Ethiopia's economy to grow 7.5 pct in current fiscal year: minister

  • World
  • Tuesday, 31 Jan 2023

ADDIS ABABA, Jan. 30 (Xinhua) -- Ethiopia's economy will grow 7.5 percent during the current 2022/2023 Ethiopian fiscal year that started July 8, state-run Ethiopian News Agency (ENA) reported Monday, quoting a statement by the Minister of Planning and Development Fitsum Assefa.

During the previous 2021/2022 fiscal year, the East African country recorded a 6.4 percent economic growth, according to figures from the Ethiopian government.

According to Assefa, the main macroeconomic indicators registered during the past six months period are indicators of the realization of the projected growth during the current fiscal year.

The minister said that the agricultural sector is at the forefront in terms of continuing the country's development, adding the sector has registered a growth of 6.7 percent in the last six months.

She said the agriculture sector is significantly contributing to the macroeconomic development by supporting the country's overall export trade.

Assefa further underscored that the industry sector, which had faced severe challenges due to internal challenges and external pressures during the last two years, registered a growth rate of 8.2 percent in the last six months.

Noting the slight decline in the country's export performance, Assefa said the export sector generated 1.8 billion U.S. dollars in revenue during the reported period, achieving 77 percent of the initial target.

The country attracted about 1.9 billion U.S. dollars in foreign direct investment during the first half of the current fiscal year, she said.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Italy's former PM Berlusconi hospitalized in Milan - ANSA
Canada extends Ukraine tariff-free order, tightens access to sheltered farm sectors
One U.N. peacekeeper killed and four injured in north Mali attack
Sudan sides agree 24-hour ceasefire from Saturday, Saudi Arabia and U.S. say
Rwandan genocide suspect faces 54 fraud, immigration charges in S.Africa
Julian Assange loses US extradition challenge, will renew appeal next week
Eight dead, almost 6,000 evacuated on Russian-held side of dam breach - Russian-backed official
Pope out of bed and working from hospital - Vatican statement
Wildfires spread in Canada's British Columbia as Quebec stabilizes
UN agency joins US in suspending food aid to Ethiopia after diversions

Others Also Read