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Ethiopia’s economic growth for the 2012/13 fiscal year was 9.7 percent as stated by the Ministry of Finance and Economic Development (MoFED). According to a press release by the Ministry, the annual growth of major sectors: agriculture, industry and service sectors were 7.1, 18.5 and 9.9 percent respectively and their shares out of the total GDP were about 43, 12 and 45 percent respectively.
Over the last ten consecutive years, the country’s economy has registered rapid growth, according to a press release from the Public Relation and Information Directorate of the MoFED. The average growth rate of the GDP was stated to be 10.9 percent. The agriculture, industry and service sectors annual average growth was 9.3, 12.2 and 12.4 percent respectively.
In the last three years of the Growth and Transformation Plan (GTP) period, the economy has registered robust growth. During that period, the annual average growth rate was 10 percent. Agriculture, industry and service sectors have 7, 16.9 and 11 percent annual average growth rate respectively.
According to a World Bank 2013 report, the economic growth was driven by services and agriculture on the supply side and public investment on the demand side.
The report says that the service sector is now larger than agriculture in terms of value added.
Over the past decade, the economy has been undergoing a shift from agricultural production towards an increased reliance on services.
Between 2003/04 and 2011/12, the value added contribution of agriculture fell from 51 to 44 percent while the services sector increased from 38 to 45 percent. The value added growth of the industrial sector remained unchanged at 9 to 10 percent.
It also says that public investment has become the growth engine in recent years. Over the past 3 years, the public investment share in contributing to growth has increased from 31 to 63 percent. In other words, almost two-thirds of the 8.5 percent growth in 2011/12 can be attributed to public investment.
During 2012/13 fiscal year,