During its regular meeting held in Addis Ababa from April 25 to 26, the Executive Committee of the ruling Prosperity Party reviewed Ethiopia’s diplomatic, social, political, and economic developments in detail.
The committee reported impressive growth in key sectors, including agriculture (6.1%), industry (12.8%), manufacturing (12.3%), and services (7.1%), with an overall predicted national growth rate of 8.4% for the current Ethiopian year.
As part of ongoing macroeconomic reforms, the government has allocated significant funds to subsidies and social support programs, totaling 62 billion Birr ($464 million) for fertilizers, 41.2 billion Birr ($308 million) for safety nets, and 60 billion Birr ($449 million) for fuel. These efforts aim to protect vulnerable populations while stimulating essential sectors, such as basic goods and healthcare.
The Prosperity Party also highlighted significant diplomatic and political accomplishments during its Second Regular Meeting, with a focus on preparing for national discussions and engaging in consultations with political parties and stakeholders. Peace efforts are progressing, particularly in previously unstable regions, supported by the increasing number of militants surrendering and responding positively to the government’s call for peace.
Notably, Ethiopia’s dispute with Somalia has been amicably settled, and the international community is increasingly accepting Ethiopia’s demand for sea access.
The committee further reported a 134% increase in government revenue over the past nine months and a reduction in the external debt-to-GDP ratio to 13.7%. The country has seen a remarkable surge in export revenues, with key commodities like wheat, rice, coffee, tea, and fruits witnessing increases between 82% and 386%.
In terms of job creation, over 3 million domestic jobs and 344,790 foreign jobs have been generated in the past nine months. Additionally, the expansion of remote work options has contributed to this growth.
Other highlights include the 86% increase in Ethiopian Investment Holdings’ performance, totaling 1.5 trillion Birr ($11.2 billion), as well as a significant rise in bank deposits and foreign exchange reserves. Over the course of the nine months, export performance exceeded $5 billion, representing a 150.39% increase.
Ethiopia’s digital transformation continues to progress, with 50.2 million internet users, 86.6 million mobile subscribers, and over 52.5 million Tele Birr customers. Digital transactions have soared to over 12.51 trillion Birr ($93.8 billion) during this period.
Infrastructure development remains a national priority, with the Grand Ethiopian Renaissance Dam now 98.66% complete and other hydropower and irrigation projects advancing. The government is also working towards economic independence by promoting land usage, import substitution, and industrial revival. As a result, nine regions can now meet their own relief needs, and the number of people requiring humanitarian assistance has dropped by 86% over the past five years.