Commissioner of National Planning Commission of Ethiopia, Dr. Yinager Dese, disclosed Ethiopia’s economy registered an 8 percent growth in the last fiscal year. This is despite the projected 11 percent.

Ethiopia managed to hit double digit economic growth in the past successive years. However, last year’s economic slowdown is said to be attributable to El Nino climate cycle, which has caused drought in Ethiopia. The drought lead to failed harvests which cover 95 percent of the country’s meher production, Yinager explained.

According to the Commissioner, the agriculture sector accounted for 44.4 percent of the real Gross Domestic Product (GDP) during 2014/2015. However, the performance of the sector has come down to 36.6 percent in the past fiscal year.

Industrial sector on the other hand accounted for 16.6 percent while the service sector took 47 percent of the GDP’s share. These sectors have shown growth compared to the results registered in the previous years, Yinager noted.

Source: Fana Broadcasting Corporate