Ethiopia’s economy to grow 7.5 % in current 2022/2023 fiscal year: Minister

Ethiopia’s economy will grow 7.5 percent in the current 2022/2023 fiscal year, which started on July 8,

Fitsum Assefa, Minister, Ethiopia Ministry of Planning and Development (MoPD), said on Monday.

Fitsum made the claim during the ongoing Ethiopia Council of Ministers (CoM) six month performance evaluation report meeting chaired by Prime Minister Abiy Ahmed.

“Our ministry projects Ethiopia’s economy will grow 7.5 percent in the current budget year based on the country’s current macro-economic performance,” the minister said.

The 2022/2023 economic growth projection, will surpass the previous fiscal year 2021/2022 economic growth which MoPD claimed was 6.4 percent.

Fitsum said the agricultural sector scored 6.7 percent growth in the first six months of the 2022/2023 fiscal year. The ministry also expects the industry sector to score an 8.2 percent growth in the same period.

On a downside, the minister said Ethiopia’s exports revenue showed modest decline earning the country 1.8 billion U.S. dollars during the last six months. Ethiopia had planned to earn 2.3 billion US dollars in the same period.

“Volatile global commodity prices, illegal trade practices, contraband trade and trade chain bottlenecks are the challenges facing our foreign trade,” Fitsum told the CoM performance evaluation report meeting.

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