Ethiopia Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

growing Horn of Africa construction- and services-based economy; port access via Djibouti and Eritrea; widespread but declining poverty; COVID-19, locust invasion, and Tigray crisis disruptions; public investment increases; second largest African labor force

Real GDP (purchasing power parity)

$278.945 billion (2021 est.)

$264.059 billion (2020 est.)

$248.972 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.64% (2021 est.)

6.06% (2020 est.)

8.36% (2019 est.)

Real GDP per capita

$2,300 (2021 est.)

$2,300 (2020 est.)

$2,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$92.154 billion (2019 est.)

Inflation rate (consumer prices)

26.84% (2021 est.)

20.36% (2020 est.)

15.81% (2019 est.)

Credit ratings

Fitch rating: B (2014)

Moody's rating: B2 (2020)

Standard & Poors rating: B (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 34.8% (2017 est.)

industry: 21.6% (2017 est.)

services: 43.6% (2017 est.)

GDP - composition, by end use

household consumption: 69.6% (2017 est.)

government consumption: 10% (2017 est.)

investment in fixed capital: 43.5% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 8.1% (2017 est.)

imports of goods and services: -31.2% (2017 est.)

Agricultural products

maize, cereals, wheat, sorghum, milk, barley, sweet potatoes, roots/tubers nes, sugar cane, millet

Industries

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

Industrial production growth rate

7.26% (2021 est.)

Labor force

56.664 million (2021 est.)

Labor force - by occupation

agriculture: 72.7%

industry: 7.4%

services: 19.9% (2013 est.)

Unemployment rate

3.69% (2021 est.)

3.24% (2020 est.)

2.33% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 5.7%

male: 4.4%

female: 7.2% (2021 est.)

Population below poverty line

23.5% (2015 est.)

Gini Index coefficient - distribution of family income

35 (2015 est.)

Average household expenditures

on food: 56.6% of household expenditures (2018 est.)

on alcohol and tobacco: 3.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4.1%

highest 10%: 25.6% (2005)

Budget

revenues: $11.308 billion (2020 est.)

expenditures: $13.979 billion (2020 est.)

Budget surplus (+) or deficit (-)

-3.2% (of GDP) (2017 est.)

Public debt

31.45% of GDP (2019 est.)

32.53% of GDP (2018 est.)

30.1% of GDP (2017 est.)

Taxes and other revenues

6.2% (of GDP) (2020 est.)

Fiscal year

8 July - 7 July

Current account balance

-$4.507 billion (2021 est.)

-$2.719 billion (2020 est.)

-$5.025 billion (2019 est.)

Exports

$9.496 billion (2021 est.) note: data are in current year dollars

$7.715 billion (2020 est.)

$7.588 billion (2019 est.)

Exports - partners

China 17%, United States 16%, United Arab Emirates 8%, Saudi Arabia 6%, South Korea 5%, Germany 5% (2019)

Exports - commodities

coffee, gold, sesame seeds, vegetables, cut flowers, aircraft parts (2021)

Imports

$20.859 billion (2021 est.) note: data are in current year dollars

$17.17 billion (2020 est.)

$19.227 billion (2019 est.)

Imports - partners

China 27%, India 9%, United Arab Emirates 9%, France 9%, United Kingdom 7% (2019)

Imports - commodities

aircraft, gas turbines, packaged medicines, electric filament, cars (2019)

Reserves of foreign exchange and gold

$3.046 billion (31 December 2020 est.)

$2.993 billion (31 December 2019 est.)

$3.987 billion (31 December 2018 est.)

Debt - external

$27.27 billion (2019 est.)

$26.269 billion (2018 est.)

Exchange rates

birr (ETB) per US dollar -

43.734 (2021 est.)

34.927 (2020 est.)

29.07 (2019 est.)

27.429 (2018 est.)

23.866 (2017 est.)

NOTE: The information regarding Ethiopia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Ethiopia 2023 information contained here. All suggestions for corrections of any errors about Ethiopia 2023 should be addressed to the CIA or the source cited on each page.