.3 percent) was from domestic and Birr 39.5 billion (28.7 percent) from external sources (Table 4.10).
Table 4.10: Banks’ Outstanding Borrowing by Source
(In Millions of Birr)
Borrowing By Types
2023/24 2024/25 Percentage change Quarter III Quarter II Quarter III A B C D=C/B E=C/A Domestic Borrowing 94,330.3 95,269.4 97,900.7 2.8 3.8 Foreign Borrowing 34,008.1 40,253.7 39,482.6 (1.9) 16.1 Total 128,338.4 135,523.1 137,383.3 1.4 7.0 Source: Banks

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National Bank of Ethiopia Quarterly Bulletin
4.6.2. Disbursement of Fresh Loans
During the review quarter, Birr 277.4 billion was disbursed in fresh loan indicating a 130.3 per￾cent year-on-year growth. Of the total new loans, the share of state owned banks was 58.1 percent and that of private banks 41.9 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 91.7 billion or 33.1 percent), international trade (Birr 52.2 billion or 18.8 percent), domestic trade (Birr 49.4 billion or 17.8 percent), manufacturing (Birr 29.7 billion or 10.7 percent), financial institutions (Birr 21.8 billion or 7.8 percent), consumer and staff loan (Birr 16.3 billion or 5.9 percent) (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 QIII QI QII QIII QIV QI QII QIII QIV QII QIII QI QII QIV QI QIV QIII QI QII QIII 2020/21 2021/22 2022/23 2023/24 2024/25 Value in Million Birr Years/Quarters Total State own Banks Private Banks Source: Banks
Table 4.11: Banks’ Loans & Advances by Sectors in QIII 2024/25 (In Millions of Birr)
Borrowing Sector
Public Banks Private Banks Total
(1) (2) (3)
D* C* O/S* D* C* O/S * D* C* O/S*
Corporate Bonds* - - - - - - - - -
Agriculture 77,377.8 19,741.2 110,659.9 14,329.5 14,196.9 66,297.8 91,707.3 33,938.1 176,957. Manufacturing 21,379.0 11,904.7 142,745.7 8,286.5 9,788.6 189,073.1 29,665.5 21,693.2 331,818. Domestic Trade 23,774.7 11,376.6 80,358.4 25,593.1 22,226.9 258,891.0 49,367.9 33,603.4 339,249. International Trade 8,355.5 4,631.5 43,541.5 43,815.0 25,484.2 378,280.9 52,170.5 30,115.8 421,822. Export 6,821.5 4,147.6 24,353.4 33,391.5 16,961.8 243,421.6 40,213.1 21,109.4 267,775. Import 1,534.0 483.9 19,188.1 10,423.4 8,522.5 134,859.3 11,957.4 9,006.3 154,047. Hotels and Tourism 1,649.3 1,143.0 7,614.6 1,112.6 2,025.7 38,897.9 2,761.9 3,168.7 46,512. Building and Construction 285.7 242.7 2,802.4 4,612.3 3,578.4 48,488.7 4,898.0 3,821.2 51,291. Mines, Power and Water resources 267.6 137.4 1,574.7 398.6 675.0 7,047.9 666.2 812.4 8,622. Financial Institutions 14,075.4 1,156.0 82,598.8 7,696.4 7,963.6 139,970.2 21,771.8 9,119.6 222,569. Transport and Communication 276.5 178.7 4,104.9 64.1 47.9 545.9 340.5 226.7 4,650. Health and Education 1,958.1 3,146.4 14,880.1 602.9 398.3 3,896.9 2,561.1 3,544.7 18,777. Consumer and Staff Loans 10,944.5 6,054.1 83,502.6 5,393.5 5,767.5 128,021.8 16,338.0 11,821.5 211,524. Other Sectors 685.9 73.5 5,221.7 4,448.1 3,644.3 23,047.1 5,134.0 3,717.7 28,268. Of which LAMC* - - - - - - - - - Total 161,030.0 59,785.7 579,605.2 116,352.6 95,797.2 1,282,459.4 277,382.6 155,582.9 1,862,064. D*= Disbursement, C*= Collection, O/S*= Outstanding Credit. Source: Commercial Banks & DBE

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4.6.3. Outstanding Credit
Due to the conversion of corporate bonds to government bonds, total outstanding credit of the banking system declined by 12.2 percent on annual basis to reach Birr 1.9 trillion. About
99.4 percent of the total outstanding credit of private banks went to finance private enter￾prises and cooperatives (Table 4.8 & 4.12).
Sector wise, the major recipients of outstanding credit were international trade (Birr 421.8 billion or 22.7 percent), domestic trade (Birr 339.2 billion or 18.2 percent), manufacturing (Birr
331.8 billion or 17.8 percent), financial institutions (Birr 222.6 billion or 12.0 percent), consum￾er & staff loans (Birr 211.5 billion or 11.4 percent), agriculture (Birr 177.0 billion or 9.5 percent)
(Table 4.11).
Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2024/25
(In Millions of Birr)
Particulars Loan
Disbursement % Share
Loan
Collection % Share Outstanding
Loan
% Share
State Owned Bank 161,030.0 58.1 59,785.7 38.4 579,605.2 31.1 Corporate Bonds* 0.0 State Enterprises 87,730.1 54.5 19,562.2 32.7 169,251.2 29.2 Cooperatives 448.8 0.3 138.7 0.2 11,200.4 1.9 Private Enterprises 72,851.1 45.2 40,084.7 67.0 399,153.6 68.9 Private Banks 116,352.6 41.9 95,797.2 61.6 1,282,459.4 68.9 State Enterprises 2,352.3 2.0 995.6 1.0 7,135.4 0.6 Cooperatives 2,026.1 1.7 935.9 1.0 12,562.2 1.0 Private Enterprises 111,974.2 96.2 93,865.7 98.0 1,262,761.8 98.5 Grand Total 277,382.6 100.0 155,582.9 100.0 1,862,064.6 100.0 Source: Commercial Banks & DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0 10 20 30 40 50 60 70 80 In Percent State own Bank Credit Outstanding Private Bank Credit Outstanding QI QII QIII QIV QI QII QIII QIV QII QIII QI QII QIV QI QIV QIII QI QII QIII 2020/21 2021/22 2022/23 2023/24 2024/25 Years/Quarters Source: NBE

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4.7. Financial Activities of NBE
NBE’s gross claim on the central government stood at Birr 675.1 billion, about 7.1 percent higher than a year earlier. Its deposit liabilities increased by 59.8 percent over last year same quarter (Table 4.13).
Table 4.13: Financial Activities of NBE
(In Millions of Birr)
Particulars
2023/24 2024/25 % Change
Qtr.III Qtr.II Qtr.III D=C/A E=C/B A B C
1.Loans and Advances 671,443.16 710,443.16 708,643.15 5.5 -0.3
1.1. To Central Government 630,120.45 675,120.45 675,120.45 7.1 0.0
1.2.To Development Bank of Ethiopia 41,322.71 35,322.71 33,522.70 -18.9 -5.1 2.Deposit Liabilities 236,941.60 324,187.78 378,624.83 59.8 16.8
2.1. Government 43,991.18 64,861.79 75,266.50 71.1 16.0
2.2. Financial Institutions 192,950.42 259,325.99 303,358.33 57.2 17.0
O/W:
-Banks( Reserve) 192,947.07 259,319.83 303,349.47 57.2 17.0 -Insurance companies 3.3 6.2 8.9 165.1 43.9 3.Net Claims of NBE (1-2) 434,501.6 386,255.4 330,018.3 -24.0 -14.6% Source: National Bank of Ethiopia (NBE)
4.8. Developments in Financial Markets
4.8.1. Treasury Bills Market
During the third quarter of 2024/25, the amount of T-bills supplied to the auction reached Birr 129.4 billion, showing a 61.9 percent decrease year-on-year. On the other hand, the de￾mand for T-bills decreased by 43.0 percent and reached Birr 118.6 billion (Table 14.4). The total amount of T-bills sold was Birr 117.6 billion, about 42.42 percent lower than a year ago. The non-bank institutions bought T-bills worth Birr 41.7 billion while banks purchased T-bills worth of Birr 75.9 billion. Birr 74.6 billion was redeemed during the quarter under review. As a result of Treasury bills held by the Public Service Social Security Administration (PSSA) and the Private Service Social Security Administration (POSSA) being converted into special government bonds, Birr 168.1 billion T-bills were outstanding at the end of the third quarter, representing an annual decrease of 56.3 percent. The average weighted yield for successful bids 16.29 percent, 61.05 percentage points higher than it was a year ago (Table 4.14).

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National Bank of Ethiopia Quarterly Bulletin
Table 4.14: Results of Third quarter Treasury Bills Auction
(In Millions)

Particulars
2023/24 2024/25
% Change Quarter III Quarter II Quarter III
A B C C/A C/B
Number of Bidders 102 41 66 -35.29 60.98
Public 83 39 54 -34.94 38.46
Private 19 2 12 0.00 500.00
Number of Bids received 102 41 66 -35.29 60.98 Public 83 39 54 -34.94 38.46 Private 19 2 12 -36.84 500.00 Amount Demanded (Mn. Birr) 207,915.28 52,101.32 118,562.68 -42.98 127.56 28-day bill 6,115.00 5,300.00 11,119.30 81.84 109.80 91-day bill 56,406.89 8,652.00 22,853.63 -59.48 164.14 182-day bill 62,171.57 9,658.00 37,264.38 (40.06) 285.84 364-day bill 83,221.82 28,491.32 47,325.38 (43.13) 66.10 Amount Supplied (Mn. Birr) 340,022.72 114,579.32 129,430.00 -61.93 12.96 28-day bill 17,535.86 6,865.55 5,217.10 -70.25 -24.01 91-day bill 112,786.89 12,750.31 9,688.90 -91.41 -24.01 182-day bill 93,666.57 28,019.83 37,232.50 -60.25 32.88 364-day bill 116,033.40 66,943.63 77,291.50 (33.39) 15.46 Amount Sold (Mn. Birr)6 204,215.28 52,101.32 117,595.42 -42.42 125.71 Banks 92,600.00 19,900.00 75,872.27 (18.06) 281.27 Non-Banks 111,615.28 32,201.32 41,723.15 (62.62) 29.57 Redemption (Mn. Birr) 190,431.70 46,978.53 74,550.36 (60.85) 58.69 Average Weighted Price for Successful bids (%) 95.68 94.46 93.22 (2.57) -1.32 28-day bill 99.25 98.85 98.77 -0.49 -0.08 91-day bill 97.50 96.71 96.21 -1.32 -0.52 182-day bill 95.20 94.64 92.82 -2.50 -1.92 364-day bill 90.76 87.65 85.08 -6.26 -2.93 Average Weighted Yield for Successful bids (%)7 10.11 13.58 16.29 61.05 19.91 28-day bill 9.85 15.22 16.26 65.02 6.82 91-day bill 10.28 13.63 15.80 53.63 15.92 182-day bill 10.11 11.36 15.51 53.42 36.58 364-day bill 10.21 14.13 17.58 72.25 24.46 Outstanding bills at the end of Period (Mn.Br.) 384,997.95 125,059.71 168,104.77 -56.34 34.42 Banks 131,959.26 82,000.00 98,139.77 (25.63) 19.68 Non-Banks 253,038.69 43,059.71 69,965.01 (72.35) 62.48 Source: National Bank of Ethiopia 6 QIII 2023/24 sold amount and outstanding is amended data 7 Only competitive bids are used in calculating the average weighted price and yield.

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National Bank of Ethiopia Quarterly Bulletin
Fig.IV.13: Development in Treasury-bills Markets (In Millions of Birr) - 100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 800,000.00 I II III IV I II III IV I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 2024/25 Demand Supply Fig.IV.14: Developments in Average weighted Yields of T-bills 0.000 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000 I II III IV I II III IV I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 2024/25 28-day 91-day 182-day 364-day Source: NBE
4.8.2. Inter-Bank Money Market
In the third quarter of 2024/25, the interbank money market experienced a significant ex￾pansion in both transaction volumes and activity levels compared to the second quarter with notable differences across tenors. Seven-day transactions surged from ETB 77.52 billion in QII to Birr 260.45 billion in QIII, marking a 236 percent increase, while the number of deals jumped nearly fourfold from 118 to 582. Overnight transactions also grew, albeit at a slower pace, with volumes rising from Birr 52.13 billion to Birr 92.20 billion (up 77 percent) and the number of transactions doubling from 109 to 219. The above figures on the interbank money

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National Bank of Ethiopia Quarterly Bulletin market suggests a stronger market preference for the seven-day tenor in QIII, possibly re￾flecting improved liquidity planning and reducing uncertainty in short-term funding needs. Interest rate developments showed a general ease in funding costs despite the heightened activity. For the seven-day tenor, the maximum rate remained steady at 18.00 percent, but the minimum rate fell from 15.00 percent to 13.50 percent, pulling the weighted average rate down by 127 basis points to 16.66 percent from 17.93 percent. Overnight maximum rates edged up slightly from 17.80 percent to 18.00 percent, while the minimum rate increased from 12.00 percent to 12.50 percent. Nevertheless, the weighted average overnight rate dropped by 1.67 percentage points to 15.71 percent from 17.38. The decline in average rates across both maturities, despite the substantial increase in volumes and transactions, points to abundant liquidity conditions in QIII, likely seasonal liquidity inflows.
Table 4.15: Interbank Money Market Development by Tenor
Particulars
2024/25
QII QIII % Change
S/D O/N S/D O/N
(A) (B) (C) (D) C/A D/B
Volume (Billions of Birr) 77.52 52.125 260.45 92.20 236.0 76.9 Number of Transactions 118.00 109 582 219 393.2 100.9 Maximum Interest Rate 18.00 17.80 18.00 18.00 0 1.1 Minimum Interest Rate 15.00 12.00 13.50 12.50 (10.0) 4.2 Weighted Average Interest Rate 17.93 17.38 16.66 15.71 (7.1) (9.6)

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National Bank of Ethiopia Quarterly Bulletin
4.8.3. Corporate Bond Market
Corporate bond market remained undeveloped whereby major players being a few public institutions and regional governments. The purchaser of these bonds was solely the Com￾mercial Bank of Ethiopia (CBE). CBE did not buy any corporate bond in the third quarter of 2024/25 and did not collect during the reviewing period. At the end of 2024/25 third quarter, CBE had no stock of corporate bond.
Table 4.16: Corporate Bond Purchase, Redemption and Outstanding
(In Millions of Birr)
Corporate Bond
Issuer
1.Puplic
Enterprises
2022/23 2023/24 2024/25
Quarte r III Quarte r III Quarte r III
NP Red O/S NP Red O/S NP Red O/S
1,819.41 - 467,120.84 - - 520,723.22 -
-
-
-
-
EEP - - 368,864.97 - - 243,530.71 -
Railway
Corporations 1,819.41 - 98,255.87 - - - - - -
DBE - - - - - - - - -
Liability & Asset
Management
Corp. - - - - - 277,192.50 - -
-
MoF - - - - - - - - -
2. Regional
Governments 5,000.00 5,127.92 52,085.60 - 2,460.57 35,865.98 - - - Oromia - 10.09 218.04 - - - - - - Amhara - - - - - - - - - Tigray - - - - - - - - - SNNPRS - - - - - - - - - Dire Dawa - - - - - - - - - Harari - - - - - - - - - Addia Ababa 5,000.00 5,117.82 51,867.56 - 2,460.57 35,865.98 - - - 3.Grand Total(1+2) 6,819.41 5,127.92 519,206.44 - 2,460.57 556,589.20 - - - Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Source: NBE

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National Bank of Ethiopia Quarterly Bulletin
V. EXTERNAL SECTOR DEVELOPMENTS
5.1. Balance of Payments
The balance of payments (BOP) recorded a deficit of USD 83 million in the third quarter of FY2024/25, compared to USD 75.2 million deficit in the same period last year. On the other hand, the current account balance (including official transfers) showed a reduced deficit of USD 749.6 million from USD 1.7 billion a year ago. This improvement was primarily driven by
13.9 percent narrowing in trade deficit, 33.6 percent increase in net private transfers and 46.1
percent rise in net services, despite 71.2 percent decline in net official transfers. Similarly, net inflows in the capital account rise by 25.9 percent to USD 1.3 billion, mainly due to 13.1 percent increase in foreign direct investment, private long-term capital from USD 6 million last year the same period to USD 124.3 million and a decline in net short-term capital outflow by 64.7 percent and a shift in net other public sector long-term capital from net payment of USD 12 million to surplus of USD 16.8 million albeit decrease in net surplus of official long-term cap￾ital by 17.2 percent (Table 5.1).

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National Bank of Ethiopia Quarterly Bulletin
Table 5.1: Balance of Payments
(In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIII QII QIII Change
A B C D=C/A E=C/B
1 Exports, f.o.b. 927.2 1,761.2 2,040.2 120.0 15.8 Coffee 265.0 392.6 600.1 126.5 52.9 Other 662.2 1,368.6 1,440.1 117.5 5.2 2 Imports 4,469.8 5,070.8 5,090.4 13.9 0.4 Fuel 821.4 820.9 881.2 7.3 7.3 Cereals 193.9 267.1 147.2 -24.1 -44.9 Aircraft 266.1 657.8 222.1 -16.5 -66.2 Imports excl. fuel, cereals, aircraft 3,188.4 3,325.0 3,839.8 20.4 15.5 3 Trade Balance (1-2) -3,542.6 -3,309.6 -3,050.2 -13.9 -7.8 4 Services, net 291.5 384.3 426.0 46.1 10.8 Non-factor services, net 355.8 457.3 444.5 24.9 -2.8 Exports of non-factor services 1,812.5 1,982.7 2,057.6 13.5 3.8 Imports of non-factor services 1,456.7 1,525.4 1,613.1 10.7 5.7 Factor services (Investment income), net -64.3 -72.9 -18.5 -71.3 -74.7 Interest, net -63.5 -72.9 -17.7 -72.1 -75.7 Dividend, net -0.8 -0.8 -7.1 5 Private transfers, net 1,356.0 1,735.4 1,811.1 33.6 4.4 o/w: NGO’s, (Net) 165.2 261.4 289.3 75.1 10.7 Private Individuals 1,190.7 1,474.1 1,521.9 27.8 3.2 6 Current account balance excluding official transfers (3+4+5) -1,895.1 -1,189.8 -813.0 -57.1 -31.7 7 Official transfers, net 220.7 315.3 63.5 -71.2 -79.9 8 Current account balance including official transfers (6+7) -1,674.4 -874.5 -749.6 -55.2 -14.3 9 Capital account 1,063.2 1,390.6 1,338.6 25.9 -3.7 Official Long-term Capital, net 158.6 241.2 131.3 -17.2 -45.6 Disbursements 227.4 371.5 259.0 13.9 -30.3 Amortization 68.8 130.3 127.6 85.6 -2.0 Other public long-term capital -12.0 425.4 16.8 -239.9 -96.0 Private sector, long term 6.0 46.3 124.3 1,979.7 168.6 Foreign Direct Investment, net 957.0 1,018.6 1,082.5 13.1 6.3 Short-term Capital -46.3 -340.8 -16.4 -64.7 -95.2 10 Errors and omissions 536.0 -99.2 -672.1 11 Overall balance (8+9+10) -75.2 417.0 -83.0 12 Financing 75.2 -417.0 83.0 13 Reserves [ Increase(-), Decrease (+)] 75.2 -417.0 83.0 14 Central Bank (NFA) 263.9 -155.6 -109.6 Asset 515.9 -434.0 -399.6 Liabilities -252.0 278.4 290.0 15 Commercial banks (NFA) -188.7 -261.3 192.7 16 Debt Relief Principal Interest Source: NBE Staff Compilation

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National Bank of Ethiopia Quarterly Bulletin
Total current receipts amounted to USD 6.1 billion showing 39.4 percent annual increase owing to the rise in merchandise export (120 percent), service proceeds (14.6 percent) and private transfers (36.2 percent) albeit decline in public transfers (66.2 percent). Similarly, total current payment rise by 13.2 percent and reached USD 6.8 billion from USD 6 billion a year earlier, mainly due to increase owing to the rise in merchandise import (13.9 percent), service payment (8.7 percent), public transfers (37.2 percent) and private trans￾fers raise to USD 6.3 million from USD 43.7 million last year the same period (Table 5.2).
Table 5.2: Current Receipts and Payments
(In millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIII QII QIII Change
A B C D=C/A E=C/B
1 Current Receipts 4,366.3 5,907.0 6,088.5 39.4 3.1 Export Proceeds 927.2 1,761.2 2,040.2 120.0 15.8 Service Proceeds 1,845.3 2,034.4 2,115.1 14.6 4.0 Private Transfers 1,362.3 1,761.3 1,854.9 36.2 5.3 Public Transfer 231.6 350.2 78.4 -66.2 -77.6 2 Current Payments 6,040.8 6,781.5 6,838.1 13.2 0.8 Import Payments 4,469.8 5,070.8 5,090.4 13.9 0.4 Service Payments 1,553.8 1,650.1 1,689.1 8.7 2.4 Private Transfers 6.3 25.9 43.7 590.0 69.0 Public Transfer 10.9 34.8 14.9 37.2 -57.2 3 Net, (1-2) -1,674.4 -874.5 -749.6 -55.2 -14.3 Source: NBE Staff Compilation Fig.V.1: Trends in Current Receipts and Payments - 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of USD Current Receipts Current Payments Source: NBE Staff Compilation

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National Bank of Ethiopia Quarterly Bulletin
5.2. Balance of Trade
During the third quarter of FY2024/25, merchandise trade deficit narrowed to USD 3.1 billion from USD 3.5 billion a year ago as the growth of export receipts overweighed that of import payments. Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments 0 1000 2000 3000 4000 5000 6000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Export Import Source: Ethiopian Customs Commission Fig.V.3: Evolution of Trade Deficit 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2024/25 (In Millions of USD) Source: Ethiopian Customs Commission
5.2.1. Export of Goods
Merchandise export earnings recorded a substantial growth of 120.0 percent, primarily driv￾en by a seven-fold increase in gold exports. Significant contributions also came from coffee (126.5 percent), flowers (5.4 percent), pulses (12.5 percent), electricity (199.4 percent), meat and meat products (58.5 percent), live animals (210.4 percent), fruits and vegetables (13.8 percent) and leather & leather products (31.4 percent). Conversely, export receipts from oil seeds (32.2 percent), textiles & textile products (1.0 percent) and chat (36.8 percent) regis￾tered decrement.

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National Bank of Ethiopia Quarterly Bulletin
Export proceeds from gold surged by seven-fold on account of eight-fold rise in volume, despite 6.2 percent drop in international price. Thus, the share of gold from total export earnings improved to 40.4 percent from 12.0 percent a year ago. Likewise, export revenues from coffee improved by 126.5 percent due to 68.1 percent and
34.7 percent growth in export volume and international price, respectively. As a result, the
share of coffee in total merchandise export earnings increased to 29.4 percent from 28.6 percent share last year same quarter. Export receipts from flower grew by 5.4 percent as a result of 4.6 percent increase in export volume and 0.7 percent rise in international price. However, its share from total export fall to
6.5 percent from 13.6 percent last year same periods.
Likewise, export receipts from pulse grew by 12.5 percent owing to 14.7 percent rise in volume despite 1.9 percent decline in international prices though its share declined to 4.3 percent from 8.4 percent a year earlier. Similarly, export earnings from electricity surged by 199.4 percent over last year same quar￾ter, due to strong improvements in volume (419.4 percent) in spite of decline in international price (42.4 percent). Therefore, the share of electricity from total export earnings improved to 4.7 percent from 3.5 percent. Receipts from meat & meat products grew by 58.5 percent on account of 86.9 percent rise in volume in spite of 15.2 percent decline in international price. Nevertheless, its share in total merchandise export earnings declined to 1.7 percent from 2.3 percent last year same peri￾ods. Export receipts from live animals increased by 210.4 over last year same quarter; largely as export volume grew by 222.2 percent despite 3.7 percent decline in international price. Ac￾cordingly, the share of live animals in total export earnings improved to 1.6 percent from 1.2 percent share a year earlier. Export proceeds from fruits & vegetables improved by 13.8 percent due to 3.8 percent and
9.6 percent rise in volume and international price, respectively. However, its share dropped
to 1.0 percent from 1.9 percent a year ago.
In addition, revenues from leather & leather products experienced 31.4 percent rise due to
13.1 percent surge in volume and 16.2 percent improvement in international price However,
the share from total merchandise export slightly decreased to 0.3 percent from 0.5 percent a year ago. On the other hand, export earnings from oilseeds declined by 32.2 percent due to 27.8 per￾cent and 6.2 percent drop in volume and international prices, respectively. Consequently, the share of oilseeds from total export earnings declined to 5.1 percent from 16.6 percent share a year earlier. Moreover, export earnings from chat depicted 36.8 percent decline as a result of 40.7 per-

Third Quarter Report 2024/25 41
National Bank of Ethiopia Quarterly Bulletin cent fall in volume despite 6.6 percent rise in international price. Hence, its share shrank to
1.5 percent from 5.2 percent last year same quarter.
Finally, export earnings from textile & textile products fell by 1 percent due to 9.94 percent decline in international price despite 9.93 percent rise in exports volume. As a result, its share from total merchandise exports dropped to 1.5 percent from 3.4 percent share last year same quarter (Tables 5.3, 5.4 and 5.5).
Table 5.3: Values of Major Export Items
(In Millions of USD)
Particulars
2023/24 2024/25 Percentage
Change
QIII QII QIII
A %share B %share C %share C/A C/B
Coffee 265.0 28.6 392.6 22.3 600.1 29.4 126.5 52.9 Oilseeds 154.3 16.6 115.1 6.5 104.5 5.1 (32.2) (9.1) Leather and Leather Products 4.2 0.5 3.7 0.2 5.6 0.3 31.4 49.3 Pulses 77.9 8.4 70.7 4.0 87.6 4.3 12.5 24.0 Meat & Meat Products 21.4 2.3 27.4 1.6 33.9 1.7 58.5 23.5 Fruits & Vegetables 18.1 1.9 19.9 1.1 20.6 1.0 13.8 3.5 Textile & Textile Products 31.7 3.4 31.3 1.8 31.4 1.5 (1.0) 0.2 Live Animals 10.7 1.2 28.3 1.6 33.3 1.6 210.4 17.9 Chat 48.4 5.2 31.5 1.8 30.6 1.5 (36.8) (2.8) Gold 110.8 12.0 800.1 45.4 823.9 40.4 643.3 3.0 Flower 126.1 13.6 124.4 7.1 132.9 6.5 5.4 6.8 Electricity 32.0 3.5 73.6 4.2 95.9 4.7 199.4 30.2 Others 26.5 2.9 42.6 2.4 39.9 2.0 50.7 (6.2) Total Export 927.2 100.0 1,761.1 100.0 2,040.2 100.0 120.0 15.8 Total Export Excluding Electricity 895.2 1,687.5 1,944.3 117.2 15.2 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

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National Bank of Ethiopia Quarterly Bulletin
Fig.V.4: Export Value of Selected Commodities
0
100
200
300
400
500
600
700
800
900
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Millions USD) Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Compilation
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2023/24 2024/25 Percentage Change QIII QII QIII A B C C/A C/B Coffee 56.8 89.5 95.5 68.1 6.7 Oilseeds 87.6 70.3 63.3 (27.8) (10.0) Leather and Leather Products 0.4 13.1 12.2 Pulses 89.7 80.3 103.0 14.7 28.2 Meat & Meat Products 3.1 4.6 5.7 86.9 24.1 Fruits & Vegetables 53.6 48.8 55.7 3.8 14.1 Textile & Textile Products 7.5 8.5 8.2 10 (3) Live Animals 11.7 31.2 37.8 222.2 21.3 Chat 4.5 2.9 2.7 (40.7) (6.8) Gold(In mn. of grams) 1.1 9.9 9.1 692.2 (8.5) Flower 25.1 24.9 26.2 4.6 5.4 Electricity(In mn of kwh) 501.6 1,880.0 2,605.6 419.4 38.6 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

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National Bank of Ethiopia Quarterly Bulletin
Fig.V.5: Export Volume of Selected Commodities 0.000 0.002 0.004 0.006 0.008 0.010 0.012 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Gold, Million Kg.) (Millions Kg.) Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA) Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2023/24 2024/25 Percentage
QIII QII QIII Change
A B C C/A C/B
Coffee 4.7 4.4 6.3 34.7 43.3
Oilseeds 1.8 1.6 1.7 (6.2) 1.0
Leather and Leather Products 11.6 10.1 13.5 16.2 33.1 Pulses 0.9 (1.9) (3.3) Meat & Meat Products 7.0 5.9 5.9 (15.2) (0.5) Fruits & Vegetables 0.3 0.4 0.4 9.6 (9.4) Textile & Textile Products 4.2 3.7 3.8 (9.9) 3.6 Live Animals 0.9 (3.7) (2.8) Chat 10.8 11.0 11.5 6.6 4.3 Gold (USD/grams) 96.6 80.5 90.6 (6.2) 12.5 Flower 5.0 5.0 5.1 0.7 1.3 Electricity (USD/kwh) 0.1 0.0 0.0 (42.4) (6.1) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

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National Bank of Ethiopia Quarterly Bulletin
Fig.V.6: Unit Value of Selected Export Commodities 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0 20 40 60 80 100 120 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (USD/Kg) (USD/kg,, USD/gm(Gold)) Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA) Source: NBE Staff Computation
5.2.2. Import of Goods
Ethiopia imported goods worth USD 5.1 billion during the third quarter of the FY 2024/25, depicting 13.9 percent quarterly growth due to increase in import bills for capital goods, semi-finished goods, fuel and raw materials, despite decline in import bills of consumer and miscellaneous goods. Capital goods import surged by 27.9 percent year-on-year driven by increased import pay￾ments for industrial capital goods (36.0 percent), agricultural capital goods (204.4 percent) and transport capital goods (1.2 percent). Consequently, the share of capital goods in total imports rose to 37.2 percent from 33.1 percent share last year same quarter. Payments for semi-finished goods rose by 22.7 percent mainly due to the rise in import bills of fertilizer by 55.7 percent. Accordingly, their share increased to 22.7 percent from 21.0 per￾cent a year ago. Fuel imports exhibited a 7.3 percent increase compared to the same quarter last year. How￾ever, the share of fuel in total merchandise imports declined to 17.3 percent from 18.4 per￾cent a year ago. Likewise, raw materials import increased by 2.6 percent year-on-year. Thus, their share in total merchandise import bills remained unchanged at 0.6 percent. On the other hand, import bills for consumer goods declined by 5.3 percent primarily due to a 9.1 percent reduction in non-durable goods imports despite a 4.1 percent increase in durable goods imports. As a result, the share of consumer goods in total imports fell to 21.8 percent from 26.2 percent in the same quarter of the previous year. Miscellaneous goods import fell by 14.0 percent lowering its share in total imports to 0.5 per￾cent from 0.6 percent a year earlier.

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National Bank of Ethiopia Quarterly Bulletin
Moreover, Franco Valuta import slightly rose by 0.03 percent, reaching USD 1.8 billion, which accounted for 34.9 percent share of total import value (Tables 5.6 and 5.7).
Table 5.6: Values of Major Import Items
(In Millions of USD)
Particular
2023/24 2024/25 Percentage
QIII Changes Share
(%)
QII Share
(%)
QIII Share
(%)
A B C C/A C/B
Raw Materials 27.9 0.6 36.8 0.7 28.6 0.6 2.6 -22.2 Semi-finished Goods
940.1 21.0 773.3 15.3 1,153.9 22.7 22.7 49.2
Fertilizers 345.9 7.7 130.5 2.6 538.5 10.6 55.7 312.7 Fuel 821.4 18.4 820.9 16.2 881.2 17.3 Petroleum Products
810.0 18.1 806.9 15.9 858.5 16.9 6.0 6.4
Others 11.4 0.3 14.0 0.3 22.7 0.4 98.4 61.4
Capital Goods 1,478.7 33.1 2,133.1 42.1 1,891.4 37.2 27.9 -11.3 Transport 407.5 9.1 826.0 16.3 412.2 8.1 1.2 -50.1 Agricultural 13.4 0.3 27.3 0.5 40.7 0.8 204.4 49.4 Industrial 1,057.8 23.7 1,279.8 25.2 1,438.5 28.3 36.0 12.4 Consumer Goods 1,172.7 26.2 1,268.9 25.0 1,110.3 21.8 -5.3 -12.5 Durables 334.7 7.5 362.8 7.2 348.5 6.8 4.1 -3.9 Non-durables 838.0 18.7 906.1 17.9 761.8 15.0 -9.1 -15.9 Miscellaneous 28.9 0.6 37.7 0.7 24.9 0.5 -14.0 -34.0 Total Imports 4,469.8 100.0 5,070.8 100.0 5,090.4 100.0 13.9 0.4 Source: Ethiopian Customs Commission

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National Bank of Ethiopia Quarterly Bulletin
Table 5.7: Value of Franco Valuta Import
(In Millions of USD)
Commodity Group
2023/24 2024/25 Percentage Change QIII QII QIII A B C C/A C/B Beverages 0.2 1.2 0.6 279.8 (49.7) Chemicals 15.0 44.2 39.4 163.7 (10.8) Clothing 4.1 11.0 9.2 122.8 (16.3) Food and live animals 232.2 415.2 168.1 (27.6) (59.5) Textiles 49.7 53.1 52.8 6.2 (0.6) Tobacco 0.0 (52.3) 2,099.7 Soap & polish 5.4 9.5 6.1 13.6 (35.3) Fertilizer 34.7 1.1 22.0 (36.6) 1,971.0 Paper & paper manufacturing 4.7 9.7 9.9 109.6 2.1 Metal & metal manufacturing 133.1 121.3 119.7 (10.0) (1.3) Medical and pharmaceuticals products 0.2 169.1 82.4 41,980.6 (51.3) Rubber products 13.2 9.7 6.2 (52.8) (35.6) Petroleum Crude - - - Petroleum product 14.9 22.1 8.0 (46.3) (64.0) Glass & glass ware 3.7 5.8 1.6 (57.9) (72.8) Electrical material 94.2 85.8 111.6 18.5 30.0 Machine 593.9 1,131.8 815.8 37.4 (27.9) Road & motor vehicles 17.6 52.5 35.0 98.8 (33.3) Tele apparatus 5.8 66.0 119.6 1,952.6 81.2 Cement 0.00 0.06 0.02 2,110.71 (75.07) Others 555.8 213.8 170.8 (69.3) (20.1) Total 1,778.3 2,423.0 1,778.9 0.03 (26.6) Source: Ethiopian Customs Commission
5.2.3. Direction of Trade
5.2.3.1. Export of Goods
During the third quarter of FY 2024/25, the major destinations for Ethiopian exports were Europe, Asia, America and Africa. Europe accounted for 58.3 percent share in Ethiopia’s to￾tal export earnings, of which 69.4 percent was to Switzerland followed by Netherland (7.9 percent), Germany (6.4 percent), Belgium (4.0 percent), Turkey (4.0 percent) and Italy (2.8 percent). These countries in total had 94.4 percent share in Ethiopia’s total export earnings to Europe. Asia constituted 25.6 percent of Ethiopia’s total export receipts, with Saudi Arabia being the main destination accounting for 23.0 percent share followed by China (16.4 percent), Unit-

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National Bank of Ethiopia Quarterly Bulletin ed Arab Emirates (15.6 percent), South Korea (7.3 percent), Israel (5.3 percent), Japan (5.1 percent), India (4.7 percent), Singapore (3.4 percent), Hongkong (2.9 percent), Taiwan (2.7 percent) and Kuwait (2.1 percent), which altogether accounted for 88.5 percent share of Ethiopia’s total export to Asia. America had 6.4 percent share in Ethiopia’s total export earnings. United States constituted
91.5 percent share followed by Canada (5.9 percent). These two countries constituted 97.4
percent of Ethiopia’s total export earnings from America.
About 5.9 percent of Ethiopia’s export earnings originated from Africa, mainly Kenya (40.5 percent), Djibouti (28.9 percent), Somalia (10.5 percent), Egypt (6.7 percent), Sudan (5.7 per￾cent) and South Africa (2.7 percent), which jointly represented 95.0 percent of the total ex￾ports to Africa. Fig.V.7: Export by Destination 5.9% 58.3% 6.4% 25.6% 0.5% 3.4% Africa Europe America Asia Oceania Unspecified Source: NBE Staff Compilation
5.2.3.2. Import of Goods
During the third quarter of the FY 2024/25, Asia accounted for 73.4 percent of Ethiopia’s to￾tal imports with the major imports originating from China (46.2 percent), Saudi Arabia (11.3 percent), Kuwait (9.9 percent), India (8.6 percent), United Arab Emirates (7.4 percent), Indo￾nesia (2.3 percent), Japan (2.2 percent), Malaysia (1.9 percent), South Korea (1.5 percent), Thailand (1.2 percent) and Hong Kong (1.0 percent), whose combined share was 93.7 per￾cent. Imports from Europe constituted 14.2 percent of Ethiopia’s total imports with major countries being Russia (26.4 percent), Turkey (17.1 percent), Germany (12.3 percent), United Kingdom (10.5 percent), Italy (8.4 percent), Ireland (4.9 percent), France (4.1 percent), Spain (3.5 per￾cent), Netherlands (2.3 percent), Belgium (1.9 percent), Poland (1.5 percent) and Austria (1.1 percent). These countries jointly accounted for 94.0 percent of Ethiopia’s total import from Europe.

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Imports from America had 5.4 percent share in total imports, of which the share of United States was 90.0 percent followed by Brazil (4.5 percent), Canada (3.9 percent) and Mexico (1.2 percent). These countries in total had 99.6 percent share in Ethiopia’s total imports from America. Africa’s share in total merchandise imports to Ethiopia was 3.9 percent. The major countries of origin were Djibouti (42.7 percent), South Africa (30.5 percent), Egypt (14.8 percent), Kenya (5.3 percent) and Rwanda (3.5 percent), which altogether represented 96.8 percent of the total imports from the African continent. Fig.V.7: Import by Origin 3.9% 14.2% 5.4% 73.4% 0.1% 3.1% Africa Europe America Asia Oceania Unspecified Source: NBE Staff Compilation
5.3. Services and Transfers
5.3.1. Net Services
In the third quarter of FY 2024/25, net service registered a surplus of USD 426 million which is
46.1 percent higher than USD 291.5 million surplus recorded a year earlier. The performance
of the service sector was a result of rise in transport services (11.9 percent) and government service (594.3 percent) coupled with decline in investment income deficit by 71.3 percent and net other service deficit by 2.3 percent though a decline in net travel by 115.5 percent (Table 5.8).

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Fig.V.9: Trends in Net Service
-400.0
-300.0
-200.0
-100.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
Qtr I
Qtr II
Qtr III
Qtr IV
Qtr I
Qtr II
Qtr III
Qtr IV
Qtr I
Qtr II
Qtr III
Qtr IV
Qtr I
Qtr II
Qtr III
Qtr IV
Q I
Q II
QIII
Qtr IV
QI
Q II
QIII
Qtr IV
QI
Q II
QIII
2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Million USD) Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIII QII QIII Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -64.3 -72.9 -18.5 -71.3 -74.7 2 Interest, net (3-4) -63.5 -72.9 -17.7 -72.1 -75.7 3 Credit 32.7 51.8 57.5 75.7 11.2 4 Debit 96.3 124.7 75.2 -21.8 -39.6 5 Dividend, net -0.8 -0.8 -7.1 6 NON-FACTOR SERVICES, net (7-8) 355.8 457.3 444.5 24.9 -2.8 7 Exports of non-factor services 1,812.5 1,982.7 2,057.6 13.5 3.8 8 Travel 311.3 183.3 134.3 -56.9 -26.7 9 Transport 1 1339.0 1623.8 1,507.1 12.6 -7.2 10 Gov’t 2 33.4 45.8 238.1 613.5 419.9 11 Other 3 128.8 129.8 178.0 38.2 37.2 12 Imports of non-factor services 1,456.7 1,525.4 1,613.1 10.7 5.7 13 Travel 185.3 146.7 153.8 -17.0 4.8 14 Transport 1 1,020.5 1,098.7 1,150.8 12.8 4.7 15 Gov’t 2 0.8 0.5 12.0 2,351.4 16 Other 3 250.1 279.5 296.5 18.6 6.1 17 Net Services (18+19+20+21+22) 291.5 384.3 426.0 46.1 10.8 18 Travel (8-13) 126.0 36.5 -19.5 -115.5 -153.4 19 Transport (9-14) 318.5 525.1 356.3 11.9 -32.1 20 Gov’t (10-15) 32.6 45.3 226.1 594.3 399.0 21 Other (11-16) -121.3 -149.7 -118.5 -2.3 -20.9 22 Investment Income (2+5) -64.3 -72.9 -18.5 -71.3 -74.7 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

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5.3.2. Transfers
During the review period, total transfer receipts increased by 21.3 percent and reached USD
1.9 billion due to the increase in private transfer by 36.2 percent albeit decline in official
transfer by 66.2 percent. Likewise, total transfer payment increased to USD 58.6 million from USD 17.2 million last year the same period due to rise in payments of official transfer by 37.2 percent and private transfer by six-fold. Consequently, net transfer increased by 18.9 per￾cent and reached USD 1.9 billion from USD 1.6 billion a year earlier (Table 5.9).
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIII Change Share
(In %)
QII Share
(In %)
QIII Share
A B C (In %) D=C/A E=C/B
1 Private transfers, net (2-5) 1,356.0 86.0 1,735.4 40.8 1,811.1 96.6 33.6 4.4 2 Credit (3+4) 1,362.3 85.5 1,761.3 83.4 1,854.9 95.9 36.2 5.3 3 NGO’s 171.6 10.8 287.2 13.6 333.0 17.2 94.1 15.9 4 Private individuals 1,190.7 74.7 1,474.1 69.8 1,521.9 78.7 27.8 3.2 5 Debit 6.3 36.9 25.9 42.6 43.7 74.6 590.0 69.0 6 Official transfers, net (7-8) 220.7 14.0 315.3 15.4 63.5 3.4 -71.2 -79.9 7 Credit 231.6 14.5 350.2 16.6 78.4 4.1 -66.2 -77.6 8 Debit 10.9 63.1 34.8 57.4 14.9 25.4 37.2 -57.2 9 Total Receipts 1,593.9 100.0 2,111.5 100.0 1,933.2 100.0 21.3 -8.4 10 Total Payments 17.2 100.0 60.7 100.0 58.6 100.0 241.0 -3.4 11 Net Transfers 1,576.7 100.0 2,050.8 56.2 1,874.6 100.0 18.9 -8.6 Source: NBE Staff Computation Fig.V.10: Trends in Private and Official Transfers, (Receipts) 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Private Transfers Official Transfers Source: NBE Staff Compilation

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5.4. Current Account Balance
During the third quarter of 2024/25, the current account balance (including official transfer) registered a deficit of USD 749.6 million from USD 1.7 billion last year the same period mainly driven by the decline in trade deficit (13.9 percent) coupled with the rise in net private trans￾fers (33.6 percent) and net service (46.1 percent), despite decline in net official transfers (71.2 percent) (Table 5.1).
5.5. Capital Account
Net inflows in the capital account rise by 25.9 percent to USD 1.3 billion, mainly due to 13.1 percent increase in foreign direct investment, private long-term capital from USD 6 million last year the same period to USD 124.3 million and a decline in net short-term capital outflow by 64.7 percent and a shift in net other public sector long-term capital from net payment of USD 12 million to surplus of USD 16.8 million albeit decrease in net surplus of official long￾term capital by 17.2 percent.
5.6. Changes in Reserve Position
The deficit in the overall balance of payments during the third quarter of FY 2024/25 reached USD 83 million compared to USD 75.2 million deficit a year ago. Consequently, net foreign asset of National Bank of Ethiopia showed build-up of 109.6 while net foreign asset of com￾mercial banks showed drawdown of USD 192.7 million (Table 5.1).
5.7. Developments in the Foreign Exchange Market
5.7.1. Exchange Rate Movements
In the foreign exchange market, the weighted average official exchange rate of birr reached birr 127.3614/USD in the third quarter of the FY 2024/25, depicting 126.1 percent y-o-y depre￾ciation. Likewise, the end period exchange rate of birr was 129.9475/USD, indicating 129.5 percent year-on-year depreciation against USD.

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National Bank of Ethiopia Quarterly Bulletin
Table 5.10: Developments of Forex Traded and Exchange Rates
(USD/ETB)
Period
Official Market
End Period Weighted
Rate

Average
Weighted rate
Amount Traded in Millions of USD
Total Among CBs
2023/24
Qtr. III C 56.6236 56.3211 3.25 0.00
January 56.1663 56.0949 1.15 0.00
February 56.4624 56.3217 1.05 0.00
March 56.6236 56.5468 1.05 0.00
2024/25
Qtr. II B 125.9644 122.9650 139.88 0.00
October 120.9588 120.7302 16.50 0.00
November 124.9256 122.6409 107.48 0.00
December 125.9644 125.5238 15.90 0.00
Qtr. III A 129.9475 127.3614 84.29 5.01
January 126.3713 126.3500 8.11 0.00
February 126.5785 126.6057 65.01 5.01
March 129.9475 129.1284 11.17 0.00
Percentage Changes A/B 3.16 3.58 -39.74
A/C 129.49 126.13 2493.64
Source: National Bank of Ethiopia
In the retail foreign exchange market, the average buying rate at forex bureau of commer￾cial banks stood at Birr 126.1874/USD, showing 124.0 percent depreciation while the selling rate stood at Birr 128.7037/USD, depicting 123.9 percent depreciation over last year same quarter. Meanwhile, the average spread between the buying and selling rates remained the same at 2.0 percent (Table 5.11).

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Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD)
No. Name of Forex Bureaux
2023/24 2024/25 Percentage change
Quarter III
A
Quarter II
B
Quarter III
C C/B C/A
Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 54,871.5 42,032.7 2,727.5 14,080.1 4,210.7 19,458.0 54.4 38.2 (92.3) (53.7) 2 Bank of Abyssinia 138.4 5,197.6 10,105.9 3,644.6 7,173.0 4,603.1 (29.0) 26.3 5,082.4 (11.4) 3 Dashen Bank 5,177.0 5,269.8 5,577.6 3,720.5 5,798.0 5,007.6 4.0 34.6 12.0 (5.0) 4 Awash International Bank 188.8 5,533.8 617.7 5,289.3 433.5 12,450.3 (29.8) 135.4 129.6 125.0 5 Wegagen Bank 31.2 888.7 156.2 1,305.0 138.9 1,641.4 (11.1) 25.8 345.0 84.7 6 United Bank 612.6 1,106.1 441.7 304.2 418.8 585.4 (5.2) 92.5 (31.6) (47.1) 7 Development Bank 0.2 8.9 140.8 63.7 125.8 14.0 (10.7) (78.0) 57.4 8 Nib International Bank 66.9 222.9 434.3 719.4 373.4 442.7 (14.0) (38.5) 458.6 98.6 9 Lion International Bank 138.3 147.5 116.3 187.9 202.4 237.2 74.0 26.2 46.4 60.8 10 Oromia International Bank 1,291.9 1,127.8 724.3 1,097.2 458.7 920.2 (36.7) (16.1) (64.5) (18.4) 11 Zemen Bank 33.8 568.3 126.5 26,999.9 112.2 1,224.3 (11.3) (95.5) 231.9 115.4 12 Cooperative Bank of Oromia 77.5 545.5 957.8 1,691.4 746.4 2,001.9 (22.1) 18.4 863.5 267.0 13 Buna International Bank 156.1 2,980.7 42.3 808.4 36.2 1,593.0 (14.5) 97.1 (76.8) (46.6) 14 Birhan International Bank 60.9 474.8 300.5 639.5 532.4 1,233.6 77.2 92.9 774.4 159.8 15 Abay Bank 50.5 513.0 172.6 3,292.4 172.6 1,179.5 0.0 (64.2) 242.1 129.9 16 Addis International Bank 45.0 478.6 97.1 339.2 187.1 499.8 92.7 47.3 315.9 4.4 17 Debube Global Bank 100.7 73.3 506.7 130.1 169.2 - (66.6) 68.1 18 Enat Bank 153.3 140.1 315.8 2,963.1 32.2 4.0 (89.8) (99.9) (79.0) (97.1) 19 Zamzam Bank - 359.9 214.2 - 7.0 - (96.7) 20 Goh Betoch Bank - 9.7 10.9 106.6 3.6 70.2 (67.3) (34.1) 624.0 21 Hijra Bank 155.9 35.3 42.3 2.4 54.9 - 29.9 (64.8) 22 Amhara Bank 1.0 70.0 2.9 - 9.6 26.0 234.8 890.8 (62.9) 23 Tsehay Bank 126.5 55.9 24.3 34.5 9.8 18.5 (59.8) (46.4) (92.3) (67.0) 24 Siinqee Bank 14.2 229.6 7,069.5 41.3 2,269.7 1.0 (67.9) (97.6) (99.6) 25 Geda Bank 17.1 25.8 65.4 44.8 164.1 60.2 151.2 34.3 859.3 133.3 26 Ahadu Bank 3.5 117.4 120.6 853.0 179.4 607.2 48.7 (28.8) 417.1 27 Tseday Bank 1.5 11.3 13.4 30.8 1.9 50.4 (85.8) 63.6 26.2 346.0 28 Sidama Bank 0.1 14.3 28.5 7.9 10.9 13.9 (61.9) 76.7 (2.7) 29 Rammis Bank - - 114.1 1.3 1.4 11.1 (98.79) 788.00 Total 63,514.2 68,239.2 31,267.8 68,398.3 24,033.9 53,954.4 (23.1) (21.1) (62.2) (20.9) Average Exchange Rate 56.3293 57.4756 121.2735 123.2804 126.1874 128.7037 4.1 4.4 124.0 123.9 Spread 2.0 1.7 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in each quarter.

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Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 20 40 60 80 100 120 140 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread Source: NBE Staff Compilation In the official forex market, the US dollar appreciated against major currencies on quarterly basis as well as annual basis except Japanese Yen. On quarterly basis, the US dollar appre￾ciated against Swiss Franc (2.1 percent), Pound Sterling (1.4 percent), Euro (1.1 percent) and SDR (0.5 percent). However, it depreciated against Japanese Yen by (0.3 percent). Likewise, on annual basis, USD appreciated by 3.2 percent against Euro, 2.9 percent against Swiss Franc, 2.8 percent against Japanese Yen, 2.3 percent against SDR and 0.75 percent against Pound Sterling.

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Table 5.12: Average Official Exchange Rates
(USD per Major International Currencies)
Period
EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate 2023/24 QIII C 1.0861 0.0067 1.3373 1.2681 1.1451 January 1.0919 0.0069 1.3350 1.2702 1.1665 February 1.0792 0.0067 1.3427 1.2629 1.1418 March 1.0872 0.0067 1.3341 1.2712 1.1268 2024/25 QII B 1.0682 1.0573 1.0627 0.0066 0.0065 0.0065 1.3208 1.3075 1.3142 1.2828 1.2697 1.2762 1.1409 1.1293 1.1351 October 1.0920 1.0643 1.0781 0.0067 0.0065 0.0066 1.3320 1.2983 1.3151 1.3071 1.2740 1.2905 1.1631 1.1336 1.1484 November 1.0645 1.0613 1.0629 0.0065 1.3197 1.3156 1.3177 1.2762 1.2722 1.2742 1.1371 1.1336 1.1354 December 1.0480 1.0463 1.0472 0.0065 1.3108 1.3086 1.3097 1.2650 1.2629 1.2639 1.1225 1.1206 1.1216 QIII A 1.0515 0.0066 1.3071 1.3070 1.3070 1.2586 1.2585 1.2586 1.1118 1.1117 1.1117 January 1.0353 1.0343 1.0348 0.0064 1.3012 1.2999 1.3006 1.2349 1.2337 1.2343 1.0997 1.0986 1.0991 February 1.0409 0.0066 1.3025 1.3026 1.3025 1.2521 1.2522 1.2522 1.1055 March 1.0785 1.0792 1.0788 0.0067 1.3176 1.3185 1.3180 1.2889 1.2897 1.2893 1.1302 1.1309 1.1305 Percentage Changes A/B -1.56 -0.55 -1.06 -0.23 0.80 0.28 -1.04 -0.04 -0.54 -1.88 -0.88 -1.38 -2.55 -1.56 -2.06 A/C -3.18 -3.19 -3.19 -2.82 -2.83 -2.82 -2.26 -0.75 -2.91 -2.92 -2.91 Source: National Bank of Ethiopia On the other hand, the birr exchange rate depreciated against major currencies on quarterly and annual basis. On annual basis, it depreciated by 124.8 percent against USD, Pound Sterling (123.2 percent), SDR (119.8 percent), Yen (118.5 percent), Swiss Franc (118.3 percent) and Euro (117.7 percent). Moreover, the Birr depreciated against Japanese Yen (4.0 percent), USD (3.6 percent), SDR (3.1 percent), Euro (2.6 percent), Pound Sterling (2.3 percent) and Swiss Franc (1.5 percent) on quarterly basis (Table 5.13).

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Table 5.13: Period Average Exchange Rates
(Birr per Major Currencies)
Period
Currency
USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate 2023/24 QIII C 56.3211 56.8843 56.6027 61.1700 61.7814 61.4757 0.3800 0.3838 0.3819 75.3169 76.0701 75.6935 71.4204 72.1346 71.7775 64.4876 65.1330 64.8103 January 56.0949 56.6559 56.3754 61.2506 61.8622 61.5564 0.3851 0.3890 0.3870 74.8859 75.6347 75.2603 71.2506 71.9631 71.6069 65.4347 66.0904 65.7625 February 56.3217 56.8849 56.6033 60.7825 61.3903 61.0864 0.3771 0.3809 0.3790 75.6233 76.3795 76.0014 71.1287 71.8400 71.4843 64.3100 64.9531 64.6315 March 56.5468 57.1122 56.8295 61.4768 62.0916 61.7842 0.3778 0.3816 0.3797 75.4416 76.1960 75.8188 71.8819 72.6008 72.2414 63.7182 64.3554 64.0368 2024/25 QII B 121.5814 124.0415 122.8115 129.8167 131.1149 130.4658 0.7988 0.8067 0.8027 160.5580 162.1636 161.3608 155.9042 157.4632 156.6837 138.6638 140.0504 139.3571 October 118.2042 122.5272 120.3657 129.0728 130.3635 129.7181 0.7921 0.8000 0.7961 157.4412 159.0156 158.2284 154.4984 156.0434 155.2709 137.4800 138.8547 138.1673 November 121.8270 123.4279 122.6275 129.6755 130.9723 130.3239 0.7925 0.8004 0.7965 160.7656 162.3733 161.5694 155.4574 157.0120 156.2347 138.5238 139.9091 139.2165 December 124.7129 126.1695 125.4412 130.7020 132.0090 131.3555 0.8116 0.8197 0.8157 163.4672 165.1018 164.2845 157.7567 159.3342 158.5455 139.9875 141.3873 140.6874 QIII A 126.6244 127.9024 127.2634 133.1810 134.5128 133.8469 0.8304 0.8387 0.8346 165.5245 167.1797 166.3521 159.4072 161.0012 160.2042 140.7982 142.2062 141.5022 January 125.4521 126.8319 126.1420 129.8774 131.1761 130.5267 0.8015 0.8095 0.8055 163.2378 164.8702 164.0540 154.9173 156.4665 155.6919 137.9577 139.3373 138.6475 February 125.8828 127.1347 126.5087 131.0312 132.3415 131.6863 0.8281 0.8364 0.8322 163.9657 165.6053 164.7855 157.6265 159.2028 158.4146 139.1613 140.5529 139.8571 March 128.5385 129.7406 129.1395 138.6345 140.0208 139.3277 0.8617 0.8703 0.8660 169.3699 171.0636 170.2168 165.6777 167.3345 166.5061 145.2756 146.7284 146.0020 Per￾centage Change A/B 4.15 3.11 3.63 2.59 3.96 3.97 3.96 3.09 2.25 1.54 A/C 124.83 124.85 124.84 117.72 118.54 119.77 123.20 118.33 Source: National Bank of Ethiopia

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Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate
Currency
March 29,
2024
December
31, 2024
March 31,
2025 Percentage Change
A B C C/B C/A
USD 56.9067 125.8553 130.0013 3.3 128.4
Pound 71.9074 158.3607 168.7749 6.6 134.7
Swedish Kroner 5.3324 11.4289 12.9790 13.6 143.4 Djibouti Frank 0.3219 0.7111 0.73830 3.8 129.4 Swiss Frank 62.9708 139.3671 147.7583 6.0 134.6 Saudi Riyal 15.1727 33.4726 34.7977 4.0 129.3 UAE Dirhams 15.4945 34.2253 35.5347 3.8 129.3 Canadian Dollar 41.9357 87.4169 91.0630 4.2 117.1 Japanese Yen 0.3761 0.7971 0.86550 8.6 130.2 Euro 61.4877 131.2800 140.5675 7.1 128.6 SDR 75.4014 163.9553 172.5211 5.2 128.8 Source: NBE Staff Compilation
5.7.2. Movements in the Real Effective Exchange Rate
During the third quarter of FY 2024/25, the real effective exchange rate (REER) of the Ethiopi￾an Birr depreciated by 50.7 percent year-on-year. This significant depreciation is primarily attributed to the shift to a market-based exchange rate regime, implemented on July 29,
2024. The policy transition led to a notable weakening of the Birr against the currencies of
Ethiopia’s major trading partners. Additionally, the depreciation was further influenced by a slowdown in domestic inflation, which contributed to the downward movement of the REER. Similarly, the nominal effective exchange rate index (NEERI) declined by 50.0 percent over the same period. This was largely driven by the depreciation of several trading partners’ currencies against the US dollar, including the Egyptian Pound (41.4 percent), Turkish Lira (17.2 percent), South Korean Won (9.2 percent), Indian Rupee (4.3 percent), and Japanese Yen (2.9 percent) (Table 5.15).

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Table 5.15: Trends in the Real and Nominal Effective Exchange Rates
Item
2023/24 2024/25
Percentage Change
QIII QII QIII
A B C C/B C/A
REERI 372.3 185.2 183.6 -0.8 -50.7
NEERI 35.9 18.0 17.9 -0.3 -50.0
Source: NBE Staff Compilation
NB:

• REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index
• A decrease in the REERI and NEERI implies depreciation and vice versa.
  Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 350 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 REERI NEERI Source: NBE Staff Compilation

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5.7.3. Volume of Transactions
During the third quarter of the FY 2024/25, the volume of foreign exchange traded in the in￾terbank market was 84.3 million, which is twenty-six-folds higher than 3.3 million volumes traded last year same quarter (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 20 40 60 80 100 120 140 160 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 2024/25 Mn USD Total Amount Traded Amount Traded among CBs Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased 24.0 million and sold 54.0 million. Hence, the amount of forex purchased declined by 62.2 percent, while the amount of sold increased by 20.9 percent (Table 5.11).

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VI. FEDERAL GOVERNMENT FINANCE
In the third quarter of 2024/25, the federal government’s total revenue including grants amounted to Birr 232.8 billion reflecting an impressive annual growth rate of 137 percent. Likewise, total expenditure reached Birr 398.6 billion, demonstrating an annual growth of
129.9 percent. As a result, the fiscal balance of the federal government, inclusive of grants,
recorded a deficit of Birr 165.7 billion (Table 6.1).
The revenue growth in the third quarter of the fiscal year indicates good government reve￾nue collection capacity, increasing tax base and improvement in tax administration. How￾ever, the total expenditure of Birr 398.6 billion, which surpassed revenue and resulted in fis￾cal deficit of Birr 165.7 billion, highlights the challenges of revenue. On the other hand, there was persistent fiscal deficit over the past years which require government attention.

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Table 6.1: Summary of Quarterly Federal Government Finance
[In millions of Birr]
No Finer points
2023/24 2024/25 Percentage changes
Perfor￾mance rate
QIII QII
Revised
Budget QIII D/A D/B D/C
A B C D
1 Revenue and Grants 98,247.4 311,449.8 975,364.4 232,885.1 137.0 (25.2) 23.9
1.1 Total Revenue 98,247.4 256,983.7 845,104.4 176,963.4 80.1 (31.1) 20.9
Tax Revenue 86,164.7 237,714.4 783,535.0 150,890.2 75.1 (36.5) 19.3 Direct tax 21,220.7 75,426.4 241,844.4 31,004.2 46.1 (58.9) 12.8 Indirect tax 64,944.0 162,288.0 541,690.6 119,886.0 84.6 (26.1) 22.1 Non-Tax Revenue 12,082.7 19,269.3 61,569.4 26,073.2 115.8 35.3 42.3
1.2 Grant & Relief - 54,466.1 130,260.0 55,921.7 - 2.7 42.9
2 Current Expenditure 74,401.3 98,589.5 675,627.9 222,765.2 199.4 126.0 33.0 3 Current Surplus/Deficit - - - - - - - (Including Grants) 23,846.1 212,860.4 299,736.5 10,119.9 (57.6) (95.2) 3.4 (Excluding Grants) 23,846.1 158,394.2 169,476.5 (45,801.8) (292.1) (128.9) (27.0) 4 Capital Expenditure 44,467.7 94,350.8 340,502.6 98,689.4 121.9 4.6 29.0 5 Regional Transfers 54,504.5 69,658.6 229,293.1 77,163.6 41.6 10.8 33.7 6 Total Expenditure 173,373.5 262,598.8 1,245,423.6 398,618.2 129.9 51.8 32.0 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (75,126.1) 48,851.0 (270,059.2) (165,733.2) 120.6 (439.3) 61.4 (Excluding Grants) (75,126.1) (5,615.1) (400,319.2) (221,654.8) 195.0 3,847.5 55.4 8 Total Financing 75,126.1 (48,851.0) 270,059.2 165,733.2 120.6 (439.3) 61.4
8.1 Net External Borrowings 2,228.9 10,855.1 142,804.8 60,525.0 2,615.5 457.6 42.4
External Borrowing 9,759.0 21,194.7 64,022.0 19,402.1 98.8 (8.5) 30.3 CPF Loan - - 178,117.9 64,094.7 - - 36.0 Amortization 7,530.1 10,339.6 99,335.1 22,971.8 205.1 122.2 23.1
8.2 Net Domestic Borrowings 72,948.2 (5,595.0) 127,254.4 150,773.2 106.7 (2,794.8) 118.5
Banking System 52,695.6 (24,062.9) - 108,421.6 105.8 (550.6) - Non-Bank Sources 20,252.6 18,467.9 - 42,351.6 109.1 129.3 -
8.3 Privatization receipts - - - - - - -
8.4 Others and Residuals (51.0) (54,111.1) (0.0) (45,565.0) 89,329.9 (15.8) -
Source: Ministry of Finance

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6.1. Revenue and Grants by Component
During the review quarter, total revenue and grants amounted to Birr 232.8 billion, reflecting a remarkable annual growth rate of 137 percent. However, this figure represents a decline of
25.2 percent compared to the preceding quarter.
Total domestic revenue reached Birr 176.9 billion, with Birr 150.8 billion (85.3 percent) derived from tax sources and the remaining Birr 26.1 billion (14.7 percent) from non-tax sources. Ad￾ditionally, grants and relief contributed Birr 55.9 billion. Within the tax revenue breakdown, indirect taxes accounted for 79.5 percent while direct taxes made up 20.5 percent. The federal government revenue data presented in Table 6.2 reveals a tax structure that heavily relies on indirect taxes specifically from foreign trade taxes. The indirect tax gener￾ated Birr 119.9 billion revenue in the quarter while direct taxes generated only Birr 31.0 billion. In contrast, the robust performance in non-tax revenue collection, which shed a 35.3 percent increase in the quarter, indicates potential areas for further development and enhance￾ment of government revenue strategies. Consequently, the government should implement measures to create a more balanced tax structure.

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Table 6.2: Summary of Federal Government Revenue by Component
(In Millions of Birr)
No Particulars
2023/24 2024/25
Percentage
Change
Performance
QIII QII Rate Revised
Budget QIII
A B C D [D/A] [D/B] [D/C]
Total Revenue and Grants 98,247.4 311,449.8 975,364.4 232,885.1 137.0 (25.2) 23.9 Total Domestic Revenue 98,247.4 256,983.7 845,104.4 176,963.4 80.1 (31.1) 20.9 1 Tax Revenue 86,164.7 237,714.4 783,535.0 150,890.2 75.1 (36.5) 19.3
1.1 Direct Tax Revenue 21,220.7 75,426.4 241,844.4 31,004.2 46.1 (58.9) 12.8
1.1.1 Income Taxes 17,669.1 68,519.4 201,916.5 26,393.5 49.4 (61.5) 13.1

• Personal 10,117.7 12,820.6 49,607.4 12,859.6 27.1 0.3 25.9
• Business 7,551.5 55,698.8 152,309.0 13,533.9 79.2 (75.7) 8.9
  1.1.2 Others1 3,551.6 6,907.0 39,928.0 4,610.7 29.8 (33.2) 11.5
  1.2 Indirect Taxes 64,944.0 162,288.0 541,690.6 119,886.0 84.6 (26.1) 22.1
  1.2.1 Domestic Taxes 26,591.2 51,536.4 191,031.7 31,699.4 19.2 (38.5) 16.6
  1.2.2 Foreign Trade Taxes 38,352.7 110,751.5 350,658.9 88,186.6 129.9 (20.4) 25.1
• Import 38,352.7 110,740.0 350,637.7 88,170.2 129.9 (20.4) 25.1
  -Export - 11.5 21.2 16.4 - 43.0 77.7
  2 Non-Tax Revenue 12,082.7 19,269.3 61,569.4 26,073.2 115.8 35.3 42.3 3 Privatization - - - - - - - 4 Grants and Relief - 54,466.1 130,260.0 55,921.7 - 2.7 42.9 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

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Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Fed￾eral Government - 50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020/21 2021/22 2022/23 2023/24 2024/25 Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Fig.VI.2: Domestic Revenue by Major Components during the Third Quarter of 2024/25 Direct Tax Revenue 17.5 Indirect Taxes 67.8 Non-Tax Revenue 14.7

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6.2. Expenditure by Component
During the review period, total federal government expenditures (including regional trans￾fers) showed a significant increase from the previous year and reached Birr 398.6 billion and grew by 129.9 percent compared to a year ago. However, this figure represents a decline of
25.2 percent compared to the preceding quarter.
In the 3rd quarter of the 2024/25 fiscal year, current expenditure exhibited a significantly higher percentage change compared to capital expenditure during the same period the previous year. Current expenditures surged to Birr 222.7 billion, reflecting an increase of 199.4 percent, while capital expenditures reached Birr 98.6 billion, marking a rise of 121.9 percent. Furthermore, regional transfers experienced a significant increase, totalling Birr 77.1 billion, reflecting a 41.6% rise compared to the same period last fiscal year (Table 6.2). This alloca￾tion highlights a strong commitment to supporting development initiatives. Current expenditure by component exhibited a significant increase compared to the same quarter last year, though this growth was not evenly distributed across all categories. The ‘other expenditure’ and debt service categories experienced remarkable increases of 877.4% and 130.5%, respectively. Additionally, notable rises were observed in debt services and so￾cial services, with increases of 43.2% and 41.7%, respectively. In contrast, economic services saw a decline of 5.1%. Capital expenditure increased significantly across various categories, with general develop￾ment rising by 243.2%, economic development by 130.6%, and social development by 67.3%.

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Table 6.3: Summary of Federal Government Expenditure by components
(In Millions of Birr)
No Particulars
2023/24 2024/25
Percentage
Change
Perfor￾mance
Rate QIII QII
Revised
Budget QIII
A B C D [D/A] [D/B] [D/C]
Total Expenditure 173,373.5 262,598.8 1,245,423.6 398,618.2 129.9 51.8 32.0 1 Current Expenditure 74,401.3 98,589.5 675,627.9 222,765.2 199.4 126.0 33.0

• General Services 25,620.9 42,977.1 106,849.1 36,695.2 43.2 (14.6) 34.3
• Economic Services 1,902.2 2,672.0 8,467.1 1,804.3 (5.1) (32.5) 21.3
• Social Services 16,301.9 19,533.9 68,190.7 23,107.2 41.7 18.3 33.9
• Others expenditure 6,294.1 10,761.2 316,489.5 105,177.9 1,571.1 877.4 33.2
• Debt Service 24,282.2 22,645.2 175,631.5 55,980.7 130.5 147.2 31.9
  2 Capital Expenditure 44,467.7 94,350.8 340,502.6 98,689.4 121.9 4.6 29.0
• Economic
  Development 32,678.4 72,645.8 243,823.4 75,348.3 130.6 3.7 30.9
• Social
  Development 9,734.1 13,000.9 50,784.7 16,287.5 67.3 25.3 32.1
• General
  Development 2,055.2 8,704.1 45,894.5 7,053.6 243.2 (19.0) 15.4 3 Regional Transfers 54,504.5 69,658.6 229,293.1 77,163.6 41.6 10.8 33.7 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Third Quarter of 2024/25 Current Expenditure 55.9% Capital Expenditure 24.7% Regional Transfer 19.4%

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Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components 0 50000 100000 150000 200000 250000 300000 350000 400000 450000 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers
6.3. Deficit Financing
During the review period, the Federal government recorded an overall budget deficit (in￾cluding grants) of Birr 165.7 billion, indicating that government expenditures exceeded rev￾enues. This deficit was significantly higher than the Birr 75.1 billion deficit recorded during the same period a year ago. The deficit was financed through net external and domestic borrowings (Table 6.1). Fig.VI.5: Federal Government Finance during Third Quarter of F.Y 2024/25 - 100,000.0 200,000.0 300,000.0 400,000.0 500,000.0 600,000.0 700,000.0 800,000.0 900,000.0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

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VII. DEVELOPMENTS IN INVESTMENT
In the third quarter of 2024/25, 48 investment projects became operational, raising a to￾tal capital of Birr 26.1 billion. This represents a 108.7 percent year-over-year increase in the number of projects, though invested capital saw a 57.6 percent decline over the same peri￾od. Compared to the previous quarter, both the number of projects and the invested capital registered significant growth (Table 8.1). All investment projects were privately owned with 47 (97.9 percent) being domestic and one (2.1 percent) foreign. Domestic projects accounted for Birr 26 billion (99.7 percent) of the total capital while foreign investment totalled Birr 84.3 million (0.3 percent). In terms of job creation, these projects generated opportunities for 3,128 individuals, with 73.2 percent permanent and 26.8 percent casual employment. The number of jobs created during the review quarter showed a substantial increase compared to the same period last year (Ta￾ble 7.1).

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Table 7.1: Performance of Operational Investment Projects
Capital (In millions of Birr)
Type of
Projects Items
2023/24 2024/25 Percentage
QIII QII QIII Changes
A B C Share C/A C/B

1. Total
   Investment
   Number of projects 23 11 48 100 108.7 336.4
   Capital 61,512.6 1,864.6 26,095.8 100 -57.6 1,299.5 Permanent Employment 319 179 2291 100 618.2 1,179.9 Temporary Employment 417 732 837 100 100.7 14.3
2. Private In￾vestment
   Number of projects 23 11 48 100 108.7 336.4
   Capital 61,512.6 1,864.6 26,095.8 100 -57.6 1,299.5 Permanent Employment 319 179 2291 100 618.2 1,179.9 Temporary Employment 417 732 837 100 100.7 14.3
   2.1. Domestic
   Investment
   Number of projects 20 6 47 97.9 135.0 683.3
   Capital 61,031.7 1,703.3 26,011.6 99.7 -57.4 1,427.1 Permanent Employment 113 32 2281 99.6 1,918.6 7,028.1 Temporary Employment 189 30 832 99.4 340.2 2,673.3
   2.2. Foreign
   Investment
   Number of projects 3 5 1 2.1 -66.7 -80.0
   Capital 480.9 161.4 84.3 0.3 -82.5 -47.8
   Permanent Employment 206 147 10 0.4 -95.1 -93.2 Temporary Employment 228 702 5 0.6 -97.8 -99.3
3. Public
   Investment
   Number of projects - - - - - -
   Capital - - - - - -
   Permanent Employment - - - - - -
   Temporary Employment - - - - - -
   Source: Ethiopian Investment Commission
   Sector-wise, manufacturing dominated the investment projects accounting for 56.3 per￾cent of the total. Construction followed with 16.7 percent, and real estate, renting, and busi￾ness activities represented 12.5 percent. Health & social work comprised 6.3 percent while education, hotels & restaurants, tour operation, transport & communication, and wholesale, retail trade & repair services each constituted 2.1 percent of the projects. Permanent employment was heavily concentrated in manufacturing, which created
   60.8 percent of these jobs followed by tour operation, transport, and communication
   by 21.8 percent), construction by 5.4 percent. Other sectors like real estate, renting, and business activities (4.4 percent), hotels and restaurants (3.5 percent), health and social work (3.4 percent), and wholesale, retail trade & repair services (0.4 per￾cent) accounted for the remainder (Table 7.2).

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In terms of temporary employment, manufacturing accounted for 49.8 percent of temporary employment followed by construction (27.2 percent), hotels and restau￾rants (9.7 percent), wholesale, retail trade & repair service (6 percent), tour opera￾tion, transport, & communication (3.6 percent), real estate, renting & business activ￾ities (2.3 percent) and health & social work (1.4 percent) (Table 7.2).
Table 7.2: Investment Distribution by Sector during the Third Quarter of 2024/25
Sectors
No. of
Proj.
Share
(%)
Capital
(in Million
Birr)
Share
(%)
Perm.
Emp.
Share
(%)
Temp.
Emp.
Share
(%)
Agriculture, hunting and forestry - - - - - - - - Construction 8 16.7 20,662.3 79.2 124 5.4 228 27.2 Education 1 2.1 184.0 0.7 5 Electricity, gas, steam and water supply - - - - - - - - Health and social work 3 6.3 225.0 0.9 77 3.4 12 1.4 Hotels and restaurants 1 2.1 18.6 0.1 81 3.5 81 9.7 Manufacturing 27 56.3 4,721.7 18.1 1,394 60.8 417 49.8 Mining and quarrying - - - - - - - - Other community, social and personal service ac￾tivities

---

Real estate, renting and business activities 6 12.5 84.1 0.3 100 4.4 19 2.3 Tour operation, transport, and communication 1 2.1 200.0 0.8 500 21.8 30 3.6 Wholesale, retail trade & repair service 1 2.1 0.0 0.0 10 0.4 50 6.0 Others - - - - - - - - Grand Total 48 100 26,095.8 100 2,291 100 837 100 Source: Ethiopian Investment Commission In terms of regional distribution, Addis Ababa was the primary hub for investment activity. It accounted for 93.8% of total projects and attracted 99.7% of the total investment capital. Multi-regional projects represented 4.2 percent of total projects and investment capital of
0.3 percent. The remaining 2.1 percent projects commenced operation in Amhara region. In
terms of job creation, Addis Ababa accounted for 99 and 93.4 percent of the total perma￾nent and temporary employment, respectively. While the remaining share of permanent and temporary employment generated by Amhara region and multiregional projects (Ta￾ble 7.3).

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Table 7.3: Performance of Operational Investment Projects by Region
Capital in million Birr
Region
2023/24 2024/25
Growth Rate
QIII QII QIII
A B C
Share In
(%) C/A
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital.
Perm emp
Temp emp
Addis Ababa 20 61,032 113 189 6 1,703 32 30 45 26,010.5 2,269 782 93.8 99.7 99.0 93.4 125 -57 1,908 314 Afar - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - 1 1.1 2 0 2.1 0.0 0.1 - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - Multi-regional 3 481 206 228 5 161 147 702 2 84.3 20 55 4.2 0.3 0.9 6.6 -33 -82 -90 -76 Grand Total 23 61,513 319 417 11 1,865 179 732 48 26,095.9 2,291 837 100 109 -58 618 101

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VIII. INTERNATIONAL ECONOMIC
DEVELOPMENTS
8.2 Overview of the World Economy8
Growth in global activity declined in the third quarter of 2024/25. In March the global com￾posite output Purchasing Managers’ Index (PMI) excluding the euro area increased to 52.3, from 51.7 in February, as services activity expanded moderately, to 52.9 from 51.6 in February. In contrast, the manufacturing output PMI fell to 50.5, from 51.9 in February. In United State, Real GDP turned slightly negative in the third quarter of 2024/25, as the front￾loading of imports resulted in a large negative contribution from net trade. At the same time, domestic demand remained relatively solid. In China, real GDP growth was strong in the third quarter of 2024/25, boosted by robust do￾mestic demand and frontloaded exports. In the United Kingdom, real GDP growth picked up in the third quarter of 2024/25, driven by strong investment growth and net trade.
8.2 Inflation Developments
Headline inflation across the member countries of the Organisation for Economic Co-oper￾ation and Development (OECD) decreased, but core inflation was unchanged. In February 2024/25 the annual rate of consumer price index (CPI) inflation across OECD member coun￾tries (excluding Türkiye) decreased to 2.9 percent, from 3.0 percent in the previous month. This downtick in headline inflation was due to lower energy prices, while the contribution of food prices remained stable. Core inflation, which excludes energy and food prices, was unchanged at 3.1 percent. In United State, CPI headline and core inflation fell in March. US headline CPI inflation de￾creased to 2.4 percent in March (by 0.4 percentage points compared with February), while core CPI inflation dropped from 3.1 percent to 2.8 percent. In the United Kingdom, Headline CPI inflation declined to 2.6 percent in March from 2.8 per￾cent in February 2025, largely driven from non-food items. China’s inflation improved from -0.7 percent year-on-year in February 2025 to -0.1 percent in March 2025. This moderation in deflation was primarily driven by a smaller decline in food prices and a rebound in non-food prices, indicating a gradual recovery in domestic demand and price stability. 8 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 2-4/2025.

Third Quarter Report 2024/25 73
National Bank of Ethiopia Quarterly Bulletin
8.3. Commodity Price
Over the review period, Brent crude oil prices decreased by 5 percent, while European gas prices declined by 12 percent. Concerns about the impact of trade disputes on global activ￾ity exerted downward pressure on oil prices, which was further reinforced by an unexpected build-up in US crude oil inventories, indicating weaker-than-expected demand for oil in the United States. European gas prices experienced strong volatility, as colder temperatures and a low renew￾able energy output led initially to higher prices owing to an increase in the amount of gas consumed for heating and to generate power. However, gas spot prices declined because of announcements about Ukraine peace negotiations. Metal prices increased by 2 percent, mainly because of US-based traders making precau￾tionary purchases following the announcements made on 10 February regarding steel and aluminium tariffs, along with threats made on 25 February to impose levies on imported copper.
8.4. Exchange Rate Developments
In foreign exchange markets, the euro appreciated, both against the US dollar and in trade-weighted terms. The nominal effective exchange rate of the euro as measured against the currencies of 42 of the euro area’s most important trading partners appreciated by 2.2 percent in March 2025 against the previous month. Euro also appreciated 3.8 percent against the US dollar on month to months basis. Moreover, the Euro strengthened by 3.4 percent, 1.4 percent, 1.9 percent and 0.8 percent against the Chinese renminbi, Swiss-franc, Japanese Yen, pound sterling, respectively.
8.5. Impact of Global Economic Development on Ethiopian Economy
Global economic activity declined in the third quarter of 2024/25, accompanied by a de￾crease in headline inflation across member countries of the Organisation for Economic Co-operation and Development (OECD). However, core inflation remained unchanged de￾spite a drop in Brent crude oil prices. The decline in Brent crude oil prices and overall inflation has had a positive spillover effect on Ethiopia. Lower oil prices reduce the country’s foreign exchange outflows for fuel and overall import bills. This, in turn, could help partially offset the persistent deficit in Ethiopia’s current account balance.

Third Quarter Report 2024/25 74
National Bank of Ethiopia Quarterly Bulletin
STATISTICAL
ANNEXES

National Bank of Ethiopia Quarterly Bulletin
75
Third Quarter Report 2024/25
Table 1(a): Statement of Condition of National Bank of Ethipia:
Assets (In Millions of Birr)
End of
Period
Foreign Assets Claims on Government
Advance to DBE
Silver
Coins
Other
Total Gold Assets Reserve
Tranche
Foreign
Exchange
Others Total Bond
Direct
Advance
Others
2023/24 Qtr.I 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 July 37,921.9 143.6 804.9 32,776.2 4,197.1 573,120.4 433,120.4 140,000.0 0.0 44,822.7 0.0 161,970.1 August 30,839.0 144.1 796.1 26,499.1 3,399.7 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 161,723.9 September 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 Qtr.II 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 October 128,456.2 28.8 792.8 123,400.5 4,234.1 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 162,081.6 November 111,216.2 188.5 809.4 106,775.6 3,442.7 590,120.4 433,120.4 157,000.0 0.0 42,322.7 0.0 172,391.9 December 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 Qtr.III 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 January 102,573.3 272.0 813.5 97,192.0 4,295.8 610,120.4 433,120.4 177,000.0 0.0 42,322.7 0.0 169,627.2 February 90,430.1 694.6 817.4 85,381.8 3,536.3 620,120.4 433,120.4 187,000.0 0.0 41,322.7 0.0 168,253.1 March 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 QIV 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 April 85,713.8 923.5 817.2 79,723.2 4,249.9 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 180,921.5 May 73,183.5 2,136.2 822.7 66,668.5 3,556.1 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 182,115.0 June 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 2024/25 QI 407,797.4 9,833.3 1,711.2 389,225.5 7,027.4 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 194,646.3 July 102,866.5 220.1 1,074.8 96,218.5 5,353.1 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 191,821.1 August 390,212.2 1,618.3 1,573.0 379,269.0 7,751.9 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 179,609.2 September 407,797.4 9,833.3 1,711.2 389,225.5 7,027.4 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 194,646.3 QII 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 October 426,404.5 0.0 1,737.9 416,485.4 8,181.2 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 218,690.5 November 447,356.9 257.0 1,778.1 438,015.9 7,306.0 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 222,585.9 December 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 QIII 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 January 511,644.9 161.2 1,783.8 501,212.8 8,487.1 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 264,062.6 February 523,981.8 127.8 1,807.2 514,382.1 7,664.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 240,623.2 March 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8

National Bank of Ethiopia Quarterly Bulletin
76
Third Quarter Report 2024/25
Table 1(b): Statement of Condition of National Bank of Ethipia:
Liabilities (In Millions of Birr)
End of Period Total Liab.= Assets Currency
(Notes + Coins)
Deposits Foreign Liabilities Capital
Account
Other
Total Gov’t Banker Total Fund Credit Others Liab.
2022/23 Qtr.III 781,013.8 258,331.6 234,682.3 44,121.5 190,560.9 234,984.6 13,356.5 221,628.1 4,830.8 48,184.5 January 767,686.8 247,929.2 231,275.5 45,869.4 185,406.1 239,030.0 13,324.6 225,705.4 4,830.8 44,621.3 February 780,778.3 253,774.3 230,632.3 62,006.8 168,625.5 244,281.9 13,205.9 231,076.0 4,830.8 47,258.9 March 781,013.8 258,331.6 234,682.3 44,121.5 190,560.9 234,984.6 13,356.5 221,628.1 4,830.8 48,184.5 QIV 827,564.9 254,316.1 266,847.2 42,691.6 224,155.7 247,577.5 13,419.8 234,157.7 4,830.8 53,993.4 April 793,753.4 269,451.0 230,650.8 50,711.8 179,939.0 239,472.4 13,452.7 226,019.7 4,830.8 49,348.3 May 815,796.3 259,711.5 250,742.7 52,806.3 197,936.4 245,944.9 13,304.3 232,640.6 4,830.8 54,566.5 June 827,564.9 254,316.1 266,847.2 42,691.6 224,155.7 247,577.5 13,419.8 234,157.7 4,830.8 53,993.4 2023/24 Qtr.I 819,023.8 245,315.1 257,074.1 59,099.1 197,975.0 253,530.3 13,379.0 240,151.3 4,830.8 58,273.4 July 817,835.2 250,442.1 264,324.5 53,124.1 211,200.5 242,398.2 13,542.4 228,855.8 4,830.8 55,839.5 August 817,506.0 241,058.0 265,771.0 51,034.8 214,736.2 249,093.7 13,433.3 235,660.3 4,830.8 56,752.5 September 819,023.8 245,315.1 257,074.1 59,099.1 197,975.0 253,530.3 13,379.0 240,151.3 4,830.8 58,273.4 Qtr.II 925,420.7 254,152.7 236,960.7 42,609.0 194,351.6 371,129.6 13,712.1 357,417.5 4,830.8 58,346.9 October 915,480.9 239,233.4 239,184.2 64,898.4 174,285.8 372,777.6 13,392.6 359,385.1 4,830.8 59,454.9 November 916,051.2 243,788.5 236,438.7 47,781.8 188,656.9 371,182.8 13,597.3 357,585.6 4,830.8 59,810.3 December 925,420.7 254,152.7 236,960.7 42,609.0 194,351.6 371,129.6 13,712.1 357,417.5 4,830.8 58,346.9 Qtr.III 932,058.8 269,026.5 236,683.5 43,991.2 192,692.3 361,012.7 13,698.1 347,314.6 4,830.8 60,505.3 January 924,643.6 267,007.4 234,236.1 50,315.6 183,920.5 362,947.2 13,648.4 349,298.8 4,830.8 55,622.1 February 920,126.4 268,747.9 228,329.1 46,372.8 181,956.3 361,331.8 13,695.9 347,635.8 4,830.8 56,886.8 March 932,058.8 269,026.5 236,683.5 43,991.2 192,692.3 361,012.7 13,698.1 347,314.6 4,830.8 60,505.3 QIV 977,214.6 257,296.3 258,794.3 42,867.4 215,926.9 371,068.8 13,688.4 357,380.4 3,494.8 86,560.5 April 958,078.5 272,033.8 258,060.9 64,136.3 193,924.6 362,611.4 13,693.3 348,918.1 4,830.8 60,541.5 May 946,741.7 263,500.9 257,164.0 58,105.7 199,058.3 356,079.1 13,761.8 342,317.4 4,830.8 65,166.9 June 977,214.6 257,296.3 258,794.3 42,867.4 215,926.9 371,068.8 13,688.4 357,380.4 3,494.8 86,560.5 2024/25 QI 1,318,886.9 261,186.9 265,200.4 49,594.4 215,606.0 1,075,304.4 145,716.5 929,588.0 1,547.7 (284,352.6) July 1,011,130.7 253,896.0 255,595.6 44,795.7 210,799.9 484,054.4 16,868.4 467,186.0 3,494.8 14,090.0 August 1,286,264.5 248,734.5 249,348.3 41,887.5 207,460.8 991,205.2 134,242.0 856,963.2 3,494.8 (206,518.2) September 1,318,886.9 261,186.9 265,200.4 49,594.4 215,606.0 1,075,304.4 145,716.5 929,588.0 1,547.7 (284,352.6) QII 1,447,784.0 300,655.6 322,156.5 64,861.8 257,294.7 1,113,977.6 193,152.1 920,825.5 1,547.7 (290,553.4)
October 1,355,538.2 259,852.4 294,951.5 85,691.9 209,259.6 1,088,583.8 188,902.0 899,681.8 1,547.7 (289,397.2) November 1,380,386.0 275,525.3 295,690.1 63,818.6 231,871.4 1,111,885.8 193,181.9 918,703.8 1,547.7 (304,262.9) December 1,447,784.0 300,655.6 322,156.5 64,861.8 257,294.7 1,113,977.6 193,152.1 920,825.5 1,547.7 (290,553.4) QIII 1,484,918.2 348,309.0 378,418.2 75,266.5 303,151.7 1,048,480.0 236,126.4 812,353.6 5,112.0 (295,401.1) January 1,486,150.7 321,083.5 370,109.4 50,908.1 319,201.3 1,085,147.1 225,333.4 859,813.7 1,547.7 (291,737.1) February 1,473,248.2 338,542.6 413,228.2 75,706.6 337,521.6 1,009,130.6 228,242.5 780,888.1 3,564.9 (291,218.1) March 1,484,918.2 348,309.0 378,418.2 75,266.5 303,151.7 1,048,480.0 236,126.4 812,353.6 5,112.0 (295,401.1)

National Bank of Ethiopia Quarterly Bulletin
77
Third Quarter Report 2024/25
Table 2(a): Statement of Condition of Commercial Banks:
Assets (In Millions of Birr)
End of
Period
Total
Reserves Foreign
Assets
Claims
On Gov’t Total
Claims on Non-Central Gov’t Other
Assets
Cash in
Hand
Deposits with NBE
Loans &
Adv. Investment Commercial
Banks
(2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10
Qtr.II 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 October 211300.8 39544.0 171756.7 71093.3 184217.9 1598573.3 1038837.3 524946.2 34789.8 483649.7 November 229064.6 38113.0 190951.6 70417.0 175226.4 1627096.4 1070428.8 525999.3 30668.3 479570.3 December 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 Qtr.III 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 January 228297.5 42098.3 186199.1 71608.4 192953.2 1685183.5 1119382.0 532337.2 33464.3 507779.3 February 216253.0 42855.1 173397.9 60412.1 192573.7 1717093.1 1136959.5 545863.2 34270.4 510295.7 March 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 Qtr.IV 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 April 226142.2 43996.6 182145.6 73563.6 184917.6 1749261.7 1172304.3 544242.5 32714.9 511983.7 May 236964.5 44361.3 192603.2 71212.6 187729.0 1750804.6 1178641.3 538618.6 33544.7 531036.9 June 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 2023/24 Qtr.I 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 July 257216.0 46450.7 210765.4 69241.4 216308.4 1859345.0 1236222.7 578584.9 44537.4 518550.1 August 257925.9 42671.2 215254.8 59143.1 222578.1 1875537.4 1253955.0 578647.0 42935.4 557458.7 September 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 Qtr.II 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 October 219565.2 45358.0 174207.2 57977.2 220328.9 1901734.0 1282531.6 573646.8 45555.5 561826.9 November 240515.0 44920.6 195594.4 66307.2 214625.3 1915067.0 1296432.5 573163.5 45471.0 601363.4 December 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 Qtr.III 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 January 235881.8 48536.8 187344.9 57976.2 225330.4 1989429.4 1348135.8 591605.2 49688.4 631286.6 February 235268.8 49364.1 185904.7 57438.3 228946.9 2010705.5 1366904.7 591558.2 52242.5 640226.9 March 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 QIV 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 April 243860.9 53073.7 190787.2 69728.2 253002.0 2038971.3 1402015.5 590925.0 46030.8 646586.6 May 251334.1 54835.7 196498.4 75711.8 261017.7 2036256.4 1401155.4 590587.7 44513.3 658378.0 June 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 2024/25 QI 281728.5 61803.7 219924.8 239440.9 1128721.8 1468502.6 1342400.5 81614.0 44488.2 667132.7 July 262552.2 56887.1 205665.1 118588.8 1156670.0 1436407.5 1283826.6 107066.9 45514.0 545103.6 August 255542.8 51239.4 204303.4 195573.3 1142113.6 1441343.7 1305757.1 94301.8 41284.8 650832.1 September
281728.5 61803.7 219924.8 239440.9 1128721.8 1468502.6 1342400.5 81614.0 44488.2 667132.7 QII 316149.2 58405.9 257743.3 292695.5 1131952.8 1609618.5 1487432.8 81491.1 40694.6 744990.0 October 267993.7 58032.8 209960.9 265528.1 1126976.5 1472952.8 1352735.1 79660.1 40557.5 678234.4 November 286609.5 55535.7 231073.8 289105.7 1130512.5 1514904.3 1384324.0 94024.3 36556.1 698548.5 December 316149.2 58405.9 257743.3 292695.5 1131952.8 1609618.5 1487432.8 81491.1 40694.6 744990.0 QIII 368441.8 70202.3 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 518776.3 January 379011.2 59367.4 319643.8 255561.4 1152904.9 1681007.4 1550225.0 91317.2 39465.2 491062.9 February 402328.0 65426.7 336901.3 244245.1 1160379.7 1785179.1 1629937.1 114960.9 40281.0 494941.8 March 368441.8 70202.3 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 518776.3

National Bank of Ethiopia Quarterly Bulletin
78
Third Quarter Report 2024/25
Table 2(b): Statement of Condition of Commercial Banks:
Liabilities (In Millions of Birr)
End of
Period
Total
(Liab.=Assets)
Non-Central Gov’t Deposits Gov’t
Depos.
Foreign
Liab.
Capital Account Other
Total Demand Time Saving Total Capital Liab. Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 2023/24 Qtr.I 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 July 2917508.8 1958115.3 487447.2 144297.2 1326370.9 147938.6 41996.3 280778.3 164018.9 45905.5 70853.8 488680.3 August 2969860.6 1983993.2 487276.9 146927.2 1349789.0 151344.2 42083.1 286867.0 166199.6 45931.1 74736.3 505573.0 September 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 Qtr.II 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 October 2957145.7 2019447.1 492067.6 149601.9 1377777.6 139003.1 42068.4 268344.6 168117.9 46096.3 54130.4 488282.6 November 3033222.6 2035534.2 501460.3 155071.2 1379002.7 155695.7 44742.9 267740.0 173336.1 54883.0 39520.8 529509.9 December 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 Qtr.III 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 January 3134492.5 2111715.3 534389.2 169101.4 1408224.7 149756.8 41351.7 279810.0 182850.8 56049.7 40909.4 551858.8 February 3168530.5 2142991.9 551456.0 174561.7 1416974.2 146829.2 41321.6 289834.2 185864.3 56049.7 47920.2 547553.6 March 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 QIV 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 April 3247609.2 2199443.1 573587.0 187302.0 1438554.0 153100.2 40083.7 304891.0 187959.7 56049.7 60881.6 550091.1 May 3280388.0 2214591.7 582299.8 188807.2 1443484.7 166287.3 40998.6 314211.2 188834.9 56049.7 69326.5 544299.3 June 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 2024/25 QI 3780223.9 2408001.9 664477.9 190603.5 1552920.5 164741.5 100352.5 371490.4 245842.0 58533.9 67114.5 735637.6 July 3517354.0 2310147.6 634451.4 193033.5 1482662.8 164216.5 64567.9 376073.2 245043.6 57877.9 73151.7 602348.7 August 3682786.4 2336188.5 647011.0 199645.0 1489532.6 169746.5 93463.4 369178.0 245532.6 57877.6 65767.7 714210.1 September 3780223.9 2408001.9 664477.9 190603.5 1552920.5 164741.5 100352.5 371490.4 245842.0 58533.9 67114.5 735637.6 QII 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 October 3804572.8 2425885.9 652450.6 197196.2 1576239.1 179005.7 107582.9 354934.7 246138.7 65601.2 43194.8 737163.6 November 3910742.7 2442313.2 645988.4 202238.8 1594086.0 235586.5 112957.9 353909.7 250780.4 67244.5 35884.9 765975.4 December 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 QIII 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3
799075.9 January 4197210.4 2594752.8 674858.6 214974.0 1704920.2 279311.3 116647.2 389985.3 264074.3 71062.2 54848.8 816513.8 February 4290409.5 2665317.9 701885.7 214136.8 1749295.5 318697.4 115260.2 405583.0 267792.7 71062.2 66728.2 785550.9 March 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9

National Bank of Ethiopia Quarterly Bulletin
79
Third Quarter Report 2024/25
Table 3(a): Consolidated Statement of Condition of Development Bank of Ethiopia:
Assets (In Millions of Birr)
End of
Period Cash & Banks Foreign
Assets
Claims on Central
Gov’t
Claims on Non-Central Gov’t
Other
Assets
Total
Total Assets Public
Enterprise Cooperatives Private &
Individuals
2023/24 Qtr.I 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 July 30,717.6 3,149.5 53,589.5 61,930.4 0.0 247.4 61,683.0 18,604.1 167,991.2 August 32,607.8 2,917.8 53,589.5 58,742.2 0.0 163.9 58,578.2 19,542.1 167,399.4 September 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 Qtr.II 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 October 30,218.7 3,526.5 54,163.5 70,991.2 0.0 164.9 70,826.3 11,063.2 169,963.1 November 26,175.1 3,442.2 54,339.8 71,585.5 0.0 515.4 71,070.1 11,192.1 166,734.8 December 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 Qtr.III 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 January 36,347.0 1,977.8 53,634.7 75,197.8 0.0 159.9 75,037.8 11,162.3 178,319.6 February 36,026.1 3,929.7 53,809.1 75,084.0 0.0 159.3 74,924.7 11,342.4 180,191.4 March 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 Qtr.IV 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 April 29,394.5 3,701.9 54,161.6 83,548.5 0.0 154.1 83,394.3 12,206.7 183,013.2 May 29,440.0 2,385.7 54,337.9 85,254.2 0.0 162.1 85,092.1 15,650.6 187,068.3 June 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 2024/25 Qtr.I 27,592.7 6,362.9 53,738.6 94,517.1 3,443.3 292.6 90,781.2 8,080.2 190,291.5 July 30,717.6 3,149.5 53,589.5 69,976.7 0.0 247.4 69,729.3 10,560.8 167,994.2 August 28,624.3 5,833.2 53,562.3 84,733.9 0.0 276.5 84,457.3 16,490.1 189,243.8 September 27,592.7 6,362.9 53,738.6 94,517.1 3,443.3 292.6 90,781.2 8,080.2 190,291.5 Qtr.II 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 October 18,227.9 7,538.8 53,914.9 78,353.8 3,459.4 277.9 74,616.5 27,035.1 185,070.5 November 18,658.0 4,989.8 54,091.1 79,592.0 3,475.0 280.7 75,836.2 29,686.8 187,017.7 December 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 Qtr.III 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 January 27,290.7 7,648.4 53,386.1 96,854.4 6,606.4 286.8 89,961.2 9,613.5 194,793.1 February 26,550.1 7,330.2 53,560.5 95,889.0 6,117.2 286.4 89,485.4 8,965.1 192,294.8 March 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3

National Bank of Ethiopia Quarterly Bulletin
80
Third Quarter Report 2024/25
Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia:
Liablities (In Millions of Birr)
End of Period Total Assets
=Liab.
Demand
Deposits
Time & Savings
Deposits
Capital
Accounts
Credit from Banks Credit from Gov’t
Foreign Advance
& Loan
Other Liability
Total N.B.E Others Items
2023/24 Qrt.I 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 July 167,991.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 26,295.5 21,871.6 August 167,399.4 1,344.9 56.9 39,608.7 82,939.2 56,393.3 26,545.9 0.0 26,304.0 17,145.6 September 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 Qrt.II 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 October 169,963.1 2,468.3 54.9 37,896.7 83,958.8 56,966.4 26,992.4 0.0 27,914.4 17,670.1 November 166,734.8 1,679.3 52.0 38,105.6 81,149.1 53,965.8 27,183.3 0.0 27,949.2 17,799.7 December 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 Qrt.III 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 January 178,319.6 1,563.5 53.3 38,913.9 93,209.1 53,526.9 39,682.3 0.0 27,410.6 17,169.2 February 180,191.4 1,014.3 57.4 39,200.7 93,256.1 52,794.5 40,461.6 0.0 29,652.3 17,010.5 March 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 Qrt.IV 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 April 183,013.2 1,003.3 54.8 39,963.4 94,818.8 15,007.2 79,811.6 0.0 34,794.3 12,378.6 May 187,068.3 604.6 60.2 41,004.0 95,471.8 53,644.4 41,827.4 0.0 34,878.6 15,049.2 June 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 2024/25 Qrt.I 190,291.5 1,163.1 71.3 38,942.6 95,476.3 53,728.0 41,748.3 0.0 37,919.3 16,718.9 July 167,994.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 28,295.5 19,874.6 August 189,243.8 1,142.9 52.8 40,177.6 94,896.6 53,448.9 41,447.7 0.0 37,682.7 15,291.2 September 190,291.5 1,163.1 71.3 38,942.6 95,476.3 53,728.0 41,748.3 0.0 37,919.3 16,718.9 Qrt.II 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 October 185,070.5 1,174.2 75.6 38,872.9 89,653.9 47,589.7 42,064.2 0.0 38,927.3 16,366.6 November 187,017.7 1,157.3 71.9 39,117.5 89,943.2 47,582.4 42,360.8 0.0 39,138.4 17,589.3 December 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 Qrt.III 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 January 194,793.1 976.4 69.9 39,701.9 99,288.4 46,882.9 52,405.5 0.0 39,302.7 15,453.9 February 192,294.8 890.0 71.6 40,121.8 96,640.1 39,083.4 57,556.7 0.0 39,083.4 15,487.9 March 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1

National Bank of Ethiopia Quarterly Bulletin
81
Third Quarter Report 2024/25
Table 4: Money Supply and its Determinants (In Millions of Birr)
End of
Period
Money and Quasi-Money Domestic Credit
Net Foreign Assets
Other
Items
Net
Currency
Outside
Banks
Net
Demand
Deposit
Money
Supply
Quasi￾Money
Total
Volume
Total
Credit
Net Claims on Gov’t
Claims on
Non-Cen
Gov’t
Total
Nat.
Bank
Comm.
Banks
Total
Nat.
Bank
Comm.
Banks
1.0 2.0 (1+2)
3 4.0 (3+4)
5
(7+10)
6
(8+9)
7
8.0 9.0 10.0 (13+12)
11
12.0 13.0 14.0
2023/24 QI 201,568.89 495,622.78 697,191.66 1,513,228.67 2,210,420.33 2,496,465.52 608,165.13 521,021.36 87,143.77 1,888,300.39 (213,430.08) (226,429.77) 12,999.69 72,615.11 July 206,377.98 487,447.21 693,825.19 1,470,668.08 2,164,493.26 2,447,996.57 588,366.24 519,996.39 68,369.85 1,859,630.34 (177,231.20) -204476.3 27,245.14 106,272.11 August 200,985.97 487,276.93 688,262.89 1,496,716.27 2,184,979.17 2,477,744.20 600,319.48 529,085.62 71,233.86 1,877,424.72 (201,194.61) -218254.7 17,060.06 91,570.43 September 201,568.89 495,622.78 697,191.66 1,513,228.67 2,210,420.33 2,496,465.52 608,165.13 521,021.36 87,143.77 1,888,300.39 (213,430.08) -226429.8 12,999.69 72,615.11 QII 212,704.19 535,267.85 747,972.04 1,562,699.07 2,310,671.11 2,594,360.77 628,010.35 557,511.40 70,498.95 1,966,350.42 (238,309.66) (257,625.17) 19,315.51 45,380.00 October 195,406.33 492,067.56 687,473.89 1,527,379.52 2,214,853.41 2,497,549.04 596,547.89 515,222.01 81,325.88 1,901,001.15 (228,412.56) -244321.4 15,908.88 54,283.08 November 200,458.28 501,460.30 701,918.57 1,534,073.85 2,235,992.42 2,513,186.95 601,268.22 542,338.64 58,929.58 1,911,918.73 (238,402.38) -259966.7 21,564.28 38,792.14 December 212,704.19 535,267.85 747,972.04 1,562,699.07 2,310,671.11 2,594,360.77 628,010.35 557,511.40 70,498.95 1,966,350.42 (238,309.66) -257625.2 19,315.51 45,380.00 QIII 220,782.57 571,836.06 792,618.63 1,616,643.41 2,409,262.03 2,688,354.69 667,365.39 586,129.27 81,236.12 2,020,989.30 (245,174.68) (275,388.51) 30,213.83 33,917.98 January 221,092.84 534,389.20 755,482.04 1,577,326.08 2,332,808.12 2,617,442.21 635,378.46 559,804.85 75,573.61 1,982,063.75 (243,749.42) -260373.9 16,624.51 40,884.68 February 222,199.18 551,456.02 773,655.20 1,591,535.90 2,365,191.10 2,655,651.08 655,865.46 573,747.68 82,117.78 1,999,785.63 (254,784.97) -270901.7 16,116.71 35,675.02 March 220,782.57 571,836.06 792,618.63 1,616,643.41 2,409,262.03 2,688,354.69 667,365.39 586,129.27 81,236.12 2,020,989.30 (245,174.68) -275388.5 30,213.83 33,917.98 QIV 205,441.29 617,055.52 822,496.82 1,655,290.78 2,477,787.60 2,797,752.12 745,541.09 632,253.09 113,288.00 2,052,211.04 (245,300.02) (288,909.50) 43,609.48 74,664.51 April 222,109.83 573,587.04 795,696.87 1,625,856.06 2,421,552.93 2,720,149.06 685,885.89 585,984.17 99,901.73 2,034,263.17 (247,253.06) -276897.6 29,644.51 51,343.07 May 209,833.40 582,299.77 792,133.16 1,632,291.89 2,424,425.05 2,719,810.92 686,745.16 592,014.74 94,730.42 2,033,065.77 (248,182.45) -282895.6 34,713.14 47,203.42 June 205,441.29 617,055.52 822,496.82 1,655,290.78 2,477,787.60 2,797,752.12 745,541.09 632,253.09 113,288.00 2,052,211.04 (245,300.02) -288909.5 43,609.48 74,664.51 2024/25 QI 205,593.49 664,477.91 870,071.39 1,743,523.95 2,613,595.35 3,054,843.48 1,589,506.35 625,526.04 963,980.31 1,465,337.12 (528,418.71) (667,507.02) 139,088.31 (87,170.58) July 198,527.87 634,451.38 832,979.25 1,675,696.24 2,508,675.49 3,054,994.44 1,622,778.22 630,324.78 992,453.44 1,432,216.22
(327,167.08) -381187.9 54,020.86 219,151.87 August 200,637.12 647,010.95 847,648.08 1,689,177.59 2,536,825.66 3,046,981.67 1,605,600.06 633,232.94 972,367.12 1,441,381.61 (498,883.08) -600993.0 102,109.90 11,272.93 September 205,593.49 664,477.91 870,071.39 1,743,523.95 2,613,595.35 3,054,843.48 1,589,506.35 625,526.04 963,980.31 1,465,337.12 (528,418.71) -667507.0 139,088.31 (87,170.58) QII 249,513.45 669,254.10 918,767.54 1,877,218.71 2,795,986.25 3,094,156.39 1,489,909.78 610,258.66 879,651.13 1,604,246.60 (424,268.00) (606,594.36) 182,326.36 (126,097.86) October 209,906.93 652,450.60 862,357.53 1,773,435.30 2,635,792.83 3,005,117.36 1,537,399.37 589,428.53 947,970.84 1,467,718.00 (504,234.13) -662179.3 157,945.13 (134,909.60) November 229,921.29 645,988.36 875,909.65 1,796,324.83 2,672,234.49 3,019,898.70 1,506,227.77 611,301.80 894,925.97 1,513,670.93 (488,381.09) -664528.9 176,147.77 (140,716.87) December 249,513.45 669,254.10 918,767.54 1,877,218.71 2,795,986.25 3,094,156.39 1,489,909.78 610,258.66 879,651.13 1,604,246.60 (424,268.00) -606594.4 182,326.36 (126,097.86) QIII 290,472.22 728,232.21 1,018,704.43 2,040,516.87 3,059,221.30 3,305,626.67 1,456,738.25 599,853.91 856,884.34 1,848,888.42 (342,847.77) (505,271.82) 162,424.05 (96,442.41) January 270,286.55 674,858.64 945,145.19 1,919,894.15 2,865,039.34 3,174,670.76 1,497,805.89 624,212.35 873,593.54 1,676,864.87 (434,588.05) -573502.2 138,914.19 (124,956.63) February 283,562.78 701,885.70 985,448.48 1,963,432.24 2,948,880.72 3,219,516.86 1,441,096.11 599,413.83 841,682.27 1,778,420.76 (356,163.94) -485148.8 128,984.87 (85,527.79) March 290,472.22 728,232.21 1,018,704.43 2,040,516.87 3,059,221.30 3,305,626.67 1,456,738.25 599,853.91 856,884.34 1,848,888.42 (342,847.77) -505271.8 162,424.05 (96,442.41)

National Bank of Ethiopia Quarterly Bulletin
82
Third Quarter Report 2024/25
Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr)
End of
Period
Money and Quasi-Money Domestic Credit
Currency
Outside Banks
Net Demand
Deposit
Money
Supply
Quasi
Money
Total
Volume
Central Gov’t
(Net)
Non-Cent.
Gov’t
Foreign Assets
(Net)
2023/24 QI 212,655.17 482,240.96 694,896.14 1,561,651.99 2,256,548.13 2,404,096.30 2,031,811.22 (205,533.16) July 218,347.90 485,984.87 704,332.77 1,501,552.11 2,205,884.87 2,381,900.67 2,378,467.20 (172,445.96) August 212,442.17 478,505.94 690,948.11 1,537,127.61 2,228,075.72 2,391,023.15 2,177,812.67 (194,152.80) September 212,655.17 482,240.96 694,896.14 1,561,651.99 2,256,548.13 2,404,096.30 2,031,811.22 (205,533.16) QII 169,036.02 527,774.10 696,810.12 1,531,445.09 2,228,255.21 2,596,955.13 1,376,445.29 (238,547.97) October 199,900.67 470,416.59 670,317.26 1,507,523.59 2,177,840.85 2,402,642.18 2,155,735.31 (219,732.88) November 195,246.36 482,906.27 678,152.63 1,503,392.37 2,181,545.00 2,483,028.70 1,627,042.84 (235,541.56) December 169,036.02 527,774.10 696,810.12 1,531,445.09 2,228,255.21 2,596,955.13 1,376,445.29 (238,547.97) QIII 175,455.91 563,830.35 739,286.26 1,584,310.54 2,323,596.80 2,691,043.05 1,414,692.51 (245,419.85) January 226,177.97 510,876.07 737,054.05 1,556,820.84 2,293,874.89 2,517,979.41 2,247,660.30 (234,486.94) February 216,422.00 531,052.15 747,474.14 1,559,705.18 2,307,179.33 2,623,783.27 1,701,817.57 (251,727.55) March 175,455.91 563,830.35 739,286.26 1,584,310.54 2,323,596.80 2,691,043.05 1,414,692.51 (245,419.85) QIV 238,989.86 631,951.24 870,941.10 1,655,290.78 2,526,231.88 2,837,032.56 2,848,468.92 (248,744.03) April 212,337.00 594,236.17 806,573.17 1,624,230.20 2,430,803.37 2,847,996.06 1,983,406.59 (258,873.96) May 216,548.07 590,451.96 807,000.03 1,632,291.89 2,439,291.92 2,730,690.17 2,545,398.34 (249,175.18) June 238,989.86 631,951.24 870,941.10 1,655,290.78 2,526,231.88 2,837,032.56 2,848,468.92 (248,744.03) 2024/25 QI 216,901.13 646,537.00 863,438.13 1,799,316.72 2,662,754.85 2,941,814.27 1,576,702.75 (508,867.21) July 210,042.49 632,548.02 842,590.51 1,710,885.86 2,553,476.37 2,972,509.59 1,831,804.54 (318,333.57) August 212,073.44 635,364.75 847,438.19 1,734,785.38 2,582,223.57 2,940,337.32 1,672,002.67 (481,422.17) September 216,901.13 646,537.00 863,438.13 1,799,316.72 2,662,754.85 2,941,814.27 1,576,702.75 (508,867.21) QII 198,288.34 659,884.54 858,172.88 1,839,674.33 2,697,847.21 3,097,250.54 1,122,972.62 (424,692.26) October 214,734.79 623,742.78 838,477.57 1,750,380.64 2,588,858.21 2,890,922.90 1,664,392.21 (485,073.23) November 223,943.34 622,086.79 846,030.13 1,760,398.34 2,606,428.47 2,983,659.92 1,288,133.96 (482,520.51) December 198,288.34 659,884.54 858,172.88 1,839,674.33 2,697,847.21 3,097,250.54 1,122,972.62 (424,692.26) QIII 230,838.27 718,036.96 948,875.23 1,999,706.54 2,948,581.77 3,308,932.29 1,294,221.89 (343,190.62) January 276,503.14 645,164.86 921,668.00 1,894,935.53 2,816,603.53 3,054,033.27 1,901,564.77 (418,073.71) February 276,190.14 675,915.93 952,106.07 1,924,163.60 2,876,269.67 3,180,882.66 1,513,436.06 (351,889.97) March 230,838.27 718,036.96 948,875.23 1,999,706.54 2,948,581.77 3,308,932.29 1,294,221.89 (343,190.62) 1/ Obtained by multiplying each original observation by
appropriate index for the month

National Bank of Ethiopia Quarterly Bulletin
83
Third Quarter Report 2024/25
Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr)
End of
Period
Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve Gross Reserve NBE Total Gold Foreign Exc. Other Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 Qtr.IV 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 April 122784.8 49221.1 572.9 43841.0 4009.6 797.7 73563.6 287099.0 47,626.5 239472.4 -164314.2 -190251.3 25937.1 May 128591.9 57379.3 166.5 53130.9 3296.4 785.6 71212.6 285661.9 39,717.0 245944.9 -157070.0 -188565.5 31495.6 June 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 2023/24 Qtr.I 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 July 107163.3 37921.9 143.6 32776.2 4197.1 804.9 69241.4 284394.5 41996.3 242398.2 -177231.2 -204476.3 27245.1 August 89982.1 30839.0 144.1 26499.1 3399.7 796.1 59143.1 291176.7 42083.1 249093.7 -201194.6 -218254.7 17060.1 September 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 Qtr.II 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 October 186433.5 128456.2 28.8 123400.5 4234.1 792.8 57977.2 414846.0 42068.4 372777.6 -228412.6 -244321.4 15908.9 November 177523.3 111216.2 188.5 106775.6 3442.7 809.4 66307.2 415925.7 44742.9 371182.8 -238402.4 -259966.7 21564.3 December 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 Qtr.III 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 January 160549.5 102573.3 272.0 97192.0 4295.8 813.5 57976.2 404298.9 41351.7 362947.2 -243749.4 -260373.9 16624.5 Febraury 147868.3 90430.1 694.6 85381.8 3536.3 817.4 57438.3 402653.3 41321.6 361331.7 -254785.0 -270901.7 16116.7 March 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 QIV 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 April 155442.0 85713.8 923.5 79723.2 4249.9 817.2 69728.2 402695.1 40083.7 362611.4 -247253.1 -276897.6 29644.5 May 148895.3 73183.5 2136.2 66668.5 3556.1 822.7 75711.8 397077.8 40998.6 356079.1 -248182.4 -282895.6 34713.1 June 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 2024/25 QI 647238.286 407797.426 9833.325 389225.526 7027.381 1711.194 239440.86 1175656.992 100352.549 1075304.443 -528418.706 -667507.017 139088.311 July 221455.2 102866.5 220.1 96218.5 5353.1 1074.8 118588.8 548622.3 64567.9 484054.4 -327167.1 -381187.9 54020.9 August 585785.5 390212.2 1618.3 379269.0 7751.9 1573.0 195573.3 1084668.6 93463.4 991205.2 -498883.1 -600993.0 102109.9 September 647238.3 407797.4 9833.3 389225.5
7027.4 1711.2 239440.9 1175657.0 100352.5 1075304.4 -528418.7 -667507.0 139088.3 QII 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 October 691932.6 426404.5 0.0 416485.4 8181.2 1737.9 265528.1 1196166.7 107582.9 1088583.8 -504234.1 -662179.3 157945.1 November 736462.6 447356.9 257.0 438015.9 7306.0 1778.1 289105.7 1224843.7 112957.9 1111885.8 -488381.1 -664528.9 176147.8 December 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 QIII 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 January 767206.3 511644.9 161.2 501212.8 8487.1 1783.8 255561.4 1201794.3 116647.2 1085147.1 -434588.1 -573502.2 138914.2 Febraury 768226.9 523981.8 127.8 514382.1 7664.6 1807.2 244245.1 1124390.8 115260.2 1009130.6 -356163.9 -485148.8 128984.9 March 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0

National Bank of Ethiopia Quarterly Bulletin
84
Third Quarter Report 2024/25
Table 7: Domestic Credit by Sector (In Millions of Birr)
End of Period Gross Domestic
Credit
Claims on Central Gov’t Claims on Non-Central Gov’t Total NBE Comm. Banks Total Loans & Advances Investments 2023/24 QI 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 July 2,649,059.2 789,428.9 573,120.4 216,308.4 1,859,630.3 1,281,045.4 578,584.9 August 2,680,123.3 802,698.5 580,120.4 222,578.1 1,877,424.7 1,298,777.7 578,647.0 September 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 QII 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 October 2,701,450.5 800,449.4 580,120.4 220,328.9 1,901,001.2 1,327,354.3 573,646.8 November 2,716,664.4 804,745.7 590,120.4 214,625.3 1,911,918.7 1,338,755.2 573,163.5 December 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 QIII 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 January 2,817,514.6 835,450.8 610,120.4 225,330.4 1,982,063.8 1,390,458.6 591,605.2 February 2,848,853.0 849,067.4 620,120.4 228,946.9 1,999,785.6 1,408,227.5 591,558.2 March 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 QIV 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 April 2,937,385.6 903,122.4 650,120.4 253,002.0 2,034,263.2 1,443,338.2 590,925.0 May 2,944,203.9 911,138.2 650,120.4 261,017.7 2,033,065.8 1,442,478.1 590,587.7 June 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 2024/25 QI 3,269,179.4 1,803,842.3 675,120.4 1,128,721.8 1,465,337.1 1,383,723.2 81,614.0 July 3,264,006.6 1,831,790.4 675,120.4 1,156,670.0 1,432,216.2 1,325,149.3 107,066.9 August 3,258,615.7 1,817,234.0 675,120.4 1,142,113.6 1,441,381.6 1,347,079.9 94,301.8 September 3,269,179.4 1,803,842.3 675,120.4 1,128,721.8 1,465,337.1 1,383,723.2 81,614.0 QII 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 October 3,269,814.9 1,802,096.9 675,120.4 1,126,976.5 1,467,718.0 1,388,057.9 79,660.1 November 3,319,303.8 1,805,632.9 675,120.4 1,130,512.5 1,513,670.9 1,419,646.7 94,024.3 December 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 QIII 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 January 3,504,890.2 1,828,025.3 675,120.4 1,152,904.9 1,676,864.9 1,585,547.7 91,317.2 Febraury 3,613,920.9 1,835,500.1 675,120.4 1,160,379.7 1,778,420.8 1,663,459.8 114,960.9 March 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6

National Bank of Ethiopia Quarterly Bulletin
85
Third Quarter Report 2024/25
Table 8: Deposits by Type and Sector (In Millions of Birr)
End of
Period
Total
Deposits
Non-Central Gov’t Deposits with CBs Central Gov’t Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2023/24 QI 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 July 2161864.2 1960801.6 487447.2 1329057.2 144297.2 201062.7 53124.1 147938.6 August 2192374.5 1989995.5 487276.9 1355791.3 146927.2 202379.1 51034.8 151344.2 September 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 QII 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 October 2226059.3 2022157.8 492067.6 1380488.3 149601.9 203901.5 64898.4 139003.1 November 2241373.8 2037896.3 501460.3 1381364.8 155071.2 203477.5 47781.8 155695.7 December 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 QIII 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 January 2314783.8 2114711.4 534389.2 1411220.9 169101.4 200072.3 50315.6 149756.8 Febraury 2338922.8 2145720.9 551456.0 1419703.2 174561.7 193201.9 46372.8 146829.2 March 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 QIV 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 April 2419760.5 2202524.0 573587.0 1441634.9 187302.0 217236.5 64136.3 153100.2 May 2442067.7 2217674.7 582299.8 1446567.7 188807.2 224393.0 58105.7 166287.3 June 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 2024/25 QI 2627506.4 2413170.5 664477.9 1558089.1 190603.5 214335.9 49594.4 164741.5 July 2523828.3 2314816.1 634451.4 1487331.2 193033.5 209012.2 44795.7 164216.5 August 2552702.9 2341069.0 647010.9 1494413.0 199645.0 211634.0 41887.5 169746.5 September 2627506.4 2413170.5 664477.9 1558089.1 190603.5 214335.9 49594.4 164741.5 QII 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 October 2696185.1 2431487.5 652450.6 1581840.6 197196.2 264697.6 85691.9 179005.7 November 2748143.1 2448738.0 645988.3 1600510.8 202238.8 299405.1 63818.6 235586.5 December 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 QIII 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 January 2932102.0 2601882.5 674858.6 1712049.9 214974.0 330219.4 50908.1 279311.3 Febraury 3068345.6 2673941.5 701885.7 1757919.1 214136.8 394404.0 75706.6 318697.4 March 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9

National Bank of Ethiopia Quarterly Bulletin
86
Third Quarter Report 2024/25
Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)
End of
Period
Reserve
Requiments
Actual
Rese.
Excess
Rese.
Foreign
Assets
Foreign Liabilities
Actual Reserve+
Net For. Assets
Liquidity
Ratio
Ratio: Loans
Adv.to Dep.
Debit
Balance
Turn
Over of
Deposit Total
Short
Term
Long
Term
1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11
2023/24 Qtr.II 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 October 112510.7 218034.3 105523.6 57977.2 42068.4 42068.4 0.0 233943.2 11.1 61.1 2737383.0 3.8 November 108058.0 238924.6 130866.6 66307.2 44742.9 44742.9 0.0 260488.9 12.9 61.4 2792157.2 4.0 December 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 Qtr.III 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 January 117258.9 233259.4 116000.6 57976.2 41351.7 41351.7 0.0 249884.0 11.4 61.0 2897459.2 3.8 Febraury 113223.4 232453.5 119230.1 57438.3 41321.6 41321.6 0.0 248570.2 11.8 61.4 2930383.2 4.0 March 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 QIV 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 April 122071.8 240711.1 118639.4 69728.2 40083.7 40083.7 0.0 270355.6 11.9 59.9 3010791.2 3.7 May 117781.2 250165.8 132384.6 75711.8 40998.6 40998.6 0.0 284879.0 12.9 61.3 3039376.3 3.8 June 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 2024/25 QI 125540.8 275518.2 149977.4 239440.9 100352.5 100352.5 0.0 414606.5 17.7 53.7 74755.8 0.1 July 128895.6 261033.2 132137.6 118588.8 64567.9 64567.9 0.0 315054.1 13.1 53.7 2996430.1 3.4 August 123951.6 252400.8 128449.1 195573.3 93463.4 93463.4 0.0 354510.7 15.3 53.5 3034799.8 3.6 September 125540.8 275518.2 149977.4 239440.9 100352.5 100352.5 0.0 414606.5 17.7 53.7 74755.8 0.1 QII 134216.2 308885.4 174669.2 292695.5 110369.1 110369.1 0.0 491211.8 20.1 52.9 75527.0 0.1 October 140271.6 259906.3 119634.7 265528.1 107582.9 107582.9 0.0 417851.4 16.4 54.3 3554054.4 3.6 November 130524.7 276677.7 146153.1 289105.7 112957.9 112957.9 0.0 452825.5 18.6 53.2 3643112.9 4.0 December 134216.2 308885.4 174669.2 292695.5 110369.1 110369.1 0.0 491211.8 20.1 52.9 75527.0 0.1 QIII 149631.9 356076.3 206444.4 279843.8 117419.8 117419.8 0.0 518500.3 19.4 55.6 -196608.0 -0.2 January 154778.2 370440.7 215662.5 255561.4 116647.2 116647.2 0.0 509354.9 18.3 55.7 3838101.4 3.4 Febraury 144059.7 391881.1 247821.4 244245.1 115260.2 115260.2 0.0 520866.0 20.0 55.0 3913227.2 3.9 March 149631.9 356076.3 206444.4 279843.8 117419.8 117419.8 0.0 518500.3 19.4 55.6 -196608.0 -0.2 Note:
Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency). Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others)

• Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
  Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits.

National Bank of Ethiopia Quarterly Bulletin
87
Third Quarter Report 2024/25
Table 10: Circulating Notes and Coins by Denomination
End of
Period
Value of
Notes &
Coins
Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 200 Total Val￾ue (Coins) 1 5 10 25 50 100 (coin) 2023/24 Qtr.I 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 July 250,531.6 249,185.1 371.8 1,718.0 5,947.8 17,347.9 67,093.6 156,706.1 1,346.5 0.8 41.5 99.5 73.3 126.5 1,004.9 August 241,147.5 239,798.7 371.8 1,714.7 5,808.6 16,385.3 64,479.5 151,038.8 1,348.8 0.8 41.5 99.6 73.3 126.5 1,007.1 September 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 Qtr.II 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 October 239,233.4 237,882.0 368.7 1,701.9 5,732.4 15,276.5 63,438.8 151,363.8 1,351.4 0.8 41.5 99.6 73.2 126.5 1,009.7 November 243,788.5 242,434.1 368.6 1,702.4 5,780.6 15,796.1 65,665.8 153,120.6 1,354.4 0.8 41.5 99.5 73.2 126.5 1,012.8 December 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 Qtr.III 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 January 267,007.3 265,648.6 368.9 1,714.6 5,834.9 17,237.4 74,213.4 166,279.5 1,358.7 0.8 41.5 99.5 73.2 126.4 1,017.3 February 268,747.9 267,385.3 368.8 1,731.5 5,827.4 16,988.7 74,124.5 168,344.4 1,362.6 0.8 41.5 99.6 73.2 126.4 1,021.1 March 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 Qtr.IV 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 April 272,033.8 270,668.8 368.8 1,778.9 5,859.4 16,242.9 74,544.8 171,874.1 1,364.9 0.8 41.5 99.6 73.3 126.5 1,023.2 May 263,500.8 262,135.3 368.8 1,766.5 5,774.9 15,421.2 72,478.5 166,325.4 1,365.6 0.8 41.5 99.6 73.3 126.6 11.0 June 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 2024/25 Qtr.I 259,707.6 258,338.6 368.7 1,777.6 5,740.5 14,225.1 70,176.0 166,050.7 1,369.0 0.8 41.5 99.7 73.3 126.6 1,026.9 July 253,896.0 252,528.5 368.7 1,772.2 5,733.6 14,441.6 68,138.6 162,073.8 1,367.5 0.8 41.5 99.7 73.3 126.7 1,025.4 August 248,734.5 247,366.8 368.7 1,765.8 5,694.3 13,771.3 66,464.4 159,302.3 1,367.7 0.8 41.5 99.7 73.3 126.7 1,025.7 September 259,707.6 258,338.6 368.7 1,777.6 5,740.5 14,225.1 70,176.0 166,050.7 1,369.0 0.8 41.5 99.7 73.3 126.6 1,026.9 Qtr.II 300,715.8 299,346.3 368.9 1,860.1 5,905.7 16,537.1 81,713.6 192,960.9 1,369.5 0.8 41.5 99.8 73.4 126.6 1,027.4 October 259,912.6 258,542.8 369.1 1,836.8 5,811.1 14,168.8 69,825.9 166,531.2 1,369.9 0.8 41.5 99.8 73.4 126.6 1,027.7 November 275,585.5 274,215.6 369.0 1,846.4 5,845.8 15,087.9 74,184.7 176,881.9 1,369.9 0.8 41.5 99.8 73.4 126.6 1,027.7 December 300,715.8 299,346.3 368.9 1,860.1 5,905.7 16,537.1 81,713.6 192,960.9 1,369.5 0.8 41.5 99.8 73.4 126.6 1,027.4 Qtr.II
300,715.8 299,346.3 368.9 1,860.1 5,905.7 16,537.1 81,713.6 192,960.9 1,369.5 0.8 41.5 99.8 73.4 126.6 1,027.4 October 259,912.6 258,542.8 369.1 1,836.8 5,811.1 14,168.8 69,825.9 166,531.2 1,369.9 0.8 41.5 99.8 73.4 126.6 1,027.7 November 275,585.5 274,215.6 369.0 1,846.4 5,845.8 15,087.9 74,184.7 176,881.9 1,369.9 0.8 41.5 99.8 73.4 126.6 1,027.7 December 300,715.8 299,346.3 368.9 1,860.1 5,905.7 16,537.1 81,713.6 192,960.9 1,369.5 0.8 41.5 99.8 73.4 126.6 1,027.4 Qtr.III 348,309.0 346,939.2 369.0 1,950.3 6,208.3 17,755.7 93,527.4 227,128.6 1,369.8 0.8 41.6 99.8 73.4 126.6 1,027.7 January 321,143.7 319,774.0 369.0 1,899.2 6,039.1 17,123.4 87,226.8 207,116.3 1,369.7 0.8 41.5 99.8 73.4 126.6 1,027.7 February 338,542.6 337,172.8 369.0 1,933.3 6,136.0 17,653.1 91,951.8 219,129.7 1,369.7 0.8 41.5 99.8 73.4 126.5 1,027.7 March 348,309.0 346,939.2 369.0 1,950.3 6,208.3 17,755.7 93,527.4 227,128.6 1,369.8 0.8 41.6 99.8 73.4 126.6 1,027.7

National Bank of Ethiopia Quarterly Bulletin
88
Third Quarter Report 2024/25
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Coopera￾tives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov’t 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: 10.5 Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Dis￾count Rate/ Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates Deposit rates Through Sep￾tember 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by ownership and maturity
11.5 11.5
2 years and above 12 12
Memorandum Items:
Rate differentials for 1 year and over
Financial institutions (1 year): 1.0
Gov’nt-owned under takings (1 year): 1.0
Individuals, savings and credit cooperatives; self-help organizations:
1 year 6.0
2 years 6.5
3 years 7.0
5 years 7.5
Others:1 year 4.0
2 years 0.8
3 years 5.0
5 years 5.5
2.Savings deposits Differed by ownership and maturity 10 10 Rate differentials:
Individuals, savings and credit coopera￾tives; self-help organizations:
Up to Br. 100,000 6.0
In excess of Br. 100,000 2.0
C. Minimum and Maximum Interest Rates
Minimum and Maximum Interest
Rates
Jan. 2, 1995-
Nov. 30, 1995
Dec. 1, 1995-
May 30, 1996
June 1, 1996-
Sep. 15, 1996
Sep.16,1996-
Dec. 31,1997
Jan. 1,1998-
Mar. 3, 2002
Mar. 4,2002-
01/08/2002
Aug. 2002 to
07/02/2005
08/02/2005
04/07/2007
04/07/2007
30/11/2010
01/12/2010 to 10-Oct-2017
11/10/2017 to todate
Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3
Table 11: Interest Rate Structures

National Bank of Ethiopia Quarterly Bulletin
89
Third Quarter Report 2024/25
Table 12: Government Internal Debt by Holder (In Millions of Birr)
End of
Period
Total Gov’t
Indebtedness
National Bank of Ethiopia Commercial Banks Others NBE Total Direct Advance Gov’t Bonds Non-interest bearing Interest bearing Comm. Banks Total Gov’t Bonds Treasury Bills Others Total Gov’t Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2023/24 Qtr.I 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 July 947938.0 573120.4 140000.0 4355.5 428764.9 172068.8 22298.3 149770.5 202748.8 18.1 202730.7 August 969878.6 580120.4 147000.0 4355.5 428764.9 174717.4 22301.3 152416.1 215040.8 18.1 215022.7 Sebtember 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 Qtr.II 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 October 967153.3 580120.4 147000.0 4355.5 428764.9 163673.7 22307.1 141366.6 223359.2 18.1 223341.1 November 972068.4 590120.4 157000.0 4355.5 428764.9 153262.8 22309.9 130952.8 228685.2 18.1 228667.1 December 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 Qtr.III 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 January 1014670.6 610120.4 177000.0 4355.5 428764.9 153795.8 23939.1 129856.7 250754.3 18.1 250736.2 Febraury 1028984.7 620120.4 187000.0 4355.5 428764.9 152239.9 23944.1 128295.8 256624.3 18.1 256606.2 March 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 Qtr.IV 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 April 1084374.3 650120.4 217000.0 4355.5 428764.9 166590.9 24310.4 142280.5 267662.9 18.1 267644.8 May 1094598.3 650120.4 217000.0 4355.5 428764.9 170091.9 24315.8 145776.1 274385.9 18.1 274367.8 June 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 2024/25 Qtr.I 1715976.7 675120.4 242000.0 4355.5 428764.9 1016946.4 921346.6 95599.8 23909.9 18.1 23891.8 July 2022281.0 675120.4 242000.0 4355.5 428764.9 1056478.8 921336.1 135142.8 290681.7 18.1 290663.6 August 1732357.2 675120.4 242000.0 4355.5 428764.9 1037405.7 921428.3 115977.4 19831.1 18.1 19813.0 Sebtember 1715976.7 675120.4 242000.0 4355.5 428764.9 1016946.4 921346.6 95599.8 23909.9 18.1 23891.8 Qtr.II 1718033.0 675120.4 0.0 4355.5 670764.9 1000834.8 918936.3 81898.4 42077.8 18.1 42059.7 October 1718459.4 675120.4 0.0 4355.5 670764.9 1010071.6 921351.9 88719.7 33267.4 18.1 33249.3 November 1724478.4 675120.4 0.0 4355.5 670764.9 1008771.6 919937.0 88834.6 40586.4 18.1 40568.3 December 1718033.0 675120.4 0.0 4355.5 670764.9 1000834.8 918936.3 81898.4 42077.8 18.1 42059.7 Qtr.III 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 January 1746680.7 675120.4 0.0 4355.5 670764.9 1010431.2 919344.0 91087.2 61129.1 18.1 61111.0 Febraury 1752587.8 675120.4 0.0 4355.5 670764.9 1008558.1 919527.4 89030.7 68909.3 18.1 68891.2 March 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7
93927.8 73914.7 18.1 73896.6

• Since December 2019, Gov’t Treasury bills to others includes Both Treasury bills and Notes.

National Bank of Ethiopia Quarterly Bulletin
90
Third Quarter Report 2024/25
Table 13: Quarterly General Government Revenue (In million Birr)
Ethiopian fiscal year,
Fiscal year ending
July 7
2016 2017
2023/24 2024/25
Pre actual Pre actual
Budget 3mon(QI) 6months (QII) 9Months (QIII) 12Months (QIV) Budget 3mon(QI) 6 Months (QII) 9Months (QIII) Tax revenue 774,416.4 147,537.4 366,512.3 218,974.9 532,987.3 166,475.0 716,172.2 183,184.8 1,248,832.7 245,916.4 564,151.3 318,234.9 830,670.0 266,518.7 Direct taxes 353,003.3 59,366.8 180,833.8 121,467.0 250,301.5 69,467.7 340,600.2 90,298.7 559,493.2 92,128.5 249,420.4 157,292.0 357,356.5 107,936.0 Income and profits tax 337,876.4 57,544.0 176,634.8 119,090.8 244,688.8 68,054.1 330,391.6 85,702.8 515,677.6 88,674.7 241,076.5 152,401.8 346,650.3 105,573.8 Personal income 130,979.5 27,295.2 61,527.6 34,232.4 101,172.9 39,645.3 142,491.9 41,319.0 184,470.9 39,777.6 85,251.5 45,474.0 144,130.5 58,879.0 Rental income tax 10,002.8 2,394.5 5,927.4 3,532.9 7,605.3 1,677.9 8,173.8 568.5 14,616.4 4,444.4 10,855.7 6,411.3 12,745.0 1,889.3 Business profits 157,691.6 24,458.0 99,083.6 74,625.6 120,912.0 21,828.4 156,510.5 35,598.5 254,072.5 37,075.0 126,668.9 89,593.9 161,590.7 34,921.8 Withholding income tax on imports 10,527.6 199.2 1,785.5 1,586.3 2,105.4 319.9 2,490.6 385.2 17,072.7 909.9 3,626.3 2,716.4 5,363.0 1,736.6 Agriculture income 1,283.4 29.1 418.3 389.1 786.8 368.6 1,097.5 310.7 4,119.3 134.6 1,996.6 1,862.0 3,053.7 1,057.1 Other income 21,363.2 2,814.2 4,927.1 2,112.9 7,951.5 3,024.4 13,974.0 6,022.4 30,505.8 4,238.0 8,883.1 4,645.0 14,228.9 5,345.9 Interest income tax 4,887.2 111.4 2,610.5 2,499.1 3,614.0 1,003.5 4,942.7 1,328.7 9,264.0 1,971.2 3,587.2 1,616.0 5,080.9 1,493.7 Capital gains tax 1,141.3 242.4 354.7 112.4 540.9 186.1 710.7 169.8 1,556.0 124.0 207.2 83.2 457.6 250.4 Rural land use fee 516.5 12.0 443.0 431.1 697.5 254.4 1,026.5 329.0 3,648.6 267.9 1,976.2 1,708.3 3,107.1 1,130.9 Urban land lease fee 14,610.3 1,810.8 3,756.0 1,945.2 4,915.2 1,159.2 9,182.0 4,266.9 40,167.0 3,185.9 6,367.7 3,181.8 7,599.0 1,231.3 Domestic indirect taxes 233,824.4 41,590.8 95,600.5 54,009.7 154,255.2 58,654.6 197,033.0 42,777.8 338,680.7 70,799.8 137,472.7 66,673.0 211,737.9 74,265.2 Sales/TOT/ excise taxes 120,444.9 18,189.2 41,748.9 23,559.7 71,895.6 30,146.7 82,286.7 10,391.1 178,794.7 32,316.7 64,358.6 32,041.9 97,411.1 33,052.5 Petroleum products 1,415.7 654.1 1,299.3 645.2 2,166.0 866.7 3,205.0 1,039.0 2,369.0 563.2 1,012.3 449.1 1,488.7 476.4 Alcohol and tobacco 6,441.9 1,826.7 6,672.9 4,846.2 5,637.6 (1,035.3) 7,436.4 1,798.8 10,402.0 2,202.0 3,798.0 1,596.0 6,412.9 2,614.9 Other goods 112,587.4 15,708.4 33,776.7 18,068.3 64,092.0 30,315.3 71,645.4 7,553.3 166,023.7 29,551.5 59,548.3 29,996.8 89,509.4 29,961.1 Services TOT/ sales tax 100,522.8 21,398.2 49,678.5 28,280.3 75,855.1 26,176.6 105,722.8 29,867.7 143,495.5 36,290.6 67,795.8 31,505.2 105,061.6 37,265.8 Stamp duties 12,856.8 2,003.4 4,173.1 2,169.8 6,504.4 2,331.3 9,023.5 2,519.0 16,390.5 2,192.5 5,318.4 3,125.8 9,265.2 3,946.9 Import duties and taxes 187,576.4 46,574.3 90,063.0 43,488.7 128,410.6 38,347.6 178,503.6 50,093.0 350,637.7 82,981.6 177,240.1 94,258.5 261,541.2
84,301.1 Custom duties 67,838.3 21,593.9 42,096.2 20,502.3 60,445.9 18,349.7 84,010.8 23,564.9 116,159.6 26,540.6 61,526.6 34,986.0 85,172.8 23,646.2

National Bank of Ethiopia Quarterly Bulletin
91
Third Quarter Report 2024/25
Table 13 continued:
Sales/excise taxes 86,590.2 20,033.7 38,771.8 18,738.1 55,054.0 16,282.2 75,464.0 20,410.1 161,863.6 39,881.0 79,913.4 40,032.4 121,867.4 41,954.0 Petroleum products 4,619.1 672.9 2,003.8 1,330.9 2,570.3 566.5 3,289.6 719.3 8,634.6 1,065.9 2,782.9 1,717.0 4,237.3 1,454.3 Alcohol and tobacco 857.2 91.8 209.0 117.2 312.8 103.8 640.3 327.5 1,602.4 458.5 656.4 197.8 1,138.2 481.8 Other imports 81,113.8 19,269.0 36,559.0 17,290.0 52,170.9 15,611.9 71,534.2 19,363.2 151,626.6 38,356.6 76,474.1 38,117.5 116,492.0 40,017.9 Surtax on imports 33,147.9 4,946.7 9,195.0 4,248.3 12,910.7 3,715.7 19,028.7 6,118.0 46,534.6 6,498.4 13,477.6 6,979.3 19,722.0 6,244.4 Export taxes 12.4 5.5 15.0 9.5 20.1 5.1 35.5 15.4 21.2 6.5 18.0 11.5 34.5 16.4 Coffee duties - - - - - - Coffee surtax - - - - - - Other - - - - - - Transaction tax - - - - - - Social welfare levy 26,080.04 10,061.58 22,322.43 12,260.85 34,778.9 12,456.4 Non-tax revenue 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 123,922.7 43,265.5 245,032.5 33,690.3 82,508.1 48,817.8 150,504.8 67,996.7 Charges and fees 6,945.1 2,357.8 5,938.1 3,580.3 9,767.9 3,829.8 13,744.3 3,976.4 25,625.0 3,819.3 11,887.9 8,068.5 25,514.9 13,627.0 Sales of goods & services 12,951.1 2,126.3 5,829.2 3,703.0 10,328.0 4,498.7 21,355.8 11,027.8 36,977.6 3,589.8 15,016.9 11,427.1 21,696.7 6,679.8 Residual surplus, capital charge, interest Payments and state dividend 23,474.4 141.0 847.1 706.1 6,094.9 5,247.8 16,465.7 10,370.9 27,478.4 2,848.0 3,873.0 1,025.0 19,134.5 15,261.5 Reimbursement & property sales 2,059.1 319.8 623.7 304.0 1,288.6 664.8 4,805.0 3,516.4 1,330.4 723.2 2,085.2 1,362.0 3,276.2 1,191.0 Miscellaneous 38,864.9 3,493.4 8,616.9 5,123.4 12,970.4 4,353.5 10,219.4 (2,751.0) 21,481.8 6,680.4 13,265.5 6,585.1 20,938.0 7,672.4 Other extraordinary - - - - - - - - - - - - - - Privatization proceeds - - - - - - - - - - - - - - Other revenue 73,327.4 7,397.0 23,131.4 15,734.4 40,207.5 17,076.1 57,332.5 17,125.0 132,139.2 16,029.6 36,379.6 20,350.0 59,944.5 23,564.97 Total revenue 932,038.5 163,372.6 411,498.8 248,126.2 613,644.5 202,145.7 840,094.8 226,450.3 1,493,865.3 279,606.6 646,659.4 367,052.7 981,174.8 334,515.46 External grants 41,119.6 0.0 14,951.2 14,951.2 24,339.2 9,388.0 33,031.7 8,692.6 214,091.0 67,725.5 102,284.8 34,559.2 180,840.8 78,556.05 Grants in kind/ earmarked 34,770.2 - 14,951.20 14,951.20 24,339.2 9,388.0 33,031.7 8,692.6 83,831.0 17,604.5 36,047.3 18,442.8 58,681.7 22,634.37 Untied cash & CPF/grants 6,349.4 - - - - - - - 130,260.0 50,121.0 66,237.4 16,116.4 122,159.1 55,921.68 Total revenue and grants 973,158.2 163,372.6 426,450.0 263,077.4 637,983.7 211,533.7 873,126.5 235,142.8 1,707,956.3 347,332.2 748,944.1 401,611.9 1,162,015.62 413,071.51 Source: Ministry of Finance, National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin
92
Third Quarter Report 2024/25
Table 14: General Government Quarterly Expenditure (In million Birr)
Ethiopian fiscal year,
Fiscal year ending July 7
2016 2017
2023/24 2024/25
Pre-actual Pre actual
Budget
3months
(QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) A. Capital Expenditure Economic development 278,620.0 38,900.2 109,447.4 70,547.1 179,416.7 69,969.3 275,982.7 96,566.0 404,313.9 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 Agriculture 39,102.5 7,545.9 16,297.4 8,751.5 27,147.8 10,850.4 37,217.5 10,069.7 52,238.2 12,523.4 37,295.4 24,772.0 62,942.4 25,646.9 Natural Resource 56,359.6 5,311.6 26,458.2 21,146.6 38,435.8 11,977.7 62,557.7 24,121.9 80,075.4 12,537.5 32,904.0 20,366.5 51,749.2 18,845.2 o/w: Water 50,304.1 5,052.8 24,122.0 19,069.1 38,114.0 13,992.0 59,988.0 21,874.0 57,145.7 11,393.9 32,768.9 21,375.0 51,294.5 18,525.6 Mines & Energy 2,696.7 289.8 610.3 320.6 1,079.1 468.7 1,130.8 51.7 2,474.5 588.7 1,619.1 1,030.4 2,286.8 667.6 Trade, Industry & Tourism 8,145.4 381.9 3,497.2 3,115.3 6,294.2 2,797.0 10,246.7 3,952.5 16,300.6 2,021.2 6,016.0 3,994.8 11,101.4 5,085.4 Urban dev’t & housing 20,477.3 12,832.2 30,003.4 17,171.2 49,267.0 19,263.6 71,527.1 22,260.1 100,353.5 15,617.7 47,401.1 31,783.3 82,561.9 35,160.9 Road construction 93,888.9 11,196.0 30,115.6 18,919.5 52,824.3 22,708.7 85,416.1 32,591.9 129,582.3 18,884.9 50,878.2 31,993.3 93,579.6 42,701.4 Transport & communication 57,949.7 1,342.8 2,465.3 1,122.5 4,368.6 1,903.2 7,886.7 3,518.2 23,289.4 1,867.7 4,233.3 2,365.6 6,895.2 2,662.0 Social Development 83,897.2 11,416.8 32,479.6 21,062.8 57,773.9 25,294.3 92,963.5 35,189.7 135,548.8 23,505.5 51,217.2 27,711.7 84,396.6 33,179.3 Education 40,736.7 6,541.8 20,188.2 13,646.4 35,655.2 15,467.0 58,626.3 22,971.1 59,990.1 12,260.5 25,922.2 13,661.7 42,041.4 16,119.2 Health 32,604.6 4,025.2 9,369.3 5,344.1 17,441.7 8,072.4 26,578.3 9,136.7 58,962.3 8,296.1 19,297.4 11,001.3 33,481.6 14,184.2 Socail welfare 3,426.8 450.4 1,821.9 1,371.5 2,881.0 1,059.1 4,156.9 1,275.9 7,283.9 1,673.7 3,561.9 1,888.2 4,950.1 1,388.2 Culture & sport 7,129.2 399.5 1,100.3 700.8 1,796.0 695.7 3,602.0 1,806.0 9,312.5 1,275.2 2,435.8 1,160.6 3,923.5 1,487.8 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 206,543.3 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 Compensation payments - - - - - - - - - - - - - - External assistance 34,770.2 7,301.7 14,951.2 7,649.4 24,339.2 9,388.0 33,031.7 8,692.6 83,831.0 17,604.5 36,047.3 18,442.8 58,681.7 22,634.4 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 746,406.0 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 B. Current Expenditure General Services 179,175.4 44,467.7 100,130.8 55,663.2 150,256.6 50,125.8 230,741.7 80,485.2 258,843.1 55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 Organ of the State 23,202.5 5,718.8 13,587.8 7,869.0 21,355.5 7,767.7 37,143.2 15,787.7 46,528.0 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 Justice 16,052.2 1,829.7 6,506.0 4,676.3 11,712.0 5,206.0 17,869.7 6,157.7 24,609.8 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 Defence 50,000.0 17,355.0
35,572.2 18,217.3 51,191.9 15,619.6 71,121.8 19,929.9 65,700.0 17,183.2 43,275.4 26,092.2 61,052.5 17,777.0 Public order & security 48,320.3 9,397.6 22,630.5 13,232.9 33,738.2 11,107.7 53,982.8 20,244.6 64,865.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 Other General services 41,600.4 10,166.6 21,834.3 11,667.7 32,259.1 10,424.7 50,624.2 18,365.1 57,140.3 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3

National Bank of Ethiopia Quarterly Bulletin
93
Third Quarter Report 2024/25
Table 14 continued:
Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 73,446.4 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 Agriculture&natural resource 48,546.9 6,768.8 20,468.6 13,699.8 31,247.7 10,779.1 36,909.0 5,661.4 42,178.7 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 Agriculture 39,776.9 5,496.5 16,944.4 11,447.9 25,936.6 8,992.2 29,464.0 3,527.4 32,610.7 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 Natural resource 8,769.9 1,272.2 3,524.1 2,251.9 5,311.1 1,786.9 7,445.0 2,133.9 9,568.0 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 o/w: Water 7,146.2 1,116.2 2,690.8 1,574.6 5,483.2 2,792.4 7,303.6 1,820.4 4,859.6 611.1 3,522.9 2,911.8 6,246.4 2,723.5 Trade, Industry & Tourism 12,927.7 2,719.3 6,705.5 3,986.3 10,355.7 3,650.1 14,658.7 4,303.1 15,790.4 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 397.4 106.4 256.5 150.1 426.5 170.0 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 582.0 107.9 449.2 341.3 769.9 320.7 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,553.5 660.7 1,363.5 702.7 2,336.6 973.1 Urban devt. & Construction 14,829.4 1,172.4 3,185.6 2,013.2 3,444.6 259.0 6,053.5 2,608.9 7,380.9 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 o/w: Road Construction 4,138.0 533.4 1,689.7 1,156.3 1,947.7 258.0 3,804.8 1,857.0 4,027.9 2,335.5 2,432.0 96.5 3,496.6 1,064.6 Economic development studies 1,294.8 322.4 682.6 360.2 924.4 241.7 1,281.9 357.5 1,563.5 20.9 700.1 679.2 1,036.1 335.9 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 288,102.2 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 178,057.9 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 Culture & sports 5,455.3 1,500.3 2,890.6 1,390.2 4,499.4 1,608.8 6,854.3 2,354.9 7,902.0 1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 Public health 67,567.0 10,224.8 23,236.9 13,012.2 43,176.1 19,939.1 61,216.5 18,040.5 84,471.1 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,725.1 951.7 2,343.7 1,392.0 4,018.7 1,675.1 Rehabilitation 9,562.3 2,588.6 5,415.6 2,826.9 8,131.8 2,716.2 14,090.9 5,959.2 11,946.2 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 Interest & Charges 105,470.0 12,032.3 29,269.4 17,237.1 53,551.6 24,282.2 68,888.3 15,336.6 175,631.5 25,311.2 47,710.3 22,399.1 103,691.0 55,980.7 Internal debt 88,458.0 10,892.7 25,230.6 14,337.9 42,853.9 17,623.3 56,774.2 13,920.3 148,033.1 19,782.5 36,047.5 16,265.0 85,678.7 49,631.1 External debt 17,012.0 1,139.6 4,038.8 2,899.2 10,697.8 6,659.0 12,114.1 1,416.3 27,598.4 5,528.7 11,662.8 6,134.1 18,012.3 6,349.6 O/w: defence commercial - - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 435,586.3 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 External assistance * 0.0 - - - - - - - - - Sub Total
Current Expenditure 706,927.8 114,927.2 279,761.3 164,834.1 451,394.1 171,632.8 652,619.7 201,225.5 1,231,609.4 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 Grand Total Expenditure 1,200,475.3 174,086.9 452,097.1 278,010.2 744,140.6 292,043.5 1,120,077.3 375,936.6 1,978,015.5 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value

National Bank of Ethiopia Quarterly Bulletin
94
Third Quarter Report 2024/25
Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tone)
Period MGR Jet fuel Gasoil LFO HFO Total Fuel oil 2019/20 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 2020/21 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 2021/22 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 2022/23 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 Qtr.III 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 Qtr.IV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 2023/24 Qtr.I 154,992.4 145,961.7 596,183.3 7,400.0 7,900.0 912,437.4 15,300.0 Qtr.II 198,679.4 209,934.2 645,535.7 7,698.2 11,503.8 1,073,351.3 19,202.0 Qtr.III 167,262.1 166,926.9 546,034.0 8,030.1 7,898.7 896,151.8 15,928.8 QIV 187,558.9 149,738.2 575,024.2 7,169.0 11,780.8 931,271.1 18,949.8 2024/25 Qtr.I 152,915.2 191,590.1 658,276.7 6,788.8 12,585.3 1,022,156.1 19,374.1 Qtr.II 160,088.2 211,426.4 625,523.9 7,600.8 14,340.0 1,018,979.3 21,940.8 Qtr.III 175,312.5 233,796.1 643,078.7 4,150.0 7,689.1 1,064,026.4 11,839.1

National Bank of Ethiopia Quarterly Bulletin
95
Third Quarter Report 2024/25
Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr)
Sectors/Year 2009 2010 2011 2012 2013 2014 2015 2016 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 Forestry 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 64,328.3 67,029.7 Fishing 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 2,794.3 3,621.0 Mining and Quarrying 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 10,796.1 12,779.1 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 Small Scale and Cottage Industries 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 44,859.6 46,517.6 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 Hotels and Restaurants 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 60,146.9 65,644.1 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.5 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 Education 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 47,583.1 48,786.2 Health and Social Work 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 32,650.5 36,311.2 Other Community , Social & Personal Services 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 22,890.2 23,400.6 24,072.7 Private Households with Employed Persons 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 18,939.5 19,329.1 19,726.7 Total 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 2,632,350.2 Less : FISIM 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,829.5 29,556.7 28,397.3 Gross Value Added at Constant Basic Prices 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 2,603,952.9 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 80,572.4 GDP at Constant Market Prices 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 2,684,525.2 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
96
Third Quarter Report 2024/25
Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent)
Industry/Year 2009 2010 2011 2012 2013 2014 2015 2016 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -12.0 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.3 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
97
Third Quarter Report 2024/25
Table 18: GDP by Economic Activity at Current Prices (In million Birr)
Industry/Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 3,114,215.0 4,087,852.8 Crop 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 2,189,185.1 2,880,082.2 Animal Farming and Hunting 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 731,290.9 949,484.2 Forestry 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 258,286.3 Fishing 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 7,481.6 10,084.5 Mining and Quarrying 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 50,066.7 Manufacturing 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 517,803.5 Large and Medium Scale Manufacturing 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 381,197.6 Small Scale and Cottage Industries 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 136,605.9 Electricity and Water 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 64,312.8 Construction 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,661,757.3 2,355,789.2 Whole Sale and Retail Trade 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 1,129,865.3 1,604,889.0 Hotels and Restaurants 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 271,055.2 Transport and Communications 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 381,487.4 Financial Intermediation 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 331,181.7 Real Estate, Renting and Business Activities 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 1,032,988.6 Public Administration and Defense 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 307,964.0 Education 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 214,067.8 Health and Social Work 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 60,118.6 72,311.6 Other Community , Social & Personal Services 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 66,077.1 87,645.1 Private Households with Employed Persons 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 112,313.4 Total 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,482,400.7 11,501,813.4 Less : FISIM 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 102,399.8 Gross Value Added at Constant Basic Prices 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,899,675.3 8,402,964.6 11,399,413.6 Taxes on Products 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.2 8,722,307.7 11,752,138.1 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
98
Third Quarter Report 2024/25
Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%)
Sectors/Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 12.1 13.7 11.0 33.0 32.6 35.9 42.2 34.7 31.3 Crop 11.9 13.6 8.6 37.5 35.7 40.9 46.1 33.5 31.6 Animal Farming and Hunting 11.1 12.1 16.5 28.9 27.0 27.3 35.6 39.8 29.8 Forestry 16.1 18.9 11.6 16.2 26.5 22.6 26.8 29.7 33.3 Fishing 12.8 63.5 4.1 28.5 24.1 34.3 6.3 39.8 34.8 Mining and Quarrying -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 (15.2) 70.7 Manufacturing 7.0 27.0 13.1 17.4 18.9 11.7 30.6 49.6 32.5 Large and Medium Scale Manufacturing 6.3 21.2 13.4 20.2 20.1 12.8 30.8 53.6 33.7 Small Scale and Cottage Industries 10.4 40.1 12.4 3.0 16.2 9.0 30.1 39.8 29.5 Electricity and Water 4.3 24.5 9.6 20.7 27.2 27.7 14.5 52.4 21.0 Construction 60.3 26.4 50.9 9.3 14.5 21.2 55.4 55.6 41.7 Whole Sale and Retail Trade 8.1 11.3 22.4 32.4 23.2 24.7 44.6 41.0 42.0 Hotels and Restaurants 22.9 8.0 19.0 25.1 19.1 20.8 35.7 50.3 38.8 Transport and Communications 22.4 10.2 6.8 20.4 40.5 30.8 37.2 25.1 21.2 Financial Intermediation 21.7 30.3 33.9 22.6 12.2 19.3 47.0 31.9 38.9 Real Estate, Renting and Business Activities 5.1 5.6 12.4 33.4 45.8 47.7 76.7 77.1 44.3 Public Administration and Defense 20.8 29.8 17.1 9.1 16.4 32.4 18.7 37.8 18.2 Education 19.8 44.2 24.0 13.1 11.3 23.6 9.8 28.5 30.2 Health and Social Work 21.3 19.8 28.4 13.4 27.8 14.8 19.7 25.3 20.3 Other Community , Social & Personal Services 9.9 12.0 14.9 19.1 18.4 18.3 26.8 32.2 32.6 Private Households with Employed Persons 4.8 23.7 27.9 22.6 22.7 19.6 48.0 19.0 39.3 Total 18.2 17.7 21.4 23.3 25.3 29.3 43.2 42.2 35.6 Less : FISIM 24.6 30.3 42.2 22.0 13.8 19.7 43.8 18.1 28.9 Gross Value Added at Current Basic Prices 18.2 17.6 21.2 23.3 25.4 29.4 43.2 42.4 35.6 Taxes on Products 12.8 12.9 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 34.7 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
99
Third Quarter Report 2024/25
Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr)
Description / Year 2004 2005 2006 2012 2013 2014 2015 2016 2011 /12 2012/13 2013/14 2019/20 2020/21 2021/22 2022/23 2023/24 Gross Value Added at Current Basic Prices 710,011.5 818,870.1 1,002,350.9 3,183,395.8 4,119,056.00 5,899,675.3 8,403,773.7 11,399,413.6 Taxes on Products, net 56,882.0 70,618.0 86,098.0 191,351.1 221,967.0 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 766,915.5 889,644.9 1,088,631.8 3,374,746.9 4,341,024.0 6,157,015.2 8,723,116.8 11,752,138.1 Incomes from ROW, net (1,659.8) (1,942.8) (2,914.6) (19,203.0) (22,381.0) (27,861.8) (23,923.3) (18,601.4) Gross National Income at Current Basic Prices 708,351.7 816,927.4 999,436.3 3,164,192.9 4,096,676.0 5,871,813.5 8,379,850.4 11,380,812.2 Gross National Income at Current Market Prices 765,255.7 887,702.1 1,085,717.2 3,355,544.0 4,318,643.7 6,129,153.5 8,699,193.5 11,733,536.7 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 210,332.1 292,126.0 400,304.3 421,000.8 414,622.4 Gross National Disposable Income 852,105.6 981,057.2 1,192,074.5 3,565,876.0 4,610,770.0 6,529,457.8 9,120,194.3 12,148,159.1 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 308,096.7 383,565.0 453,263.1 551,106.6 650,000.0 Private Final Consumption Expenditure 544,140.3 639,963.8 748,560.3 2,363,783.1 3,135,110.0 4,765,752.5 6,884,213.0 9,422,416.4 Gross Capital Formation (Investment) 275,811.3 293,930.7 400,841.2 1,031,962.8 1,216,585.0 1,560,324.8 1,933,863.0 2,409,022.1 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 240,525.0 331,294.0 507,581.9 575,369.7 652,778.8 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 569,620.6 725,530.0 1,129,907.1 1,221,435.5 1,382,079.2 Resource Balance (133,497.3) (143,073.5) (185,195.3) (329,095.7) (394,236.0) (622,325.2) (646,065.9) (729,300.4) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 702,867.1 822,349.0 937,999.6 1,287,797.1 1,679,721.7 Gross National Savings 235,181.8 250,018.7 328,410.1 893,996.2 1,092,095.0 1,310,442.1 1,684,874.6 2,075,742.7 Mid-year Population (In Million) 82.7 84.8 87.0 99.7 101.9 104.1 105.7 108.4 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 33,849.0 42,595.0 59,155.4 82,521.5 108,401.1 Per Capita Real GDP (In Birr) 13,090.3 14,118.3 15,189.1 21,155.3 21,860.5 22,578.4 23,645.1 24,761.9 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 31.3 39.0 48.6 53.3 56.0 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 67,294.2 57,101.7 48,387 46,909.2 47,970.2 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 107,672.6 111,261.9 126,772.7 163,712.9 210,000.9 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 1,080.0 1,091.8 1,218.0 1,549.0 1,937.0 Per Capita Real GDP (In USD) 758.7 772.4 796.3 675.0 560.3 464.9 443.8 442.5 GDP Deflator 0.71 0.74 0.82 1.60 1.95 2.62 3.49 4.38 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
100
Third Quarter Report 2024/25
Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings
Description / Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 34.7 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 22.2 Gross National Income at Current Basic Price 18.3 17.2 21.1 23.3 25.0 29.5 43.3 42.7 35.8 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 34.9 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.5 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.2 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 36.9 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 24.6 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 13.2 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 -12.9 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.2 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.4 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 -82.0 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 -83.0 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 24.4 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 -82.9 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 631.8 Source:MoPD

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Table 22(A): National Non-Food Consumer Price Index,
Period
General Index
Food and Non-Alcoholic
Beverages
Alcoholic Beverages and
Tobacco
Clothing & Foot-wear
Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Main￾tenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 QIV 370.1 410.0 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 324.2 2023/24 QI 398.0 444.5 359.5 354.6 320.4 438.9 371.2 297.2 161.4 359.9 227.8 382.9 378.6 344.5 QII 419.6 468.9 375.0 366.8 346.1 449.3 382.9 319.5 167.2 330.9 282.3 400.9 397.7 362.9 QIII 439.7 494.8 412.8 375.5 351.6 461.1 400.5 342.1 173.7 335.2 287.2 421.2 410.4
376.2 QIV 451.5 512.8 420.3 362.7 352.5 472.4 423.8 342.0 170.4 332.4 291.8 443.2 424.6 380.8 2024/25 QI 468.6 531.8 430.4 371.5 371.3 488.2 447.9 354.0 172.6 342.8 294.4 465.1 431.7 395.8 QII 493.9 561.1 442.4 385.9 394.8 498.4 455.3 433.9 168.1 341.0 315.3 491.8 446.7 416.6 QIII 504.0 564.0 478.2 402.6 410.4 521.2 442.8 465.6 175.9 346.9 325.8 502.5 476.8 434.9 Source: Ethiopian Statistical Service (ESS) and NBE Staff Compilation

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National Bank of Ethiopia Quarterly Bulletin
Table 22 (B): National Food Consumer Price Index, December 2016=100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish & Sea Food
Hosing,Water,
Electricity, Gas and
Other Fuels
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate & confectionery
Food products
Non-Alcoholic
Beverages
2016/17
Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 QIV 410.0 492.3 417.6 435.9 384.2 384.2 395.9 384.7 218.8 349.6 347.1 2023/24 QI 444.5 547.0 447.5 385.4 408.4 417.0 406.0 421.1 226.0 355.9 361.0 QII 468.9 594.6 461.2 391.2 424.9 392.1 424.0 456.1 230.6 366.9 357.5 QIII 494.8 627.4 476.6 397.4 449.8 394.9 436.0 506.3 246.3 390.9 336.6 QIV 512.8 652.3 516.8 410.4 455.2 424.6 428.8 492.6 298.2 433.9 350.9 2024/25 QI 531.8 679.3 535.1 411.7 464.9 455.7 434.7 497.4 309.9 446.7 383.3 QII 561.1 692.5 550.3 415.4 477.3 501.6 453.8 544.9 320.7 479.6 432.2 QIII 564.0 658.3 566.0 436.4 486.6 521.0 483.3 556.6 341.4 504.6 479.8 Source: Ethiopian Statistical Service (ESS) and NBE Staff Compilation

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National Bank of Ethiopia Quarterly Bulletin
Table 22 (C): Addis Ababa Non-Food Consumer Price Index, December 2016=100
Period
General Index
Food & Non-alcoholic Beverages
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Hosing, Water, Electricity, Gas and Other
Fuels
Furnishings, Household Equipment and
Routine Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
Non-Food Index
2018/19
QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 2023/24 QI 425.4 471.9 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 390.1 QII 447.0 500.3 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 406.5 QIII 468.0 530.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 421.0 QIV 478.8 541.0 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 431.5 2024/25 QI 500.6 563.0 480.4 439.9 588.1 444.5 486.9 325.4 141.9 340.8 284.5 523.1 473.8 453.2 QII 538.1 604.5 511.4 460.3 600.7 458.9 495.8 504.6 142.9 350.9 289.2 566.8 500.3 487.5 QIII 559.5 619.6 571.5 488.8 617.8 478.3 537.4 590.2 144.7 378.2 318.1 572.3 540.0 513.8

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National Bank of Ethiopia Quarterly Bulletin
Table 22(D): Addis Ababa Food Consumer Price Index
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish & Sea Food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2 QIV 438.2 463.4 454.9 346.3 377.9 426.6 405.9 409.1 336.4 550.4 353.3 2023/24 QI 471.9 497.6 472.9 337.6 406.0 455.0 413.6 464.1 346.7 596.1 367.3 QII 500.3 551.8 485.0 377.0 431.3 440.3 424.6 504.2 349.6 581.2 372.2 QIII 530.0 600.2 503.7 387.1 445.8 477.9 458.8 525.9 441.3 560.4 380.4 QIV 541.0 637.7 550.8 410.0 460.1 518.4 489.7 452.7 517.2 582.6 361.7 2024/25 QI 563.0 661.6 566.8 405.3 475.8 519.8 444.2 473.2 538.6 685.8 371.8 QII 604.5 697.4 572.0 404.8 501.5 559.1 442.9 528.2 586.7 833.0 437.5 QIII 619.6 671.9 605.9 450.4 526.0 579.7 519.9 559.4 599.2 886.3 504.3 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food)
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and
Other Fuels
Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AFAR 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 QIV 378.0 438.2 319.7 226.0 308.8 320.9 448.7 342.9 387.5 104.6 521.5 230.5 321.8 430.0 2023/24 QI 412.0 487.8 338.6 211.4 351.1 324.3 475.0 404.1 436.8 126.3 541.9 282.8 356.9 431.5 QII 434.3 521.0 350.4 208.2 418.2 300.8 491.8 431.3 457.9 152.2 504.5 365.1 363.4 452.6 QIII 460.3 544.5 378.9 281.4 403.1 373.5 516.8 389.4 397.8 158.1 480.4 393.3 375.2 468.0 QIV 451.6 536.8 369.2 301.9 334.2 381.1 499.0 366.4 346.7 110.8 429.8 432.7 422.4 475.5 2024/25 QI 479.8 574.2 388.4 343.7 342.9 379.3 519.6 392.3 346.7 121.2 427.7 427.5 495.3 491.7 QII 508.0 610.6 408.7 415.3 352.6 380.2 529.2 410.8 376.7 134.4 400.4 404.5 535.6 493.0 QIII 531.1 611.4 453.4 501.8 399.4 426.4 569.8 490.0 376.7 135.6 411.9 518.8 552.7 495.2 Source: Ethiopian Statistical Service
(ESS) & NBE staff Compilation

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National Bank of Ethiopia Quarterly Bulletin
Table 22 (E2): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 2023/24 QI 410.7 442.5 375.1 542.1 341.2 320.4 438.5 398.6 282.7 394.3 333.1 189.1 417.7 340.9 QII 439.4 479.3 394.7 580.6 347.4 344.8 442.9 413.9 294.4 417.2 318.8 320.4 436.1 366.4 QIII 461.2 508.9 407.7 621.8 359.1 345.8 461.0 440.5 339.0 451.2 328.3 359.0 448.0 374.1 QIV 478.4 527.0 423.9 613.6 362.5 373.2 464.6 476.3 404.3 421.2 306.2 404.4 462.6 400.9 2024/25 QI 492.8 546.4 432.9 587.0 376.7 382.8 494.0 439.1 424.9 426.3 315.4 359.6 479.4 395.4 QII 520.7 575.2 459.7 631.6 401.0 413.7 506.4 405.7 516.6 395.9 317.9 465.9 509.7 406.5 QIII 520.7 564.4 471.8 653.4 406.9 427.4 523.5 493.6 478.4 428.5
322.6 397.5 510.1 432.9 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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National Bank of Ethiopia Quarterly Bulletin
Table 22 (E3): Regional States’ Consumer Price Indices (Non-Food)
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and
Other Fuels
Furnishings, Household Equipment &
Routine Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
BENISHANGUL GUMUZ
2017/18
QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 QIV 416.8 463.6 372.8 316.2 346.0 225.4 510.1 310.0 279.3 100.0 589.1 150.0 652.9 494.2 2023/24 QI 501.3 584.9 422.7 422.8 395.2 310.5 564.4 356.0 292.1 100.0 615.5 150.0 651.5 459.2 QII 519.0 607.8 435.5 440.1 416.6 318.0 579.8 479.2 334.8 100.0 534.4 166.7 630.7 473.6 QIII 540.3 611.7 473.2 545.9 430.1 307.5 579.8 571.9 380.9 100.0 500.9 200.0 739.2 477.0 QIV 524.5 575.7 476.5 531.9 410.3 301.4 564.7 555.2 380.9 100.0 488.1 200.0 812.3 462.6 2024/25 QI 570.7 657.7 488.9 451.6 456.4 374.5 595.4 637.6 386.5 100.0 539.5 200.0 763.4 436.1 QII 593.2 680.1 511.5 507.4 483.9 404.5 602.3 665.7 399.5 100.0 532.3 216.7 773.1 425.8 QIII 602.9 676.1 534.2 556.0 527.0 384.1 684.0 553.4 409.5 100.0 589.9 250.0 828.6 478.5 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 108
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing,Water, Electricity, Gas and
Other Fuels
Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 2023/24 QI 413.2 508.8 341.9 436.9 399.4 227.7 426.3 308.0 355.8 60.2 389.9 227.1 385.7 437.3 QII 423.8 532.6 342.7 407.5 409.4 210.2 435.9 314.5 387.0 60.2 373.1 257.2 440.4 446.9 QIII 441.3 556.2 355.5 430.5 426.3 217.8 446.0 336.6 399.5 60.2 388.7 281.4 468.7 445.0 QIV 462.2 594.6 363.4 445.3 441.9 221.1 443.0 347.6 399.5 60.2 408.0 282.5 513.8 436.7 2024/25 QI 487.1 624.0 384.9 469.8 469.2 242.2 457.9 373.1 399.5 60.2 404.9 289.5 549.4 478.3 QII 508.55 664.30 392.34 406.4 485.9 251.1 480.03 405.2 441.4 65.46 422.8 295.6 580.1 519.8 QIII 511.2 651.6 406.4 434.1 496.4 243.9 502.5 428.1 530.6 75.9 401.1 302.7 591.9 519.9 Source: Ethiopian Statistical Service (ESS) & NBE
staff Compilation

Third Quarter Report 2024/25 109
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods GAMBELLA 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.7 378.0 230.4 249.4 244.9 574.7 229.3 347.3 347.7 QIV 357.7 424.9 280.4 447.9 382.8 178.4 400.0 264.6 280.4 262.7 560.0 229.3 371.1 359.6 2023/24 QI 379.4 462.1 284.2 466.6 391.9 169.2 425.8 275.3 258.3 283.0 585.4 252.3 390.9 378.1 QII 396.4 476.6 304.3 510.7 452.9 172.9 455.1 279.1 287.2 363.6 542.7 286.4 399.0 410.6 QIII 422.0 508.3 322.8 552.0 456.9 194.2 488.3 275.1 306.9 325.3 514.8 304.0 402.2 438.9 QIV 429.5 504.9 342.8 580.4 434.4 231.4 520.0 269.6 318.3 253.8 491.0 292.8 427.6 409.5 2024/25 QI 462.3 541.4 371.3 654.3 444.4 250.2 549.3 270.7 332.2 318.1 502.9 299.2 485.3 416.5 QII 481.9 559.7 392.6 695.6 489.3 261.3 584.5 285.7 336.1 322.0 429.4 312.5 526.8 442.9 QIII 507.9 587.9 415.8 730.0 544.4 262.1 610.9 290.3 337.1 369.8 434.8 290.5 635.0
476.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 110
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & To￾bacco
Clothing & Foot-wear
Housing, Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
HARARI
2017/18
QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 2023/24 QI 388.7 458.3 340.0 299.1 333.0 340.7 389.3 399.8 304.8 100.0 371.4 209.2 420.7 457.6 QII 391.2 484.4 326.0 239.8 326.3 338.8 393.6 415.7 304.8 100.0 303.4 226.8 431.3 453.3 QIII 417.4 510.0 352.5 320.4 351.5 323.9 400.6 421.6 304.8 100.0 305.0 226.6 468.3 467.9 QIV 413.7 532.1 330.8 246.4 313.8 294.1 391.4 422.7 414.5 100.0 508.3 233.2 462.2 461.5 2024/25 QI 433.0 553.2 348.8 291.7 335.0 312.7 387.6 443.7 414.5 100.0 507.8 269.3 459.9 468.8 QII 465.7 567.0 394.7 387.0 342.3 365.4 403.9 492.2 414.5 100.0 498.8 311.4 503.2 494.1 QIII 496.1 588.1 431.6 435.4 378.1 410.3 431.0 498.9 341.4 100.0 503.3 317.1 563.0 542.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 111
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and
Other Fuels
Furnishings, Household Equipment and
Routine Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
OROMIA
2017/18
QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 QIV 373.6 415.9 319.3 280.2 375.9 281.0 442.2 357.5 293.0 126.5 369.8 236.2 334.1 392.1 2023/24 QI 400.2 450.1 336.1 300.0 366.7 309.1 451.4 404.7 300.9 127.9 360.0 242.6 352.9 408.1 QII 422.8 470.8 361.3 313.6 391.5 345.0 464.8 422.1 330.4 129.5 318.5 283.8 383.2 429.5 QIII 446.6 502.1 375.3 340.9 400.6 352.3 478.3 439.9 357.5 130.9 326.3 288.1 408.9 447.2 QIV 456.8 522.9 371.9 379.5 362.6 332.4 493.6 448.8 336.7 137.7 328.5 285.1 433.8 463.6 2024/25 QI 478.0 545.5 391.4 407.9 366.0 354.1 515.1 477.8 347.0 139.1 336.2 305.3 468.7 476.1 QII 507.3 581.6 411.9 418.6 375.2 379.6 528.2 490.5 417.6 138.1 332.0 333.4 494.4 494.8 QIII 509.8 576.2 424.5 444.9 384.4 388.2 555.8 422.1 462.1 141.0 331.1 343.1 503.5 528.2 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 112
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E8): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing,Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
SNNPR
2017/18
QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 QIV 404.0 448.3 346.7 327.5 292.9 345.2 468.3 269.3 321.3 75.2 435.8 210.9 400.3 397.5 2023/24 QI 423.1 460.8 374.5 361.2 309.0 368.6 510.3 313.2 327.5 80.7 436.5 233.5 459.4 415.8 QII 438.6 470.8 397.1 378.9 326.7 398.0 526.0 296.6 341.0 84.7 394.4 240.5 478.1 437.7 QIII 450.9 482.2 410.3 407 341.1 408.07 532.41 324.5 359.5 84.67 404.7 235.4 503.7 452.9 QIV 478.9 519.4 426.5 439 359.5 418.34 540.992 388.5 367.9 86.1 407.5 258.4 539.8 466.1 2024/25 QI 499.1 543.8 441.3 434.9 374.3 433.17 552.812 432.4 393.2 86.45 416.9 271.7 569.6 479.7 QII 530.3 582.2 463.1 465.3 386.2 452.94 567.515 450.9 467.3 87.74 409 268.8 590.2 492.8 QIII 560.3 612.8 492.3 512 410.9 476.99 597.804 451.2 509.3 94.07 411.8 276.8 648.6 530.3 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 113
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and
Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the
House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
SOMALI
2016/17
Qtr.I 92.3 95.1 89.6 88.6 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.3 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.0 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.5 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.8 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.4 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 Qtr.I 374.4 408.4 336.8 379.3 520.2 211.3 473.5 274.9 442.2 115.0 646.4 421.9 303.5 430.3 Qtr.II 399.5 455.1 337.9 392.4 443.8 221.5 476.5 296.0 537.5 116.0 653.6 423.7 332.1 446.5 Qtr.III 411.3 471.9 344.1 419.3 464.4 194.7 507.3 373.6 566.1 116.3 585.2 491.5 378.2 466.8 Qtr.IV 410.6 476.4 337.7 383.7 474.9 191.4 536.9 446.9 530.8 116.2 567.9 507.6 393.2 480.3 2024/25 QI 424.8 489.1 353.7 387.2 484.6 234.6 526.5 470.9 507.7 118.7
573.1 499.5 412.3 440.7 QII 423.4 480.0 360.6 347.2 517.4 276.6 494.3 536.1 465.4 118.6 556.8 513.2 427.5 459.2 QIII 448.9 491.7 401.4 404.9 572.9 324.4 492.9 538.1 393.7 116.2 568.7 654.4 397.9 504.7 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 114
National Bank of Ethiopia Quarterly Bulletin
Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2022/23 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2023/24 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2024/25 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6
248.4 183.2 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F1): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread & Cereals
Meat
Fish & Sea Food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 QIV 438.2 456.7 439.6 362.2 421.4 604.8 340.5 450.4 426.5 319.9 355.5 2023/24 QI 487.8 517.0 515.9 378.9 454.1 503.5 378.7 595.7 460.7 374.0 360.7 QII 521.0 599.7 488.9 326.8 471.7 465.6 400.9 617.1 495.3 324.9 370.0 QIII 544.5 660.7 422.6 495.2 481.8 475.1 422.9 614.7 502.0 363.7 384.3 QIV 536.8 663.9 558.8 714.3 476.9 427.1 401.5 520.2 476.2 370.0 362.7 2024/25 QI 574.2 683.3 549.6 707.1 528.4 521.1 407.5 609.9 499.0 403.6 381.9 QII 610.6 705.2 566.4 715.9 556.4 597.0 418.1 689.5 535.9 435.6 436.1 QIII 611.4 683.0 615.1 763.4 551.0 668.8 445.8 641.8 573.0 470.4 492.3 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F2): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non￾alcoholic
Beverages
Bread and Cere￾als
Meat
Fish and Sea food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 QIV 398.1 522.2 473.9 0.0 414.5 492.2 438.6 267.8 329.2 334.6 318.9 2023/24 QI 442.5 587.6 502.0 0.0 443.7 522.4 466.3 353.2 370.3 340.1 325.4 QII 479.3 660.3 509.7 0.0 455.3 535.5 510.0 403.8 357.4 351.9 330.7 QIII 508.9 707.1 525.0 0.0 464.5 502.6 546.4 430.3 401.0 393.4 333.4 QIV 527.0 714.1 553.5 0.0 497.3 501.2 572.3 405.6 550.4 457.3 349.7 2024/25 QI 546.4 750.1 578.4 0.0 513.8 604.3 566.6 418.0 512.4 448.1 353.0 QII 575.2 774.0 587.8 0.0 543.0 676.6 577.2 477.1 515.1 453.9 383.2 QIII 564.4 715.1 588.2 0.0 532.9 613.0 590.1 470.9 633.8 478.9 441.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F3): Regional States’ Consumer Price Index (Food) December 2016= 100
Period
Food & Non-alco￾holic Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 464.5 429.9 369.3 328.1 534.4 321.1 QIV 463.6 551.9 519.4 345.7 246.0 524.9 451.0 405.7 377.1 562.0 326.9 2023/24 QI 584.9 801.9 525.4 483.1 263.1 616.2 435.0 519.7 435.4 650.1 354.7 QII 607.8 857.8 539.8 499.8 271.7 570.6 488.7 570.7 488.7 564.1 359.0 QIII 611.7 779.3 545.8 488.5 475.5 581.4 668.1 631.8 662.5 527.7 354.2 QIV 575.7 710.4 582.7 540.4 716.7 671.6 437.2 478.3 687.6 576.6 342.9 2024/25 QI 657.7 748.8 618.9 569.1 893.8 797.1 452.3 621.4 680.8 697.3 383.9 QII 680.1 710.8 621.1 615.3 1159.5 820.4 566.1 623.6 680.8 771.0 483.2 QIII 676.1 691.2 642.2 786.4 451.9 929.6 700.6 627.5 771.6 823.1 567.4 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F4): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non￾alcoholic Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 QIV 478.8 538.1 396.5 356.5 376.2 584.1 374.9 421.6 337.4 624.5 307.3 2023/24 QI 508.8 551.9 425.8 354.2 399.0 576.7 352.4 505.9 343.2 640.9 326.9 QII 532.6 600.4 420.0 361.7 448.6 494.2 392.3 554.7 346.6 586.1 335.7 QIII 556.2 616.3 448.8 396.6 459.3 623.5 443.1 563.4 346.6 619.4 319.1 QIV 594.6 649.9 486.4 387.6 486.4 886.7 449.2 546.0 346.6 670.9 310.4 2024/25 QI 624.0 664.0 508.5 387.6 515.1 910.0 366.9 571.5 443.9 844.0 330.2 QII 664.3 691.4 534.5 387.6 520.3 1002.7 433.0 609.3 575.0 927.0 338.8 QIII 651.6 665.0 559.3 387.6 545.8 1149.8 495.0 519.0 575.0 956.6 365.3 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

Third Quarter Report 2024/25 119
National Bank of Ethiopia Quarterly Bulletin
Table 22 (F5): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and Sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 QIV 424.9 494.3 493.3 469.3 371.4 539.5 413.6 359.6 318.0 350.8 290.1 2023/24 QI 462.1 583.9 527.7 386.1 403.3 516.1 419.3 391.1 343.2 354.2 292.3 QII 476.6 586.6 524.2 386.1 469.8 494.8 450.8 419.2 377.7 370.6 299.5 QIII 508.3 621.9 550.6 386.1 477.4 523.4 505.6 494.4 372.2 371.9 292.9 QIV 504.9 625.6 559.8 386.1 488.1 517.2 308.9 461.1 484.3 368.8 291.1 2024/25 QI 541.4 651.7 611.2 386.1 477.9 679.0 505.2 503.6 518.6 358.1 335.2 QII 559.7 637.4 654.1 386.1 487.1 788.5 626.7 519.3 546.2 365.0 406.8 QIII 587.9 619.2 700.2 386.1 507.9 906.7 679.1 558.4 603.8 431.5 492.5 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F6): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish & sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 QIV 426.3 457.9 451.6 0.0 330.4 514.8 423.1 411.8 454.4 341.4 282.0 2023/24 QI 458.3 518.4 424.7 0.0 331.2 574.6 412.3 439.6 434.9 348.0 305.6 QII 484.4 561.7 424.2 0.0 351.8 571.6 418.5 473.4 445.4 361.1 298.6 QIII 510.0 616.9 440.3 0.0 362.3 593.3 435.1 457.2 441.2 391.0 282.7 QIV 532.1 634.2 471.7 0.0 398.4 635.8 513.2 459.6 605.2 360.6 284.8 2024/25 QI 553.2 631.2 520.1 0.0 406.3 721.7 507.9 513.5 596.7 393.7 295.0 QII 567.0 656.1 496.8 0.0 405.3 804.3 567.3 491.9 605.8 442.3 318.8 QIII 588.1 648.4 515.0 0.0 421.3 1096.0 608.3 467.8 634.1 522.6 334.6 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F7): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 QIV 415.9 503.3 410.4 0.0 367.1 352.6 399.7 414.7 258.5 354.0 347.3 2023/24 QI 450.1 567.4 453.9 0.0 383.6 401.3 413.5 428.0 263.4 359.9 360.2 QII 470.8 614.1 470.9 0.0 398.0 356.0 423.1 460.2 272.5 377.7 357.5 QIII 502.1 651.4 487.3 0.0 431.8 355.5 417.7 539.4 293.3 395.8 331.2 QIV 522.9 686.5 539.0 0.0 449.1 401.6 413.1 513.9 381.1 428.3 343.3 2024/25 QI 545.5 720.4 563.8 0.0 479.4 413.6 415.3 509.9 409.9 457.5 382.4 QII 581.6 741.3 578.1 0.0 483.3 450.8 424.1 558.9 419.7 522.6 445.3 QIII 576.2 692.9 592.7 0.0 479.6 464.2 429.8 565.3 436.0 545.3 481.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F8): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 QIV 448.3 516.3 437.4 0.0 408.2 453.0 462.6 421.9 383.4 375.9 414.9 2023/24 QI 460.8 564.5 474.2 0.0 415.9 465.8 466.7 453.6 393.9 372.3 440.4 QII 470.8 587.5 500.3 0.0 415.7 461.2 485.5 483.3 409.0 376.7 421.7 QIII 482.2 609.5 526.7 0.0 451.4 485.3 478.8 526.8 409.5 374.4 379.4 QIV 519.4 636.3 573.0 0.0 475.8 496.6 452.0 547.9 551.2 391.7 413.6 2024/25 QI 543.8 644.4 583.0 0.0 468.0 540.5 486.6 548.5 599.0 417.0 460.6 QII 582.2 642.1 621.1 0.0 489.0 608.7 524.8 601.7 669.4 446.8 495.7 QIII 612.8 632.7 649.3 0.0 521.3 700.5 569.0 632.5 750.2 484.2 573.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F9): Regional States’ Consumer Price Index (Food) December 2016 = 100
Period
Food & Non￾alcoholic Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 QIV 380.9 496.9 385.1 0.0 411.9 162.2 331.4 485.5 116.6 347.3 309.8 2023/24 QI 408.4 528.2 406.0 0.0 470.4 154.2 341.4 544.5 116.6 355.8 316.4 QII 455.1 601.1 436.8 0.0 507.2 159.6 354.9 632.5 116.6 375.6 346.3 QIII 467.4 624.6 441.8 0.0 509.5 166.9 373.8 620.5 116.6 397.1 374.2 QIV 476.4 656.6 515.7 0.0 445.3 155.9 396.8 645.9 116.6 470.7 357.8 2024/25 QI 489.1 694.7 553.9 0.0 392.9 164.1 392.6 661.6 116.6 467.5 405.8 QII 480.0 679.7 558.7 0.0 397.2 184.0 391.6 583.4 116.6 465.3 420.9 QIII 491.7 676.5 575.4 0.0 455.7 201.9 409.5 602.4 116.6 485.3 426.5 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 22 (F10): Regional States’ Consumer Price Index (Food) December 2016= 100
Period
Food & Non￾alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2023/24 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2024/25 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

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Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr)
Continents Country of
Destination 2018 2019 2020 2021 2022 2023 2024 Africa Djibouti 3,735,447.3 3,502,015.8 3,422,940.0 5,159,520.7 8,971,437.9 6,908,251.4 12,414,119.1 Egypt 379,597.8 602,881.0 222,763.9 308,910.2 157,793.4 472,779.2 2,210,349.5 Ghana 57,554.1 18,798.4 19,029.4 46,691.0 60,573.1 19,792.3 37,318.8 Kenya 693,204.7 662,784.6 273,969.6 488,940.0 1,471,037.7 4,240,620.1 12,637,067.5 Libia - - - - - - - Morocco 14,271.4 7,627.6 60,459.5 73,138.5 92,582.3 149,200.1 1,390,726.8 Nigeria 267,895.4 302,907.6 338,173.7 165,904.2 65,751.8 84,595.0 110,687.6 Ruwanda 134,233.8 4,579.0 43,122.8 9,921.5 8,309.0 4,930.6 84,194.1 Somali Land - - - - - - - Somalia 6,745,141.9 7,180,165.5 5,963,824.3 13,064,374.8 14,344,822.0 6,881,840.8 4,346,736.4 South Africa 283,532.5 226,816.6 216,105.1 410,124.8 946,156.6 570,274.4 1,012,120.8 Sudan 2,560,197.2 1,718,688.6 2,893,901.7 3,410,969.4 4,427,003.8 4,193,650.7 4,042,656.1 Tanzania 10,846.2 28,426.5 99,256.8 4,096.0 11,526.3 3,136.2 56,848.7 Uganda 11,353.5 10,099.0 23,442.4 36,019.4 96,529.2 75,684.8 65,005.8 Zambia 83,656.5 11,008.3 149,686.8 1,957.4 3,946.9 47.8 90.8 Zembabwe 7,179.0 2,997.1 18,027.9 41,804.1 38,786.1 13,220.8 6,701.2 Others 1,220,740.0 1,654,555.2 6,723,136.4 5,378,593.2 1,511,672.7 2,781,298.8 1,122,991.7 Total 16,204,851.2 15,934,350.7 20,467,840.4 28,600,965.1 32,207,928.9 26,399,322.8 39,537,614.9 %Share Of Continent 21.9 20.0 18.0 16.7 15.7 13.9 8.0 Europe Austria 6,572.3 2,199.9 678.3 6,668.2 9,338.1 33,557.4 15,392.9 Belgium 1,815,145.1 1,885,843.0 2,803,691.8 5,082,654.8 7,226,357.5 4,594,699.0 14,827,423.3 Bulgaria 91,753.4 80,096.6 96,294.6 137,688.4 150,621.7 193,400.3 144,905.6 Cyprus 17,019.5 14,580.3 16,821.9 - 16,485.7 10,989.9 3,019.8 Czech Republic 4,910.2 4,466.6 2,337.2 7,653.5 33,950.0 23,398.1 38,486.5 Slovakia 2,144.5 1,552.8 805.1 1,270.5 249.0 19,101.5 12,756.7 Denmark 25,631.5 32,806.6 32,645.8 32,409.1 53,458.0 111,194.2 210,551.6 Finland 110,724.0 91,036.1 118,222.6 148,445.9 196,585.8 285,090.0 153,095.7 France 717,336.1 751,486.0 789,672.9 1,380,809.2 1,997,864.2 2,726,226.8 3,408,407.8 Germany 4,217,311.6 4,135,200.4 4,523,931.9 9,909,751.4 13,142,188.6 6,768,716.2 24,116,390.8 Greece 186,258.7 230,313.5 146,873.3 354,278.0 349,639.4 493,749.4 833,934.8 Hungary 19,660.8 10,112.7 17,500.4 27,452.7 24,304.0 10,413.1 60,862.7 Ireland 13,537.1 17,485.0 4,780.1 8,590.0 20,997.4 354,680.3 13,545.0 Italy 1,442,090.6 1,359,775.1 1,494,410.9 2,505,342.7 4,196,415.2 4,856,135.9 7,222,887.0 Netherlands 5,256,686.2 7,828,641.6 11,179,121.3 14,346,624.0 21,554,570.4 17,218,835.0 27,816,911.2 Norway 162,162.3 312,829.4 374,409.1 468,752.8 841,926.4 598,875.2 728,772.3 Poland 18,237.3 23,765.6 24,019.7 46,068.4 61,614.9 236,866.1 499,762.5 Portugal 210,638.6 173,969.2 241,431.3 160,701.5 173,565.7 232,006.4 1,068,107.6 Rumania 20,038.6 11,055.3 19,221.3 30,596.5 49,520.0 129,042.9 257,173.1 Spain 406,305.3 513,867.2 521,805.4 737,524.8 857,371.7 596,130.5 1,610,202.3 Sweden 188,083.4
156,699.7 208,700.3 399,572.3 632,853.2 405,088.1 838,774.2 Switzerland 2,005,549.8 700,416.8 18,502,392.6 26,353,905.5 18,945,000.9 13,512,999.9 173,677,150.4 Turkey 1,163,256.8 1,065,896.4 1,163,636.0 1,696,723.8 1,267,476.2 3,265,936.1 6,317,849.7 Ukraine 27,800.3 42,717.7 56,395.9 234,112.4 11,761.6 250,096.5 106,404.0 United Kingdom 1,088,895.5 1,179,977.9 1,112,511.1 1,659,295.2 3,669,235.3 2,924,411.6 3,865,193.5 Russia 313,364.1 399,159.9 430,203.7 820,038.9 708,462.0 984,543.3 3,446,908.2 Yugoslavia - - - - - - - Others 494,308.7 1,167,721.2 1,255,152.2 4,312,021.6 1,435,834.9 629,851.0 1,475,236.7 Total 20,025,422.2 22,193,672.7 45,137,666.9 70,868,952.1 77,627,647.8 61,466,034.4 272,770,106.0 %Share Of Continent 27.1 27.9 39.8 41.3 37.8 32.4 55.4 America Brazil 163.0 77.1 - 2,659.9 953.4 207.7 15,453.2 Canada 477,156.0 382,746.8 556,490.9 858,150.3 1,499,453.4 1,452,718.0 2,432,441.2 Cuba - - - - - - - Mexico 103,708.1 120,382.1 74,524.9 75,662.2 26,602.7 20,969.4 36,670.8 United States 6,565,256.2 6,071,212.1 7,994,967.9 12,988,109.2 18,888,809.2 15,109,622.4 24,096,979.0 Others 682,322.7 2,744,367.1 1,374,096.1 1,887,090.0 137,247.9 263,757.8 541,740.7 Total 7,828,606.0 9,318,785.3 10,000,079.8 15,811,671.6 20,553,066.5 16,847,275.3 27,123,284.8 %Share Of Continent 10.6 11.7 8.8 9.2 10.0 8.9 5.5 Asia China, Mainland 4,754,329.3 3,152,523.4 2,538,974.3 3,256,200.4 6,379,187.8 6,039,740.9 8,562,489.5 China, Taiwan 376,886.9 449,376.9 787,312.1 1,048,328.9 1,713,411.6 1,667,605.2 3,013,907.3 Hong Kong 394,924.5 254,786.9 552,168.0 964,564.8 1,138,000.7 1,173,395.8 2,466,395.0 India 1,743,922.8 2,978,523.5 1,505,702.2 3,731,448.9 4,003,815.5 7,265,284.0 6,736,699.1 Indonesia 990,069.2 750,327.8 931,170.3 1,354,241.6 1,074,764.0 1,313,103.8 1,949,665.1 Israel 2,801,575.6 3,184,280.8 2,919,321.9 4,218,285.1 5,244,807.2 5,715,187.1 9,020,378.9 Japan 2,711,874.6 3,564,916.0 3,350,803.0 4,419,984.8 7,153,510.5 6,321,924.9 9,233,348.5 N.Korea, Pdrk 12,521.0 2,846.0 464.9 29,380.5 12,069.5 56.1 259.6 S.Korea 1,242,319.1 1,440,757.9 2,190,959.0 3,319,582.5 6,397,024.9 6,629,227.1 9,843,731.7 Kuwait 94,016.3 123,712.1 141,617.1 287,088.5 323,638.6 282,116.7 1,183,414.5 Lebanon 61,491.5 65,805.4 37,592.1 83,936.3 157,086.6 150,767.3 226,730.9 Malaysia 29,316.4 64,445.6 230,618.9 684,883.2 889,477.2 658,387.6 862,060.7 Pakistan 304,739.5 61,784.2 688,547.0 454,173.5 863,874.3 2,069,908.2 5,344,441.8 Saudi Arabia 4,974,591.2 5,667,183.8 7,175,543.7 9,935,245.3 16,324,509.2 18,149,875.6 35,105,261.6 Singapore 227,604.0 955,527.3 1,608,022.9 1,970,924.9 2,367,537.3 4,015,680.0 3,778,295.1 Yemen 1,180,756.9 1,697,112.0 1,047,539.0 896,228.1 964,890.9 1,594,300.9 3,633,563.5 Thailand 152,740.8 121,435.7 28,623.0 34,217.1 157,764.3 250,075.7 484,309.9 UAE 3,093,582.5 3,695,506.7 5,430,018.1 7,612,677.6 10,951,018.7 9,646,513.6 22,421,394.9 Others 4,175,681.9 3,200,461.1 5,990,857.0 10,495,577.2 6,236,276.0 7,165,560.1 11,783,203.6 Total 29,322,944.0
31,431,312.8 37,155,854.4 54,796,969.0 72,352,664.9 80,108,710.6 135,649,551.2 %Share Of Continent 39.6 39.5 32.7 31.9 35.3 42.3 27.5 Oceania Australia 443,828.9 516,436.6 477,329.9 1,116,931.3 1,572,759.9 1,455,128.5 2,804,812.8 Others 181,580.3 122,038.6 248,724.3 429,983.0 227,434.6 183,417.5 248,780.3 Total 625,409.2 638,475.2 726,054.2 1,546,914.3 1,800,194.5 1,638,546.0 3,053,593.1 %Share Of Continent 0.8 0.8 0.6 0.0 0.9 0.9 0.6 Unspecified 0.0 628,040.5 3,068,704.1 14,306,437.9 Grand Total 74,007,232.6 79,516,596.6 113,487,495.6 171,625,472.1 205,169,543.1 189,528,593.2 492,440,587.9 Source: Ethiopian Customs Commission Note 1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note 2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia

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Table 23 A2: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr )
Continents Country 2018 2019 2020 2021 2022 2023 2024 Africa Djibouti 14,392.9 642,854.3 2,266,288.6 11,043,674.1 28,152,472.8 19,682,606.0 27,725,614.4 Egypt 8,475,970.6 6,033,339.4 10,410,681.4 17,728,657.1 49,050,712.1 55,039,107.2 30,302,103.3 Ghana 3,373.5 5,384.8 24,816.0 29,743.2 50,796.6 19,978.1 30,162.9 Kenya 1,031,939.8 2,216,326.1 1,895,402.8 3,136,327.1 7,113,057.4 4,725,954.4 6,486,079.3 Libya - - - - - - - Nigeria 97,972.4 3,924.2 4,438.6 21,952.0 3,293.4 3,166,759.2 2,207,693.7 Ruanda 354.6 929.2 4,365.6 1,256,479.2 1,730,827.3 181,091.4 3,114,950.9 Sudan 2,414,048.4 2,512,810.8 2,313,690.9 184,428.2 208,365.1 375,737.7 334,156.8 Tanzania 68,036.6 141,184.8 137,235.5 16,755.9 50,310.0 306,456.2 357,413.9 Uganda 18,647.3 14,951.7 78,110.9 98,520.6 164,270.6 258,019.0 326,160.1 Zambia 8,312.0 14,692.0 9,814.4 7,075.4 50,424.3 15,338.4 87,845.6 Others 13,917,599.7 15,946,009.4 20,369,845.5 29,387,714.9 71,838,497.3 74,356,823.0 67,079,680.2 Total 26,050,647.9 27,532,406.5 37,514,690.3 62,911,327.7 158,413,026.9 158,127,870.8 138,051,861.0 Europe Austria 1,040,661.1 1,073,524.5 630,258.4 650,445.3 259,877.3 816,593.2 2,484,689.7 Belgium 5,759,928.0 8,634,959.5 5,848,999.6 9,163,579.4 5,179,586.9 3,465,996.6 7,160,296.5 Bulgaria 520,743.2 1,261,450.1 411,435.9 1,346,192.7 1,820,015.4 523,502.3 333,217.1 Cyprus 137,000.3 223,774.3 165,931.3 523,781.7 292,873.9 366,093.8 662,305.7 Czechoslovakia (former name) 726,203.9 595,259.1 481,128.9 485,046.1 769,234.8 1,303,312.0 1,762,018.5 Czech republic 592,351.5 521,779.0 448,591.6 372,216.5 461,548.3 770,932.4 1,601,767.9 Slovakia 133,852.4 73,480.1 32,537.3 112,829.5 307,686.5 532,379.6 160,250.7 Denmark 1,202,904.0 1,249,496.7 1,479,672.1 1,592,371.6 1,280,925.4 1,379,450.0 1,464,396.0 Finland 303,300.5 194,563.8 109,262.7 537,595.1 937,055.7 923,895.0 1,218,969.8 France 5,284,049.7 4,410,731.7 8,664,554.7 8,372,869.0 6,847,584.3 9,639,287.9 8,801,564.7 Germany 8,565,154.3 9,385,651.8 9,242,912.0 8,002,879.3 8,696,403.0 8,152,294.2 26,585,498.5 Greece 176,150.5 187,627.4 209,094.9 302,386.0 189,061.2 412,407.8 436,286.4 Hungary 427,285.7 378,765.9 513,225.0 1,095,652.0 759,651.9 1,164,067.4 1,639,381.7 Ireland 1,052,850.4 1,368,277.1 1,103,439.6 1,621,077.3 1,517,853.8 2,472,479.8 1,633,352.6 Italy 10,871,815.0 8,322,257.7 10,773,755.9 11,506,882.9 10,479,668.0 11,000,123.8 17,849,237.0 Netherlands 6,445,594.1 7,062,343.8 3,274,060.8 6,266,430.6 5,174,951.7 5,869,563.0 8,926,291.7 Norway 99,827.2 87,383.6 187,565.8 156,031.9 226,370.8 325,777.0 228,299.0 Poland 811,113.3 1,085,160.2 1,456,189.1 1,198,760.2 1,892,760.4 1,615,730.0 1,421,319.5 Portugal 268,020.5 379,815.9 243,893.1 500,387.6 285,601.8 362,038.9 300,263.1 Rumania 3,373,945.7 2,721,518.9 1,126,385.7 3,792,996.8 1,371,788.9 2,046,126.6 3,100,608.5 Spain 1,683,250.0 2,455,395.0 2,235,461.3 3,242,302.4 2,238,456.3 3,266,156.7 5,258,719.0 Sweden 940,177.3 1,884,142.5 1,169,306.1 771,149.2 1,019,842.0 1,042,807.3 1,724,854.3
Switzerland 1,217,600.4 2,087,148.6 2,463,804.1 2,139,347.0 1,744,006.4 2,551,348.3 1,065,551.0 Turkey 16,746,946.1 17,683,063.8 28,321,826.8 36,627,248.5 52,066,001.2 34,364,366.9 48,967,814.1 United kingdom 8,288,135.5 9,569,003.6 8,604,611.7 8,544,021.3 10,592,739.5 18,163,794.8 37,837,323.9 Russia 3,569,242.3 3,009,797.2 1,759,881.9 8,793,976.3 2,263,047.7 1,214,893.6 30,481,951.1 Yugoslavia - - - - - - - Other 5,415,508.4 10,223,485.8 10,641,702.7 27,659,316.6 17,740,989.9 11,136,681.4 3,718,936.1 Total 84,927,407.3 95,534,598.6 101,118,360.3 144,892,726.8 135,646,348.4 123,578,788.4 215,063,145.5 America Brazil 2,232,527.8 716,227.8 1,347,349.3 1,259,094.7 1,478,169.5 3,430,004.6 11,184,566.9 Canada 2,042,770.2 1,744,497.1 2,325,081.5 1,231,140.4 3,853,837.7 1,659,932.4 2,679,698.7 Cuba 1,877.7 2,641.6 2,031.7 1,812.8 852.1 1,874.1 129.0 Mexico 205,236.3 224,104.3 284,611.6 354,523.8 1,185,513.3 704,101.8 1,029,959.1 United states 43,437,677.3 25,735,703.1 28,278,445.3 50,946,210.6 50,924,527.7 45,612,153.8 71,305,559.1 Others 273,342.6 386,632.9 4,160,665.7 4,479,859.0 7,380,504.0 3,692,756.8 4,295,751.6 Total 48,193,432.0 28,809,806.7 36,398,185.0 58,272,641.5 64,823,404.3 55,100,823.4 90,495,664.3 Asia China, mainland 108,996,524.2 113,000,343.3 119,518,584.0 134,767,597.7 182,720,391.4 220,935,690.8 462,999,496.4 China, Taiwan 1,287,314.4 2,229,952.5 2,336,180.0 2,519,446.3 1,513,510.9 1,079,963.7 1,742,215.4 Hong Kong 842,633.5 182,565.5 1,165,685.5 199,754.6 278,409.0 3,716,289.8 782,284.0 India 30,949,325.7 36,796,683.5 51,369,798.5 103,243,911.1 120,018,663.7 88,963,695.2 127,312,973.5 Israel 618,133.9 711,291.6 592,680.2 743,319.8 1,074,812.0 895,285.2 994,501.9 Japan 11,333,679.9 9,260,462.8 3,990,031.8 3,886,893.6 3,623,962.7 6,112,844.8 17,556,218.4 N.korea, pdrk 48,756.1 529,388.8 116,388.0 44,456.0 92,270.0 14,939.9 33,383.6 S.korea 5,054,086.0 4,835,162.6 6,559,501.4 10,517,267.1 6,906,383.4 7,553,543.2 15,582,001.7 Kuwait 43,326,855.2 46,876,977.5 12,333,071.7 36,139,876.7 46,117,801.8 28,168,501.4 64,988,736.7 Lebanon 44,398.0 40,490.3 26,980.9 55,135.9 357,813.0 90,611.4 78,139.6 Malaysia 10,137,602.3 5,928,016.9 10,744,285.1 37,955,879.4 40,451,782.5 21,618,188.3 28,619,565.1 Pakistan 2,573,458.2 814,628.1 1,261,370.2 2,749,543.4 1,810,973.4 2,972,301.7 4,907,178.4 Saudi arabia 6,988,734.0 10,277,787.4 12,108,482.4 24,640,270.4 99,277,034.6 74,992,135.3 100,727,476.6 Singapore 422,232.8 1,526,703.7 9,665,483.2 1,902,125.0 642,505.6 1,743,827.1 2,211,472.4 Yemen 51,659.0 67,926.9 115,865.8 113,975.5 343,400.1 145,815.2 93,025.9 Thailand 4,753,644.6 3,287,134.1 5,217,010.0 6,020,437.8 6,784,566.5 6,010,545.8 13,871,175.3 Others 33,208,245.5 35,030,531.9 45,287,719.7 69,548,180.5 95,717,714.9 131,001,958.1 180,085,060.9 Total 260,637,283.3 271,396,047.4 282,409,118.3 435,048,070.8 607,731,995.3 596,016,136.9 1,022,584,905.8 Oceania Australia 237,964.4 183,256.3 454,217.0 1,050,857.8 585,136.2 369,179.8 728,940.9 Others
123,890.3 134,316.0 156,031.4 147,274.5 137,641.0 327,867.8 315,260.9 Total 361,854.7 317,572.3 610,248.4 1,198,132.3 722,777.2 697,047.6 1,044,201.8 Unspecified 10,455,453.8 69,290,879.0 Grand Total 420,170,625.2 423,590,431.5 458,050,602.2 702,322,899.1 967,337,552.1 943,976,121.0 1,536,530,657.4 Source: Ethiopian Customs Commission

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Table 23B: Direction of Trade
Period Country of Origin
2024/25 Percentage Change QIII QIV QI QII QIII Export Import Export Import Export Import Export Import Export Import Export Import Q R S T U V W X Y Z AA=Y/Q AB=Z/R Africa:
Djibouti 32.2 101.3 35.5 132.4 37.8 76.5 39.6 58.0 34.8 84.4 8.2 (16.7) Egypt 2.4 214.7 3.7 135.5 7.5 47.0 9.7 45.9 8.1 29.2 241.1 (86.4) Ghana 0.1 0.0 0.1 0.0 0.2 0.1 0.2 0.2 52.2 1,333.2 Kenya 28.6 25.1 36.9 17.8 34.7 23.6 44.4 15.2 48.7 10.5 70.1 (58.1) Libia - - - - - - - - - - Morocco 1.9 431.5 5.4 486.6 5.3 46.1 3.7 0.1 0.9 0.1 (55.4) (100.0) Nigeria 0.2 38.9 0.3 0.0 0.3 0.2 0.4 0.0 0.4 0.0 93.9 (100.0) Ruwanda 0.5 0.0 0.7 16.7 0.1 8.8 0.1 10.0 0.1 6.8 (87.9) 59,310.8 Somali Land - 0.0 - 4.2 - - - - - - (100.0) Somalia 30.1 - 5.6 - 6.7 8.7 13.8 1.3 12.7 0.9 (57.8) South Africa 3.5 24.0 2.6 23.0 2.5 35.3 3.4 28.2 3.2 60.3 (9.6) 151.5 Sudan 28.8 3.4 11.2 1.9 7.2 0.4 9.7 - 6.9 0.0 (76.0) (99.4) Tanzania - 0.3 0.0 1.6 0.0 0.5 0.5 1.6 0.0 1.7 410.6 Uganda 0.5 1.2 0.4 2.2 0.1 0.6 0.1 0.6 0.1 1.0 (77.4) (16.2) Zambia - - - 1.3 - 0.1 0.0 0.4 Zembabwe 0.0 0.6 0.0 0.5 0.0 0.2 0.4 - 1,321.0 (100.0) Others 4.4 1.3 3.6 0.3 4.3 4.2 2.7 5.2 4.0 2.0 (8.4) 51.9 Total 133.3 842.3 106.0 824.1 106.6 252.0 128.2 166.3 120.4 197.5 (9.6) (76.6) %Share Of Continent 14.4 18.8 8.4 16.2 7.0 6.2 7.3 3.3 5.9 3.9 (59.0) (79.4) Europe:
Austria - 2.1 0.1 2.7 0.0 9.0 0.0 11.1 0.0 8.1 287.9 Belgium 30.1 9.4 62.3 21.4 60.0 27.8 32.1 23.0 47.3 13.8 57.0 46.8 Bulgaria 0.9 1.6 0.8 1.6 0.1 0.2 0.3 1.1 0.5 1.0 (47.9) (41.1) Cyprus - 1.4 - 1.4 0.0 3.0 - 1.7 - 2.1 43.0 Czech Republic 0.1 2.0 0.3 1.8 0.1 5.0 0.1 7.4 0.1 5.7 70.5 177.5 Slovakia 0.1 0.3 0.1 0.3 - 0.7 - 0.5 - 0.6 (100.0) 71.8 Denmark 0.8 7.2 0.4 4.9 0.2 3.1 1.0 4.2 0.3 3.7 (65.6) (49.1) Finland 1.2 7.7 0.9 0.8 0.3 4.4 0.2 2.5 1.9 4.7 66.9 (39.6) France 9.1 49.7 13.9 19.3 14.0 17.3 6.7 27.3 12.5 29.5 37.3 (40.7) Germany 21.5 57.4 90.0 141.7 117.1 69.3 53.7 66.1 76.0 88.6 252.8 54.4 Greece 3.0 1.5 2.1 1.3 3.9 1.7 1.2 0.9 2.0 1.0 (33.0) (36.3) Hungary 0.1 4.1 0.3 5.1 0.2 4.3 0.2 5.8 0.2 3.2 29.5 (20.1) Ireland 0.0 2.6 0.1 6.0 0.0 9.2 0.1 2.5 0.2 35.2 566.2 1,253.3 Italy 22.6 33.2 31.0 41.9 20.7 52.0 18.9 71.4 33.0 60.4 45.7 82.0 Netherlands 86.2 16.3 87.2 36.8 72.7 15.5 89.2 35.9 94.0 16.9 9.1 3.2 Norway 2.3 0.6 3.0 0.4 1.9 0.6 2.0 1.0 2.8 0.7 21.8 12.6 Poland 0.5 2.5 1.5 4.2 2.0 2.7 1.5 6.6 1.8 10.6 255.4 322.2 Portugal 1.5 2.2 1.0 0.6 4.2 0.6 4.0 0.7 2.1 2.0 42.7 (10.9) Rumania 0.1 17.3 0.8 9.8 0.3 11.1 1.4 3.0 3.1 0.3 2,025.9 (98.1) Spain 2.9 13.0 5.2 15.7 4.6 11.7 6.2 21.1 5.1 25.0 74.4 92.0 Sweden 1.5 2.5 3.5 2.9 3.6 3.1 1.8 9.1 2.5 5.8 70.4 132.6 Switzerland 111.0 2.7 134.6 4.7 562.4 2.2 800.3 3.4 824.3 2.4 642.3 (10.6) Turkey 22.2 162.9 14.7 200.7 11.4 138.9 25.4 124.1 47.0 123.4 111.3 (24.3) Ukraine 0.1 1.4 0.1 13.5 0.2 3.2 0.6 7.0 0.3 5.0 305.8 267.9 United Kingdom 11.4 90.0 13.9 159.8 12.7 83.0 10.5 146.2 15.7 75.4 38.4 (16.2) Russia 5.5 57.3 10.9 106.7 8.1 91.7 13.9 97.5 9.3 190.3 70.5 231.9 Yugoslavia - - - - - - - - - - Others 2.8 1.5 6.6 1.7 4.8 8.9 4.1 6.9 6.3 5.3 124.1 243.3 Total 337.7 550.5 485.3 807.6 905.6 580.2 1,075.4 688.0 1,188.4 720.3 252.0 30.8 %Share Of Continent 36.4 12.3 38.3 15.9 59.7 14.2 61.1 13.6 58.2 14.2 America:
Brazil 0.1 74.1 - 49.6 - 25.6 0.1 15.3 - 12.4 (100.0) (83.3) Canada 5.5 3.6 6.1 5.0 8.2 8.8 8.3 11.2 7.6 10.9 39.1 198.2 Cuba - 0.0 - - - - - 0.0 - - (100.0) Mexico 0.2 1.6 0.2 3.2 0.0 4.2 0.1 3.2 0.0 3.2 (83.1) 93.1 United States 56.7 133.2 104.3 207.5 69.6 182.1 67.0 304.4 118.9 247.5 109.7 85.7 Others 4.6 1.6 3.7 3.5 1.4 15.2 1.1 20.8 3.4 1.1 (26.2) (31.3) Total 67.0 214.3 114.2 268.9 79.2 235.9 76.6 355.0 129.9 275.0 93.9 28.4 %Share Of Continent 7.2 4.8 9.0 5.3 5.2 5.8 4.4 7.0 6.4 5.4 Asia:
China, Mainland 25.9 1,021.9 27.3 1,305.6 17.4 1,357.9 31.3 1,690.0 85.5 1,727.0 230.2 69.0 China, Taiwan 6.9 3.7 15.8 3.9 9.7 6.3 6.8 6.2 14.0 5.1 101.5 38.1 Hong Kong 7.5 2.3 5.9 0.9 7.0 1.5 8.0 3.9 15.4 37.7 106.6 1,551.4 India 25.0 448.4 22.4 470.8 13.3 346.5 22.1 356.6 24.6 322.1 (1.5) (28.2) Indonesia 4.2 68.9 5.9 105.7 8.4 44.8 5.5 73.4 4.9 87.7 15.8 27.2 Israel 34.8 2.8 24.7 2.1 21.5 2.8 29.7 3.4 27.6 2.8 (20.8) 0.0 Japan 26.8 21.6 45.7 20.1 36.5 87.0 16.2 62.1 26.5 80.5 (1.1) 273.4 N.Korea, Pdrk 0.0 0.1 0.0 0.1 - 0.2 - 0.0 - 0.0 (100.0) (45.1) S.Korea 23.5 21.9 52.8 40.0 36.7 58.4 18.7 58.7 38.1 57.2 62.6 161.4 Kuwait 2.0 0.1 2.7 0.1 2.6 589.7 5.5 102.5 11.0 368.2 453.5 330,828.1 Lebanon 1.3 0.3 1.0 0.2 0.5 0.3 0.4 0.2 2.7 0.1 103.8 (66.2) Malaysia 1.2 112.7 2.2 153.7 2.0 57.0 3.8 65.6 1.0 72.0 (12.2) (36.1) Pakistan 12.5 13.0 30.9 15.7 22.7 20.4 6.1 11.7 5.7 8.6 (54.6) (34.2) Saudi Arabia 74.8 215.0 115.6 95.7 98.5 190.2 122.3 513.5 120.3 422.8 60.8 96.7 Singapore 19.5 4.0 14.4 8.5 6.2 4.5 10.4 9.5 17.7 3.9 (9.3) (1.1) Yemen 4.7 0.2 5.4 0.5 10.8 0.3 14.3 0.2 8.7 - 85.0 (100.0) Thailand - 69.2 0.7 89.5 1.6 12.8 2.3 30.2 1.8 46.4 (32.9) UAE 72.5 613.4 68.7 531.7 45.4 192.8 82.3 208.5 81.6 277.1 12.5 (54.8) Others 42.0 148.3 31.2 323.9 30.4 39.1 41.8 141.4 35.5 215.6 (15.5) 45.3 Total 385.1 2,767.6 473.4 3,168.7 371.3 3,012.6 427.5 3,337.6 522.5 3,734.8 35.7 34.9 %Share Of Continent 41.5 61.9 37.4 62.4 24.5 73.8 24.3 65.8 25.6 73.4 Oceania: Australia 3.8 1.2 8.6 3.5 11.9 1.4 7.3 2.8 9.6 5.3 148.5 344.1 Others 0.3 0.4 0.8 1.5 0.8 1.8 0.9 0.5 0.4 1.8 34.9 396.2 Total 4.1 1.6 9.4 5.0 12.7 3.2 8.2 3.3 9.9 7.1 140.7 356.3 % Share Of Continent 0.4 0.0 0.7 0.1 0.8 0.1 0.5 0.1 0.5 0.1 Unspecified 93.5 79.1 - 40.5 - 45.3 520.6 69.7 155.5 66.4 Grand Total Grand Total 927.2 4,469.8 1,267.4 5,074.3 1,515.9 4,083.9 1,761.1 5,070.8 2,041.0 5,090.4 120.1 13.9 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise.
  All import data are updated based on revised data from the Ethiopian Customs Commission.

National Bank of Ethiopia Quarterly Bulletin
128
Third Quarter Report 2024/25
Table 24: Volume of Exports, By Major Commodity Groups ( In metric tone)
Period Coffee Oil Seeds
Leather and
Leather
Productsa
Pulses
Meat &
Meat
Prodts.
Fruits &
Veget.
Wheat
Sugar
Gold
Oil
Cakes
Live
Animals
Chat
Petrol. &
Pet. Prdts
Bees
Wax
Tantalem
Cotton
2024/25
July 40,594.2 9,750.2 132.9 26,759.1 1,068.3 9,628.9 - - 0.4 - 7,417.1 788.9 - - 262.3 - August 42,794.7 9,119.5 150.4 32,603.8 1,083.7 13,887.4 - - 2.2 - 4,065.7 932.3 - - 30.7 - September 32,816.7 8,060.6 68.5 24,601.0 1,538.5 14,586.2 - - 4.3 - 6,995.4 858.5 - - 125.1 - Qtr I 116,205.6 26,930.4 351.8 83,963.9 3,690.5 38,102.6 - 6.9 - 18,478.2 2,579.7 - - 418.1 - October 35,457.0 17,242.1 107.6 25,012.2 1,152.5 17,004.6 - - 2.2 - 12,349.0 893.3 - 18.0 14.7 - November 28,426.5 24,146.2 127.5 27,744.7 1,709.9 16,200.1 - - 3.6 - 7,344.6 949.5 - 25.5 78.5 - December 25,611.5 28,945.4 132.5 27,537.1 1,753.3 15,587.6 - - 4.2 - 11,459.6 1,020.9 - - 95.8 - Qtr II 89,494.9 70,333.7 367.7 80,294.0 4,615.7 48,792.3 - - 9.9 - 31,153.2 2,863.6 - 43.5 189.0 - January 18,888.4 27,125.8 59.5 35,495.3 1,627.2 15,671.6 - - 2.9 - 13,426.4 877.2 - - 80.6 - February 34,243.4 19,506.1 118.5 39,962.9 2,094.7 19,924.8 - - 2.7 - 14,530.2 958.5 - 18.0 61.9 - March 42,367.4 16,644.3 234.5 27,509.8 2,006.3 20,094.3 - - 3.5 - 9,839.2 833.9 - 36.0 51.7 - Qtr III 95,499.2 63,276.3 412.5 102,968.0 5,728.3 55,690.7 - - 9.1 - 37,795.8 2,669.6 - 54.0 194.2 -
Table 24 continued:
Period
Text. &
Text.
Prdts
Cereals and
Flour
Natural
Gum
Civet
Hop
Animal
Fodder
Nat￾ural
Honey
Marble
Flower
Beverage
Spices Others
Electrici￾ty(in ‘1000’ kwh)
Others*
Re-Ex￾ports
Grand
Total*
2024/25
July 2,175.7 324.5 66.3 - - - 0.6 - 7,083.4 133.3 880.3 5,733.4 148,806.4 16,659.7 - 112,799.6 August 2,398.4 4,018.3 15.2 - - - - - 7,934.4 251.3 936.6 5,585.2 502,644.4 21,170.0 - 125,809.9 September 2,021.0 905.6 127.0 - - - 0.3 - 7,441.4 221.7 1,603.7 6,182.0 566,142.4 18,627.9 - 108,157.7 Qtr I 6,595.1 5,248.4 208.5 - - - 0.9 - 22,459.2 606.3 3,420.6 17,500.5 1,217,593.2 56,457.6 - 346,767.2 October 3,175.3 448.1 - - - - 0.0 - 8,420.9 75.6 3,138.1 6,803.3 591,343.0 22,076.0 - 131,314.4 November 2,806.3 6,088.0 20.0 - - - 0.0 - 8,345.7 214.2 1,016.4 9,385.3 614,088.5 27,954.4 - 134,632.4 December 2,494.7 1,272.1 111.0 - - - 5.0 - 8,087.4 201.7 1,383.6 9,367.7 674,612.7 23,019.0 - 135,071.0 Qtr II 8,476.3 7,808.2 131.0 - - - 5.0 - 24,854.0 491.6 5,538.0 25,556.2 1,880,044.3 73,049.3 - 401,017.8 January 2,886.5 3,909.8 32.0 - - - - - 8,357.1 780.4 816.0 9,661.4 858,995.9 26,523.7 - 139,698.1 February 2,716.2 2,579.7 74.2 - - - 0.3 - 9,191.7 184.3 1,523.1 10,348.6 866,846.3 26,680.0 - 158,039.9 March 2,597.9 4,188.4 0.7 - - - - - 8,656.3 156.7 889.7 8,412.5 904,772.6 24,954.1 - 144,523.4 Qtr III 8,200.6 10,677.9 106.9 - - - 0.3 - 26,205.1 1,121.5 3,228.9 28,422.5 2,630,614.8 78,157.8 - 442,261.3 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

National Bank of Ethiopia Quarterly Bulletin
129
Third Quarter Report 2024/25
Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr)
Period Coffee Oil Seeds
Leather and
Leather products
Pulses
Meat & Meat
Prodts.
Fruits &
Vegetables
Wheat
Sugar
Gold
Oil Cakes
Live Animals Chat
Petrol. &
Pet. Prdts
Bees
Wax
Tantalem
Cotton
2024/25
July 10,808,449.6 841,293.2 63,334.3 1,309,011.9 357,315.0 263,090.5 - - 2,935,559.4 316,456.7 501,064.3 - - 46,538.8 - August 21,078,473.8 1,426,971.3 193,744.3 2,857,555.6 773,007.5 613,433.9 - - 18,129,730.7 398,126.5 1,102,538.9 - - 19,220.8 - September 16,933,323.3 1,433,860.8 169,623.0 2,365,031.3 864,281.7 731,952.0 - - 39,831,289.2 946,184.9 1,111,989.4 - - 227,116.8 - Qtr I 48,820,246.8 3,702,125.3 426,701.6 6,531,598.8 1,994,604.2 1,608,476.4 - 60,896,579.3 - 1,660,768.1 2,715,592.6 - - 292,876.5 - October 19,018,183.8 3,252,498.8 123,808.1 2,529,374.7 918,258.9 831,905.5 - - 21,490,597.9 1,409,062.9 1,152,078.2 - 16,308.5 115,617.8 - November 15,152,297.8 4,773,025.9 135,113.9 3,014,206.5 1,116,677.9 851,835.5 - - 35,724,106.1 872,089.6 1,255,703.8 - 27,103.6 463,898.5 - December 14,008,802.5 6,178,827.0 200,486.2 3,156,838.2 1,347,283.2 759,901.8 - - 41,534,744.9 1,192,494.3 1,471,215.9 - - 149,968.9 - Qtr II 48,179,284.0 14,204,351.6 459,408.2 8,700,419.5 3,382,220.0 2,443,642.8 - - 98,749,448.9 - 3,473,646.8 3,878,997.9 - 43,412.1 729,485.2 - January 13,027,403.5 5,776,838.0 79,990.0 3,708,040.6 1,060,921.6 777,694.7 - - 31,684,907.4 1,440,720.4 1,272,905.8 - - 178,454.0 - February 27,355,760.6 4,024,862.0 225,461.9 4,368,656.1 1,604,612.7 908,614.0 - - 31,386,012.7 1,573,399.4 1,373,112.4 - 18,003.3 15,333.8 - March 36,278,636.2 3,491,253.4 406,310.5 3,067,718.3 1,655,127.7 935,186.7 - - 41,993,048.0 1,229,214.6 1,251,600.5 - 35,794.4 81,557.4 - Qtr III 76,661,800.2 13,292,953.3 711,762.5 11,144,414.9 4,320,661.9 2,621,495.4 - - 105,063,968.2 - 4,243,334.4 3,897,618.7 - 53,797.7 275,345.3 -
Table 25 continued:
Period Text. & Text.
Prdts
Cereals and Flour
Natural
Gum
Civet
Hop
Animal
Fodder
Natural
Honey
Marble
Flower Beverage Spices Others Electricity Others* Re-Ex￾ports Grand Total 2024/25 July 546,432.7 31,287.0 24,046.3 - - - 408.2 - 1,773,097.7 8,104.1 54,682.7 467,976.2 934,383.4 3,886,957.1 21,282,532.0 August 1,049,656.7 305,697.2 11,747.0 - - - - - 3,837,539.7 38,887.3 86,031.4 757,749.0 2,249,568.7 8,356,097.8 54,929,680.4 September 925,700.8 113,401.4 72,083.0 - - - 63.0 - 4,328,239.2 25,974.6 85,049.4 1,958,645.7 2,699,640.7 10,435,914.6 74,823,450.2 Qtr I 2,521,790.3 450,385.6 107,876.3 - - - 471.2 - 9,938,876.6 72,965.9 225,763.4 3,184,371.0 5,883,592.8 22,678,969.5 - 151,035,662.6 October 1,295,191.3 75,701.8 - - - - 6.0 - 4,997,346.8 11,622.1 76,745.3 824,951.1 2,846,224.4 10,243,406.7 60,985,483.9 November 1,258,980.1 518,050.7 3,311.3 - - - 1.5 - 5,152,103.3 31,381.8 45,850.2 1,304,473.3 2,988,651.6 11,766,702.3 74,688,863.0 December 1,295,844.4 104,186.4 73,199.2 - - - 9,640.5 - 5,146,363.7 40,129.4 91,981.8 1,261,564.5 3,228,415.4 11,401,294.2 81,251,888.1 Qtr II 3,850,015.8 697,938.9 76,510.5 - - - 9,648.1 - 15,295,813.8 83,133.3 214,577.3 3,390,988.9 9,063,291.4 33,411,403.2 - 216,926,235.1 January 1,425,447.3 316,734.0 5,769.8 - - - - - 5,401,183.0 67,528.0 56,586.6 1,071,569.4 4,014,130.0 12,537,402.0 71,366,824.0 February 1,287,286.1 250,200.2 53,639.2 - - - 173.8 - 5,928,871.6 26,200.7 335,933.6 1,031,985.2 4,003,121.7 12,932,746.0 85,771,241.0 March 1,283,212.0 342,377.9 542.3 - - - - - 5,588,021.5 24,096.2 218,682.6 952,953.4 4,295,402.5 12,786,845.7 103,130,736.1 Qtr III 3,995,945.4 909,312.1 59,951.3 - - - 173.8 - 16,918,076.1 117,824.9 611,202.8 3,056,507.9 12,312,654.2 38,256,993.7 - 260,268,801.0 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

National Bank of Ethiopia Quarterly Bulletin
130
Third Quarter Report 2024/25
Table 26: Value of Imports by Major Commodity Groups (In Thousands of Birr)
Period Food & Live
Animals
Beverages
Tobacco
Petroleum
Crude
Petroleum
Prod.
Chemicals Fertilizers Medical &
Pharm. Prod
Soap &
Polish
Rubber
Prod.
Paper &
Paper Manfc.
2024-25
July 11,160,977.5 63,974.5 25,632.8 - 16,494,641.6 2,983,864.9 2,849,117.7 4,738,001.4 510,764.8 1,050,745.6 917,189.3 August 20,699,240.5 121,579.8 - - 31,530,480.6 3,391,502.8 818,763.3 8,059,125.2 709,521.1 1,209,624.6 3,683,850.5 September 19,442,236.2 175,671.7 79,780.1 - 31,768,449.9 4,114,374.6 3,424,955.2 7,458,555.8 724,008.5 1,215,674.4 4,489,609.2 QI 51,302,454.2 361,226.0 105,412.9 - 79,793,572.0 10,489,742.3 7,092,836.3 20,255,682.4 1,944,294.4 3,476,044.6 9,090,648.9 October 24,778,042.3 79,364.3 242,023.2 - 28,847,018.7 5,390,609.2 3,531,945.3 10,387,851.1 1,551,914.0 2,118,489.3 2,010,392.8 November 25,151,831.5 95,292.8 47,240.5 - 38,200,393.0 5,179,693.9 2,528,815.4 11,862,604.2 1,352,936.7 2,435,371.0 1,454,139.9 December 16,821,966.0 91,518.6 15.6 - 32,209,082.2 5,381,701.0 10,153,828.5 10,667,846.8 954,491.9 1,733,621.9 1,572,905.1 QII 66,751,839.8 266,175.7 289,279.3 - 99,256,493.8 15,952,004.1 16,214,589.2 32,918,302.1 3,859,342.6 6,287,482.2 5,037,437.8 January 23,246,481.5 91,998.1 13.9 - 39,805,074.8 5,910,936.9 23,893,674.3 6,591,184.1 1,192,577.4 2,121,737.3 1,655,903.2 February 17,696,751.2 58,634.6 21,576.5 - 31,120,161.8 3,742,939.0 21,127,816.6 6,678,431.8 631,308.0 1,453,851.1 991,982.3 March 22,061,405.8 58,346.8 2,071.0 - 38,435,478.4 5,036,116.3 23,591,427.7 8,757,754.9 1,014,585.5 2,313,941.3 1,471,314.2 QIII 63,004,638.4 208,979.4 23,661.4 - 109,360,715.0 14,689,992.2 68,612,918.6 22,027,370.7 2,838,470.9 5,889,529.8 4,119,199.6
Table 26 continued:
Period Textiles Clothings Glass &
Glass Ware
Metal & Metal
Manfc.
Machinery &
Aircraft
Road Motor
Vehicles
Electrical
Materials Grain* Telecomm.
Appara.
Others GRAND TOTAL
2024-25
July 2,489,312.9 1,758,602.6 490,923.0 7,045,353.8 15,887,015.1 9,295,453.2 5,878,568.9 2,785,410.8 2,074,062.0 9,529,264.3 95,243,465.8 August 3,130,486.8 1,438,820.6 474,788.1 10,046,840.3 17,807,586.0 7,172,972.9 8,219,086.0 7,226,179.3 2,389,665.3 12,868,117.3 133,772,051.9 September 3,046,175.5 1,308,279.1 792,614.7 7,988,921.0 22,413,655.5 10,198,947.7 10,254,527.2 7,072,746.9 1,359,848.0 12,653,408.2 142,909,692.6 QI 8,665,975.2 4,505,702.3 1,758,325.8 25,081,115.1 56,108,256.6 26,667,373.8 24,352,182.1 17,084,337.0 5,823,575.3 35,050,789.9 371,925,210.3 October 4,142,627.5 1,417,638.1 546,801.4 13,167,141.1 48,690,933.4 15,485,655.2 10,916,013.7 14,854,616.5 3,663,528.7 16,945,390.7 193,913,379.9 November 3,970,848.7 1,250,659.6 1,162,594.0 14,292,905.7 63,472,521.5 11,387,237.6 14,171,909.3 11,429,489.9 5,664,491.5 18,565,614.7 222,247,101.5 December 3,997,375.5 1,844,172.4 608,307.3 14,662,759.1 63,567,943.5 9,316,932.6 12,913,422.1 8,040,326.0 3,997,410.4 17,043,588.1 207,538,888.6 QII 12,110,851.7 4,512,470.0 2,317,702.6 42,122,805.8 175,731,398.5 36,189,825.5 38,001,345.1 34,324,432.4 13,325,430.5 52,554,593.5 623,699,370.0 January 4,713,641.4 1,904,879.5 614,823.5 15,543,411.3 71,363,992.6 12,504,145.2 17,783,240.9 12,974,630.5 10,509,093.1 17,857,699.5 257,304,508.5 February 3,618,118.8 2,106,114.5 386,989.5 15,875,187.8 26,557,668.0 13,970,986.2 10,848,224.4 3,173,721.7 5,138,588.8 15,584,622.2 177,609,953.0 March 3,927,487.6 2,275,813.2 620,773.4 14,465,004.4 40,232,251.9 15,528,279.2 15,149,895.3 3,779,569.9 3,705,992.2 14,549,643.4 213,197,582.4 QIII 12,259,247.8 6,286,807.2 1,622,586.4 45,883,603.5 138,153,912.5 42,003,410.7 43,781,360.6 19,927,922.1 19,353,674.1 47,991,965.1 648,112,043.8

National Bank of Ethiopia Quarterly Bulletin
131
Third Quarter Report 2024/25
Table 27: Volume of Imports by Major Commodity (In Metric Ton)
Period Food & Live
Animals Beverages Tobacco
Petroleum
Crude
Petroleum
Prod.
Chemicals Fertilizers Medical &
Pharm. Prod
Soap &
Polish
Rubber
Prod.
Paper & Paper
Manfc.
2024-25
July 266,606.2 426.9 56.4 - 319,457.5 20,215.9 79,486.7 2,727.6 7,886.3 7,696.3 9,552.9 August 286,982.7 945.8 - - 352,841.6 15,226.7 10,161.5 2,611.7 5,628.5 5,976.4 14,025.5 September 284,987.1 875.2 96.1 - 349,877.2 15,000.5 75,349.8 2,484.6 6,218.9 4,461.0 12,138.8 QI 838,576.1 2,247.9 152.6 - 1,022,176.3 50,443.1 164,998.1 7,823.8 19,733.8 18,133.7 35,717.1 October 412,799.2 427.0 311.5 - 301,445.4 21,301.0 80,245.8 3,667.9 10,857.6 5,726.3 10,327.4 November 703,809.3 730.0 79.1 - 395,386.4 21,640.9 48,477.2 24,739.4 9,883.9 7,981.7 6,893.5 December 230,135.5 290.8 0.0 - 322,147.5 17,147.2 111,736.9 2,823.1 6,376.1 4,498.1 10,080.2 QII 1,346,744.0 1,447.8 390.6 - 1,018,979.3 60,089.1 240,459.8 31,230.4 27,117.6 18,206.1 27,301.1 January 208,000.0 547.8 0.0 - 386,139.4 18,369.1 324,198.8 2,523.9 7,559.8 5,839.9 8,144.7 February 160,203.8 115.8 18.7 - 298,784.1 15,792.5 268,770.0 2,509.8 4,243.6 3,777.3 5,873.9 March 238,318.5 115.4 0.0 - 379,102.9 16,031.3 274,797.7 2,703.6 7,042.4 5,639.3 6,105.5 QIII 606,522.4 778.9 18.8 - 1,064,026.4 50,192.8 867,766.5 7,737.3 18,845.9 15,256.4 20,124.1
Table 27 continued:
Period Textiles Clothings Glass &
Glass Ware
Metal &
Metal Manfc.
Machinery
& Aircraft
Road Motor
Vehicles
Electrical
Materials Grain* Telecomm.
Appara.
Others GRAND TOTAL
2024-25
July 17,161.7 6,784.3 9,386.8 142,875.6 16,048.5 31,561.7 12,074.1 98,763.6 1,952.2 149,987.6 1,101,945.4 August 13,424.5 4,885.2 7,217.3 112,953.1 14,040.5 15,568.5 10,093.5 151,301.8 1,496.6 491,998.6 1,366,078.3 September 10,446.1 2,069.7 10,313.6 119,207.6 16,158.1 22,488.8 8,937.7 148,570.9 895.0 102,746.0 1,044,751.7 QI 41,032.2 13,739.2 26,917.7 375,036.4 46,247.1 69,619.0 31,105.4 398,636.3 4,343.8 744,732.2 3,512,775.4 October 16,036.4 3,256.4 6,571.9 120,604.2 31,379.0 23,639.0 11,848.0 296,209.7 1,160.2 92,605.2 1,154,209.5 November 14,835.7 2,757.2 9,356.0 139,907.7 23,835.9 18,164.2 16,493.6 378,382.8 1,641.9 159,794.4 1,606,408.0 December 14,731.6 3,368.9 6,069.1 124,833.8 30,590.5 14,165.6 14,539.6 148,763.1 1,048.6 84,261.5 998,844.7 QII 45,603.6 9,382.6 21,997.0 385,345.8 85,805.5 55,968.8 42,881.2 823,355.6 3,850.7 336,661.1 3,759,462.1 January 16,362.1 2,975.0 7,201.6 130,587.2 25,470.9 19,209.6 17,116.1 129,393.9 1,917.3 146,860.4 1,329,023.5 February 13,736.6 3,412.8 4,514.0 136,594.1 20,837.9 22,288.3 12,513.3 52,768.6 1,123.4 135,856.4 1,110,966.2 March 14,419.7 3,456.5 5,246.4 127,019.9 25,231.8 21,123.7 14,543.7 80,746.3 1,135.5 86,211.7 1,228,245.4 QIII 44,518.3 9,844.3 16,962.0 394,201.1 71,540.6 62,621.6 44,173.0 262,908.8 4,176.2 368,928.4 3,668,235.1

National Bank of Ethiopia Quarterly Bulletin
132
Third Quarter Report 2024/25
Table 28: Value of Imports, by End-Use (In Millions of Birr)
Categories 2023/24 2024/25
QI QII QIII Qtr IV Annual QI QII QIII
Raw Materials 1,534.7 1,982.7 1,570.6 1,549.2 6,637.2 3,052.2 4,529.5 3,646.8 Semi-finished Goods 52,143.3 46,636.9 52,936.0 61,165.7 212,881.9 57,974.1 95,236.3 146,939.1 Chemicals 8,121.1 7,029.3 8,593.6 11,191.5 34,935.5 11,088.7 16,462.9 16,069.7 Fertilizers 18,695.3 13,814.2 19,457.1 21,662.9 73,629.6 7,298.1 16,183.9 68,595.8 Textile Materials 2,395.2 2,278.5 2,120.5 2,512.6 9,306.8 3,859.0 6,059.2 6,180.1 Others 22,931.6 23,514.9 22,764.8 25,798.7 95,010.0 35,728.4 56,530.2 56,093.6 Fuel 50,248.7 57,804.4 46,274.9 47,462.9 201,790.9 82,776.2 100,981.3 112,234.2 Crude petroleum 1.4 - - - 1.4 70.6 - 3.5 Petroleum Products* 49,036.9 56,001.8 45,631.2 46,785.0 197,454.9 79,793.6 99,256.5 109,360.7 Others 1,210.3 1,802.6 643.8 677.9 4,334.6 2,912.1 1,724.8 2,870.0 Capital Goods 58,596.0 94,666.8 83,284.5 95,194.0 331,741.4 105,989.8 262,541.8 240,676.7 Transport 12,567.1 31,480.1 22,952.0 16,625.1 83,624.3 17,071.3 101,537.2 52,326.2 Tyres for Heavy Vehicles 1,105.3 1,057.2 1,223.8 1,476.8 4,863.2 1,918.0 3,231.7 2,951.7 Heavy Road Motor Veh. 6,260.1 7,103.2 6,453.3 7,573.7 27,390.2 9,427.5 17,010.4 20,955.2 Aircraft 5,081.4 23,215.9 14,991.3 7,273.7 50,562.3 4,861.6 80,925.2 28,101.4 Others 120.3 103.8 283.6 300.9 808.6 864.2 369.9 317.9 Agricultural 1,094.0 927.8 753.7 835.4 3,610.8 1,829.8 3,352.5 5,195.6 Industrial 44,934.9 62,259.0 59,578.8 77,733.6 244,506.3 87,088.7 157,652.1 183,155.0 Consumer Goods 62,298.2 77,815.3 66,063.3 81,709.4 287,886.2 119,888.6 155,766.7 141,449.2 Durables 18,549.9 19,510.0 18,857.2 21,339.1 78,256.1 32,981.8 44,569.2 44,378.5 Radio & T.V. 1,427.1 1,477.7 1,389.5 1,770.4 6,064.7 2,327.3 4,167.5 3,905.7 Tyres for cars & Other Veh. 651.2 536.4 594.1 688.9 2,470.6 815.2 1,340.2 1,120.2 Cars & Other Veh. 7,540.2 8,388.1 6,916.7 9,319.9 32,164.9 16,326.1 18,161.9 18,021.1 Others 8,931.4 9,107.8 9,956.8 9,559.9 37,556.0 13,513.2 20,899.7 21,331.5 Non-durables 43,748.3 58,305.4 47,206.1 60,370.2 209,630.1 86,906.7 111,197.5 97,070.7 Cereals 5,888.3 9,769.1 10,918.6 11,497.5 38,073.6 15,824.0 32,702.7 18,684.3 Other Food 9,011.1 12,154.0 11,151.2 14,660.6 46,976.8 15,404.7 15,459.5 20,708.6 Medical & Pharmaceuticals 8,427.7 10,267.9 7,044.8 9,694.3 35,434.8 16,669.0 26,810.2 16,418.0 Textile Fabrics 6,598.1 6,280.2 6,264.3 7,471.6 26,614.2 7,736.3 8,895.6 10,700.7 Others 13,823.1 19,834.1 11,827.2 17,046.3 62,530.7 31,272.7 27,329.5 30,559.1 Miscellaneous 1,823.2 2,019.5 1,629.8 2,065.9 7,538.4 2,244.3 4,643.7 3,165.9 Total Imports 226,644.2 280,925.7 251,759.1 289,147.0 1,048,476.0 371,925.2 623,699.4 648,112.0 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
  All the data are updated based on revised data from the Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin
133
Third Quarter Report 2024/25
Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (In Millions of Birr)
Sector/Sub-sector
2023/24 2024/25
QI QII QIII QIV QI QII QIII
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
Manufacturing 19 1,677 4 531.4 7 796.9 11 185.7 15.0 329.1 6.0 212.7 27 4,721.7 Agriculture, hunting and forestry Real estate, renting and business activities 4 42.6 10 635.2 5 122.0 6.0 154,774.6 3.0 1,520.0 6 84.1 Hotels and restaurants 1 147.2 1 10.1 1.0 40.0 1.0 30.0 1 18.6 Education 1 70 1 184.0 Health and social work 1 118 5 34.3 4.0 9.2 3 225.0 Construction 1 2 5 60010.5 1 12.5 9.0 349.5 1.0 102.0 8 20,662.3 Wholesale, retail trade and repair service 1 0.0 Transport, storage and communication 1.0 13.0 1 200.0 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 5.5 Grand Total 19 1,677 12 846.7 23 61512.6 23 364.5 36 155,515.4 11.0 1,864.7 48 26,095.8 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

National Bank of Ethiopia Quarterly Bulletin
134
Third Quarter Report 2024/25
Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector [PERMANENT & TEMPORARY]
Sector/Sub-sector
2023/24 2024/25
QI QII QIII QIV QI QII QIII
Perm.
Emp.
Tempo.
Emp.
Perm.
Emp.
Tempo.
Emp.
Perm.
Emp.
Tempo.
Emp.
Perm.
Emp.
Tempo.
Emp.
Perm.
Emp.
Tempo.
Emp.
Perm.
Emp.
Tempo.
Emp.
Perm.
Emp.
Tempo.
Emp.
Manufacturing 1,567 639 644 28 181 197 97 67 518 289 122 125 1394 417 Agriculture, hunting and forestry Real estate, renting and business activities 192 146 127 206 128 70 53775 60203 52 602 100 19 Hotels and restaurants 57 13 2 8 81 81 Education 5 Health and social work 2 3 10 12 31 28 77 12 Construction 11 14 131 185 124 228 Wholesale, retail trade and repair service 10 50 Transport, storage and communication 10 5 500 30 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 14 5 Grand Total 1,567 639 852 182 319 417 292 162 54467 60718 179 732 2291 837 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

Currency and Time
Currency Currency Unit: Birr (ETB)
Exchange Rate: Look at page 51
Time Fiscal Year: July 8th to July 7th
Coffee Year: October to September
Calender Year: September 11 to September 10
There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar THIRD QUARTER 2024/25 QUARTERLY BULLETIN © 2025 National Bank of Ethiopia Sudan Street, Addis Ababa, Ethiopia www.nbe.gov.et

THIRD QUARTER 2024/25
QUARTERLY BULLETIN
© 2025 National Bank of Ethiopia
Sudan Street, Addis Ababa, Ethiopia www.nbe.gov.et