Ethiopian
economy with exports of some $350 million in 2006, but historically
low prices have seen many farmers switching to qat to supplement
income. The war with Eritrea in 1998-2000 and recurrent drought have
buffeted the economy, in particular coffee production. In November
2001, Ethiopia qualified for debt relief from the Highly Indebted
Poor Countries (HIPC) initiative, and in December 2005 the IMF voted
to forgive Ethiopia's debt to the body. Under Ethiopia's
constitution, the state owns all land and provides long-term leases
to the tenants; the system continues to hamper growth in the
industrial sector as entrepreneurs are unable to use land as
collateral for loans. Drought struck again late in 2002, leading to
a 3.3% decline in GDP in 2003. Normal weather patterns helped
agricultural and GDP growth recover during 2004-07.

GDP (purchasing power parity):

$56.05 billion (2007 est.)

GDP (official exchange rate):

$19.43 billion (2007 est.)

GDP - real growth rate:

11.1% (2007 est.)

GDP - per capita (PPP):

$700 (2007 est.)

GDP - composition by sector:

agriculture: 47%
industry: 13.2%
services: 39.8% (2007 est.)

Labor force:

27.27 million (1999)

Labor force - by occupation:

agriculture: 80%
industry: 8%
services: 12% (1985)

Unemployment rate:

NA%

Population below poverty line:

38.7% (FY05/06 est.)

Household income or consumption by percentage share:

lowest 10%: 3.9%
highest 10%: 25.5% (2000)

Distribution of family income - Gini index:

30 (2000)

Investment (gross fixed):

25.9% of GDP (2007 est.)

Budget:

revenues: $3.231 billion
expenditures: $3.785 billion (2007 est.)

Fiscal year:

8 July - 7 July

Public debt:

44.5% of GDP (2007 est.)

Inflation rate (consumer prices):

17.2% (2007 est.)

Commercial bank prime lending rate:

7% (31 December 2006)

Stock of money:

$3.651 billion (31 December 2006)

Stock of quasi money:

$3.258 billion (31 December 2007)

Stock of domestic credit:

$6.694 billion (31 December 2006)

Agriculture - products:

cereals, pulses, coffee, oilseed, cotton, sugarcane, potatoes, qat,
cut flowers; hides, cattle, sheep, goats; fish

Industries:

food processing, beverages, textiles, leather, chemicals, metals
processing, cement

Industrial production growth rate:

11% (2007 est.)

Electricity - production:

3.268 billion kWh (2006 est.)

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