Addis Ababa:Ethiopia has unveiled its updated Gross Domestic Product (GDP) figures in a bid to modernize economic measurement and reflect structural changes within the economy. The updated GDP rebasing aims to strengthen national economic planning, fiscal and monetary policymaking, and domestic revenue mobilization by offering a more accurate depiction of the country's economic landscape, according to Finance Minister Fitsum Assefa.
According to Ethiopian News Agency, the revised economic accounting framework is expected to help the Ethiopian government better assess the size, structure, and performance of the economy, thus providing a reliable basis for development planning and policy decisions. The new GDP figures, with the 2017 Ethiopian fiscal year (2024/25) as the base year, show the economy reaching 24.03 trillion Birr (201.42 billion USD), expanding to 31.86 trillion Birr (210.7 billion USD) in the 2018 Ethiopian fiscal year.
Minister Assefa highlighted the significant implications of the updated GDP framework for evaluating the country's debt sustainability and improving fiscal and monetary policies. She emphasized that the framework would aid in assessing debt and tax ratios, identifying opportunities to broaden the tax base, and enhancing domestic revenue collection.
The revised GDP is also expected to give investors, development partners, and international financial institutions a more reliable economic profile of Ethiopia, thereby supporting informed investment and development decisions. Minister Assefa urged federal and regional government institutions, development partners, and the private sector to utilize the revised economic data effectively in planning, budgeting, investment, and policy decisions.
She noted that the updated statistical framework would serve as an important feedback mechanism for implementing the targets of the Medemer Grand Strategy, enhancing transparency, accountability, and results-oriented performance across sectors. The GDP rebasing was completed over one year, from September 2018 to September 2019 in the Ethiopian calendar, as part of the Ethiopian Statistics Development Program.
Minister Assefa described the achievement as an important demonstration of the country's statistical sovereignty, noting that the revised accounts comply with the internationally recognized 2008 System of National Accounts (SNA 2008). The revised framework incorporates structural changes in the Ethiopian economy, including the expansion of digital financial services and developments in modern trade, industry, and mining activities.
