Ethiopia:
Economy

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Other pages in this profile of Ethiopia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Ethiopia: Economy

Ethiopia:
Economy