Ethiopian economy sees 9.7 percent growth

The Ethiopian economy grew by 9. 7 percent in the past fiscal year with agriculture listed as a major contributor to the growth, the government said Wednesday.

Ethiopia registered the growth in the fiscal year between July 8, 2012 and July 7, 2013, reported Xinhua citing Ethiopian State Minister of Finance and Economic Development Abraham Tekeste during a press conference in the capital city.

Despite the price decline of coffee, a key agricultural product in Ethiopia, the African country managed to maintain the growth. "Prices of coffee declined same with respect to gold prices also. So, we had to navigate carefully to ensure rapid economic growth during the fiscal year," he said.

"This growth rate is also higher than the average growth rate registered by sub-Saharan African countries. The estimate is that sub-Saharan Africa grew by 5.4 percent in 2013."