Ethiopia+Economics

Ethiopia Economics
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**Major Industries:** food processing, beverages, textiles, leather, chemicals, metals processing, cement

**Agricultural Products:** cereals, pulses, coffee, oilseed, cotton, sugarcane, potatoes, qat, cut flowers; hides, cattle, sheep, goats; fish **Natural Resources:** small reserves of gold, platinum, copper, potash, natural gas, hydropower

**Major Exports:** coffee, qat, gold, leather products, live animals, oilseeds

**Major Imports:** food and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles

**Currency:** birr (ETB) 1 U.S dollar is equal to 17.50 birr

**National GDP:** $62,880,000,000

**Total Export Revenue:** $612,000,000

Average Income: The average monthly household income is 200 Birr which is equal to about 23 U.S. Dollars All of the following information came from: [] Ethiopia's poverty-stricken economy is based on agriculture, accounting for almost 45% of GDP, and 85% of total employment. The agricultural sector suffers from frequent drought and poor cultivation practices. Coffee is critical to the Ethiopian economy with exports of some $350 million in 2006, but historically low prices have seen many farmers switching to qat to supplement income. Under Ethiopia's constitution, the state owns all land and provides long-term leases to the tenants; the system continues to hamper growth in the industrial sector as entrepreneurs are unable to use land as collateral for loans. In November 2001, Ethiopia qualified for debt relief from the Highly Indebted Poor Countries (HIPC) initiative, and in December 2005 the IMF forgave Ethiopia's debt. The global economic downturn led to balance of payments pressures, partially alleviated by recent emergency funding from the IMF. While GDP growth has remained high, per capita income is among the lowest in the world. U.S contributions to Ethiopia: Through fiscal year 1978, the United States provided Ethiopia with $282 million in military assistance and $366 million in economic assistance in agriculture, education, public health, and transportation. A Peace Corps program emphasized education, and U.S. Information Service educational and cultural exchanges were numerous.

In Ethiopia, livestock help determine wealth and social status. In the eastern part of the country, where camels are most prevalent, farmers use these hardy symbols of the desert for milk, meat, transport, and, as here, for plowing.

http://www.ducksters.com/geography/country.php?country=Ethiopia http://travel.nationalgeographic.com/travel/countries/ethiopia-photos/#/eastern-ethiopia-plow_8375_600x450.jpg