The Gross Domestic Product of Ethiopia has shown a growth of 11.4% in the first year of the five year development plan according to the Ministry of Finance and Economic Development.

The nation’s economic fundamentals remained strong in the budget year in spite of significant challenges including the global economic meltdown and domestic inflation said Sufian Ahmed Minister of Finance speaking at a workshop.

Foreign export revenue showed a growth of 37.1% during the same period with increases recorded in the volume of major export goods and driven by increasing international commodity prices as well policies enacted to enhance competitiveness of products on the market according to Sufian.

The overall balance of payment registered a notable surplus of 1.37 billion US dollars he said.

Ethiopia also earned 58.98 billion birr in revenue from tax which is an increase of 15.66 billion birr from the previous reporting period while gross domestic savings increased to 8.8% from just 5.2% in the past explained Sufian.

Agricultural output over the year was 221.82 million quintals which is 19.36 million quintals more that the output in the previous year he noted.

The preliminary analysis of the household consumption and expenditure survey showed that headcount poverty decreased to 29.6% from 38.7% in 2004-05 added the Minister.

Source: Ethiopian News Agency