Ethiopian Economy Projected to Grow by 7.5 Percent This Year


Addis Ababa, January 30, 2023 (Walta) – Ethiopian Ministry of Plan and Development announced that the country’s economy is expected to grow by 7.5 percent in the 2015 E.C (2023/24) fiscal year.

The Minister of Planning and Development, Fitsum Asefa (Ph.D.), presenting the six months performance report, recalled the performance of Ethiopia’s macro economy during a similar period last year was 6.4 percent.

She said that based on 6 months’ performance, this year’s economy is estimated to grow by 7.5 percent.

A performance review for the first half of the fiscal year in the presence of Prime Minister Abiy Ahmed (Ph.D.), she stated that the main macroeconomic indicator’s performance in the past six months of the fiscal year shows the realization of the growth set to be recorded.

Agriculture, which grew by 6.7 percent in the first half of 2015 and important contributor to export, is one of the key performers in the macroeconomic sector.

Fitsum also indicated that the industry sector performed better, grew by 8.2% in the first six months, despite internal and external bottlenecks.

With respect to Foreign Direct Investment (FDI), in the first half of 2015 E.C, Ethiopia attracted USD 1.9bln which could also stimulate actions in the industry sector.

According to ENA, despite fluctuation of price in global goods, spread of contraband and smuggling, and other bottlenecks on the market chains, the export sector did better with USD 1.8bln income in the past six months.

During the performance appraisal, a report of 1.8 million jobs are created across the country.


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