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Ethiopia Economy 1995 https://theodora.com/wfb/1995/ethiopia/ethiopia_economy.html SOURCE: 1995 CIA WORLD FACTBOOK Overview: With the independence of Eritrea on 27 April 1993, Ethiopia continues to face difficult economic problems as one of the poorest and least developed countries in Africa. (The accompanying analysis and figures predate the independence of Eritrea.) Its economy is based on subsistence agriculture, which accounts for about 45% of GDP, 90% of exports, and 80% of total employment; coffee generates 60% of export earnings. The manufacturing sector is heavily dependent on inputs from the agricultural sector. Over 90% of large-scale industry, but less than 10% of agriculture, is state run; the government is considering selling off a portion of state-owned plants. Favorable agricultural weather largely explains the 4.5% growth in output in FY89, whereas drought and deteriorating internal security conditions prevented growth in FY90. In 1991 the lack of law and order, particularly in the south, interfered with economic development and growth. In 1992, because of some easing of civil strife and aid from the outside world, the economy substantially improved. National product: GDP - purchasing power equivalent - $22.7 billion (1993 est.) National product real growth rate: 7.8% (FY93 est) National product per capita: $400 (1993 est.) Inflation rate (consumer prices): 21% (1992 est) Unemployment rate: NA% Budget:
Exports:
$189 million (f.o.b., FY91)
Imports:
$472 million (c.i.f., FY91)
External debt: $3.48 billion (1991) Industrial production: growth rate -3.3% (FY92); accounts for 12% of GDP Electricity:
Industries: food processing, beverages, textiles, chemicals, metals processing, cement Agriculture: accounts for 47% of GDP and is the most important sector of the economy even though frequent droughts and poor cultivation practices keep farm output low; famines not uncommon; export crops of coffee and oilseeds grown partly on state farms; estimated 50% of agricultural production at subsistence level; principal crops and livestock - cereals, pulses, coffee, oilseeds, sugarcane, potatoes and other vegetables, hides and skins, cattle, sheep, goats Illicit drugs: transit hub for heroin originating in Southwest and Southeast Asia and destined for Europe and North America as well as cocaine destined for southern African markets; cultivates qat (chat) for local use and regional export Economic aid:
Currency:
1 birr (Br) = 100 cents
Fiscal year:
8 July - 7 July
NOTE: The information regarding Ethiopia on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ethiopia Economy 1995 information contained here. All suggestions for corrections of any errors about Ethiopia Economy 1995 should be addressed to the CIA. |