Ethiopia’s Renewal Taking Shape as Nation Registers 8.8 pc Economic Growth Last EFY: President Taye

Addis Ababa, October 6, 2026 (ENA)— Ethiopia has registered 8.8 percent of economic growth during the 2017 Ethiopian fiscal year (EFY) as the country’s renewal journey is thriving, driven by massive economic reforms, President Taye Atske Selassie said.

Addressing the joint session of the 6th year and 5th tenure of the House of People's Representatives and the House of Federation today, President Taye noted that Ethiopia’s economy faced various challenges including structural problems coupled with high debt burden and financial instability before the nationwide reform.

Following the national reform, the government has undertaken swift measures to correct the macroeconomic imbalances, he affirmed, citing the macroeconomic reform to register results in various sectors of the economy including the surging of export trade, and foreign exchange reserve, among others.

For the president, the nation's development priorities which had focused on few sectors have been diversified to realize the nation’s ambition of self-sufficiency and economic sovereignty.

Stating that the foundations of economic reform has identified the country’s potential, exploring opportunities through challenges with creativity and speed and realizing sustainable goals, the president said these foundations are pillars to accelerate the overall growth of the country.

Therefore, he added Ethiopia has registered 8.8 percent economic growth during the previous Ethiopian fiscal year 2017.

Agriculture has increased from 1.2 billion quintal to 1.57 billion quintals of production which exceeded by 24.7percet compared to the previous fiscal year.

The production capacity of the industry has grown to 65 percent from 59 percent, gold production surged to 38.87 tons from the previous 3.9 tons, and cement has increased to 9.1 million from 7.7 million tons, he elaborated.

More than 150 international conferences have also been convened in Ethiopia during the stated period, as the country’s digital economy has also flourished in the fiscal year, he said.

The country registered a historic achievement in its export trade by securing 8.3 billion USD in 2017 fiscal year which exceeded by 116 percent compared to the year before.

Following the reform measures, the country’s inflation has also declined to 13.9 percent from 19.9 percent, it was indicated.

The country is set to register over 9 percent of GDP growth over the Ethiopian new fiscal year (2018 EFY) by increasing productivity, variety, quality and quantity.