Ethiopia plans to register11.1% economic growth in 2017/18

Addis Ababa, October 9, 2017 (FBC) –President Mulatu Teshome today addressed the joint session of the House of People’s Representatives (HPR) and House of Federation (HoF) of Ethiopia.

In his speech, President Mulatu presented government's last year performance report and plan for the 2010 Ethiopian fiscal year (2017/18).  

According to the report, Ethiopia posted a 10.9 percent growth last fiscal year (2016/17), showing a strong recovery of the economy.

The President indicated that the agricultural sector contributed a 6.7 percent to the economy.

Howerver, the drought and the armyworm that infested some part of the country affected the performance of the industrial sector, he said.

Last year, the industrial and service sectors have shown 18.7 percent and 10.3 percent growth, respectively, he stated.

He further said employment opportunities were created for about 2.5 million women and 2 million youth last fiscal year.

In general, the country has made a significant economic transformation last fiscal year, he indicated. 

According to President Mulatu, there is a plan to register an 11.1 percent economic growth this fiscal year.

The government will accelerate the 60% completed GERD, commence full operation of the Ethio-Djibouti railway and do more to attract the private sector into power development in this fiscal year, he added.

The President has also pledged to reinvigorate the battle against maladministration, rent-seeking and corruption, adopt proclamations to strengthen the federal system, reform the electoral system and make this year’s local election democratic and fair.

Moreover, efforts will be made to expand the political space,  scale up ongoing deep renewal program, prevent communicable diseases as well as to raise export earnings to 4 billion US dollars.

Translated and posted by Amare Asrat