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Ethiopia: Economy

Economy Ethiopia
Economy - overview:
Ethiopia's poverty-stricken economy is based on agriculture, which accounts for half of GDP, 85% 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 $270 million in 2000/01, but historically low prices have seen many farmers switching to qat to supplement their income. The war with Eritrea in 1999-2000 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. Under Ethiopia's land tenure system, the government 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. Strong growth in 2002 resulted from good rainfall early in the year, the cessation of hostilities, and renewed foreign aid and debt relief. But drought struck again late in 2002, and the World Food Program (WFP) estimates 14 million Ethiopians need food immediately to survive into 2003. The government estimates than annual growth of 7% is needed to reduce poverty, yet the maintenance of 5% in 2003 will be quite difficult (one estimate is for 1.5% growth).
GDP:
purchasing power parity - $48.53 billion (2002 est.)
GDP - real growth rate:
3% (2002 est.)
GDP - per capita:
purchasing power parity - $700 (2002 est.)
GDP - composition by sector:
agriculture: 52%
industry: 11%
services: 37% (2001 est.)
Population below poverty line:
45% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 33.7% (1995)
Distribution of family income - Gini index:
40 (1995)
Inflation rate (consumer prices):
4% (2003 est.)
Labor force:
NA
Labor force - by occupation:
agriculture and animal husbandry 80%, government and services 12%, industry and construction 8% (1985)
Unemployment rate:
NA%
Budget:
revenues: $1.8 billion
expenditures: $1.9 billion, including capital expenditures of $600 million (2002 est.)
Industries:
food processing, beverages, textiles, chemicals, metals processing, cement
Industrial production growth rate:
6.7% (2001 est.)
Electricity - production:
1.713 billion kWh (2001)
Electricity - production by source:
fossil fuel: 1.3%
hydro: 97.6%
other: 1.2% (2001)
nuclear: 0%
Electricity - consumption:
1.594 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
23,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
214,000 bbl (37257)
Natural gas - proved reserves:
12.46 billion cu m (37257)
Agriculture - products:
cereals, pulses, coffee, oilseed, sugarcane, potatoes, qat; hides, cattle, sheep, goats
Exports:
$433 million f.o.b. (2001 est.)
Exports - commodities:
coffee, qat, gold, leather products, live animals, oilseeds
Exports - partners:
UK 16.2%, Djibouti 10.9%, Germany 7.6%, Italy 7.2%, Japan 6.7%, Saudi Arabia 6.5%, US 4.4% (2002)
Imports:
$1.63 billion f.o.b. (2001)
Imports - commodities:
food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles
Imports - partners:
Saudi Arabia 28.7%, China 6%, Italy 5.9%, India 4.8%, Germany 4.1% (2002)
Debt - external:
$5.3 billion (2001 est.)
Economic aid - recipient:
$308 million (FY00/01)
Currency:
birr (ETB)
Currency code:
ETB
Exchange rates:
birr per US dollar - NA (2002), 8.46 (2001), 8.22 (2000), 7.94 (1999), 7.12 (1998)
note: since 24 October 2001 exchange rates are determined on a daily basis via interbank transactions regulated by the Central Bank
Fiscal year:
8 July - 7 July

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
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Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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