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Ethiopia:
Economy

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Economy - overview
Definition
Ethiopia's poverty-stricken economy is based on agriculture, accounting for almost half of GDP, 60% of exports, and 80% 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 voted to forgive Ethiopia's debt to the body. 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. Normal weather patterns helped agricultural and GDP growth recover during 2004-07.
GDP (purchasing power parity)
Definition - World rank and map
$62.19 billion (2007 est.)
GDP (official exchange rate)
Definition
$19.43 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
11.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 47%
industry: 13.2%
services: 39.8% (2007 est.)
Labor force
Definition
27.27 million (1999)
Labor force - by occupation
Definition
agriculture: 80%
industry: 8%
services: 12% (1985)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
38.7% (FY05/06 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 3.9%
highest 10%: 25.5% (2000)
Distribution of family income - Gini index
Definition - World rank and map
30 (2000)
Inflation rate (consumer prices)
Definition - World rank and map
17% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
26% of GDP (2007 est.)
Budget
Definition
revenues: $2.947 billion
expenditures: $3.687 billion (2007 est.)
Public debt
Definition - World rank and map
45.6% of GDP (2007 est.)
Agriculture - products
Definition
cereals, pulses, coffee, oilseed, cotton, sugarcane, potatoes, qat, cut flowers; hides, cattle, sheep, goats; fish
Industries
Definition
food processing, beverages, textiles, leather, chemicals, metals processing, cement
Industrial production growth rate
Definition - World rank and map
11% (2007 est.)
Electricity - production
Definition - World rank and map
2.864 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
2.577 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
33 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
7.334 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
29,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
0.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
28,460 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
428,000 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
23.9 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$881 million (2007 est.)
Exports
Definition - World rank and map
$1.216 billion f.o.b. (2007 est.)
Exports - commodities
Definition
coffee, qat, gold, leather products, live animals, oilseeds
Exports - partners
Definition
Germany 8.3%, Saudi Arabia 7.1%, US 7%, Djibouti 6.7%, Italy 6.5%, China 6.4%, Japan 5.9%, Netherlands 4.8% (2006)
Imports
Definition - World rank and map
$4.783 billion f.o.b. (2007 est.)
Imports - commodities
Definition
food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles
Imports - partners
Definition
Saudi Arabia 16.9%, China 16.4%, India 7.8%, Italy 5% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$1.261 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$2.622 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$1.6 billion (FY05/06)
Currency (code)
Definition
birr (ETB)
Exchange rates
Definition
birr per US dollar - 8.96 (2007), 8.69 (2006), 8.68 (2005), 8.6356 (2004), 8.5997 (2003)
note: since 24 October 2001, exchange rates are determined on a daily basis via interbank transactions regulated by the Central Bank
Fiscal year
Definition
8 July - 7 July


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