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Ethiopia Expects 11 Per Cent Economic Growth In 2012

Tigrai Online
Feb. 09, 2012

 Ethiopian's Economy Growing - Tigrai Online Prime Minister Meles Zenawi says Ethiopia expects to achieve above 11 per cent economic growth this year, which would place it among the top, if not the highest, in the world.

Ethiopia has also secured 1.347 billion USD from the export of various products in the first half of the current Ethiopian fiscal year, he said when presenting his semi-annual report Wednesday to the House of Peoples' Representatives (lower house of Parliament) here. He told the Parliament that the country expected to register above 11 per cent economic growth this Ethiopian fiscal year.

According to Meles, the agriculture sector was expected to show 8.5 per cent growth while the industry and service sectors were expected to grow by 17.9 and 11.5 per cent respectively.

Regarding exports, Meles indicated that Ethiopia had secured US$1.347 billion in export revenue during the first half of this fiscal year, a 21 per cent increase over the same period last year.

Meles also said the revenue in which the nation secured in the last six months amounted to 45.2 billion Birr (US$ = about 17.4 Birr)

Excluding loans and grants used for undertaking projects, the government had spent 46.1 billion Birr on various activities during the reported period, according to Meles.

The budget deficit during the reported period was 941 million Birr.

Referring to efforts to fight inflation, Meles said the government had directly been involved in buying and distributing foodstuffs such as wheat, sugar and cooking oil, which had helped stabilize prices.

Inflation had been reduced from 40.6 per cent in August 2011 to 32 per cent in January 2012 and was expected to ease to single-digit levels by the end of this fiscal year, Meles said.


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