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Ethiopian economy                                                     
                     

 

Economy    overview:   Ethiopia's economy is based on agriculture, which accounts for 46% 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 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. Ethiopia''s economy continues on its state-led Growth and Transformation Plan under its new leadership after Prime Minister MELE's death. The five-year economic plan has achieved high single-digit growth rates through government-led infrastructure expansion and commercial agriculture development. Ethiopia in 2013 plans to continue construction of its Grand Renaissance Dam on the Nile-the controversial multi-billion dollar effort to develop electricity for domestic consumption and export.
Population: 93,877,025 (July 2013 est.)
Age structure: 0-14 years: 44.4% (male 20,858,061/female 20,813,460)
15-24 years: 19.9% (male 9,258,868/female 9,382,338)
25-54 years: 29.1% (male 13,576,787/female 13,704,595)
55-64 years: 3.9% (male 1,772,448/female 1,859,364)
65 years and over: 2.8% (male 1,197,519/female 1,453,585) (2013 est.)
Median age: total: 17.5 years
male: 17.3 years
female: 17.6 years (2013 est.)
Population growth rate: 2.9% (2013 est.)
 
Birth rate: 38.07 births/1,000 population (2013 est.)
Death rate: 8.87 deaths/1,000 population (2013 est.)
Infant mortality rate: total: 58.28 deaths/1,000 live births
male: 66.58 deaths/1,000 live births
female: 49.73 deaths/1,000 live births (2013 est.)
Life expectancy at birth: total population: 60 years
male: 57.73 years
female: 62.35 years (2013 est.)
Total fertility rate: 5.31 children born/woman (2013 est.)
GDP (purchasing power parity): $105 billion (2012 est.)
$98.13 billion (2011 est.)
$91.29 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate): $41.91 billion (2012 est.)
GDP - real growth rate: 7% (2012 est.)
7.5% (2011 est.)
8% (2010 est.)
GDP - per capita: $1,200 (2012 est.)
$1,200 (2011 est.)
$1,100 (2010 est.)
note: data are in 2012 US dollars
GDP - composition by sector: agriculture: 46.4%
industry: 10.7%
services: 43% (2012 est.)
Investment (gross fixed): 22.9% of GDP (2011 est.)
Inflation rate (consumer prices): 23.4% (2012 est.)
33.2% (2011 est.)
Labor force: 43.93 million (2012 est.)
Labor force - by occupation: agriculture: 85%
industry: 5%
services: 10% (2009 est.)
Unemployment rate: NA
Budget: revenues: $6.388 billion
expenditures: $7.54 billion (2012 est.)
Public debt: 45.4% of GDP (2012 est.)
47% of GDP (2011 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: 14.5% (31 December 2012 est.)
country comparison to the world: 35
16% (31 December 2011 est.)
Stock of narrow money: $8.144 billion (31 December 2012 est.)
$6.532 billion (31 December 2011 est.)
Stock of broad money: $13.35 billion (31 December 2012 est.)
$11.51 billion (31 December 2011 est.)
Stock of domestic credit: $14.46 billion (31 December 2012 est.)
$11.73 billion (31 December 2011 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: 9.2% (2012 est.)
Electricity - production: 4.039 billion kWh (2009 est.)
Electricity - production by source: fossil fuel: 17.2% of total installed capacity (2009 est.)
hydro: 82.1% of total installed capacity (2009 est.)
other renewable sources: 0.6% of total installed capacity (2009 est.)
nuclear: 0%
Electricity - consumption: 3.648 billion kWh (2009 est.)
Electricity - exports: 0 kWh (2010)
Electricity - imports: 0 kWh (2010)
Oil - production: 0 bbl/day (2011 est.)
Refined Oil - consumption: 49,080 bbl/day (2011 est.)
Oil - exports: 0 bbl/day (2009)
Refined Oil - imports: 42,480 bbl/day (2008 est.)
Oil - proved reserves: 430,000 bbl (1 January 2012 est.)
 
Natural gas -proved reserves: 113 billion cu m (1 January 2011 est.)
Current account balance: -$2.95 billion (2012 est.)
-$1.965 billion (2011 est.)
Exports: $3.109 billion (2012 est.)
$3.029 billion (2011 est.)
Exports - commodities: coffee, khat, gold, leather products, live animals, oilseeds
Exports - partners: China 13%, Germany 10.8%, US 7.9%, Saudi Arabia 7.8%, Belgium 7.7% (2012)
Imports: $9.498 billion (2012 est.)
$8.329 billion (2011 est.)
Imports - commodities food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles
Imports - partners: China 13.1%, US 11%, Saudi Arabia 8.2%, India 5.5% (2012)
Reserves of foreign exchange & gold:

$3.166 billion (31 December 2012 est.)
$3.102 billion (31 December 2011 est.)
 

Debt - external: $10.35 billion (31 December 2012 est.)
$8.597 billion (31 December 2011 est.)
Currency: birr (ETB)
Currency code: ETB
Exchange rates: birr (ETB) per US dollar -
17.705 (2012 est.)
16.899 (2011 est.)
14.41 (2010 est.)
11.78 (2009)
9.57 (2008)
Fiscal year: 8 July - 7 July

                                                        

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This site was last updated 09/15/13