THE Ethiopian government has announced that the country’s economy is projected to achieve a 7.9 percent growth rate for the 2023/2024 fiscal year, which began on July 8.
This optimistic forecast is based on the performance of Ethiopia’s agriculture, industry, and service sectors over the first nine months of the fiscal year, according to Fitsum Assefa, Ethiopian Minister of Planning and Development, as reported by state-affiliated Fana Broadcasting Corporate on Monday.
Assefa highlighted the “impressive performance” of various economic sectors. She noted that agricultural products have achieved commendable outputs, the industrial sector has demonstrated significant growth, and the service sector has also seen notable success, particularly in transportation, tourism, and other key areas.
In terms of revenue generation, Assefa reported that the Ethiopian government has collected approximately 374 billion Ethiopian birr (around US$6.5 billion) over the past nine months. Total government expenditure during the same period amounted to 495 billion birr (about US$8.6 billion), with capital expenditure accounting for a substantial 15.5 percent of the total.
Ethiopia has generated about US$2.5 billion from the export of goods and US$5.8 billion from service exports. Assefa expressed confidence that the projected 7.9 percent economic growth is achievable by the end of the fiscal year, attributing this to the positive outlook and progress made in key economic areas crucial for the country’s macroeconomic development.
According to the World Bank, Ethiopia, with a population of approximately 126.5 million, is the second most populous nation in Africa after Nigeria and one of the fastest-growing economies in the region. The country achieved a 7.2 percent growth rate during the previous Ethiopian fiscal year (2022/2023). – Eastern Africa
