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China-Africa Trade Information Service
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China-Africa Trade Information Service
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According to the IMF, from 2000 to 2016, Ethiopia was the third-fastest country of 10 million people in the world , as measured by GDP per capita.
The outlook for the next five years is bright. In its latest global forecast, the IMF projected that Ethiopian GDP per capita would expand at an annual pace of of 6.2% through 2022—among countries with 10 million or more people, only India and Myanmar are expected to grow faster.
By 2050, the UN expects the country to grow to 190 million people, from around 100 million today, making it among the fastest-growing large countries in terms of population, too.
Since 1991, the country's political situation has been relatively stable, and rising living standards have followed.
Ethiopia's economy is concentrated in the services and agriculture sectors. The World Bank estimates that of the 10.8% average annual growth recorded by Ethiopia between 2004 and 2014, half came from services, like hospitality and transportation, which was mostly a result of country’s urbanization.
Agriculture, meanwhile, accounted for 3.6% of the growth during the period. Improved agriculture production was mostly a result of the adaptation of improved seeds and chemical fertilizer. Manufacturing, though a small portion of the economy, is burgeoning, growing at more than 10% per year.
