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Zimbabwe Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Zimbabwe Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Zimbabwe's economy depends heavily on its mining and agriculture sectors. Following a decade of contraction from 1998 to 2008, the economy recorded real growth of more than 10% per year in the period 2010-13, before falling below 3% in the period 2014-17, due to poor harvests, low diamond revenues, and decreased investment. Lower mineral prices, infrastructure and regulatory deficiencies, a poor investment climate, a large public and external debt burden, and extremely high government wage expenses impede the country’s economic performance.Until early 2009, the Reserve Bank of Zimbabwe (RBZ) routinely printed money to fund the budget deficit, causing hyperinflation. Adoption of a multi-currency basket in early 2009 - which allowed currencies such as the Botswana pula, the South Africa rand, and the US dollar to be used locally - reduced inflation below 10% per year. In January 2015, as part of the government’s effort to boost trade and attract foreign investment, the RBZ announced that the Chinese renmimbi, Indian rupee, Australian dollar, and Japanese yen would be accepted as legal tender in Zimbabwe, though transactions were predominantly carried out in US dollars and South African rand until 2016, when the rand’s devaluation and instability led to near-exclusive use of the US dollar. The government in November 2016 began releasing bond notes, a parallel currency legal only in Zimbabwe which the government claims will have a one-to-one exchange ratio with the US dollar, to ease cash shortages. Bond notes began trading at a discount of up to 10% in the black market by the end of 2016.Zimbabwe’s government entered a second Staff Monitored Program with the IMF in 2014 and undertook other measures to reengage with international financial institutions. Zimbabwe repaid roughly $108 million in arrears to the IMF in October 2016, but financial observers note that Zimbabwe is unlikely to gain new financing because the government has not disclosed how it plans to repay more than $1.7 billion in arrears to the World Bank and African Development Bank. International financial institutions want Zimbabwe to implement significant fiscal and structural reforms before granting new loans. Foreign and domestic investment continues to be hindered by the lack of land tenure and titling, the inability to repatriate dividends to investors overseas, and the lack of clarity regarding the government’s Indigenization and Economic Empowerment Act.

GDP (purchasing power parity):
$33.87 billion (2017 est.) $32.94 billion (2016 est.) $32.73 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 128

GDP (official exchange rate):
$17.11 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2017 est.) 0.7% (2016 est.) 1.4% (2015 est.)
country comparison to the world: 123
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,300 (2017 est.) $2,300 (2016 est.) $2,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 201

Gross national saving:
15.4% of GDP (2017 est.) 15.5% of GDP (2016 est.) 4.9% of GDP (2015 est.)
country comparison to the world: 124
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 84%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 26.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -44.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 12.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.6% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
tobacco, corn, cotton, 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:
2.1% (2017 est.)
country comparison to the world: 126
[see also: Industrial production growth rate country ranks ]

Labor force:
7.907 million (2017 est.)
country comparison to the world: 64
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 66%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 24% (1996)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
95% (2009 est.) 80% (2005 est.)
note: data include both unemployment and underemployment; true unemployment is unknown and, under current economic conditions, unknowable
country comparison to the world: 217
[see also: Unemployment rate country ranks ]

Population below poverty line:
72.3% (2012 est.)
[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) 50.1 (1995)
country comparison to the world: 18
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.6 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.8 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21% of GDP (2017 est.)
country comparison to the world: 143
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7% of GDP (2017 est.)
country comparison to the world: 188
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
75.5% of GDP (2017 est.) 69.9% of GDP (2016 est.)
country comparison to the world: 46
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.5% (2017 est.) -1.6% (2016 est.)
country comparison to the world: 118
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.17% (31 December 2010) 975% (31 December 2007)
country comparison to the world: 46
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18% (31 December 2017 est.) 15% (31 December 2016 est.)
country comparison to the world: 25
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.395 billion (31 December 2017 est.) $2.274 billion (31 December 2016 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
country comparison to the world: 128
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.753 billion (31 December 2016 est.) $3.949 billion (31 December 2017 est.)
country comparison to the world: 139
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.68 billion (31 December 2017 est.) $5.398 billion (31 December 2016 est.)
country comparison to the world: 125
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.073 billion (13 April 2015 est.) $11.82 billion (31 December 2012 est.) $10.9 billion (31 December 2011 est.)
country comparison to the world: 92
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$617 million (2017 est.) -$662 million (2016 est.)
country comparison to the world: 110
[see also: Current account balance country ranks ]

Exports:
$3.763 billion (2017 est.) $3.366 billion (2016 est.)
country comparison to the world: 119
[see also: Exports country ranks ]

Exports - commodities:
platinum, cotton, tobacco, gold, ferroalloys, textiles/clothing

Exports - partners:
South Africa 79.5%, Mozambique 9.5%, UAE 4.1% (2016)

Imports:
$5.605 billion (2017 est.) $5.351 billion (2016 est.)
country comparison to the world: 119
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, other manufactures, chemicals, fuels, food products

Imports - partners:
South Africa 46.6%, Zambia 24% (2016)

Reserves of foreign exchange and gold:
$374 million (31 December 2017 est.) $407.2 million (31 December 2016 est.)
country comparison to the world: 151
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$10.97 billion (31 December 2017 est.) $10.14 billion (31 December 2016 est.)
country comparison to the world: 110
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$3.918 billion (31 December 2017 est.) $3.518 billion (31 December 2016 est.)
country comparison to the world: 108
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$294.8 million (31 December 2017 est.) $271.6 million (31 December 2016 est.)
country comparison to the world: 96
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Zimbabwean dollars (ZWD) per US dollar - 1 (2017 est.) 1 (2016 est.) NA (2013) 234.25 (2010)
note: the dollar was adopted as a legal currency in 2009; since then the Zimbabwean dollar has experienced hyperinflation and is essentially worthless


NOTE: 1) The information regarding Zimbabwe on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Zimbabwe Economy 2018 information contained here. All suggestions for corrections of any errors about Zimbabwe Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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