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Ethiopia Economic Update, November 2012 : Overcoming Inflation, Raising Competitiveness

ADVERSE SHOCK AGRICULTURE ANNUAL GROWTH ASSETS AVERAGE PRODUCTIVITY BALANCE OF PAYMENT BANK POLICY BANKING SYSTEM BROAD MONEY BUDGETING CAPACITY CONSTRAINTS CAPITAL GOODS CAPITAL INCOME CAPITAL INVESTMENT CAPITAL REQUIREMENT CASH FLOWS CENTRAL BANK CENTRAL BANK BILLS CENTRAL BANK POLICY CEREAL PRICE COMMERCIAL BANK COMMON MARKET COMPARATIVE ADVANTAGE COMPETITIVE ADVANTAGE COMPETITIVENESS CONSUMER GOODS CONSUMER PRICE INDEX CONSUMER PRICE INFLATION CONSUMER PRICES CONSUMERS CONSUMPTION BASKETS CONSUMPTION EXPENDITURE CONSUMPTION GROWTH CORE INFLATION CREDIT GROWTH CURRENCY CURRENCY DEVALUATION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE DEBT DEBT FINANCING DEBT SERVICE DEFICITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT POLICY DISTORTIONS DOMESTIC CONSUMPTION DOMESTIC MARKET DOMESTIC SAVINGS DURABLE ECONOMIC DEVELOPMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC SITUATION ECONOMIC SIZE EFFECTIVE EXCHANGE RATE ELASTICITY EXCHANGE RATE EXPENDITURE EXPERIENCE OF COUNTRIES EXPORT DIVERSIFICATION EXPORT MARKETS EXPORTS EXPROPRIATION EXTERNAL DEBT EXTERNAL TRADE EXTREME POVERTY FINANCIAL DEVELOPMENT FINANCIAL HEALTH FINANCIAL MANAGEMENT FINANCIAL PRESSURE FINANCING REQUIREMENTS FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FOOD PRICE FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FREE TRADE FREE TRADE AGREEMENT GDP GDP PER CAPITA GINI COEFFICIENT GLOBAL TRADE GLOBALIZATION GOLD GOVERNMENT DEFICIT GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HIGH INFLATION HOUSEHOLD INCOME HUMAN CAPITAL IMBALANCE IMPORT INCOME INCOME GROUPS INCOME GROWTH INCOME INEQUALITY INCOME TAX INDUSTRIALIZATION INFLATION INFLATION EXPECTATIONS INFLATION RATE INFLATION TARGET INFLATIONARY PRESSURES INPUT PRICES INSURANCE INVESTMENT ACTIVITIES INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT LEVELS INVESTMENT PATTERNS INVESTMENT RATE LABOR FORCE LABOR MARKET LEVELS OF EXPORTS LEVERAGE LIQUIDITY LIVING STANDARDS LOW-INCOME COUNTRY MARKET ENVIRONMENT MARKET FORCES MARKET INTEGRATION MARKET PRICES MARKETING MARKETIZATION MONETARY CONDITIONS MONETARY FUND MONETARY POLICY MONETARY TRANSMISSION NATIONAL BANK NATIONAL ECONOMY NATIONAL FINANCES NATIONAL INVESTMENT NATIONAL SAVING NOMINAL ANCHOR NOMINAL INTEREST RATE PER CAPITA INCOME PERSONAL INCOME POPULATION GROWTH POSITIVE EFFECTS POVERTY REDUCTION PRICE CHANGE PRICE DYNAMICS PRICE INCREASE PRICE INDICES PRICE INFLATION PRICE LEVELS PRICE OF GOOD PRICE VOLATILITY PRIVATE BANKS PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE PROPERTY PRIVATE SAVINGS PRODUCER PRICES PRODUCTION COSTS PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PUBLIC DEBT PUBLIC INVESTMENT PURCHASING POWER RATE OF GROWTH REAL EFFECTIVE EXCHANGE RATE REAL GDP REAL INCOME REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REGIONAL INFLATION RELATIVE PRICE RESERVE RESERVE ACCUMULATION RESERVE MONEY RESERVE REQUIREMENT RESERVES RETAIL RETAIL PRICE RETAIL PRICES RETURNS SAVINGS SAVINGS RATE SERVICES MARKET SHORTFALL SLOWDOWN SUBSTITUTION SURPLUS TARIFF INCREASES TAX TAX COLLECTION TAX REFORM TAXATION TOTAL EXPORT TOTAL IMPORT TOTAL RESERVES TRADE BALANCE TRADE DEFICIT TRANSACTION TRANSACTION COSTS VALUE ADDED WAGES WORLD DEVELOPMENT INDICATORS WORLD TRADE WORLD TRADE ORGANIZATION WTO
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World Bank, Washington, DC
Africa | Ethiopia
2017-05-30T19:25:05Z | 2017-05-30T19:25:05Z | 2012-11

Since 2004 (Ethiopian Fiscal Year (EFY) 1997), Ethiopia has experienced strong and generally broad-based real economic growth of around 10.6 percent on average between then and 2011. Growth over the last nine years was far beyond the growth rates recorded in aggregate terms for Sub-Saharan Africa (SSA), which on average only reached 5.2 percent, less than half of Ethiopia's average real gross domestic product (GDP) growth rate during that period. Inspired by the East Asian experiences for a comparison of selected indicators and policies of Ethiopia and China/Korea), growth was induced through a mix of factors including agricultural modernization, the development of new export sectors, strong global commodity demand, and government-led development investments. The initial double digits growth rates have now manifested slightly lower but remain at high single-digit levels. The economy is expected to stabilize at around seven to eight percent in 2012, largely owing to improved performance in the agriculture sector. GDP growth is likely to stay around that margin up until 2016 (EFY 2008) driven by rising foreign investment and exports (Economist Intelligence Unit 2012). High inflation persists, but is on a slightly decreasing trend. Economic growth brought with it positive trends in reducing poverty, in both urban and rural areas. Ethiopia follows a strategy of increasing exports to facilitate growth. This is appropriate given the currently limited size of its domestic market and it is consistent with the development experience of some of the recently successful countries, particularly in East Asia. Export of goods growth is to a good extent driven by volume growth across a variety of product groups, which indicates that this growth is a result of recent efforts to increase and diversify the export base. Overall export and import developments result in a significantly increased trade deficit by 43 percent, up from US$5.5 billion in 2010/11 to US$7.9 billion.

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