Ethiopia: Agricultural sector shows dramatic decline

ESAT News (November 18, 2018)farming

Ethiopian officials say the agricultural sector, which has been showing a 10% growth in the past 10 years, has registered only 2.9% growth this year.

Prime Minister Halemariam Desalegn briefing diplomats in Addis Ababa attributed the decline to the countrywide uprising especially in the Oromo region.

Economists have been warning that the ongoing unrest in the country could have a devastating effect on the already fragile economy.

Desalegn said the country’s economy, which his government predicted to show a double-digit growth, has registered 8% growth. The World Bank insists Ethiopia could only show a 6% growth due to the serious decline in the export trade and shortages in foreign currency.

The Ministry of Trade also disclosed on Friday that the foreign currency that the country generates from the export trade has shown a decline by 300 million dollars in only one quarter.