Zimbabwe registers 6,5% GDP growth

ZIMBABWE'S economy grew by 6,5 percent last year, as the country's Gross Domestic Product (GDP) continues to increase year by year, despite the adverse impacts of the Covid-19 pandemic, the Zimbabwe National Statistics Agency (ZimStat) has said.

The African Development Bank (AfDB) has already projected the country's economy to grow by 2,8 percent this year and 2,9 percent in 2024.

Zimbabwe's economy has proved to be resilient to the pandemic and global supply chain disruptions wrought by the ongoing Russia-Ukraine conflict.

The accommodation and food services industry recorded the highest growth rate with 23,7 percent, followed by the Finance and Insurance industry which grew by 15,6 percent. Information Communication grew by 14,1 percent, mining and quarrying 10,5 percent, transport and storage 6,6 percent and agriculture grew by 6,2 percent.

In terms of value added, the top contributing industries to the GDP were wholesale and retail with 18,7 percent, mining contributed with 13,2 percent, agriculture 12 percent, manufacturing 11,2 percent and the finance and insurance industry chipping in with 8,2 percent.

In the agriculture sector, crop production contributed 80,5 percent, livestock production coming in second wit 14,6 percent, hunting 0,2 percent, forestry and logging 2,9 percent and fishing and aquaculture 1,8 percent.

ZimStat revealed that the crops that recorded significant growth were wheat with 11,3 percent, maize 6 percent and soya bean growing by 15,5 percent.

"The agriculture industry is largely driven by crop production which accounts for 80,5 percent of value added," said ZimStat.

In the mining and quarrying industry, mining of metal ores contributed 78,1 percent, mining of coal and ignite 5,2 percent, mining services 8,1 percent and other mining and quarrying 8,6 percent.

Metal ores that recorded significant growth were gold with 18 percent, platinum group of metals 10 percent and lithium 236 percent.

"The industry is largely driven by mining of metal ores which accounted for 78,1 percent of mining value added.

"These include gold, platinum group pf metals, nickel, lithium among others," said ZimStat.

The manufacturing industry was dominated by manufacturing of beverages, food products and tobacco.

Beverages and tobacco accounted for 50,5 percent of value added, while food products accounted for 18,5 percent.

"Manufacture of food products 18,5 percent, Manufacturing of beverages and tobacco 50,5 percent, Manufacture of textiles 0,3 percent, Manufacturing of clothing and footwear 0,1 percent, Manufacturing of wood and wood products 0,3 percent, Manufacturing of paper and paper products; printing 0,4 percent

"Manufacture of chemical, petroleum, plastic and rubber products 7,5 percent, manufacture of non-metal mineral products 3,5 percent, manufacture of basic metals, metal products and machinery 9,6 percent, manufacture of transport equipment 0,1 percent, other manufacturing 1,1 percent and Informal manufacturing 8,3 percent," said ZimStat.

Food services accounted for 60,8 percent of the value added in the accommodation and food services industry. Accommodation chipped in with 39,2 percent.

In the wholesale, retail and repair of motor vehicles industry, retail trade contributed 53,9 percent, wholesale 41,4 percent and repair of motor vehicles and motorcycles 4,8 percent.

Zimbabwe's growth trajectory is expected to continue, on the back of the Second Republic's sound and enabling economic policies.