Ethiopia's macroeconomic committee met to review the performance of the country's new economic reforms, aiming for double-digit growth in the current fiscal year. The reforms, part of the Homegrown Economic Reform agenda, have yielded positive results, according to Ethiopian Planning and Development Minister Fisum Assefa.
Agriculture: 6.9% growth, driven by a 7.8% increase in cereal production.
Contributing factors:
Government focus on agriculture;
Bounty of the Basket program;
Increased irrigation;
Livestock sector (30% of growth).
Manufacturing: 9.2% growth, with large and medium-sized industries growing by 10.2%.
Contributing factors:
Reopening of war-closed factories;
New facility startups.
Services: 7.7% growth.
Contributing factors:
Tourism rebound following the COVID-19 pandemic;
Key roles of Ethiopian Airlines and ethio telecom.
Fisum Assefa expressed optimism about Ethiopia's economic prospects, noting that the country is on track for continued growth, supported by ongoing efforts to address infrastructure bottlenecks and the operationalization of new industries.