Nation registers fastest economic growth for ten consecutive years

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Addis Ababa, 10 October  2013 (WIC) -The Ministry of Finance and Economic Development announced that the country has registered the fastest economic growth of ten consecutive years including the 9.7 per cent growth of the previous fiscal year.

Briefing journalists on the 2005 fiscal year economic performance here yesterday, Finance and Economic Development State Minister Dr. Abraham Tekeste said that as per the estimate of the 2005 fiscal year Growth Domestic Products (GDP) annual growth rates of the major sectors include agriculture, industry and service were 7.1, 18.5 and 9.9 per cent respectively. Their share out of the total GDP were about 43, 12 and 45 per cent respectively, he added.

According to the State Minister, over the last ten consecutive years, the economy has registered rapid economic growth. Accordingly, in this period the annual average growth rate of GTP was 10.9 per cent. The agriculture, industry and service sectors' annual average growth was 9.3, 12.2 and 12.4 per cent respectively.

He further said that over the last three years GTP implementation period, the economy has also registered robust growth with annual average growth rate of ten per cent. The agricultural sector annual average growth rate was 7 per cent, where as industrial and service sector register 16.8 and 11per cent each.

Dr. Abraham also mentioned expenditure on the GDP in which consumption has registered about 82.3 per cent of GDP. On the other hand, the rate of investment has reached 33 per cent while domestic saving, export and import has been reached GDP 17.7, 12.7 and 28 per cent respectively. And the per capita GDP has reached 550 USD- nominal, he added.(EH)