News / National
Zimbabwe economy projected to grow at 2.7%
24 Nov 2015 at 07:03hrs | Views
Zimbabwean's economy is projected to grow 2,7 percent next year, largely driven by agriculture and mining, according to the Ministry of Finance's 2016 Budget Strategy Paper.
This represents almost double the projected growth from 1,5 percent this year, which was revised downwards from the initial 3,2 percent following poor agriculture season.
Finance and Economic Development Minister Patrick Chinamasa will announce the National Budget on Thursday with measures to stimulate faster economic growth among key areas of focus. Based on a 2,7 percent growth in 2016, total revenues of about $3,85 billion are projected.
Government has identified priority areas under agriculture and food security as financing and inputs supply, climate change, productivity, marketing, livestock development. On the other hand, banks have set aside about $1 billion to support the sector this season.
Mining, which accounts for the second biggest chunk of the country's GDP is also expected to drive growth on increased production, an improvement in global metal prices.
This year, the mining sector is expected to grow by 3,5 percent, after it was revised upwards from 3,1 percent.
This represents almost double the projected growth from 1,5 percent this year, which was revised downwards from the initial 3,2 percent following poor agriculture season.
Finance and Economic Development Minister Patrick Chinamasa will announce the National Budget on Thursday with measures to stimulate faster economic growth among key areas of focus. Based on a 2,7 percent growth in 2016, total revenues of about $3,85 billion are projected.
Mining, which accounts for the second biggest chunk of the country's GDP is also expected to drive growth on increased production, an improvement in global metal prices.
This year, the mining sector is expected to grow by 3,5 percent, after it was revised upwards from 3,1 percent.
Source - the herald
