June 20, 2024

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Dr. Fitsum Assefa briefing about Ethiopian Economy

Ethiopian Economy Records 7.9% Growth in 9 Months

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The Ministry of Planning and Development announced today that the Ethiopian Economy successfully met its target of a 7.9% growth rate for the 2024 fiscal year. Dr. Fitsum Assefa, the Minister of Planning and Development, briefed journalists on the nine-month progress of major development sectors in the country.

The briefing by Dr. Fitsum Assefa covered various aspects of the Ethiopian economy including macro economy, infrastructure, public engagement, economic improvement, and other key areas. However, the economy is doing well in all sectors, including agriculture, industry, and services.

The minister said the agriculture sector has seen a boom, with crop production improving of 100 million quintals compared to last year. He attributed the Livestock Profit Program to growth in animal production. Milk output has doubled, reaching 2 billion liters in just the first nine months of this year compared to the same period last year.

Dr. Fitsum Assefa said that food prices remain a challenge with inflation at 27%. Last week, the National Bank of Ethiopia posted statistics about inflation. NBE confirmed that food inflation in April 2024 fell only slightly to 27%. Non-food inflation is significantly lower at 18% or less than half its rate of 36.1% this time last year. The National Bank of Ethiopia reported over 30% decline in Inflation in Ethiopia.

The International Monetary Fund (IMF) projected around a 6.2% growth rate for the economy of Ethiopia in 2024. But the 7.9% growth of the Ethiopian economy is indicative of economic growth momentum which is set to continue in 2025 too.

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