Ethiopia sees 10 pct GDP growth in 2012/13, above IMF forecast

ECO-opia

By Aaron Maasho

ADDIS ABABA (Reuters) – Improved agricultural output will accelerate Ethiopia‘s economic growth to 10 percent this fiscal year, a government minister said on Thursday, giving a much higher forecast than the IMF.

Agriculture accounts for nearly half Ethiopia’s output but heavy public spending on infrastructure spurred 8.5 percent growth in 2011-2012, making it one of Africa‘s fastest growing economies.

As in previous years, the government’s forecast for fiscal year 2012/13, which ends on July 7, differs sharply from the International Monetary Fund‘s (IMF) projection of 6.5 percent.

“We expect to achieve the minimum target of 10 percent growth rate through agriculture,” Ahmed Shide, state minister of finance and economic development, told Reuters in an interview.

Better rains have improved harvests this fiscal year, though details of the annual agricultural survey are not yet available. Principal crops include coffee, pulses, oil seeds…

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About Rashid Faridi

I am Rashid Aziz Faridi ,Writer, Teacher and a Voracious Reader.
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