Ethiopia’s economy on track to meet 7.9% growth target: MoPD Minister

Addis Ababa, May 20, 2024 (FBC) – The Ministry of Planning and Development (MoPD) has announced that Ethiopia’s economy is on track to achieve the projected 7.9 percent growth rate for the 2023/24 fiscal year.

Minister Fitsum Aseffa stated that the performance in the agriculture, industry, and service sectors over the past nine months indicates that the target is attainable by the end of the fiscal year.

The Minister highlighted the impressive performance of various sectors so far this fiscal year.  Rice production reached an estimated 38 million quintals, while milk production surpassed 2 billion liters. Egg production also reached 2 billion units, and meat production reached 200,000 tons.

The industrial sector has demonstrated significant growth, with production capacity reaching 56 percent. The service sector has also experienced notable success, with strong performance in transportation, tourism, and other key areas.

In terms of revenue generation, the government has collected approximately 374 billion birr in the past nine months. Total government expenditure during this period amounted to 495 billion birr, with capital expenditure accounting for a substantial 15.5 percent of the total, she underscored.

Additionally, the Minister highlighted that Ethiopia received 2.5 billion US dollars from exports of goods and 5.8 billion US dollars from service exports.

She expressed confidence that the projected 7.9 percent economic growth for Ethiopia will be achieved by the end of this fiscal year, attributing this positive outlook to progress made in key areas crucial for macroeconomic development.