Real GDP growth slowed to an estimated 7.4% in 2019 from 7.7% in 2018, caused by social unrest and fiscal consolidation to stabilize the public debt. On the supply side, industry and services continued to lead growth in 2019. Industry was driven by construction, notably for industrial parks and infrastructure investments. Structural transformation is under way but needs to accelerate. While agriculture’s share in GDP has fallen, the sector still employs more than 70% of Ethiopia’s workforce. Manufacturing accounts for less than 10% of GDP. On the demand side, private consumption and domestic investment were the primary growth drivers in 2019, but domestic investment slowed, reflecting fiscal consolidation.
At the end of 2017, the banking sector of Ethiopia represented a total asset of $30 billion.