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Economy of Zimbabwe information


Economy of Zimbabwe
Sam Nujoma Street in Harare.
CurrencyZimbabwe Gold
Fiscal year
calendar year
Trade organisations
AU, AfCFTA, WTO, SADC, COMESA
Country group
  • Developing/Emerging[1]
  • Lower-middle income economy[2]
Statistics
PopulationIncrease 16,942,006 (April 11, 2024 est)[3]
GDP
  • Increase $47.08 billion (nominal, 2023 est.)[4]
  • Increase $66.0 billion (PPP, 2023 est.)[5]
GDP rank
  • 110th (nominal, 2023)
  • 132nd (PPP, 2023)
GDP growth
  • 5.3% (2021)
  • 4.5% (2022)[4]
  • 5.3% (2023e)
  • 5.2% (2024e)

[6]

GDP per capita
  • Increase $2,860 (nominal, 2023 est.)[4]
  • Increase $3,928 (PPP, 2023 est.)[7]
GDP per capita rank
  • 153rd (nominal, 2023)
  • 175th (PPP, 2023)
GDP by sector
  • agriculture: 12%
  • industry: 22.2%
  • services: 65.8%
  • (2017 est.)[8]
Inflation (CPI)
172.2% (2023 est.)[4]
Population below poverty line
  • 1.0% (2017)[9]
  • 1.0% on less than $3.20/day (2017)[10]
Gini coefficient
44.3 medium (2017)[11]
Human Development Index
  • Increase 0.563 medium (2018)[12] (150th)
  • 0.435 low IHDI (2018)[13]
Labour force
  • Increase 7,088,014 (2019)[14]
  • 1.5% employment rate (2014)[15]
Labour force by occupation
  • agriculture: 67.5%
  • industry: 7.3%
  • services: 25.2%
  • (2017 est.)[8]
Unemployment
  • 11.3% (2014 est.)[8]
  • data include both unemployment and underemployment; true unemployment is unknown and, under current economic conditions, unknowable[8]
Main industries
mining (coal, gold, platinum, copper, nickel, tin, clay, numerous metallic and non-metallic ores), steel; wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages, cattle, cows
External
ExportsIncrease $6.59 billion (2022 est.)[16]
Export goods
platinum, cotton, tobacco, gold, ferroalloys, textiles/clothing
Main export partners
  • Economy of Zimbabwe South Africa(+) 41.0%
  • Economy of Zimbabwe United Arab Emirates(+) 32.0%
  • Economy of Zimbabwe China(+) 8.86%
  • Economy of Zimbabwe Belgium(+) 3.26%
  • Economy of Zimbabwe Mozambique(+) 2.89%
  • (2022)[17]
ImportsIncrease $8.68 billion (2022 est.)[18]
Import goods
machinery and transport equipment, other manufactures, chemicals, fuels, food products
Main import partners
  • Economy of Zimbabwe South Africa(+) 40.0%
  • Economy of Zimbabwe China(+) 13.9%
  • Economy of Zimbabwe Singapore(+) 13.6%
  • (2022)[19]
FDI stock
  • Increase $3.86 billion (31 December 2017 est.)[8]
  • Increase Abroad: $309.6 million (31 December 2017 est.)[8]
Current account
Decrease −$716 million (2017 est.)[8]
Gross external debt
Negative increase $14.01 billion (23 February 2023)[20]
Public finances
Government debt
Positive decrease 58.47% of GDP (2022 est.)
Budget balance
−9.6% (of GDP) (2017 est.)[8]
Revenues
  • ZWL58.2 trillion (proposed for 2024)
  • US$10.0 billion (official rate $1:5,790 (Nov 2023))
  • US$6.26 billion (parallel market $1:9,300 (Nov 2023))
[21]
Expenses5.5 billion (2017 est.)[8]
Economic aidrecipient: $178 million; note – the EU and the US provide food aid on humanitarian grounds (2000 est.)
Foreign reserves
Increase $431.8 million (31 December 2017 est.)[8]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
Zimbabwean exports in 2006

The economy of Zimbabwe is a gold standard based economy. Zimbabwe has a $44 billion dollar informal economy in PPP terms which translates to 64.1% of the total economy.[22] Agriculture and mining largely contribute to exports. The economy is set to reach $66 billion by end of 2023, 88% increase in forecast from $35 billion.[23][24]

The country has reserves of metallurgical-grade chromite. Other commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and Iron ore.[25]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 10 October 2020. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Zimbabwe Population(Live)". Worldometer.
  4. ^ a b c d "Zimbabwe Datasets". International Monetary Fund.
  5. ^ "Zim GDP Set To Reach US$66 Billion". TechnoMag. 2023-11-21. Retrieved 2024-01-17.
  6. ^ "2024 budget strategy paper: Zim's future looks bleak".
  7. ^ "Zim GDP hits US$66bn – the Herald".
  8. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 26 January 2021. Retrieved 7 July 2019.
  9. ^ "Poverty headcount ratio at national poverty lines (% of population) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 30 November 2020. Retrieved 21 March 2020.
  10. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 4 December 2019. Retrieved 21 March 2020.
  11. ^ "GINI index (World Bank estimate) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 21 March 2020.
  12. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 27 June 2016. Retrieved 11 December 2019.
  13. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 11 December 2019.
  14. ^ "Labor force, total – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 1 August 2020. Retrieved 4 December 2019.
  15. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 4 December 2019. Retrieved 4 December 2019.
  16. ^ "Zimbabwe - export of goods 2012-2022".
  17. ^ "Zimbabwe | Imports and Exports | World | ALL COMMODITIES | Value (US$) and Value Growth, YoY (%) | 2011 - 2022". 28 January 2024.
  18. ^ "Zimbabwe - import of goods 2012-2022".
  19. ^ "Zimbabwe | Imports and Exports | World | ALL COMMODITIES | Value (US$) and Value Growth, YoY (%) | 2011 - 2022". 28 January 2024.
  20. ^ "Zimbabwe committed to debt reduction". www.reuters.com.
  21. ^ "Zimbabwe Plans 14-Fold Increase in Spending to Aid Economy". Bloomberg. 30 November 2023.
  22. ^ "Zimbabwe". World Economics. Retrieved 2024-01-17.
  23. ^ "Zim GDP hits US$66bn – The Herald". www.herald.co.zw. Retrieved 2024-01-17.
  24. ^ "Zim GDP Set To Reach US$66 Billion". TechnoMag. 2023-11-21. Retrieved 2024-01-17.
  25. ^ "Southern African Development Community :: Zimbabwe". sadc.int. Archived from the original on 31 August 2018. Retrieved 31 August 2018.

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