Ethiopia’s Service Sector Booming Despite Challenges: PM Abiy

Addis Ababa November 15/2022/ENA/ Prime Minister Abiy Ahmed has hailed the service sector for registering encouraging achievements by overcoming all the challenges faced during the concluded budget year.

Ethiopian Airlines, Ethio Telecom, and the financial sectors have significantly contributed for the service sector and the nation’s economy in general.

Addressing the parliament today, Abiy noted that the service sector has registered an encouraging performance during the concluded budget year. The service sector registered 7.6 percent growth with the biggest contribution of the Ethiopian airlines, Ethio-telecom and the finance sectors.

Ethio telecom reaches 68.9 million subscribers as 25.5 million people are now using Tele-birr mobile banking service within short period of time.

A transaction of some 134 billion Birr has been undertaken through Tele-birr with in short period of time, he said.  

The finance sector registered  a 21 percent growth during the stated period.

Regarding the banking sector, its total asset has reached 2.3 trillion Birr and over 80 million customers.  The total amount of bank diposits has reached 1.6 trillion Birr.

The nation plans to register 7.5 percent growth by the end of the current budget year, according to the premier.

By the end the concluded budget year, Ethiopia’s economy reached to 126.7 billion USD.

Accordingly, Ethiopia’s economy is the largest economy in East Africa and the 3^rd largest in sub-Saharan Africa, according to the World Bank.

Last year, the nation registered 6.4 percent growth despite all the man-made and natural challenges including internal conflict, Russia-Ukraine war, drought and COVID-19 among others.