Page last updated on February 5, 2013
Economy - overview:
Zimbabwe's economy is growing despite continuing political uncertainty. Following a decade of contraction from 1998 to 2008, Zimbabwe's economy recorded real growth of more than 9% per year in 2010-11, before slowing to 5% in 2012, due in part to a poor harvest and low diamond revenues. However, the government of Zimbabwe still faces a number of difficult economic problems, including infrastructure and regulatory deficiencies, ongoing indigenization pressure, policy uncertainty, a large external debt burden, and insufficient formal employment. Zimbabwe's 1998-2002 involvement in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy. The government's subsequent land reform program, characterized by chaos and violence, badly damaged the commercial farming sector, the traditional source of exports and foreign exchange and the provider of 400,000 jobs, turning Zimbabwe into a net importer of food products. Until early 2009, the Reserve Bank of Zimbabwe routinely printed money to fund the budget deficit, causing hyperinflation. Dollarization in early 2009 - which allowed currencies such as the Botswana pula, the South Africa rand, and the US dollar to be used locally - ended hyperinflation and restored price stability but exposed structural weaknesses that continue to inhibit broad-based growth.
GDP (purchasing power parity):
$6.909 billion (2012 est.)
country comparison to the world: 159
$6.579 billion (2011 est.)
$6.015 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$10.8 billion
note:
in 2009, the Zimbabwean dollar was taken out of circulation, making Zimbabwe's GDP at the official exchange rate a highly inaccurate statistic (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5% (2012 est.)
country comparison to the world: 59
9.4% (2011 est.)
9.6% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$500 (2012 est.)
country comparison to the world: 227
$500 (2011 est.)
$500 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 20.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
25.1%
services:
54.6% (2012 est.)
Labor force:
3.909 million (2012 est.)
country comparison to the world: 92
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 66%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
10%
services:
24% (1996)
Unemployment rate:
95% (2009 est.)
country comparison to the world: 201
80% (2005 est.)
note:
figures reflect underemployment; true unemployment is unknown and, under current economic conditions, unknowable
[see also:
Unemployment rate country ranks ]
Population below poverty line:
68% (2004)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
40.4% (1995)
Distribution of family income - Gini index:
50.1 (2006)
country comparison to the world: 24
50.1 (1995)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
21.9% of GDP (2012 est.)
country comparison to the world: 73
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $NA
[see also: Budget revenues country ranks ]
expenditures:
$NA (2010 est.)
Taxes and other revenues:
NA% of GDP (2010 est.)
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
NA% of GDP (2010 est.)
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
202.7% of GDP (2012 est.)
country comparison to the world: 2
219.7% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
8.3% (2012 est.)
country comparison to the world: 181
5.4% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
7.17% (31 December 2010 est.)
country comparison to the world: 1
975% (31 December 2007)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
30% (31 December 2012 est.)
country comparison to the world: 5
34% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$12.28 billion (31 December 2012 est.)
country comparison to the world: 73
$6.586 billion (31 December 2011 est.)
note:
Zimbabwe's central bank no longer publishes data on monetary aggregates, except for bank deposits, which amounted to $2.1 billion in November 2010; the Zimbabwe dollar stopped circulating in early 2009; since then, the US dollar and South African rand have been the most frequently used currencies; there are no reliable estimates of the amount of foreign currency circulating in Zimbabwe
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$11 billion (31 December 2011 est.)
country comparison to the world: 105
$22.71 billion (31 December 2012 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$9.852 billion (31 December 2012 est.)
country comparison to the world: 98
$6.289 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$10.9 billion (31 December 2011)
country comparison to the world: 69
$11.48 billion (31 December 2010)
$3.83 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
Agriculture - products:
corn, cotton, tobacco, wheat, coffee, sugarcane, peanuts; sheep, goats, pigs
Industries:
mining (coal, gold, platinum, copper, nickel, tin, diamonds, clay, numerous metallic and nonmetallic ores), steel; wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages
Industrial production growth rate:
5.7% (2011 est.)
country comparison to the world: 57
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$521.9 million (2012 est.)
country comparison to the world: 98
