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Zimbabwe Economy Profile 2014

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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 roughly 10% per year in 2010-11, before slowing in 2012-13 due poor harvests and low diamond revenues. The government of Zimbabwe 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. 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 below 10% per year, but exposed structural weaknesses that continue to inhibit broad-based growth.
GDP (purchasing power parity)$7.496 billion (2013 est.)
$7.265 billion (2012 est.)
$6.957 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$10.48 billion (2013 est.)
GDP - real growth rate3.2% (2013 est.)
4.4% (2012 est.)
10.6% (2011 est.)
GDP - per capita (PPP)$600 (2013 est.)
$600 (2012 est.)
$500 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by end usehousehold consumption: 68.5%
government consumption: 30.4%
investment in fixed capital: 22.2%
exports of goods and services: 68.4%
imports of goods and services: -89.4%
(2013 est.)
GDP - composition by sectoragriculture: 20.1%
industry: 25.4%
services: 54.5% (2013 est.)
Population below poverty line68% (2004)
Labor force3.939 million (2013 est.)
Labor force - by occupationagriculture: 66%
industry: 10%
services: 24% (1996)
Unemployment rate95% (2009 est.)
80% (2005 est.)
note: figures include unemployment and 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)
Budgetrevenues: $NA
expenditures: $NA (2013 est.)
Taxes and other revenuesNA% of GDP
Budget surplus (+) or deficit (-)NA% of GDP
Public debt202.4% of GDP (2013 est.)
244.2% of GDP (2012 est.)
Inflation rate (consumer prices)8.5% (2013 est.)
8.2% (2012 est.)
Central bank discount rate7.17% (31 December 2010 est.)
975% (31 December 2007)
Commercial bank prime lending rate28% (31 December 2013 est.)
30% (31 December 2012 est.)
Stock of narrow money$23.03 billion (31 December 2013 est.)
$12.27 billion (31 December 2012 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$22.7 billion (31 December 2012 est.)
$47.61 billion (31 December 2013 est.)
Stock of domestic credit$14.06 billion (31 December 2013 est.)
$9.844 billion (31 December 2012 est.)
Market value of publicly traded shares$NA (31 December 2012 est.)
$10.9 billion (31 December 2011)
$11.48 billion (31 December 2010 est.)
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 rate3.7% (2013 est.)
Current Account Balance-$576 million (2013 est.)
-$416.5 million (2012 est.)
Exports$3.144 billion (2013 est.)
$3.314 billion (2012 est.)
Exports - commoditiesplatinum, cotton, tobacco, gold, ferroalloys, textiles/clothing
Exports - partnersChina 21.1%, South Africa 15.1%, Democratic Republic of the Congo 12.1%, Botswana 10.8%, Italy 4.6% (2012)
Imports$4.571 billion (2013 est.)
$4.569 billion (2012 est.)
Imports - commoditiesmachinery and transport equipment, other manufactures, chemicals, fuels, food products
Imports - partnersSouth Africa 51.9%, China 10% (2012)
Reserves of foreign exchange and gold$437 million (31 December 2013 est.)
$575.6 million (31 December 2012 est.)
Debt - external$8.445 billion (31 December 2013 est.)
$8.765 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$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 August 23, 2014