The skyline in Ethiopia

Ethiopia Economy

Ethiopia's economy in numbers:

Nominal GDP of USD 120.4 billion in 2021.

GDP per capita of USD 1,156 compared to the global average of USD 10,589.

Average real GDP growth of 8.4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 41% of overall GDP, manufacturing 5%, other industrial activity 16%, and agriculture 38%. Looking at GDP by expenditure, private consumption accounted for 72% of GDP in 2021, government consumption 9%, fixed investment 28%, and net exports -9%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 13% of total merchandise exports, mineral fuels 0%, food 78%, ores and metals 0% and agricultural raw materials 9%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 12%, food 18%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 4 billion in 2022, while total imports were USD 19 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 8.4% in the decade to 2021. To read more about GDP growth in Ethiopia, go to our dedicated page.

Fiscal policy:

Ethiopia's fiscal deficit averaged 2.6% of GDP in the decade to 2021. Find out more on our dedicated page.


The unemployment rate averaged 3.0% in the decade to 2022. For more information on Ethiopia's unemployment click here.


Inflation averaged 16.1% in the decade to 2022. Go to our Ethiopia inflation page for extra insight.

Monetary Policy:

Ethiopia's monetary policy rate ended 2022 at 7.00%, down from 7.50% a decade earlier. See our Ethiopia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the birr weakened by 65.7% vs the U.S. dollar. For more info on the birr, click here.
The ongoing conflict in the northern Amhara region has likely weighed on economic activity so far in FY 2023 (8 July 2023–7 July 2024). Instability and harsh security measures in the region should be hampering trade, investment and agricultural output. In early February, Parliament extended the state of emergency in the region by four months, allowing the authorities to impose a curfew, limit movement and suspend public gatherings. In the same month, it also approved a cabinet reshuffle, which is set to ensure policy continuity while placing a stronger focus on addressing both the Amhara crisis and international tensions with Egypt and Somalia. Meanwhile, the country has not made any headway in recent weeks towards reaching an agreement with the IMF. A debt servicing pause until 2025 amounting to USD 3.3 billion is contingent on the country reaching an IMF deal by end-March.
Projections out to 2033.

31 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 13 expert analysts.

Want to get insight on the economic outlook for Ethiopia in the coming years? FocusEconomics collects projections out to 2033 on 31 economic indicators for Ethiopia from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ethiopia economy. To download a sample report on the Ethiopia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Ethiopia Economic Data

2018 2019 2020 2021 2022
Population (million) 97.6 99.7 101.9 104.1 105.7
GDP (USD bn) 92.6 96.6 99.3 120.4 -
GDP per capita (USD) 949 969 974 1,156 -
GDP (ETB bn) 2,691 3,374 4,341 6,158 -
Economic Growth (Nominal GDP, ann. var. %) 22.3 25.4 28.7 41.8 -
Economic Growth (GDP, ann. var. %) 8.3 6.1 5.6 5.3 -
Fiscal Balance (% of GDP) -2.5 -2.8 -2.8 -4.2 -
Public Debt (% of GDP) 55.8 53.9 53.8 46.4 -
Money (ann. var. of M2 %) 22.5 20.5 23.9 23.9 33.4
Inflation (CPI, ann. var. %, eop) 10.6 19.6 18.2 35.1 33.8
Inflation (CPI, ann. var. %, aop) 13.8 15.8 20.3 26.8 33.9
Minimum Lending Rate (%, eop) 7.00 7.00 7.00 7.00 7.00
Exchange Rate (ETB per USD, eop) 28.13 32.00 38.00 49.20 53.57
Exchange Rate (ETB per USD, aop) 27.71 29.24 34.91 43.77 51.94
Current Account Balance (USD bn) -4.9 -5.2 -2.7 -4.8 -5.1
Current Account Balance (% of GDP) -5.3 -5.4 -2.7 -4.0 -
Merchandise Trade Balance (USD bn) -12.6 -11.8 -9.9 -12.0 -14.7
Merchandise Exports (USD bn) 2.7 2.7 3.3 3.9 4.0
Merchandise Imports (USD bn) 15.3 14.6 13.1 16.0 18.7
Merchandise Exports (ann. var. %) -10.6 1.5 18.8 20.5 1.1
Merchandise Imports (ann. var. %) -3.6 -4.9 -9.9 21.8 16.9
Foreign Direct Investment (USD bn) 3.3 2.5 2.4 4.3 3.7
International Reserves (USD bn) 4.0 3.0 3.0 - -
International Reserves (months of imports) 3.1 2.5 2.8 - -
External Debt (USD bn) 27.8 28.4 30.4 30.0 28.6
External Debt (% of GDP) 30.1 29.4 30.6 24.9 -

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