Do

30

Dez

2010

ETHIOPIA ECONOMY

ETHIOPIA ECONOMY  

Economy - overview

Ethiopia's poverty-stricken economy is based on agriculture, accounting for about 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):

$77.36 billion (2009 est.)

country comparison to the world: 79

$71.17 billion (2008 est.)

$63.77 billion (2007 est.)

note: data are in 2009 US dollars

 

GDP (official exchange rate):

$32.32 billion (2009 est.)

 

GDP - real growth rate:

8.7% (2009 est.)

country comparison to the world: 5

11.6% (2008 est.)

11.1% (2007 est.)

 

GDP - per capita (PPP):

$900 (2009 est.)

country comparison to the world: 218

$900 (2008 est.)

$800 (2007 est.)

note: data are in 2009 US dollars

 

GDP - composition by sector:

agriculture: 43.5%

industry: 13.4%

services: 43.1% (2009 est.)

 

Labor force:

37.9 million (2007)

country comparison to the world: 16

 

Labor force - by occupation

agriculture: 85%

industry: 5%

services: 10% (2009 est.)

 

 

Unemployment rate:

NA%

 

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)

country comparison to the world: 112

40 (1995)

 

Investment (gross fixed):

24.2% of GDP (2009 est.)

country comparison to the world: 51

 

Budget:

revenues: $4.636 billion

expenditures: $4.908 billion (2009 est.)

 

Public debt:

35.4% of GDP (2009 est.)

country comparison to the world: 76

38.4% of GDP (2008 est.)

 

Inflation rate (consumer prices):

8.5% (2009 est.)

country comparison to the world: 186

44.4% (2008 est.)

 

Central bank discount rate:

NA%

 

Commercial bank prime lending rate:

8% (31 December 2008)

country comparison to the world: 131

7% (31 December 2006)

 

Stock of narrow money

$4.93 billion (31 December 2008)

$4.229 billion (31 December 2007)

 

Stock of broad money:

$8.641 billion (31 December 2009 est.)

$8.853 billion (31 December 2008 est.)

 

 

 

Stock of domestic credit:

$9.292 billion (31 December 2009 est.)

country comparison to the world: 92

$9.608 billion (31 December 2008 est.)

 

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:

9.9% (2009 est.)

country comparison to the world: 5

Electricity - production:

3.46 billion kWh (2007 est.)

country comparison to the world: 121

 

Electricity - consumption:

3.13 billion kWh (2007 est.)

country comparison to the world: 126

 

Electricity - exports:

0 kWh (2008 est.)

 

Electricity - imports:

0 kWh (2008 est.)

 

Oil - production:

0 bbl/day (2009 est.)

country comparison to the world: 178

 

Oil - consumption:

38,000 bbl/day (2009 est.)

country comparison to the world: 107

 

Oil - exports:

0 bbl/day (2007 est.)

country comparison to the world: 198

 

Oil - imports:

33,590 bbl/day (2007 est.)

country comparison to the world: 97

 

Oil - proved reserves:

430,000 bbl (1 January 2010 est.)

country comparison to the world: 98

Natural gas - production:

0 cu m (2008 est.)

country comparison to the world: 199

 

Natural gas - consumption:

0 cu m (2008 est.)

country comparison to the world: 188

 

Natural gas - exports:

0 cu m (2008 est.)

country comparison to the world: 59

 

Natural gas - imports:

0 cu m (2008 est.)

country comparison to the world: 183

 

Natural gas - proved reserves:

24.92 billion cu m (1 January 2010 est.)

country comparison to the world: 74

 

Current account balance:

-$1.996 billion (2009 est.)

country comparison to the world: 150

-$1.806 billion (2008 est.)

 

Exports:

$1.636 billion (2009 est.)

country comparison to the world: 135

$1.555 billion (2008 est.)

 

Exports - commodities:

coffee, qat, gold, leather products, live animals, oilseeds

 

Exports - partners:

China 10.87%, Germany 9.75%, Saudi Arabia 7.39%, US 7.21%, Netherlands 6.38%, Switzerland 5.33%, Sudan 4.35%, Belgium 4% (2009)

 

Imports:

$6.946 billion (2009 est.)

country comparison to the world: 100

$7.206 billion (2008 est.)

 

Imports - commodities:

food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles

 

Imports - partners:

China 14.73%, Saudi Arabia 8.41%, India 7.65%, US 4.3% (2009)

 

 

 

Reserves of foreign exchange and gold:

$1.781 billion (31 December 2009 est.)

country comparison to the world: 119

$870.5 million (31 December 2008 est.)

 

Debt - external:

$3.621 billion (31 December 2009 est.)

country comparison to the world: 115

$2.882 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

 

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