ETHIOPIA ECONOMY AND TRADE OVERVIEW
Ethiopia is one of the fastest growing economies in the African region, with 10% av. growth since 2010. It has a large domestic market with a total population of about 126.5 million people (2023), making it the second most populous country in Africa after Nigeria and the 3th largest economy in Sub-Saharan Africa—GDP reaching $163.7 Billion in 2022. The country realized substantial growth in its agriculture, industry, and service sectors, and its economy is largely based on agriculture, which accounts for about 32.4% of GDP and employs about 80% of the workforce. However, the service sector is quickly expanding and now accounts for roughly 40% of GDP. Ethiopia ministry of finance reports, (2021-2022).
Ethiopia’s trade is expanding, and the country exports a diverse range of goods such as coffee, tea, hides and skins, live animals, oilseeds, gold, cut flowers, Precious and semi-precious stones, Pulses, vegetables and seeds are the main products. In 2021-22, the country earned about 4.2 billion US dollars from the total exports.
Its proximity to the Middle East, Europe, as a gateway to the African continent, with its excellent global connective Airway (Ethiopian airways) and a part of; African Continental Free Trade Area, Common Market for Eastern and Southern Africa, Intergovernmental Authority on Development, BRICS economic alliance and the World Trade organization as an observer, these all together with its easy access to the major ports of the region enhances its international trade and it makes one of the country Ease of doing business.
