Ethiopia’s per capita income reaches USD 863, GDP 1.8 trillion birr

The National Planning Commission (NPC) announced that Ethiopian’s per capita income reached USD 863 in 2016/17 and the country’s GDP now stands at 1.8 trillion birr.
The commission that appeared at the parliament to deliver a report of on an 11 month performance of the fiscal year which ended yesterday stated the country’s supply side GDP grew by 10.9 percent during the 2016/17 budget year.
The NPC report stated the agriculture sector grew 6.7 percent, which was around two percent in the 2015/16 budget year. The industry and service sector grew 18.7 percent and 10.3 percent respectively.
“In the time market rate the expenditure side GDP stood at 1.807 trillion birr, which is USD 66.2 billion with the current exchange rate,” the report explained.
For the 2015/16 budget year the GDP stood at 1.5 trillion birr, with is a growth of 17.2 percent, the commission report says.
Per capita income has also risen. It stated that a year ago per capita income stood at USD 863 meaning it has grown by  62USD  compared with the preceding year.
In the 2015/16 budget year the per capita income was USD 801.
The report stated that the service sector continues have the biggest share of GDP at 39.3 percent. The report indicated the service sector grew by 0.2 percent. While the agriculture sector, which was affected by El Niño made up 36.3 percent. Agriculture went down from 37.8 percent to 36.3 percent of the GDP.
According to the report industrial sector, which was mainly dominated by construction sector, has grown more than service, at 1.3 percent compared to the 2015/16 budget year.
The report stated that the GDP share of the industrial sector is 24.4 percent.
Government officials argued that in the past decade the country registered double digit growth but some international financial and economic organizations and local economic experts say the growth is not that high. However all agree that Ethiopia has been growing economically at a very high rate.  At his appearance at the Parliament PM Abiy Ahmed (PhD) hinted that the country’s economic growth for the past budget year would be between nine and 10 percent.