ADDIS ABABA, July 4 (Xinhua) -- Ethiopian Prime Minister Abiy Ahmed is optimistic that the country will register more than the projected 8.4 percent economic growth during the current Ethiopian fiscal year ending on July 7.

Responding to questions from members of the House of Peoples' Representatives, the lower house of Ethiopia's parliament, Abiy said on Thursday that Ethiopia is on the right track to achieve more than 8.4 percent economic growth during the 2024/2025 Ethiopian fiscal year.

He attributed the better performance to the government's macroeconomic reforms, home-grown economic policies and achievements in agriculture, industry, mining and service sectors, among others.

Noting that the agriculture and industry sectors have significantly contributed to the better performance of the economy, Abiy said the agriculture sector has helped 23 million Ethiopians ensure food self-sufficiency and get relief from dependency on a safety net program, a flagship program that aims to address chronic food insecurity in rural areas.

He said the capacity of manufacturing factories has increased from 47 percent a few years ago to 65 percent, highlighting that the country's cement manufacturing sector has witnessed a 16 percent growth in production capacity.

According to the prime minister, the nation's export performance has also shown significant growth, enabling the nation to earn more than 8.1 billion U.S. dollars during the period, up from 3.8 billion dollars last fiscal year.

Meanwhile, the House of Peoples' Representatives approved a record 1.93 trillion Ethiopian birr (about 14 billion U.S. dollars) annual budget for the 2025/2026 fiscal year, which will start on July 8. ■