Ethiopia Anticipates 8.4 Percent Economic Growth for Current Fiscal Year

Responding to questions from members of the House of Peoples' Representatives, the lower house of Ethiopia's parliament, Abiy said that the country's economy could exceed the projected 8.4 percent growth, given the strong performance recorded in the first three months of the fiscal year.

He said that the agriculture sector, the backbone of the country's economy, is expected to grow by 6.1 percent. Emphasizing Ethiopia's position as the world's third-largest coffee producer, the prime minister said the East African country is projected to earn two billion U.S. dollars from coffee exports this fiscal year.

According to Abiy, the industrial sector is expected to expand by 12.8 percent, while the service sector is projected to grow by 7.1 percent during the year.

He said that Ethiopia's inflation rate currently stands at 17 percent and that the government aims to bring inflation down to a single-digit level by boosting production and productivity.

A gradual decrease in inflation has been observed over the past few years, he added.

Abiy also reported that 1.5 billion dollars had been earned from exports in the past three months, with a goal of reaching five billion dollars for the entire year.

Furthermore, the prime minister expressed confidence that Ethiopia will become an increasingly attractive destination for foreign firms in the coming years, owing to its renewable energy resources, vast land and skilled labor force.

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