Ethiopia on right track to attain 7.9 percent economic growth for current fiscal year

Addis Ababa, June 11, 2024 (FBC) – Ethiopia’s successful economic performance registered over the past ten months in major macroeconomic sectors indicates the prospect of attaining the projected 7.9 percent growth for the current fiscal year.

The final 100 days performance of the fiscal year is being evaluated in a meeting attended by Prime Minister Abiy Ahmed.

Minister of Planning and Development, Fitsum Assefa presented a report on the performance of the past 100 days, the second phase of Homegrown Economic Plan performance, and the focus areas for the 2017 fiscal year.

She mentioned that over the past ten months, the country has attracted 3.2 billion USD in foreign direct investment, showing an increment of 14.3 percent compared to the same period last year.

Additionally, she stated that the government was able to collect 425 billion Birr in revenue, of which 271 billion Birr was from domestic sources.

Exports of goods amounted to 2.9 billion USD, and remittances secured reached 4.2 billion USD, according to the minister.

She further stated that the government’s budget deficit decreased by 14 percent compared to the same period last year.

During the stated months, job opportunities were created for 2.5 million citizens within the country and over 300,000 citizens abroad.

Overall, the success recorded in major macroeconomic indicators suggests that Ethiopia is expected to register a 7.9 percent growth rate this fiscal year, as per ENA.