The state has announced that Ethiopia is on course to achieve a 7.9% economic growth in the fiscal year 2023/24

The Ethiopian government has declared that the nation’s economy is on course to attain a predicted growth rate of 7.9 percent for the ongoing Ethiopian 2023/2024 fiscal year, which commenced on July 8th.

According to Fitsum Assefa, the Ethiopian minister of Planning and Development, the performance of the country’s agriculture, industry, and service sectors during the first nine months of the fiscal year suggests that the aim is achievable. This information was reported by state-affiliated Fana Broadcasting Corporate on Monday.

Assefa emphasized the remarkable achievement of several economic sectors, particularly highlighting the noteworthy outputs of agricultural products.

The industrial sector has experienced substantial expansion, while the service sector has achieved noteworthy success, especially in transportation, tourism, and other crucial domains.

Assefa reported that the Ethiopian government had accumulated around 374 billion Ethiopian birr (equivalent to $6.5 billion) in revenue over the course of the last nine months.

The government spent a total of 495 billion birr (about $8.6 billion) over that time, with capital spending making up a significant 15.5 percent of the total.

Ethiopia has earned around $2.5 billion from the export of products and $5.8 billion from service exports.

The minister is confident that the planned economic growth of 7.9 percent can be achieved by the conclusion of the fiscal year. This confidence is based on the positive outlook and progress made in key economic areas that are important for the country’s overall economic development.

Based on data from the World Bank, Ethiopia has a population of approximately 126.5 million, making it the second most populous country in Africa, following Nigeria. Additionally, Ethiopia’s economy is one of the fastest-growing in the region, experiencing a growth rate of 7.2 percent in the previous Ethiopian fiscal year (2022/2023).

According to the World Bank, Ethiopia, while seeing sustained economic progress over the past decade, yet remains one of the most vulnerable countries.

The nation’s objective is to achieve lower-middle-income status by the year 2025.