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Ethiopia's Economic Growth Forecast at 7.9% :Agriculture and Exports Fuel Optimism

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louis Buyisiwe

Mar 7, 2024

Ethiopia's promising macro-economics

 illustrating Ethiopia's projected economic growth at 7.9% for the 2023/2024 fiscal year, driven by agricultural yields and export revenues
Macroeconomic Performance Indicates Ethiopia's Economy to Grow by 7.9 Percent: Ministry

The Ethiopian Ministry of Planning and Development has projected a significant economic growth of 7.9% for the fiscal year 2023/2024, following a commendable 7.2% growth in the previous year. This announcement was made during a comprehensive second-quarter performance review session, which was presided over by Prime Minister Abiy Ahmed. The review emphasized the substantial progress across key sectors, attributing the positive forecast to the concerted efforts in governance, social, and economic developments.

Agricultural and Industrial Surge

A pivotal factor in this optimistic forecast is the remarkable performance in the agricultural sector, where a record-breaking harvest of 496.9 million quintals was reported over six months, surpassing the previous year's figures. This agricultural boom, alongside a 10% growth in the industrial sector, sets a solid foundation for the anticipated economic expansion. These sectors' achievements underscore Ethiopia's potential to maintain strong growth momentum.

Export and Investment Gains

Ethiopia's export sector has demonstrated significant strides, notably earning over $4.5 billion from service exports alone. The nation's Foreign Direct Investment (FDI) landscape has also seen marked improvements, indicating a growing confidence among international investors. These developments are crucial drivers for the country's economic resilience and are expected to play a central role in achieving the projected growth rate.

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