Ethiopian PM declares 8.55 GDP growth forecast

July 05, 2006

Ethiopian Prime Minister Meles Zenawi said Tuesday the country's annual GDP growth forecast points to 8.55 percent, which exceeds the average necessary to achieve the UN Millennium Development Goals (MDGs).

In a report he presented to the lower House of People's Representatives, Meles said Ethiopia's crusade against poverty and the struggle to ensure a rapid growth were successfully carried out during the 1998 Ethiopian fiscal year.

Ethiopia still retains the Julian calendar, in which the year is divided into 12 months of 30 days each and a 13th month of 5 days and 6 days in leap year. The Ethiopian calendar is 8 years behind the Gregorian calendar from January to September and 7 years behind between September 11 and January 8.

The 8.55 percent GDP growth forecast has been reached on the basis of data collected in the past 11 months, he said.

While an average GDP growth of 6 and 7 percent is necessary to achieve the MDGs, the Ethiopian government has on this basis adopted the target of 7 percent to 10 percent growth, Meles said.

In recent years, Ethiopia's economy has been on a fast track due to its market-driven agricultural production strategy.

Source: Xinhua