Ethiopia registers 8.9 percent GDP growth last fiscal year
Nov 19, 2005 (ADDIS ABABA) — The Ethiopian Ministry of Finance and Economic Development (MoFED) said an 8.9 per cent growth in Gross Domestic Product (GDP) was registered during the previous Ethiopian budget year that ended on July 7, 2005.
Macro-Economic Policy and Management Department Head with the Ministry, Fantahun Belew told ENA on Friday that the stated percentage of growth was registered for the second time in a row.
The head said the government has been exerting efforts to equitably distribute resources by undertaking the construction of roads and health facilities as well as expanding the provision of electric power and telecommunications services.
Fantahun said out of the growth registered during the period, 12.3 percent was registered by the agriculture sector, while the share of the industry and service sectors stood at 6.3 and 5.3 percent, respectively.
Fantahun said agriculture continues to play the leading role to the growth of the national economy, and added that the volume of agricultural export during the stated period has shown a 36.2 percent growth from that of the preceding year.
The growth in agricultural produces export is attributed to the rise of the coffee price in the international market, as well as the increase in the volume of other exportable produces.
Fantahun said due to the better performance in the agriculture sector and the decline in the price of food items, inflation registered during the budget year was only 6.8 percent.
Meanwhile, Fantahun said, the import trade has shown a 4 percent increase during the budget year due to the rise in fuel price and increase in the volume and price of imported capital goods and construction materials.
The government has been engaged in various activities aimed at further developing the agriculture sector including supply of agricultural inputs, expansion of extension services and irrigation development, among others, he added.
Expansion of small-scale agro-industries and expansion of investment that create job opportunities would also be strengthened, the head said.
Fantahun said a largesum of budget was allocated during the current fiscal year in a bid to efficiently implement the poverty reduction efforts in the various Regional States.
(ENA)