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Ethiopia's GDP grows 11.4 percent in the 1st year of GTP period

Tigrai Online
April 12, 2012

 Ethiopian's Economy Growing - Tigrai OnlineEthiopia’s Gross Domestic Product (GDP) has grown by 11.4 percent during the first year of the Growth and Transformation Plan (GTP) period (2003), Ministry of Finance and Economic Development said.

Speaking at a relevant workshop held in Addis Ababa on Wednesday, the Minister Sufian Ahmed said despite the daunting challenges of inflation and discouraging global economic landscape, economic fundamentals remained strong in 2010/11 in Ethiopia.

 He said the foreign export revenue recorded a robust growth of 37.1 percent during the reported period.

He attributed the success to the increase in the volume of major export products and the rising of international commodity prices driven by the recovery of the global demand as well as Government's policy measures to enhance the competitiveness of the export products.

Accordingly, the overall balance of payment shows significant surplus of 1.37 billion US dollars, Sufian said.

According to him, during the reported period Ethiopia has secured 58.98 billion Birr tax revenue, which shows a 15.66 billion Birr increase compared to the year 2009/10, while gross domestic saving has increased to 8.8 percent from the 5.2 percent in 2009/10.

The amount of agricultural out put produced in 2010/11 was 221.82 million quintals which exceeded that of the previous year by 19.36 million quintals, he said.

The preliminary analysis of the 2010/11 household income consumption and expenditure survey shows that poverty has markedly declined in Ethiopia since 2004/05, he said.

The headcount poverty rate fall to 29.6 percent in 2010/11 from the 38.7 percent in 2004/05, Sufian said.

According to him, poverty has declined in both rural and urban areas, although the decline is markedly high in urban areas.

Development partners, ambassadors, ministers and representatives of higher learning institutions took part in the consultative workshop organized to discuss the report. 

Source ENA

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