Addis Ababa, the Ethiopian capital, is the economic hub of the East African country.

ADDIS ABABA– Ethiopia’s economy has grown at an annualized rate of 6.6 percent over the last nine months, according to an Ethiopian official.

Ethiopian Minister of Planning and Development Fitsum Assefa said the economic growth was achieved despite facing multiple macroeconomic challenges. 

The combined effects of the Ukraine-Russia conflict, drought conditions in various parts of Ethiopia and rising prices of essential commodities are some of the challenges the Ethiopian economy faced in the last nine months, reported the state media outlet Ethiopia News Agency (ENA), quoting Assefa saying. 

Assefa also said encouraging results in the agricultural, exports revenues and the service sector revenues have enabled Ethiopia to achieve the 6.6 percent economic growth over the last nine months. 

Ethiopia earned $2.95 billion in export revenues during the first nine months of the current Ethiopian Fiscal Year 2021/2022, which started on July 8, 2021. 

Ethiopia’s agricultural sector was the largest earner of export revenues for the East African country, accounting for about 70 percent of the revenues, followed by the mining and industrial sectors.

The East African country also earned around $4.5 billion in revenues from the service sector in the same period. – Xinhua