Ethiopia Earns Nearly 770mln USD from Export in Three Months

ADDIS ABEBA – Ethiopia has earned $769.9 million from export during the first quarter of the current 2020/21 fiscal year, Ministry of Finance said on Wednesday.

This was disclosed by State Minister of Finance Eyob Tekalign while presenting a three-month performance report of the ministry to the Revenue, Budget and Finance Affairs Standing Committee of the parliament.

The figure is $46.9 million higher than the amount registered during the same period of last fiscal year, according to the report.

According to Eyob, the export performance in particular and the country’s economy in general have registered growth during the past two consecutive fiscal years.

The economy has recorded a 6.1% growth in 2019/20 fiscal year, said the state minister who described it as great achievement considering the impact of coronavirus pandemic on the world economy.

Eyob said the ongoing Homegrown Economic Reform and fiscal policy adjustment contributed significantly has a positive impact on the economy.

His ministry expects for Ethiopia’s economy to register 8.5% economic growth for the current fiscal year.

Chairperson of the standing committee and MP Yayesh Tesfayehun said it is encouraging to see Ethiopia’s economy growing when even economies of many developed countries have been challenged by COVID-19.

However, the middle income class in the country has been hit by inflation, she noted, urging the ministry to work with stakeholders to alleviate the problem.

The cost of living in Ethiopia rose by 19 percent in November, according to Central Statistics Agency’s latest report.