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Zimbabwe Economy Profile 2013

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Economy - overviewZimbabwe'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 reduced inflation to about 10%, but exposed structural weaknesses that continue to inhibit broad-based growth.
GDP (purchasing power parity)$7.366 billion (2012 est.)
$7.054 billion (2011 est.)
$6.38 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$9.802 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.)
GDP - real growth rate4.4% (2012 est.)
10.6% (2011 est.)
9.6% (2010 est.)
GDP - per capita (PPP)$600 (2012 est.)
$500 (2011 est.)
$500 (2010 est.)
note: data are in 2012 US dollars
GDP - composition, by end usehousehold consumption: 68%
government consumption: 29.4%
investment in fixed capital: 21.9%
exports of goods and services: 67.9%
imports of goods and services: -87.1%
(2012 est.)
GDP - composition by sectoragriculture: 20.3%
industry: 25.1%
services: 54.6% (2012 est.)
Population below poverty line68% (2004)
Labor force3.931 million (2012 est.)
Labor force - by occupationagriculture: 66%
industry: 10%
services: 24% (1996)
Unemployment rate95% (2009 est.)
80% (2005 est.)
note: figures reflect underemployment; true unemployment is unknown and, under current economic conditions, unknowable
Unemployment, youth ages 15-24total: 7.6%
male: 7.6%
female: 7.6% (2004)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 40.4% (1995)
Distribution of family income - Gini index50.1 (2006)
50.1 (1995)
Investment (gross fixed)21.9% of GDP (2012 est.)
Budgetrevenues: $NA
expenditures: $NA
Taxes and other revenuesNA% of GDP
Budget surplus (+) or deficit (-)NA% of GDP
Public debt187.3% of GDP (2012 est.)
180.6% of GDP (2011 est.)
Inflation rate (consumer prices)8.2% (2012 est.)
5.4% (2011 est.)
Central bank discount rate7.17% (31 December 2010 est.)
975% (31 December 2007)
Commercial bank prime lending rate30% (31 December 2012 est.)
34% (31 December 2011 est.)
Stock of narrow money$12.27 billion (31 December 2012 est.)
$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
Stock of broad money$11 billion (31 December 2011 est.)
$22.71 billion (31 December 2012 est.)
Stock of domestic credit$9.844 billion (31 December 2012 est.)
$6.289 billion (31 December 2011 est.)
Market value of publicly traded shares$10.9 billion (31 December 2011)
$11.48 billion (31 December 2010)
$3.83 billion (31 December 2009)
Agriculture - productscorn, cotton, tobacco, wheat, coffee, sugarcane, peanuts; sheep, goats, pigs
Industriesmining (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 rate4.5% (2012 est.)
Current Account Balance-$521.9 million (2012 est.)
-$621.5 million (2011 est.)
Exports$3.314 billion (2012 est.)
$2.932 billion (2011 est.)
Exports - commoditiesplatinum, cotton, tobacco, gold, ferroalloys, textiles/clothing
Exports - partnersChina 20.4%, South Africa 14.9%, Democratic Republic of the Congo 12.9%, Botswana 11.5%, Italy 4.4% (2012)
Imports$4.569 billion (2012 est.)
$4.272 billion (2011 est.)
Imports - commoditiesmachinery and transport equipment, other manufactures, chemicals, fuels, food products
Imports - partnersSouth Africa 51.2%, China 9.7% (2012)
Reserves of foreign exchange and gold$575.6 million (31 December 2012 est.)
$660.3 million (31 December 2011 est.)
Debt - external$8.767 billion (31 December 2012 est.)
$6.276 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesZimbabwean dollars (ZWD) per US dollar -
234.25 (2010)
234.25 (2009)
9,686.8 (2007)
note: the dollar was adopted as a legal currency in 2009; since then the Zimbabwean dollar has experienced hyperinflation and is essentially worthless
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013