Achievements in Economic Sectors Contributed to Remarkable Macroeconomic Performance: Officials

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Addis Ababa August 4/2022/ENA/ Members of the National Macro Economy Committee underscored that the achievements registered in many spheres of the economic sector have hugely contributed to the improvement of Ethiopia’s overall macroeconomic performance.

The success in the export sector in particular has contributed significantly to the growth of the macro economy with over 4.1 billion USD income in the just ended Ethiopian fiscal year.

The macroeconomic committee reviewed yesterday the major economic performance of the year and set directions for the upcoming budget year in the presence of Prime Minister Abiy Ahmed.

In this regard, the committee reviewed that Ethiopia has registered better performance in most of the macroeconomic indicators during the fiscal year.

The performance of export trade has taken the lion’s share for the remarkable result of macro-economy, it was learned.

In addition to the success in export sector, the citizen-oriented development activities have also performed better, according to the macroeconomic committee report.

Finance State Minister and member of the National Macro Economy Committee, Eyob Tekalign said priority was given to all macro-economic sectors during the year.

He further explained that a lot of work has been done to diversify export products in quantity and quality as well as to avoid dependency on only certain products.

As a result, better income was obtained from coffee, mining and other sectors, the state minister said, adding that the income from minerals has, for instance, grown by 64 percent on average.

These result have played a significant role in enabling Ethiopia to cope with the domestic and foreign  pressures by  registering better macroeconomic performance, Eyob elaborated.

Ethiopian Investment Holdings CEO and member of the National Macro Economy Committee, Mamo Mehretu said on his part that the export sector secured additional 1.2 billion USD when compared with the previous fiscal year.

Despite the prohibition of duty-free opportunity (AGOA) to Ethiopian goods, the CEO indicated that the export performance of the manufacturing sector has been able to grow by 26 percent.