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Ethiopia's economy experienced strong, broad-based growth averaging 9.4% a year from 2010/11 to 2019/20. Ethiopia's real gross domestic product (GDP) growth slowed down to 6.1% in 2019/20 due to the COVID-19 pandemic. [77] Industry, mainly construction, and services accounted for most of the growth.
The Economy of Ethiopia remained very traditional until the later 20th century, although Ethiopia —unlike most sub-Saharan countries —had maintained trade and contacts with the outside world for centuries. Since ancient times, Ethiopian traders exchanged gold, ivory, musk, and wild animal skins for salt and luxury goods, such as silk and ...
According to the Ethiopian Central Statistical Authority, there was sustainable economic growth in the fiscal years of 1960–1961 and 1973–1974. Between 1960 and 1970, Ethiopia enjoyed an annual 4.4% growth rate in per capita production and gross domestic product (GDP).
Agriculture in Ethiopia is the foundation of the country's economy, accounting for half of gross domestic product (GDP), 83.9% of exports, and 80% of total employment. Ethiopia 's agriculture is plagued by periodic drought, soil degradation [1] caused by overgrazing, deforestation, high levels of taxation and poor infrastructure (making it ...
Ethiopia 's industrial sectors classified into four basic groups: agriculture, food processing, construction, resources and energy and tourism. Agriculture constitutes over 50% of economic sector in Ethiopia, and the largest dependable economic activity. It includes production of livestock products (milk, egg, meat), beverages, leather and ...
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
Geography. Location of Ethiopia in the Horn of Africa. At 1,126,829 square kilometres (435,071 sq mi), [2] Ethiopia is the world's 27th-largest country. It is bordered by Eritrea to the north and northeast, Djibouti and Somalia to the east, Sudan and South Sudan to the west, and Kenya to the south.
After World War II, Ethiopia began to receive economic development aid from the more affluent Western countries. Originally the United Kingdom was the primary source of this aid, but they withdrew in 1952, to be replaced by the United States. [ 1] Between 1950 and 1970, one source estimated that Ethiopia received almost US$600 million in aid ...