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Ethiopia Economic Growth

Ethiopia Records 6.1% Economic Growth

Addis Ababa, October 19, 2020 – Prime Minister Abiy Ahmed stated that Ethiopia has registered 6.1 economic growth during the last budget year.

Addressing queries from members of the parliament on the 6th year 1st extraordinary session of the House of Peoples Representatives, the premier said the country could register 6.1 economic growth by mitigating the impacts of the pandemic in the sector.

Citing multifaceted impacts of COVID 19 pandemic in social and economic spheres across the world, the premier said that Ethiopia has taken remarkable prevention measures to protect the economy.

Resisting the pressures demanding full lockdown in various economic areas like industrial parks and the aviation sector, the nation has managed to mitigate the impacts of the pandemic and witnessed only 2.9 reduction in the sector.

The premier said that Ethiopia has undertaken a wide range of activities to secure economic stimulation supports from global financial institutions and various countries to it and other African countries amid the pandemic, the premier noted.

Prime Minister Abiy recalled the COVID 19 preventive supplies support form Jack Ma Foundation, the Alibaba Group in support of the fight against the pandemic in the African Continent.

A great deal of loan restructuring has been carried out to encourage the macroeconomic sector related to industrial and manufacturing fields, he said.

The economy has registered 2.375 Trillion Birr (107.4 Billion USD) GDP and increased the per capita income in to 1000 US Dollars, the premier underlined.

The Mining sector witnessed 91 pct growth, a giant leap compared to previous years, according to the premier.

He outlined that the agriculture sector witnessed 4.3 pct and the industrial sector 9 pct in the manufacturing and construction areas, adding that the government has subsidized the sector to protect it from effects of the pandemic. He said the service has shown 5.3 pct growth.

Health and related suc social sectors have witnessed 10.2 pct increase during the last fiscal year, he said, adding the country has drawn important lessons from the pandemic in order to give prior attention to the sector.

According to the premier, the financial sector has witnessed 10.2 pct increase. He added that 5,341 new banking branches have been opened in various parts the country showing 18 pct growth compared to the previous fiscal year.

The transport, education and public service areas are among the sector which registered the least increases; 1.1, 1.8 and 2.3 pct respectively, he said, adding the tourism industry is the major sector hit by the pandemic showing 9 pct decline.

He said 50.7 Million People have opened new bank accounts and deposited close to 37.8 Billion Birr during the last budget year brining 31 pct increase in the area.

Banks have distributed 271 Billion Birr for customers during the last year of which more than 70 pct went to the private sector, according to the Prime Minister.







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