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Ethiopia: Last Fiscal Year’s GDP Reached 1.5 Trillion Birr

Ethiopia’s Gross Domestic Product (GDP) reached 1.5 Trillion Birr, Ministry of Finance and Economic Development disclosed (MoFED).

According to the State Minister at MoFED, Dr. Abraham Tekeste, during the last fiscal year Ethiopia has managed to register an estimated 10.3 percent economic growth. The same fiscal year, according to the State Minister, witnessed the economy’s per capita income rise to U.S. $ 632, which was U.S. $ 558 in 2005.

He furthered the domestic saving has reached 22.5 percent of the GDP, while rate of investment and export of goods and services accounted for 40.3 and 11.7 percent of the GDP.

Commenting on sectors contribution to the achievement Abraham said, the industry sector grew faster than agriculture and service sectors. He revealed the figures to be, 21.2 percent growth in industrial growth while agriculture and service sectors’ growth is 5.4 percent and 11.9 percent respectively.

There is also transformation, to some extent, from agriculture to industry, the State Minister added. During the last fiscal year the share of agriculture to GDP was 40 percent which failed by two when compared to the year before it. On the other hand, the share of the industry sector grew to 14 percent from 13 percent.

The service sector reached 46 percent from 45 percent during the stated period.

Abraham furthered, there was a low performance in the economy sector especially in the manufacturing sector, which he said was a challenge to the nation.

Source: Ethiopian News Agency