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Ethiopia reports 6.1 percent economic growth amid coronavirus pandemic-Official

Ethiopia has reported 6.1 percent economic growth during its last fiscal year which ended on July 8, 2020 amid coronavirus…

Ethiopia has reported 6.1 percent economic growth during its last fiscal year which ended on July 8, 2020 amid coronavirus pandemic, Prime Minister Abiy Ahmed said.Speaking to the national parliament on Monday, Abiy said agriculture, industry, and service sectors are amongst the better-growing sectors registering 4.3, 9, and 5.3 percent growth respectively.

According to the prime minister, the country’s per capita income has hit $1000 while its GDP has hit $107.4 billion.

The premier said mining is the top growing sector with 91 percent growth over the last budget year and is expected to hugely contribute to the entire GDP and economic growth.

Abiy said following the change birr notes, the number of citizens with savings accounts have increased from 37.8 million to 50.7 million which will have a positive impact in boosting the capacity of financial institutions to provide loans to investments.

Transport, education, and tourism were some of the sectors that have been the hardest hit where they observed impacts of the pandemic and registered lower growth than what was expected, it was indicated.

The government allotted over $94 million in terms of a loan to support organizations within the tourism and tour operators, he added.

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