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


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


07:19, January 31, 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.

People practice sports in a street in the city of Addis Ababa, Ethiopia, on January 15, 2023. (File photo: AFP)

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.

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