Ethiopia/Economy

Economy of Ethiopia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$163.7B(2023)
GDP PPP (USD)
$393.6B(2023)
GDP per Capita (USD)
$1,272(2023)
GDP Growth (inflation-adjusted)
6.5%(2023)
Inflation (CPI Annual %)
21%(2024)

Trade & Finance

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Exports (as share of GDP)
6.6%(2023)
Imports (as share of GDP)
14%(2023)
FDI Inflows (as share of GDP)
2%(2023)
Remittance Inflow (USD)
$539.4M(2023)
Tax Revenue (as share of GDP)
3.9%(2023)

Labor & Income

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Unemployment Rate
3.4%(2024)
Employment in Services
31.2%(2023)
Poverty Rate
23.5%(2015)
GINI Index
31.1(2021)
GNI per Capita (USD)
$1,110(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
378 kg oil eq.(2022)
Renewable Energy Consumption (%)
90.6%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Ethiopia

  • The economic architecture of Ethiopia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $163.7B
    2023
    . This places it as the 58th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $1.27K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $393.56B, reflecting the population's domestic purchasing power. The economy is experiencing robust expansion, with a high growth rate of 6.5%
    2023
    , but this is challenged by high inflation, with the Consumer Price Index (CPI) at 21.0%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 6.6% of GDP and imports at 14.0%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 1.99% of the economy
    2023
    . This performance positions the country 91st globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $539.36M annually
    2023
    , highlighting the economic importance of its diaspora. The government faces fiscal constraints, with tax revenue representing only 3.9% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $1,110
    2023
    . Globally, this ranks the nation 166th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 3.4%
    2024
    . The services sector is a primary driver of the labor market, accounting for 31.2% of total employment
    2023
    . Poverty remains a key issue, with 23.5% of the population living below the national poverty line
    2015
    . The country has a relatively equitable distribution of income, with a Gini index of 31.1
    2021
    .
  • On the environment and energy front, energy consumption per capita is 377.922 kg of oil equivalent
    2022
    . The country is a leader in clean energy, with renewable sources making up 90.6% of total final energy consumption
    2021
    . Its commitment to clean energy places it 184th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Runaway inflation is the most pressing economic threat, eroding purchasing power and creating instability.

Trade & Investment Profile

The economy is primarily driven by domestic demand, with limited exposure to global trade fluctuations but also fewer opportunities for export-led growth.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.