Ethiopia registers over 8 percent annual economic growth --[Reported by Umva mag]

Ethiopia has registered over 8 percent economic growth during the concluded Ethiopian fiscal year, which ended July 7, 2024, a senior government official has announced.

The country’s planning and development minister Fitsum Assefa on Thursday in a relevant meeting said that the country reported a 8.1 percent economic growth in the last Ethiopian year and is expected to register a “double digit economic growth” in the current fiscal year.

Assefa said the agricultural and industrial sectors have contributed significantly to the country’s overall economic growth, as the first phase of Ethiopia’s home-grown economic reform is paying particular attention to these sectors.

The economic growth was registered amid unfolding conflict in the Amhara region which hosts the second largest populaton in the east African nation.

She singled out the country’s industry sector, which has grown by 9.2 percent, with big and medium manufacturing industries registering a 10.2 percent growth.

Assefa attributed the growth of the industrial sector mainly to the restarting of hundreds of factories that had stopped operations due to recent conflicts. She also highlighted the role of new factories that started operations during the last fiscal year.

Noting that the service sector grew by 7.7 percent during the reported period, Assefa mainly attributed this growth to successes in the country’s tourism sector, as the flow of foreign tourists rebounded from the COVID-19 pandemic.

She further highlighted the positive performance of major national enterprises, such as Ethiopian Airlines and Ethio Telecom, which “played a big role in service sector growth last fiscal year.”

MG/as/APA

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