Economy of Zimbabwe

Economy of Zimbabwe
	Sam Nujoma Street in Harare.
Currency	Zimbabwe Gold
Fiscal year	calendar year
Trade organisations	AU, AfCFTA, WTO, SADC, COMESA
Country group	Developing/Emerging; Lower-middle income economy;
Statistics
Population	16,942,006 (April 11, 2024 est)
GDP	$47.08 billion (nominal, 2023 est.); $66.0 billion (PPP, 2023 est.);
GDP rank	110th (nominal, 2023); 132nd (PPP, 2023);
GDP growth	5.3% (2021); 4.5% (2022); 5.3% (2023e); 5.2% (2024e);
GDP per capita	$2,860 (nominal, 2023 est.); $3,928 (PPP, 2023 est.);
GDP per capita rank	153rd (nominal, 2023); 175th (PPP, 2023);
GDP by sector	agriculture: 12%; industry: 22.2%; services: 65.8%; (2017 est.);
Inflation (CPI)	172.2% (2023 est.)
Population below poverty line	1.0% (2017); 1.0% on less than $3.20/day (2017);
Gini coefficient	44.3 medium (2017)
Human Development Index	0.563 medium (2018) (150th); 0.435 low IHDI (2018);
Labour force	7,088,014 (2019); 1.5% employment rate (2014);
Labour force by occupation	agriculture: 67.5%; industry: 7.3%; services: 25.2%; (2017 est.);
Unemployment	11.3% (2014 est.); data include both unemployment and underemployment; true unemployment is unknown and, under current economic conditions, unknowable;
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
Exports	$6.59 billion (2022 est.)
Export goods	platinum, cotton, tobacco, gold, ferroalloys, textiles/clothing
Main export partners	South Africa(+) 41.0%; United Arab Emirates(+) 32.0%; China(+) 8.86%; Belgium(+) 3.26%; Mozambique(+) 2.89%; (2022);
Imports	$8.68 billion (2022 est.)
Import goods	machinery and transport equipment, other manufactures, chemicals, fuels, food products
Main import partners	South Africa(+) 40.0%; China(+) 13.9%; Singapore(+) 13.6%; (2022);
FDI stock	$3.86 billion (31 December 2017 est.); Abroad: $309.6 million (31 December 2017 est.);
Current account	−$716 million (2017 est.)
Gross external debt	$14.01 billion (23 February 2023)
Public finances
Government debt	58.47% of GDP (2022 est.)
Budget balance	−9.6% (of GDP) (2017 est.)
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));
Expenses	5.5 billion (2017 est.)
Economic aid	recipient: $178 million; note – the EU and the US provide food aid on humanitarian grounds (2000 est.)
Foreign reserves	$431.8 million (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

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]

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

[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.

[imf.org-4] "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".

[CIAWFZI-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.

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

[21]

[22]

[23]

[24]

[25]