Ethiopia GDP surpasses $100 billion says PM Abiy

The Gross Domestic Product (GDP) of Ethiopia has increased last year to 3.375 surpassing $100 Billion for the first time, said Prime Minister Abiy Ahmed. ““…Last year for the first time our GDP of Ethiopia has surpassed $100 billion,” said, recalling that the total GDP of the country the year earlier was 2.7 trillion Birr. He made the remark this morning in the capital Addis Ababa presenting to members of parliament a report on last year economic performance and current affairs.

The GDP growth of the economy last year he indicated that the country has registered 6.1 percent economic growth. Industry has registered has registered 9 percent growth and service sector has registered 9.3 percent, while mining sector has registered 91 percent growth.

Financial sector grows

 The Premier also stated that the financial sector of Ethiopia has shown 10.2 percent growth last year. Out of the total 271 billion Birr loan provided by the banks, the majority of the money was disbursed to the private sector, according to PM Abiy.

31 chartered flight carrying the new currency. When the government launched replacing the old currency with the new ones, most of the new currency notes were already imported by 30 chartered flights, according to Prime Minister Abiy Ahmed. He noted that some 100 billion Birr new currency notes are distributed to over 6,000 bank branches found in the country, while 37 billion Birr is deposited by people who opened new bank accounts.

Agriculture growth

Last year concluded July 7, 2020, Ethiopia has registered 4.3 percent agriculture growth, according to Prime Minister Abiy Ahmed. He indicated that the growth in the sector is registered by the stimulus allocated by the government. He stated that last year the Government has allocated 25 billion Birr stimulus for the growth of agriculture sector. He indicated that the budget this fiscal year has increased to 33.4 billion Birr.“…There are promising conditions for the growth of agriculture sector with challenges,” he said, indicating that the growth of the sector with government stimulus will help the country to reduce unemployment, boost performances of other sectors and reduce the impacts of inflation of the majority of the people of Ethiopia. He also stated that the current invasion of desert locust worm has posed threat to farms as it has already damaged tens of thousands of hectares of crops. Prime Minister Abiy indicated that if the country managed to contain the spread of the locust worm, the country will be able to produce 35 million quintals more crops than last year’s harvest.