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Ethiopia Economy 2010
https://workmall.com/wfb2010/ethiopia/ethiopia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Ethiopia Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
Ethiopia's poverty-stricken economy is based on agriculture, accounting for 45% of GDP, and 85% of total employment. The agricultural sector suffers from frequent drought and poor cultivation practices. Coffee is critical to the Ethiopian economy with exports of some $350 million in 2006, but historically low prices have seen many farmers switching to qat to supplement income. The war with Eritrea in 1998-2000 and recurrent drought have buffeted the economy, in particular coffee production. In November 2001, Ethiopia qualified for debt relief from the Highly Indebted Poor Countries (HIPC) initiative, and in December 2005 the IMF forgave Ethiopia's debt. Under Ethiopia's constitution, the state owns all land and provides long-term leases to the tenants; the system continues to hamper growth in the industrial sector as entrepreneurs are unable to use land as collateral for loans. Drought struck again late in 2002, leading to a 3.3% decline in GDP in 2003. Although GDP growth has since rebounded, soaring commodity prices in 2007 and 2008 and the global economic downturn led to balance of payments pressures, partially alleviated by recent emergency funding from the IMF.

GDP (purchasing power parity):
$75.91 billion (2009 est.)

$71.07 billion (2008 est.)
$63.69 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$33.92 billion (2009 est.)

GDP - real growth rate:
6.8% (2009 est.)

11.6% (2008 est.)
11.1% (2007 est.)

GDP - per capita (PPP):
$900 (2009 est.)

$900 (2008 est.)
$800 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 43.8%
industry: 13.2%
services: 43% (2009 est.)

Labor force:
37.9 million (2007)

Labor force - by occupation:
agriculture: 85%
industry: 5%
services: 10% (2005)

Unemployment rate:
NA% est.)

Population below poverty line:
38.7% (FY05/06 est.)

Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 25.6% (2005)

Distribution of family income - Gini index:
30 (2000)

40 (1995)

Investment (gross fixed):
23.1% of GDP (2009 est.)

Budget:
revenues: $4.678 billion
expenditures: $5.36 billion (2009 est.)

Public debt:
31.7% of GDP (2009 est.)

32% of GDP (2008 est.)

Inflation rate (consumer prices):
11% (2009 est.)

44.4% (2008 est.)

Central bank discount rate:
NA% (31 December 2008)

Commercial bank prime lending rate:
8% (31 December 2008)

7% (31 December 2006)

Stock of money:
$NA (31 December 2008)

$3.651 billion (31 December 2006)

Stock of quasi money:
$NA (31 December 2008)

$3.258 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$6.694 billion (31 December 2006)

Market value of publicly traded shares:
$NA

Agriculture - products:
cereals, pulses, coffee, oilseed, cotton, sugarcane, potatoes, qat, cut flowers; hides, cattle, sheep, goats; fish

Industries:
food processing, beverages, textiles, leather, chemicals, metals processing, cement

Industrial production growth rate:
8% (2009 est.)

Electricity - production:
3.46 billion kWh (2007 est.)

Electricity - consumption:
3.13 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
37,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
33,590 bbl/day (2007 est.)

Oil - proved reserves:
430,000 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
24.92 billion cu m (1 January 2009 est.)

Current account balance:
$-2.165 billion (2009 est.)

$-1.806 billion (2008 est.)

Exports:
$1.608 billion (2009 est.)

$1.555 billion (2008 est.)

Exports - commodities:
coffee, qat, gold, leather products, live animals, oilseeds

Exports - partners:
Germany 11.8%, Saudi Arabia 8.7%, Netherlands 8.6%, US 8.1%, Switzerland 7.7%, Italy 6.1%, China 6%, Sudan 5.5%, Japan 4.4% (2008)

Imports:
$7.315 billion (2009 est.)

$7.206 billion (2008 est.)

Imports - commodities:
food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles

Imports - partners:
China 16.3%, Saudi Arabia 12%, India 8.7%, Italy 6%, Japan 4.9%, US 4.5% (2008)

Reserves of foreign exchange and gold:
$1.212 billion (31 December 2009 est.)

$870.5 million (31 December 2008 est.)

Debt - external:
$4.229 billion (31 December 2009 est.)

$3.155 billion (31 December 2008 est.)

Exchange rates:
birr (ETB) per US dollar - 11.86 (2009), 9.57 (2008), 8.96 (2007), 8.69 (2006), 8.68 (2005)
note: since 24 October 2001, exchange rates are determined on a daily basis via interbank transactions regulated by the Central Bank


NOTE: The information regarding Ethiopia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ethiopia Economy 2010 information contained here. All suggestions for corrections of any errors about Ethiopia Economy 2010 should be addressed to the CIA.






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