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Zimbabwe projects 6.6% record-breaking GDP
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The Treasury has revised Zimbabwe's economic growth forecast for 2025 upwards to 6.6 percent, with the projected nominal Gross Domestic Product (GDP) expected to reach US$52.3 billion - the highest in decades.
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, announced the revised figures in Bulawayo yesterday while officially opening the 4th edition of the Zimbabwe Economic Development Conference (Zedcon).
"Building on this foundation, economic growth for 2025 is now projected above the original estimate of six percent to around 6.6 percent, with an expected nominal GDP of approximately US$52.3 billion," Ncube said, attributing the revision to higher-than-anticipated output in agriculture, particularly tobacco, and growth in the mining sector driven by strong commodity prices, especially gold.
He noted that macroeconomic stability, supported by the introduction of the Zimbabwe Gold (ZWG) currency, has created a conducive environment for investment. "Narrowing exchange rate gaps, alongside prudent fiscal and monetary policies, have strengthened investor confidence," Ncube said.
The Minister also highlighted findings from the recently concluded Economic Census by ZimStat, which showed that the country's GDP stood at US$45.7 billion in 2024, reflecting robust economic activity.
Contrary to past perceptions, Ncube said the manufacturing sector has rebounded strongly, contributing significantly to economic transformation. "The growth in manufacturing is a clear testament to the effectiveness of our policies aimed at industrial revitalisation, beneficiation, and value-addition," he said.
Industry and Commerce Minister, Nqobizitha Ndlovu, praised the prevailing stability, describing it as a game-changer for both consumers and investors. "The stability of the ZiG currency is deepening trust in the economy. People now know they can hold it without losing value, which is unprecedented," he said.
Both ministers underscored that Zimbabwe's development trajectory must remain inclusive. "Under the National Development Strategy 1 (2021–2025), we have made strides in revitalising our industrial base, promoting investment, and reducing the cost of doing business," Ncube said.
The conference also emphasised the strategic role of the African Continental Free Trade Area (AfCFTA), offering access to a market of over 1.4 billion people with a combined nominal GDP of approximately US$3.4 trillion.
Ncube revealed that the government is conducting a comprehensive review of levies, fees, and charges to improve competitiveness. "The goal is to cut red tape, eliminate overlapping charges, and create a more enabling environment for investment and business expansion," he said, noting that streamlining has already been implemented in agriculture, tourism, and transport sectors.
The 4th Zedcon, themed "Macroeconomic and Sectoral Policies for Broad-based Economic Transformation", provided a platform for academics, corporates, researchers, and development partners to engage in policy dialogue and contribute to Zimbabwe's Vision 2030.
Zedcon continues to serve as a critical platform for evidence-based research, innovative policy design, and collaboration between government, the private sector, and civil society.
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, announced the revised figures in Bulawayo yesterday while officially opening the 4th edition of the Zimbabwe Economic Development Conference (Zedcon).
"Building on this foundation, economic growth for 2025 is now projected above the original estimate of six percent to around 6.6 percent, with an expected nominal GDP of approximately US$52.3 billion," Ncube said, attributing the revision to higher-than-anticipated output in agriculture, particularly tobacco, and growth in the mining sector driven by strong commodity prices, especially gold.
He noted that macroeconomic stability, supported by the introduction of the Zimbabwe Gold (ZWG) currency, has created a conducive environment for investment. "Narrowing exchange rate gaps, alongside prudent fiscal and monetary policies, have strengthened investor confidence," Ncube said.
The Minister also highlighted findings from the recently concluded Economic Census by ZimStat, which showed that the country's GDP stood at US$45.7 billion in 2024, reflecting robust economic activity.
Contrary to past perceptions, Ncube said the manufacturing sector has rebounded strongly, contributing significantly to economic transformation. "The growth in manufacturing is a clear testament to the effectiveness of our policies aimed at industrial revitalisation, beneficiation, and value-addition," he said.
Industry and Commerce Minister, Nqobizitha Ndlovu, praised the prevailing stability, describing it as a game-changer for both consumers and investors. "The stability of the ZiG currency is deepening trust in the economy. People now know they can hold it without losing value, which is unprecedented," he said.
Both ministers underscored that Zimbabwe's development trajectory must remain inclusive. "Under the National Development Strategy 1 (2021–2025), we have made strides in revitalising our industrial base, promoting investment, and reducing the cost of doing business," Ncube said.
The conference also emphasised the strategic role of the African Continental Free Trade Area (AfCFTA), offering access to a market of over 1.4 billion people with a combined nominal GDP of approximately US$3.4 trillion.
Ncube revealed that the government is conducting a comprehensive review of levies, fees, and charges to improve competitiveness. "The goal is to cut red tape, eliminate overlapping charges, and create a more enabling environment for investment and business expansion," he said, noting that streamlining has already been implemented in agriculture, tourism, and transport sectors.
The 4th Zedcon, themed "Macroeconomic and Sectoral Policies for Broad-based Economic Transformation", provided a platform for academics, corporates, researchers, and development partners to engage in policy dialogue and contribute to Zimbabwe's Vision 2030.
Zedcon continues to serve as a critical platform for evidence-based research, innovative policy design, and collaboration between government, the private sector, and civil society.
Source - The Chronicle
