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Ethiopian economy                                                     
                     

 

Economy    overview:  

Ethiopia's economy is based on agriculture, but the government is pushing to diversify into manufacturing, textiles, and energy generation. Coffee is a major export crop. The agricultural sector suffers from poor cultivation practices and frequent drought. Although recent joint efforts by the Government of Ethiopia and donors have strengthened Ethiopia's agricultural resilience, changes in rainfall associated with world-wide weather patterns continue to create food insecurity for millions of Ethiopians.

The banking, insurance, telecommunications, 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, based on high saving and high investment, per capita income is among the lowest in the world. Ethiopia issued a second state-led Growth and Transformation development plan in mid-2015, which prioritizes industrialization and urbanization. Ethiopia has achieved high single-digit growth rates for the last decade through government-led infrastructure expansion and commercial agriculture development.

Population:

99,465,819 (July 2015 est.)

Age structure:

0-14 years: 43.94% (male 21,900,571/female 21,809,643)
15-24 years: 19.98% (male 9,865,976/female 10,009,596)
25-54 years: 29.31% (male 14,487,280/female 14,667,179)
55-64 years: 3.88% (male 1,882,315/female 1,981,762)
65 years and over: 2.88% (male 1,289,336/female 1,572,161) (2015 est.)

Median age:

total: 17.7 years
male: 17.5 years
female: 17.8 years (2015 est.)

Population growth rate:

2.89% (2015 est.)
 

Birth rate:

37.27 births/1,000 population (2015 est.)

Death rate:

8.19 deaths/1,000 population (2015 est.)

Infant mortality rate:

total: 53.37 deaths/1,000 live births
male: 61.08 deaths/1,000 live births
female: 45.43 deaths/1,000 live births (2015 est.)

Life expectancy at birth:

total population: 61.48 years
male: 59.11 years
female: 63.93 years (2015 est.)

Total fertility rate:

5.15 children born/woman (2015 est.)

GDP (purchasing power parity):

$159.2 billion (2015 est.)
$146.5 billion (2014 est.)
$132.8 billion (2013 est.)
note: data are in 2015 US dollars

GDP (official exchange rate):

$57.56 billion (2015 est.)

GDP - real growth rate:

8.7% (2015 est.)
10.3% (2014 est.)
9.8% (2013 est.)

GDP - per capita:

$1,700 (2015 est.)
$1,600 (2014 est.)
$1,500 (2013 est.)
note: data are in 2015 US dollars

GDP - composition by sector:

agriculture: 41.4%
industry: 15.6%
services: 43% (2015 est.)

Investment in fixed capital:

39% of GDP (2015 est.)

Inflation rate (consumer prices):

10.3% (2015 est.)
7.4% (2014 est.)

Labor force:

49.27 million (2015 est.)

Labor force - by occupation:

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

Unemployment rate:

17.5% (2012 est.)
18% (2011 est.)

Budget:

revenues: $9.114 billion
expenditures: $11 billion (2015 est.)

Public debt:

45.8% of GDP (2015 est.)
47.5% of GDP (2014 est.)
note: official data cover central government debt, including debt instruments issued (or owned) by government entities other than the treasury and treasury debt owned by foreign entities; the data exclude debt issued by subnational entities, as well as intragovernmental debt; debt instruments for the social funds are not sold at public auctions

Commercial bank prime lending rate:

11.5% (31 December 2015 est.)
11% (31 December 2014 est.)

Stock of narrow money:

$11.53 billion (31 December 2015 est.)
$9.981 billion (31 December 2014 est.)

Stock of broad money:

$23.77 billion (31 December 2015 est.)
$20.75 billion (31 December 2014 est.)

Stock of domestic credit:

$27.75 billion (31 December 2015 est.)
$22.58 billion (31 December 2014 est.)

Agriculture - products:

cereals, coffee, oilseed, cotton, sugarcane, vegetables, khat, cut flowers; hides, cattle, sheep, goats; fish

Industries:

food processing, beverages, textiles, leather, chemicals, metals processing, cement

Industrial production growth rate:

8.5% (2015 est.)

Electricity - production:

6.632 billion kWh (2012 est.)

Electricity - production by source:

fossil fuel: 8.3% of total installed capacity (2012 est.)
hydro: 88.2% of total installed capacity (2012 est.)
other renewable sources: 3.6% of total installed capacity (2012 est.)
nuclear: 0%

Electricity - consumption:

5.227 billion kWh (2012 est.)

Electricity - exports:

400 million kWh (2012 est.)

Electricity - imports:

0 kWh (2013 est.)

Oil - production:

0 bbl/day (2014 est.)

Refined Oil - consumption:

51,000 bbl/day (2013 est.)

Oil - exports:

0 bbl/day (2012 est.)

Refined Oil - imports:

51,960 bbl/day (2012 est.)

Oil - proved reserves:

430,000 bbl (1 January 2015 est.)
 

Natural gas -proved reserves:

24.92 billion cu m (1 January 2014 est.)

Current account balance:

-$3.78 billion (2015 est.)
-$4.704 billion (2014 est.)

Exports:

$3.761 billion (2015 est.)
$3.721 billion (2014 est.)

Exports - commodities:

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

Exports - partners:

China 17.1%, Germany 7.6%, US 7.2%, Belgium 6.8%, Saudi Arabia 6.7% (2014)

Imports:

$10.69 billion (2015 est.)
$11.57 billion (2014 est.)

Imports - commodities

food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles

Imports - partners:

China 19.2%, US 11.4%, Saudi Arabia 6.7%, India 5% (2014)

Reserves of foreign exchange & gold:

$3.589 billion (31 December 2015 est.)

$3.483 billion (31 December 2014 est.)
 

Debt - external:

$15.55 billion (31 December 2014 est.)
$12.56 billion (31 December 2013 est.)

Currency:

birr (ETB)

Currency code:

ETB

Exchange rates:

birr (ETB) per US dollar -
21.55 (2015 est.)
19.8 (2014 est.)
19.8 (2013 est.)
17.71 (2012 est.)
16.899 (2011 est.)

Fiscal year:

8 July - 7 July

                                                        

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This site was last updated 03/23/16