Ethiopia Economy - 2024

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.)

Unemployment rate

3.69% (2021 est.)
3.24% (2020 est.)
2.33% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 5.7% (2021 est.)

male: 4.4%

female: 7.2%

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)

Remittances

0.4% of GDP (2021 est.)
0.38% of GDP (2020 est.)
0.5% of GDP (2019 est.)

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 -

Exchange rates:
43.734 (2021 est.)
34.927 (2020 est.)
29.07 (2019 est.)
27.429 (2018 est.)
23.866 (2017 est.)