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 2019 | $27.27 billion (2019 est.) |
| Debt - external 2018 | $26.269 billion (2018 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 | $11.308 billion (2020 est.) |
| Expenditures | $13.979 billion (2020 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 | 41.3% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.1% of household expenditures (2021 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 | 34.8% (2017 est.) |
| Industry | 21.6% (2017 est.) |
| Services | 43.6% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 69.6% (2017 est.) |
| Government consumption | 10% (2017 est.) |
| Investment in fixed capital | 43.5% (2017 est.) |
| Investment in inventories | -0.1% (2017 est.) |
| Exports of goods and services | 8.1% (2017 est.) |
| Imports of goods and services | -31.2% (2017 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.
