Ethiopia Building Robust Macroeconomy

Ethiopia Building Robust Macroeconomy

Addis Ababa,June15/2024(ENA)- The achievements being registered in Ethiopia’s overall development demonstrate the country’s endeavor to build its macro economy on a solid foundation, Government Communication Service revealed.

State Minister of Government Communication Services, Selamawit Kasa delivered a press briefing on current affairs in Ethiopia today.

The State Minister indicated that Ethiopia has become the 5th largest economy in Africa.

Ethiopia has registered promising economic growth over the last ten months of the fiscal year which demonstrates the country’s successful endeavors to build its macroeconomy on strong foundation.

Agriculture, industry, mining, service sector and digital economy have contributed to the growth attained this year, the State Minister added.

She noted that 506 million quintals have been produced over the previous meher season and remarked that the amount of agricultural production secured exceeds the amount attained over the same period of the previous year.

The State Minister added that 106 million quintals of wheat has been produced by irrigation during the dry seasons and remarked that Ethiopia is working to ensuring food self-sufficiency over time.

Selamawit further noted that encouraging results have also been achieved in the horticulture sector over the current fiscal year.

Public discussions on ways and means of pulling Ethiopia from dependency have also been conducted across the country, she elaborated.

The State Minister added that the market share of the manufacturing sector in the national economy is 39 percent and stated that a substantial amount of import substitution has been achieved over the fiscal year.

She noted that considerable amount of success has been achieved in the production of electric cables and wires, transformers, coal and production of malt and uniforms for security has been successfully produced locally and substituted foreign imports on these commodities.

In addition, with regard to the industrial sector, 41 printing enterprises have been identified to print books in the country, the State Minister said.

A considerable number of tourists have also paid visits to the Ethiopia boosting the tourism industry in the country.

Promising results have been attained in the digital economy sector, debt payments and savings, she further remarked.

The State Minister indicated that 5 billion birr worth of digital saving has been made while 4.6 million citizens have been able to get digital ID cards.

She further added that various efforts have been made during the fiscal year to reduce the rate of inflation, unemployment and shortfalls on service delivery.

Selamawit called upon all citizens to participate on summer voluntary services planned for this season.

Provided by SyndiGate Media Inc. (Syndigate.info).