EU Chamber Report Cites $50B Drop in Ethiopia's Nominal GDP Following Birr Float

Ethiopia's nominal gross domestic product measured in US dollars declined by approximately $50 billion following the decision to float the birr currency, according to a recent report by the European Union Chamber of Commerce in Ethiopia. The policy shift toward a market-determined foreign exchange rate was aimed at addressing persistent foreign currency shortages, though dollar-denominated national output metrics experienced a sharp reduction following the currency adjustment.