Better Performance Registered in Major Macroeconomic Indicators: Planning, Dev’t Ministry

Ethiopia has registered better performance in the major macroeconomic indicators during the past nine months, according to Ministry of Planning and Development.

The performance registered in the major macroeconomic indicators during the stated period indicates that the 7.5 percent growth set for this Ethiopian fiscal year will be achieved, the ministry added.

The performance of this fiscal year is being evaluated in the presence of Prime Minister Abiy Ahmed.

Planning and Development Minister Fitsum Assefa presented the performance report of the past nine months.

In her report, the minister pointed out that the performance in the months is better in many aspects.

Better result is recorded in major macroeconomic performances by withstanding the instability of the global market and shocks, she pointed out.

For instance, the minister said, Ethiopia obtained 2.6 billion US dollars from export during the past nine months.

This achievement is 71 percent of the plan and the agriculture sector takes the lion’s share of the export.

Fitsum stated that 897 million USD was obtained from coffee export in the period.

The country has also secured 3.65 billion USD from remittances by individuals, that is excluding non-governmental organizations, she added.

According to the minister, a remarkable job has also been done in replacing imported products; and wheat as well as malt have been fully substituted.

In particular, the substitution of malt has helped the country to save over 244 million USD.

Moreover, the minister said that 8 million quintals of rice was harvested in nine months, which hugely helped Ethiopia to reduce rice import by half.

Maximum efforts are also being intensified to substitute imports, including textiles, with other products, it was learned.

Speaking about job creation, the minister said 2.4 million jobs were created during the stated period.

Fitsum further stated that the federal government's income has shown improvement as a total of 324 billion Birr was earned.

However, the minister acknowledged that contraband, price instability in the international market, and inflation in the country are the major bottlenecks for the macro economy.

Source: Ethiopian News Agency