Ethiopian Prime Minister Abiy Ahmed responded on Tuesday to questions from members of the Ethiopian House of People’s Representatives about the country’s economic performance in the first half of the fiscal year, which started on July 8, 2021, and ending 7 July 2022 (Hamle 1, 2013 E.C. and ending on Sene 30, 2014 E.C.).

  • Ethiopia’s revenue climbed by 14.9 percent in the first half of the fiscal year compared to the same period of the previous fiscal year.
  • Export trade earnings mainly attributed the growth to agricultural products totaled more than 37 million dollars, up 25% over the same period of the previous budget year.
  • During the first six months of the fiscal year, the country garnered 1.63 billion dollars in foreign direct investment, a 23 percent increase over the same period the previous year.
  • The country has spent around 5.8 billion dollars on expenditures, which is a 39 percent increase over the previous fiscal year’s expenditures.
  • The country was able to save $1 billion in import substitution, mostly by reducing the purchase of food, grains, and coal for cement manufacturing.

Source: Xinhua

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