header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Zimbabwe:
Economy

Flag of Zimbabwe
Click to enlarge

Zimbabwe Page


Economy - overview
Definition
The government of Zimbabwe faces a wide variety of difficult economic problems as it struggles with an unsustainable fiscal deficit, an overvalued official exchange rate, hyperinflation, and bare store shelves. Its 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 land reform program, characterized by chaos and violence, has 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. The EU and the US provide food aid on humanitarian grounds. Badly needed support from the IMF has been suspended because of the government's arrears on past loans and the government's unwillingness to enact reforms that would stabilize the economy. The Reserve Bank of Zimbabwe routinely prints money to fund the budget deficit, causing the official annual inflation rate to rise from 32% in 1998, to 133% in 2004, 585% in 2005, passed 1000% in 2006, and 26000% in November 2007. Private sector estimates of inflation in 2007 are well above 100,000%. Meanwhile, the official exchange rate fell from approximately 1 (revalued) Zimbabwean dollar per US dollar in 2003 to 30,000 per US dollar in 2007.
GDP (purchasing power parity)
Definition - World rank and map
$2.211 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.726 billion
note: hyperinflation and the plunging value of the Zimbabwean dollar makes Zimbabwe's GDP at the official exchange rate a highly inaccurate statistic (2007 est.)
GDP - real growth rate
Definition - World rank and map
-6.1% (2007 est.)
GDP - per capita
Definition - World rank and map
$200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 18.1%
industry: 22.6%
services: 59.3% (2007 est.)
Labor force
Definition
4.032 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 66%
industry: 10%
services: 24% (1996)
Unemployment rate
Definition - World rank and map
80% (2005 est.)
Population below poverty line
Definition
68% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 2%
highest 10%: 40.4% (1995)
Distribution of family income - Gini index
Definition - World rank and map
50.1 (2006)
Inflation rate (consumer prices)
Definition - World rank and map
10,453% official data; private sector estimates are much higher (2007 est.)
Investment (gross fixed)
Definition - World rank and map
16.9% of GDP (2007 est.)
Budget
Definition
revenues: $2.442 billion
expenditures: $3.017 billion (2007 est.)
Public debt
Definition - World rank and map
211.9% of GDP (2007 est.)
Agriculture - products
Definition
corn, cotton, tobacco, wheat, coffee, sugarcane, peanuts; sheep, goats, pigs
Industries
Definition
mining (coal, gold, platinum, copper, nickel, tin, clay, numerous metallic and nonmetallic ores), steel; wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages
Industrial production growth rate
Definition - World rank and map
0.2% (2007 est.)
Electricity - production
Definition - World rank and map
9.95 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
12.27 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
990.9 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
3.013 billion kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
16,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.3 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004 est.)
Oil - imports
Definition - World rank and map
13,370 bbl/day (2004 est.)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$116 million (2005 est.)
Exports
Definition - World rank and map
$1.52 billion f.o.b. (2007 est.)
Exports - commodities
Definition
platinum, cotton, tobacco, gold, ferroalloys, textiles/clothing
Exports - partners
Definition
South Africa 16.4%, Democratic Republic of the Congo 11.6%, Japan 11.5%, Botswana 10.4%, Netherlands 7.4%, China 6.9%, Italy 5.8% (2006)
Imports
Definition - World rank and map
$2.183 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and transport equipment, other manufactures, chemicals, fuels
Imports - partners
Definition
South Africa 39.1%, Zambia 28.4%, China 5.5% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$120 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$5.155 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$26.56 billion (2006)
Economic aid - recipient
Definition
$367.7 million (2005 est.)
Currency (code)
Definition
Zimbabwean dollar (ZWD)
Exchange rates
Definition
Zimbabwean dollars per US dollar - 30,000 (2007), 162.07 (2006), 77.965 (2005), 5.729 (2004), 0.824 (2003)
note: these are official exchange rates; non-official rates vary significantly
Fiscal year
Definition
calendar year


Google
 
Web sitesatlas.com