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Ethiopia's Economy will Grow by 7.9%, Ministry of Planning and Development

Development Development

Ethiopia's economy is projected to grow by 7.9% in the current fiscal year, according to the Ministry of Planning and Development. This positive outlook follows results across various macroeconomic indicators during the second quarter, reported during a performance review meeting led by Prime Minister Abiy Ahmed on March 5, 2024.

The review showcased progress across different sectors, including governance, justice, social development, and the economy. Dr. Fitsum Assefa, Minister of Planning and Development, presented a positive economic picture, highlighting a 7.2% growth in 2023 and projecting a further rise to 7.9% in the current fiscal year based on the first six months' performance.

The Minister specifically emphasized the significant contributions of the agricultural sector. A harvest of 496.9 million quintals was registered within the last six months, representing a 65 million quintals increase compared to the same period last year. Additionally, the industrial sector experienced a notable 10% growth during the quarter.

The review session also highlighted improvements in the export sector, with service exports alone generating over USD 4.5 billion in the past six months. Furthermore, advancements were reported in the Foreign Direct Investment (FDI) sector, indicating increased investor confidence in the Ethiopian economy.

Source: The Ethiopian Herald