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Zimbabwe Economy 1996

Overview:

Agriculture employs three-fourths of the labor force and supplies almost 40% of exports. The manufacturing sector, based on agriculture and mining, produces a variety of goods and contributes 35% to GDP. Mining accounts for only 5% of both GDP and employment, but minerals and metals account for about 40% of exports. Severe drought caused GDP to drop 8% in 1992, with growth rebounding to 2% in 1993 and 3.5% in 1994. Despite the lingering effects of the drought on economic and social conditions, the government is continuing to push its IMF/World Bank structural adjustment program aimed at encouraging exports and foreign investment.

National product:

GDP - purchasing power parity - $17.4 billion (1994 est.)

National product real growth rate:

3.5% (1994 est.)

National product per capita:

$1,580 (1994 est.)

Inflation rate (consumer prices):

22% (December 1994 est.)

Unemployment rate:

at least 45% (1994 est.)

Budget:

revenues:

$1.7 billion

expenditures:

$2.2 billion, including capital expenditures of $253 million (FY92/93)

Exports:

$1.8 billion (f.o.b., 1994 est.)

commodities:

agricultural 35% (tobacco 30%, other 5%), manufactures 25%, gold 12%, ferrochrome 10%, textiles 8% (1992)

partners:

UK 14%, Germany 11%, South Africa 10%, Japan 7%, US 5% (1991)

Imports:

$1.8 billion (c.i.f., 1992 est.)

commodities:

machinery and transportation equipment 41%, other manufactures 23%, chemicals 16%, fuels 12% (1991)

partners:

South Africa 25%, UK 15%, Germany 9%, US 6%, Japan 5% (1991)

External debt:

$3.5 billion (December 1992 est.)

Industrial production:

growth rate 2.3% (1992); accounts for 35% of GDP

Electricity:

capacity:

2,040,000 kW

production:

9 billion kWh

consumption per capita:

913 kWh (1993)

Industries:

mining, steel, clothing and footwear, chemicals, foodstuffs, fertilizer, beverage, transportation equipment, wood products

Agriculture:

accounts for 20% of GDP; 40% of land area divided into 4,500 large commercial farms and 42% in communal lands; crops - corn (food staple), cotton, tobacco, wheat, coffee, sugarcane, peanuts; livestock - cattle, sheep, goats, pigs; self-sufficient in food

Economic aid:

Currency:

1 Zimbabwean dollar (Z$) = 100 cents

Exchange rates:

Zimbabwean dollars (Z$) per US$1 - 8.3752 (January 1995), 8.1500 (1994), 6.4725 (1993), 5.1046 (1992), 3.4282 (1991), 2.4480 (1990)

Fiscal year:

1 July - 30 June

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