PM Abiy says Ethiopia registers 6.1pct economic growth 2019/2020

Addis Ababa, March 23, 2021 (FBC) – Prime Minister Abiy Ahmed is responding to queries raised by members of parliament.

While responding to the parliament, Prime Minister Abiy Ahmed said Ethiopia has registered 6.1pct economic growth during 2019/2020 budget year.

He also added that per capita income has reached 1,000 USD for the first time as GDP increased to 1,000,000 USD which he stated as a great leap.

The premier said the homegrown economic reform is focused on three major areas; reduction of debt burden, completion of mega projects, and increasing revenue.

He said the growth of the GDP can be taken as a promising progress in terms of reducing the debt burden.

Export income has shown 21pct growth, the premier said, adding that the increase the largest leap compared to the last 20 years.

Gold Export is the major contiributor to the growth of the export income, he said, adding that several foreign companies have already joned the sector and finalization to commence operation soon.

Ethiopia’s unique intervention in mitigating the impact of Coronavirus was a backbone for the economic growth the country registered, the premier noted.

“Market linkage challenges have been related to road access. Therefore we have been focused on building roads and doubled the budgetary allocation this year for the construction of roads.”, the premier added.

Saying that the community is developing culture of saving, the premier said citizens deposited 1.4 Trillion Birr savings in 2019/2021 budget year, and financial institutions have increased their savings to 1.2 Trillion Birr during the last 6 months.

Regarding exports of agricultural products, the Premier said Avocado will be the leading export item in the years to come surpassing coffee and other domestic products, Prime Minister Abiy said.