News / National
Zimbabwe revises GDP upwards to US$44.4 billion
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Zimbabwe has recorded a significant rise in its Gross Domestic Product (GDP), now revised to ZiG168.5 trillion (approximately US$44.4 billion), marking a substantial increase from the previous estimate of ZiG133.7 trillion (US$35.2 billion).
The revised figures, released following Cabinet deliberations, reflect a more comprehensive accounting of economic activity, with the Zimbabwe National Statistics Agency (ZIMSTAT) incorporating newly registered business entities and improved data collection. The last base year for GDP measurement was 2019.
GDP represents the total monetary value of all final goods and services produced within a country over a specific period and is a key indicator of economic performance.
Information, Publicity and Broadcasting Services Minister Dr Jenfan Muswere said the upward revision follows the recently completed Economic Census conducted throughout 2024 and into the first quarter of 2025.
"According to the results, the current GDP has been revised to ZiG168.5 trillion, equivalent to US$44.4 billion, from the initial estimate of ZiG133.7 trillion or US$35.2 billion," said Dr Muswere.
He explained that the revised figures reflect the inclusion of a wider range of economic activities and new businesses that have emerged since the previous base year. As a result, Zimbabwe's Gross National Income (GNI) has also seen an improvement, rising from US$2,259 to US$2,859 in 2023.
"Projections indicate GNI will further increase from US$2,228 to US$2,893 in 2024, with per capita income expected to surpass US$3,000 in 2025," Muswere added. "Zimbabwe is therefore evidently making progress towards attaining Upper Middle-Income status."
The country's 2030 vision of achieving an Upper Middle-Income Economy appears to be gaining momentum, according to Finance and Investment Promotion Minister Professor Mthuli Ncube, who spoke at the same Cabinet briefing.
"We now have a GDP base figure for 2024 which will be used in the upcoming midterm budget review. It is clear that we are moving in the right direction," said Prof Ncube. "To qualify as an Upper Middle-Income country, we need a GNI per capita of US$4,500 - and we are steadily getting there."
The ministers said that the GDP revision not only underscores the vibrancy of the emerging formal sector but also enhances fiscal planning and economic policy targeting.
The Economic Census by ZIMSTAT was the first of its kind since the recalibration of national statistics under the Second Republic. It aimed to map out the size and structure of the economy more accurately, particularly in light of new investments, informal sector transitions, and digital entrepreneurship.
While analysts welcomed the upward revision as a positive sign, they cautioned that sustainable growth must be matched with structural reforms, job creation, and social services that reflect the growing economy's benefits for the general population.
The government remains optimistic that with ongoing macroeconomic stability efforts, infrastructure development, and investment promotion, Zimbabwe is on course to achieve its 2030 developmental goals.
The revised figures, released following Cabinet deliberations, reflect a more comprehensive accounting of economic activity, with the Zimbabwe National Statistics Agency (ZIMSTAT) incorporating newly registered business entities and improved data collection. The last base year for GDP measurement was 2019.
GDP represents the total monetary value of all final goods and services produced within a country over a specific period and is a key indicator of economic performance.
Information, Publicity and Broadcasting Services Minister Dr Jenfan Muswere said the upward revision follows the recently completed Economic Census conducted throughout 2024 and into the first quarter of 2025.
"According to the results, the current GDP has been revised to ZiG168.5 trillion, equivalent to US$44.4 billion, from the initial estimate of ZiG133.7 trillion or US$35.2 billion," said Dr Muswere.
He explained that the revised figures reflect the inclusion of a wider range of economic activities and new businesses that have emerged since the previous base year. As a result, Zimbabwe's Gross National Income (GNI) has also seen an improvement, rising from US$2,259 to US$2,859 in 2023.
"Projections indicate GNI will further increase from US$2,228 to US$2,893 in 2024, with per capita income expected to surpass US$3,000 in 2025," Muswere added. "Zimbabwe is therefore evidently making progress towards attaining Upper Middle-Income status."
The country's 2030 vision of achieving an Upper Middle-Income Economy appears to be gaining momentum, according to Finance and Investment Promotion Minister Professor Mthuli Ncube, who spoke at the same Cabinet briefing.
"We now have a GDP base figure for 2024 which will be used in the upcoming midterm budget review. It is clear that we are moving in the right direction," said Prof Ncube. "To qualify as an Upper Middle-Income country, we need a GNI per capita of US$4,500 - and we are steadily getting there."
The ministers said that the GDP revision not only underscores the vibrancy of the emerging formal sector but also enhances fiscal planning and economic policy targeting.
The Economic Census by ZIMSTAT was the first of its kind since the recalibration of national statistics under the Second Republic. It aimed to map out the size and structure of the economy more accurately, particularly in light of new investments, informal sector transitions, and digital entrepreneurship.
While analysts welcomed the upward revision as a positive sign, they cautioned that sustainable growth must be matched with structural reforms, job creation, and social services that reflect the growing economy's benefits for the general population.
The government remains optimistic that with ongoing macroeconomic stability efforts, infrastructure development, and investment promotion, Zimbabwe is on course to achieve its 2030 developmental goals.
Source - The Herald
