| Economy | Zimbabwe |
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Economy - overview:
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Zimbabwe's economy is growing despite continuing political uncertainty. Following a decade of contraction from 1998 to 2008, Zimbabwe's economy recorded estimated real growth of 6% in 2011. However, the government of Zimbabwe still faces a number of difficult economic problems, including infrastructure and regulatory deficiencies, ongoing indigenization pressure, policy uncertainty, a large external debt burden, and insufficient formal employment. Zimbabwe's 1998-2002 involvement in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy. The government's subsequent land reform program, characterized by chaos and violence, badly damaged the commercial farming sector, the traditional source of exports and foreign exchange and the provider of 400,000 jobs, turning Zimbabwe into a net importer of food products. Until early 2009, the Reserve Bank of Zimbabwe routinely printed money to fund the budget deficit, causing hyperinflation. Dollarization in early 2009-which allowed currencies such as the Botswana pula, the South Africa rand, and the US dollar to be used locally-ended hyperinflation and restored price stability but exposed structural weaknesses that continue to inhibit broad-based growth. |
GDP (purchasing power parity):
|
$5.916 billion (2011 est.)
$5.61 billion (2010 est.)
$5.1 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$500 (2011 est.)
$400 (2010 est.)
$400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$9.2 billion
note: in 2009, the Zimbabwean dollar was taken out of circulation, making Zimbabwe's GDP at the official exchange rate a highly inaccurate statistic (2011 est.) |
GDP - real growth rate:
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6% (2011 est.)
9% (2010 est.)
6% (2009 est.) |
GDP - composition by sector:
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agriculture: 20.4%
industry: 24.6%
services: 54.9% (2011 est.) |
Investment (gross fixed):
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21.9% of GDP (2011 est.) |
Population below poverty line:
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68% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 40.4% (1995) |
Distribution of family income - Gini index:
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50.1 (2006)
50.1 (1995) |
Inflation rate (consumer prices):
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5.6% (2011 est.)
3.7% (2010 est.) |
Central bank discount rate:
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7.17% (31 December 2010 est.)
975% (31 December 2007) |
Commercial bank prime lending rate:
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36% (31 December 2011 est.)
41% (31 December 2010 est.) |
Stock of money:
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$NA (31 December 2008)
$14.18 trillion (31 December 2007)
note: this number reflects the vastly overvalued official exchange rate of 30,000 Zimbabwe dollars per US dollar; at an unofficial rate of 800,000 Zimbabwe dollars per US dollar, the stock of Zimbabwe dollars would equal only about US$500 million and Zimbabwe's velocity of money (the number of times money turns over in the course of a year) would be nine, in line with the velocity of money for other countries in the region |
Stock of money - per capita:
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1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$4.11 trillion (31 December 2007) |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$6.227 billion
|
Stock of domestic credit - per capita:
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void |
Stock of narrow money:
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$6.554 billion (31 December 2011 est.)
$2.151 million (31 December 2008 est.)
note: Zimbabwe's central bank no longer publishes data on monetary aggregates, except for bank deposits, which amounted to $2.1 billion in November 2010; the Zimbabwe dollar stopped circulating in early 2009; since then, the US dollar and South African rand have been the most frequently used currencies; there are no reliable estimates of the amount of foreign currency circulating in Zimbabwe |
Stock of broad money:
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$3.057 million (31 December 2008 est.)
$10.95 billion (31 December 2011 est.) |
Labor force:
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3.856 million (2011 est.) |
Labor force participation rate:
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31.91 % of population |
Labor force - by occupation:
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agriculture: 66%
industry: 10%
services: 24% (1996) |
Unemployment rate:
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95% (2009 est.)
80% (2005 est.)
note: figures reflect underemployment; true unemployment is unknown and, under current economic conditions, unknowable |
Unemployment, youth ages 15-24:
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total: 24.9%
male: 28.2%
female: 21.4% (2002) |
Budget:
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revenues: $NA
expenditures: $NA (2010 est.) |
Budget revenues per capita:
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void |
Taxes and other revenues:
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NA% of GDP (2010 est.) |
Budget surplus (+) or deficit (-):
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NA% of GDP (2010 est.) |
Public debt:
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230.8% of GDP (2011 est.)
233.2% of GDP (2010 est.) |
Industries:
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mining (coal, gold, platinum, copper, nickel, tin, diamonds, clay, numerous metallic and nonmetallic ores), steel; wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages |
Industrial production growth rate:
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5.7% (2011 est.) |
Electricity - production:
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7.723 billion kWh (2008 est.) |
Electricity - production per capita:
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640 kWh per capita |
Electricity - consumption:
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12.47 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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1,032 kWh per capita |
Electricity - exports:
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54 million kWh (2008 est.) |
Electricity - imports:
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5.268 billion kWh (2008 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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11,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.33 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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13,140 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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corn, cotton, tobacco, wheat, coffee, sugarcane, peanuts; sheep, goats, pigs |
Current account balance:
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-$675.6 million (2011 est.)
-$767.3 million (2010 est.) |
Current account balance - per capita:
|
-55 USD per capita |
Exports:
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$2.731 billion (2011 est.)
$2.317 billion (2010 est.) |
Exports per capita:
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226 USD per capita |
Exports - commodities:
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platinum, cotton, tobacco, gold, ferroalloys, textiles/clothing |
Exports - partners:
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Democratic Republic of the Congo 14.8%, South Africa 13.4%, Botswana 13.2%, China 12.7%, Netherlands 5.9%, Italy 4.6% (2010) |
Imports:
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$4.223 billion (2011 est.)
$3.673 billion (2010 est.) |
Imports per capita:
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350 USD per capita |
Imports - commodities:
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machinery and transport equipment, other manufactures, chemicals, fuels, food products |
Imports - partners:
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South Africa 58%, China 8.7% (2010) |
Reserves of foreign exchange and gold:
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$462 million (31 December 2011 est.)
$376 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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39 USD per capita |
Debt - external:
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$6.081 billion (31 December 2011 est.)
$5.204 billion (31 December 2010 est.) |
Debt - external - per capita:
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504 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$11.48 billion (31 December 2010)
$5.333 billion (31 December 2007)
$26.56 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
950 USD per capita |
Currency (code):
|
Zimbabwean dollar (ZWD) |
Exchange rates:
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Zimbabwean dollars (ZWD) per US dollar -
234.25 (2010)
234.25 (2009)
234 (2009) |
Fiscal year:
|
calendar year |
|
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