Ethiopia - Economy
How is the economy of Ethiopia? Based on the information we have, Ethiopia has a growing Horn of Africa construction- and services-based economy; port access via Djibouti and Eritrea; widespread but declining poverty; COVID-19, locust invasion, and Tigray crisis disruptions; public investment increases; second largest African labor force. Key agricultural products in this country include: maize, wheat, cereals, sorghum, milk, barley, taro, potatoes, millet, beans (2022).
More about the economy of Ethiopia
Labor force 61.664 million (2023 est.)
Industrial production growth rate 6.93% (2023 est.)
Industries food processing, beverages, textiles, leather, garments, chemicals, metals processing, cement
Population below poverty line 23.5% (2015 est.)
Taxes and other revenues 4.51% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency birr (ETB) per US dollar -
Exchange rates 2023 54.601 (2023 est.)
Exchange rates 2022 51.756 (2022 est.)
Exchange rates 2021 43.734 (2021 est.)
Exchange rates 2020 34.927 (2020 est.)
Exchange rates 2019 29.07 (2019 est.)
Debt - external
Debt - external 2022 $21.522 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2020 $3.046 billion (2020 est.)
Reserves of foreign exchange and gold 2019 $2.993 billion (2019 est.)
Reserves of foreign exchange and gold 2018 $3.987 billion (2018 est.)
Current account balance
Current account balance 2023 -$4.788 billion (2023 est.)
Current account balance 2022 -$5.16 billion (2022 est.)
Current account balance 2021 -$4.507 billion (2021 est.)
Public debt
Public debt 2019 31.45% of GDP (2019 est.)
Budget
Revenues $7.009 billion (2022 est.)
Expenditures $8.83 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.36% of GDP (2023 est.)
Remittances 2022 0.4% of GDP (2022 est.)
Remittances 2021 0.4% of GDP (2021 est.)
Household income
Lowest 10% 2.9% (2015 est.)
Highest 10% 28.5% (2015 est.)
Average household expenditures
On food 39.7% of household expenditures (2022 est.)
On alcohol and tobacco 3.1% of household expenditures (2022 est.)
Imports
Imports 2023 $22.951 billion (2023 est.)
Imports 2022 $24.187 billion (2022 est.)
Imports 2021 $20.859 billion (2021 est.)
Imports (partners) China 24%, US 9%, India 8%, UAE 6%, UK 4% (2022)
Comodities Imports force wheat, refined petroleum, fertilizers, vaccines, palm oil (2022)
Exports
Imports 2023 $22.951 billion (2023 est.)
Imports 2022 $24.187 billion (2022 est.)
Imports 2021 $20.859 billion (2021 est.)
Exports (partners) UAE 17%, US 13%, Germany 6%, Saudi Arabia 6%, Somalia 6% (2022)
Comodities Exports force coffee, gold, garments, cut flowers, vegetables (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $354.604 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $332.968 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $316.145 billion (2021 est.)
GDP (official exchange rate) $163.698 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $2,800 (2023 est.)
Real GDP per capita 2022 $2,700 (2022 est.)
Real GDP per capita 2021 $2,600 (2021 est.)
GDP - composition, by sector of origin
Agriculture 35.8% (2023 est.)
Industry 24.5% (2023 est.)
Services 37% (2023 est.)
GDP - composition, by end use
Household consumption 78.9% (2023 est.)
Government consumption 6.3% (2023 est.)
Investment in fixed capital 22.2% (2023 est.)
Exports of goods and services 6.6% (2023 est.)
Imports of goods and services -14% (2023 est.)
Unemployment rate
Unemployment rate 2023 3.5% (2023 est.)
Unemployment rate 2022 3.49% (2022 est.)
Unemployment rate 2021 3.94% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 5.6% (2023 est.)
Male 4% (2023 est.)
Female 7.4% (2023 est.)
All Important Facts about Ethiopia

Want to know more about Ethiopia? Check all different factbooks for Ethiopia below.

Ethiopia is found in Eastern Africa