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Ethiopia records double-digit economic growth under GTP

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February 6, 2013 (ADDIS ABABA) - The ministry of finance and economic development on Wednesday announced that Ethiopia has registered an average of 10% economic growth during the past two years of the five-year Growth and Transformation Plan (GTP).

In a report, state minister Abraham Tekeste said Ethiopia’s economy showed 8.5% growth during the last fiscal year of 2011-2012, with 4.9 % growth in the agriculture sector, 13.6 % in industry and 11.1 % in the service sector.

Investment is also up by 6.7% from 27.9% to 34.6%, he added.

During the year, the country registered a national savings rate of 16%, exceeding the 15% initial target set by the growth plan.

Tekeste underscored that the nation will continue to register an average double-digit growth in the remaining three-year period of the GTP.

He further said that Ethiopia’s average 11% economic growth rate recorded during the past nine years is far better than the Sub-Saharan average of 5% to 6%.

According to the report, Ethiopian gross domestic product (GDP) has hit $40.5 billion and the per capita income grew from $387 in 2011 to $513 in 2012.

The five-year GTP aims to alleviate poverty and maintain an average GDP growth rate of at least 11.2%, achieving the Millennium Development Goals (MDGs) and ensuring the sustainability of attained growth.

Expanding and improving services such as health, education, potable water, agriculture and road development on both urban and rural levels are also part of the GTP’s aims.

Under the GTP, Ethiopia is currently executing multi-billion dollar projects such as the construction of a massive hydro power plant, known as the Grand Renaissance Dam, the construction of railway lines and 10 new sugar factories, among others.

Ethiopia has registered double-digit economic growth for the last decade and says the growth rate will sustain. The horn of Africa nation hopes to join the rank of middle-income countries before 2025 through a series of development policies and strategies.

Ethiopia, Africa’s second most populous nation, with over 84 million, is currently Africa’s fourth-largest economy and East Africa’s largest.

Ethiopia, according to its own figures, labels itself as the fastest-growing non-oil producing African nation.

The GTP was established by the Ethiopian government as a strategic framework to boost growth in the agricultural sector from 2011 to 2015, along with a number of other economic-related initiatives.

(ST)

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  • 8 February 2013 09:04, by Tutbol

    Do those growths go beyond Adis Ababa? These Western nations induced economic growths have failed many civillians around the world. These growths are finely doctored by the West corporate vultured to fool the marginal populations that things are going to come their ways someday, when these vultures are & looting taking their money to their home countries. Pathetic.

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    • 8 February 2013 11:46, by sudani ana

      Well done Ethiopia
      A strong and prosperous Ethiopia will be a stabilising influence in the area. A prosperous Ethiopia will be the engine for economical growth in East Africa, just like China has been for the whole world.

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      • 8 February 2013 15:16, by Paul Ongee

        Ya Sudani Inti,
        Has China been the engine of economic growth for the whole world? When did it reportedly overtake USA? China did overtake Germany and Japan lately but not USA. Please, attend ESL class. Is there any news of double-digit economic growth of Sudan following the historic event of July9th, 2011? No. Never. Perhaps when Sudan denounce the following attitudes:

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        • 8 February 2013 15:17, by Paul Ongee

          Sudan has registered double-digit oil theft under CPA and beyond, double-digit weeping following 09/07/2011; double-digit war mongering under AU/UN-mediated negotiations; double-digit hosting Al-Qaeda operatives, terrorists and smuggling weapons to Gaza Strip; double-digit fooling two regional organizations, AU and Arab League for economic, religious and identity survival;

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          • 8 February 2013 15:17, by Paul Ongee

            And lastly poses as the powerful engine of interpreting and adopting “Sharia” law in a multi-lingual, multi-religious and multi-cultural society under the five-year supervision of Iran. Otherwise, Sudan will not qualify for a “big credit line” to revive its sluggish economy and stay in power without eyeing South Sudan oil.

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            • 8 February 2013 15:18, by Paul Ongee

              Any news about the registered double-digit axis of evil? Sudan needs first to register double-digit freedom of expression and democratic transformation prior to registering double- digit economic growth under the current regime of National Criminal Party (NCP).

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        • 8 February 2013 15:27, by sudani ana

          Paul
          What the hell are you ranting and raving about???? This article is about Ethiopia not Sudan. As for China, yes China has been considered the engine for growth for EU, Australia and the rest of the world as China is the only country NOT in recession. Chinese economy has not overtaken the US economy yet, but it will, have no doubt about it.

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  • 8 February 2013 14:41, by Fetehyelem

    An other cracking jokes from untrusted people on earth (Woyanes). They keep lying for over two decades and became expert to decieve the white people. 13.6% growth in industrial sector, Is he talking about Tigray, if so I do agree cos we have already been told by Azeb Mesfin about Industralization of Tigray. 11% in service sector still I stick with Tigray where Europian standars hospitals & roads

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  • 8 February 2013 14:47, by Fetehyelem

    Europian standard hospitals and asphalt roads including rail ways are built across Tigray while ever increasing population of Addis, Debremarkos, Dessie, Nekemet, Gonder Goba, Harar and others are ought to seek service from the existing old and out dated hospitals and ragged rural and dusty roads to meet their daily needs. The wealth is extracted from the rest of Ethiopia and booming constructions

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  • 8 February 2013 14:53, by Fetehyelem

    Booming constructioins are underway in Tigray. In disguise of Grand Abay Dam every citizens from in and out are inforced to contribute their hard earned money to accomplishe the rail way net-work construction of Tigray. The construction of Abay is a confusion designed by Woyane the money goes to Railway construction of Tigray as the construction of Rail way consumes huge amount of money. Death to

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    Provide low-cost high-quality products to meet consumer demand. cheap wholesale handbags

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    I found this post very exciting. I think you will have any other post on this topic? Replica Handbags I am also sending it to my friend to enjoy your working style. Louis Vuitton Replica

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