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Ethiopia Economy 1996

Overview:

With the independence of Eritrea on 27 April 1993, Ethiopia continues to face difficult economic problems as one of the poorest and least developed countries in Africa. Its economy is based on agriculture, which accounts for about 45% of GDP, 90% of exports, and 80% of total employment; coffee generates 60% of export earnings. The agricultural sector suffers from frequent periods of drought, poor cultivation practices, and deterioration of internal security conditions. The manufacturing sector is heavily dependent on inputs from the agricultural sector. Over 90% of large-scale industry, but less than 10% of agriculture, is state run. The government is considering selling off a portion of state-owned plants, and is implementing reform measures that are gradually liberalizing the economy. A major medium-term problem is the improvement of roads, water supply, and other parts of an infrastructure badly neglected during years of civil strife.

National product:

GDP - purchasing power parity - $20.3 billion (1993 est.)

National product real growth rate:

3% (1994 est.)

National product per capita:

$380 (1993 est.)

Inflation rate (consumer prices):

10% (FY93/94)

Unemployment rate:

NA%

Budget:

revenues:

$1.2 billion

expenditures:

$1.7 billion, including capital expenditures of $707 million (FY93/94)

Exports:

$219.8 million (f.o.b., 1993 est.)

commodities:

coffee, leather products, gold

partners:

Germany, Japan, Saudi Arabia, France, Italy

Imports:

$1.04 billion (c.i.f., 1993 est.)

commodities:

capital goods, consumer goods, fuel

partners:

US, Germany, Italy, Saudi Arabia, Japan

External debt:

$3.7 billion (1993 est.)

Industrial production:

growth rate -3.3% (FY91/92); accounts for 12% of GDP

Electricity:

capacity:

460,000 kW

production:

1.3 billion kWh

consumption per capita:

23 kWh (1993)

Industries:

food processing, beverages, textiles, chemicals, metals processing, cement

Agriculture:

accounts for 45% of GDP; export crops of coffee and oilseeds are grown partly on state farms; estimated 50% of agricultural production is at subsistence level; principal crops and livestock - cereals, pulses, coffee, oilseeds, sugarcane, potatoes and other vegetables, hides and skins, cattle, sheep, goats

Illicit drugs:

transit hub for heroin originating in Southwest and Southeast Asia and destined for Europe and North America as well as cocaine destined for southern African markets; cultivates qat (chat) for local use and regional export

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $504 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $3.4 billion; OPEC bilateral aid (1979-89), $8 million; Communist countries (1970-89), $2 billion

Currency:

1 birr (Br) = 100 cents

Exchange rates:

birr (Br) per US$1 - 5.9500 (January 1995), 5.9500 (1994), 5.0000 (fixed rate 1992-93); fixed at 2.070 before 1992; note - official rate pegged to the US$

Fiscal year:

8 July - 7 July

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