Ethiopian Economy

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Ethiopian economy

Economy overview:

Ethiopia's economy is based on agriculture, which accounts for 41% of GDP and 85% of total employment. Coffee has been a major export crop. The agricultural sector suffers from poor cultivation practices and frequent drought, but recent joint efforts by the Government of Ethiopia and donors have strengthened Ethiopia's agricultural resilience, contributing to a reduction in the number of Ethiopians threatened with starvation. The five-year Growth and Transformation Plan that Ethiopia unveiled in October 2010 presents a government-led effort to achieve the country's ambitious development goals. The banking, insurance, and micro-credit industries are restricted to domestic investors, but Ethiopia has attracted significant foreign investment in textiles, leather, commercial agriculture and manufacturing. Under Ethiopia's constitution, the state owns all land and provides long-term leases to the tenants; land use certificates are now being issued in some areas so that tenants have more recognizable rights to continued occupancy and hence make more concerted efforts to improve their leaseholds. While GDP growth has remained high, per capita income is among the lowest in the world.

Population:	91,195,675 (July 2012 est.)
Age structure:	0-14 years: 46.3% (male 20,990,369/female 21,067,961) 15-64 years: 51% (male 22,707,235/female 23,682,385) 65 years and over: 2.7% (male 1,037,488/female 1,388,301) (2011 est.)
Median age:	total: 16.8 years male: 16.5 years female: 17.1 years (2012 est.)
Population growth rate:	3.179% (2012 est.)
Birth rate:	42.59 births/1,000 population (2012 est.)
Death rate:	10.79 deaths/1,000 population (July 2012 est.)
Infant mortality rate:	total: 75.29 deaths/1,000 live births male: 86.03 deaths/1,000 live births female: 64.23 deaths/1,000 live births (2012 est.)
Life expectancy at birth:	total population: 56.56 years male: 53.99 years female: 59.21 years (2012 est.)
Total fertility rate:	5.39 children born/woman (2012 est.)
GDP (purchasing power parity):	$96.09 billion (2011 est.) $89.36 billion (2010 est.) $82.74 billion (2009 est.) note: data are in 2011 US dollars
GDP (official exchange rate):	$31.26 billion (2011 est.)

GDP - real growth rate:

7.5% (2011 est.)
8% (2010 est.)
10% (2009 est.)

GDP - per capita:

$1,100 (2011 est.)
$1,100 (2010 est.)
$1,000 (2009 est.)
note: data are in 2011 US dollars

GDP - composition by sector:

agriculture: 41%
industry: 13%
services: 46% (2011 est.)

Investment (gross fixed):	22.9% of GDP (2011 est.)
Household income or consumption by percentage share:	lowest 10%: 4.1% highest 10%: 25.6% (2005)

Distribution of family income - Gini index:	30 (2000) 40 (1995)
Inflation rate (consumer prices):	33.2% (2011 est.) 8.1% (2010 est.) 8.5% (2009 est.)

Labor force:

37.9 million (2007)

Labor force - by occupation:

agriculture: 85%
industry: 5%
services: 10% (2009 est.)

Unemployment rate:

Budget:

revenues: $5.355 billion
expenditures: $5.988 billion (2011 est.)

Public debt:	43.7% of GDP (2011 est.) 47.9% of GDP (2010 est.)
Commercial bank prime lending rate:	15% (31 December 2011 est.) 14.5% (31 December 2010 est.) 14.183% (31 December 2009 est.)
Stock of narrow money:	$6.706 billion (31 December 2011 est.) $4.684 billion (31 December 2010 est.)
Stock of broad money:	$11.51 billion (31 December 2011 est.) $8.211 billion (31 December 2010 est.)
Stock of domestic credit:	$11.99 billion (31 December 2011 est.) $8.652 billion (31 December 2010 est.)
Agriculture - products:	cereals, pulses, coffee, oilseed, cotton, sugarcane, potatoes, khat, cut flowers; hides, cattle, sheep, goats; fish
Industries:	food processing, beverages, textiles, chemicals, metals processing, cement

Industrial production growth rate:

9.5% (2010 est.)

Electricity - production:

3.715 billion kWh (2008 est.)

Electricity - production by source:

fossil fuel: 1.3%
hydro: 97.6%
other: 1.1% (2001)
nuclear: 0%

Electricity - consumption:

3.357 billion kWh (2008 est.)

Electricity - exports:

0 kWh (2009)

Electricity - imports:

0 kWh (2009)

Oil - production:	0 bbl/day (2010 est.)
Oil - consumption:	47,000 bbl/day (2010 est.)
Oil - exports:	0 bbl/day (2009)
Oil - imports:	33,480 bbl/day (2009 est.)
Oil - proved reserves:	430,000 bbl (1 January 2011 est.)
Natural gas -proved reserves:	24.92 billion cu m (1 January 2011 est.)
Current account balance:	-$1.656 billion (2011 est.) -$425.4 million (2010 est.)

Exports:

$2.75 billion (2011 est.)
$2.4 billion (2010 est.)

Exports - commodities:

coffee, khat, gold, leather products, live animals, oilseeds

Exports - partners:

Germany 13.7%, China 11.8%, Belgium 7.5%, Saudi Arabia 6.5%, US 6%, Italy 4.9%, Sudan 4.1% (2011)

Imports:	$8.25 billion (2011 est.) $7.365 billion (2010 est.)
Imports - commodities	food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles

Imports - partners:

Saudi Arabia 10.2%, China 10.2%, US 7.8% (2011)

Reserves of foreign exchange & gold:	$2.665 billion (31 December 2011 est.) $2.766 billion (31 December 2010 est.)
Debt - external:	$7.989 billion (31 December 2011 est.) $7.147 billion (31 December 2010 est.)