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Ethiopia's economy experienced strong, broad-based growth averaging 9.4% a year from 2010/11 to 2019/20. Ethiopia's real gross domestic product (GDP) growth slowed down to 6.1% in 2019/20 due to the COVID-19 pandemic. [80] Industry, mainly construction, and services accounted for most of the growth.
In 1957, Ethiopia initiated a series of five-year development plans. Throughout much of the 1960s and early 1970s, manufacturing activity increased as the government's five-year plans diversified the economy by encouraging agro-industrial activity and by substituting domestically produced goods for imported items.
The birr (Amharic: ብር) is the primary unit of currency in Ethiopia.It is subdivided into 100 santims.. In 1931, Emperor Haile Selassie formally requested that the international community use the name Ethiopia (as it had already been known internally for at least 1,600 years [2]) instead of the exonym Abyssinia, and the issuing Bank of Abyssinia also became the Bank of Ethiopia.
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More and more gold mines are being located, such as in the Afar region and in the Konso woreda in south western Ethiopia. [8] On 30 August 2012 it was announced that British firm Nyota Minerals was about to become the first foreign company to receive a mining licence to extract gold from an estimated resource of 52 tonnes in western Ethiopia. [9]
After defeating the Ethiopian Army in the Second Italo-Ethiopian War in 1935, Italy proclaimed Ethiopia part of Italian East Africa in May 1936, consisting of the former colonies of Eritrea and Somaliland (occupied in 1940) covering over 666,000 square miles (1,725,000 square kilometres) with an estimated population of 12,100,000.
Ethiopia's biggest ally was the United States. The city was home to the US Army's Kagnew Station installation from 1943 until 1977. The Eritrean War of Independence began in 1961 and ended in 1991, resulting in the independence of Eritrea. Asmara was left relatively undamaged throughout the war, as were the majority of highland regions.
The Tendaho Cotton Plantation in the lower Awash Valley was one of Ethiopia's largest cotton plantations. Rain-fed cotton also grew in Humera , Bilate , and Arba Minch . In 1867 it was reported that there were plans to construct a 362-kilometre (225-mile) road from the Ethiopian cotton fields to the Red Sea to trade with Egypt and Turkey. [ 2 ]