Addis Ababa, July 4, 2024 (FBC) – Ethiopia’s gross domestic product (GDP) has doubled over the past five years, Prime Minister Abiy Ahmed said.
The Prime Minister presented the federal government performance report of the 2016 E.C and responded to queries rasied by members of the parliament at the 36th regular session of the House of People’s Representatives (HoPR).
In his explanation, the premier pointed out that Ethiopia’s gross domestic product (GDP) has doubled in the last five years.
The Prime Minister said that when he took office, Ethiopia’s gross domestic product (GDP) was 86 billion US dollars, but today it has reached 205 billion US dollars.
PM Abiy reminded that soon after his government came to power, Ethiopia has registered the 2nd largest economy in East Africa, but nowadays, the Ethiopia’s GDP is bigger than that of the 6 neighboring countries combined.
He also mentioned that in the 2023/24 (2016 E.C) fiscal year, more than 10 billion US dollars was earned from exports of products and services.
Meanwhile, he pointed out that Ethiopia imports 15 million quintals of soil fertilizer yearly, with high logistical costs. This year, 13 million quintals were transported, 2 million more en route to Djibouti.
He said that next year, Ethiopia targets seed self-sufficiency, distributing 40,000 motor pumps to farmers for irrigation.