ECONOMY

  • The fastest growing economy in Africa and 4th in the world (IMF 2018)
  • Forecast of real GDP growth is 8.5% in 2018 (IMF)
  • Forecast of real GDP growth between 7.8 and 10.0 percent for 2019 to 2023 (EIU)
  • 3% GDP growth per year from 2005/06 to 2015/16 (World Bank)
  • Largest economy in East and Central Africa
  • Ethiopia aims to achieve middle income status by 2025

Population

  • 107+ Million (World Bank 2019)
  • 2nd Largest Population in Africa
  • 12th Largest in the World
  • 4 % Growth Rate

Being a seat for African Union, United Nations Economic Commission of Africa (UNECA) with its 20+ agencies, Pan African Chamber Commerce and Industries (PACCI), 120+ diplomatic missions, various inter-governmental organizations and many other international companies’ regional offices, the capital city, Addis Ababa, is the political Hub of the continent and one of the top diplomatic cities in the world.

CONSTRUCTION SECTOR

  • Construction industry in Ethiopia accounts for half of the entire nation’s economy
  • The construction industry is increasing in a high rate in major cities such as Addis Ababa.
  • Hotel and conference center development showed a high pick in the recent decade. With it the demand for furniture, interior design, décor, finishing materials and related technologies has increased.
  • Fast growing market in residential sector both in private and public developments has been documented. This led to apartment housing life style in cities that is paving way for furniture and interior design technologies

Current under construction developments in the capital city of Addis Ababa

0 Five Star Hotels

0 Four Star Hotels

0 Three Star Hotels

0 One Star Hotels

0 Guest Houses

0 Pensions

Market Background

Ethiopia is the fastest growing economy in Arica and the 4th in the world (according to IMF 2018 report), besides being one of the few real investment destinations in Africa. The country had an average of 10.3% GDP growth from 2004 – 2015 (World Bank). There are tangible indicators that reveal the future development of Ethiopia is becoming brighter. Forecast of real GDP growth stands at 8.5% in 2018 (IMF 2018); According to forecasts by the British Economist Intelligence Unit (EIU), the country will score real GDP growth between 7.8 and 10.0 percent for 2019 to 2023. This is a success, since on average only half of this figure is likely to be achieved in sub-Saharan Africa, and Ethiopia is the undisputed leader in East and central Africa anyway. The service sector is developing at least as well as industry, benefiting from the demand of a population of over 100 million, which has been almost completely undersupplied, and from prospering tourism.

Products made in Ethiopia enjoy preferential access to the markets of 19 African member countries in the COMESA agreement; with a total population of 400 million+. Ethiopian products qualify for favored access to both the European Union market under the EU’s Everything-But-Arms (EBA) initiative Ethiopian products qualify for US market under the African Growth and Opportunities Act (AGOA) and the Generalized System of Preference (GSP) trade agreements as duty free products with no quota restrictions.