Addis Ababa:Ethiopia has set its sights on achieving a 10.1% economic growth rate in the 2019 fiscal year, according to President Taye Atske-Selassie, who addressed the joint opening session of the House of People's Representatives and the House of Federation.
According to Ethiopian News Agency, the President highlighted the country's strategic fiscal measures, including augmenting domestic revenue collection, expanding the tax base, and managing national debt to support economic growth. The gross domestic product (GDP) is projected to reach 9.6 trillion Birr.
The government plans to focus on structural transformations, emphasizing quality and efficiency in key economic sectors. Goals include increasing national electricity coverage to 65%, improving access to water, raising health insurance coverage to 85%, and expanding forest cover to 26%.
Efforts will also be made to attract over 1.6 million international tourists during the fiscal year. President Taye stressed the importance of refining project execution, modernizing finance mechanisms, and enhancing coordination between federal and regional governments to maintain development momentum.
Reflecting on past successes, President Taye noted the significant growth in annual crop production, which reached 1.3 billion quintals in 2018 from 335 million quintals seven years earlier. Export trade revenue hit 11.2 billion USD, and foreign direct investment totaled 4.5 billion USD during the same period.
The manufacturing sector grew by 15.8%, credit supply expanded to 1.3 trillion Birr, and domestic revenue approached 1.98 trillion Birr. Inflation was contained at 13.4% as of May 2026, demonstrating the economy's resilience against various pressures.
