Economy in Zimbabwe

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Economy—overview: Agriculture employs 37% of the labor force of this landlocked nation and supplies almost 25% of exports. Mining accounts for only 5% of both GDP and employment but minerals and metals account for about 20% of exports. The government is working to consolidate earlier progress in developing a market-oriented economy. Although the IMF suspended support for Zimbabwe's economic structural adjustment program (ESAP) in 1995 due to government failure to meet key targets recent talks between the government and the Fund have held hope for renewed support if Zimbabwe remains committed to budgetary targets. A key element of the budget is the Zimbabwe Program for Socio-Economic Transformation (ZIMPREST) the second phase of ESAP whose goals include increased commercialization and privatization of government-owned enterprises and more "outward-looking" trade and investment policies. The World Bank resumed balance of payments support to Zimbabwe in early 1998. Government officials face the difficult task of restraining expenditures in their effort to keep inflation within bounds.

GDP: purchasing power parity—$24.9 billion (1996 est.)

GDP—real growth rate: 8.1% (1996 est.)

GDP—per capita: purchasing power parity—$2 200 (1996 est.)

GDP—composition by sector:

agriculture: 18.3%

industry: 35.3%

services: 46.4% (1993 est.)

Inflation rate—consumer price index: 21.4% (1996)

Labor force:

total: 4.228 million (1993 est.)

by occupation: agriculture 27% transport and services 46% industry 27%

Unemployment rate: at least 45% (1994 est.)

Budget:

revenues: $2.5 billion

expenditures: $2.9 billion including capital expenditures of $279 million (FY96/97 est.)

Industries: mining (coal clay numerous metallic and nonmetallic ores) copper steel nickel tin wood products cement chemicals fertilizer clothing and footwear foodstuffs beverages

Industrial production growth rate: 10% (1994)

Electricity—capacity: 2.148 million kW (1995)

Electricity—production: 7.1 billion kWh (1995)

Electricity—consumption per capita: 792 kWh (1995)

Agriculture—products: corn cotton tobacco wheat coffee sugarcane peanuts; cattle sheep goats pigs

Exports:

total value: $2.5 billion (f.o.b. 1996 est.)

commodities: agricultural 38% (tobacco 28%) manufactures 34% gold 12% textiles 4% ferrochrome 7% (1996 est.)

partners: South Africa 12% UK 12% Germany 6% Japan 6% (1996 est.)

Imports:

total value: $2.2 billion (f.o.b. 1996 est.)

commodities: machinery and transportation equipment 41% other manufactures 24% chemicals 13% fuels 10% (1996 est.)

partners: South Africa 38% UK 9% US 5% Japan 5% (1996 est.)

Debt—external: $4.8 billion (1996)

Economic aid:

recipient: ODA $362 million (1993)

Currency: 1 Zimbabwean dollar (Z$) = 100 cents

Exchange rates: Zimbabwean dollars (Z$) per US$1—18.7970 (January 1998) 11.8906 (1997) 9.9206 (1996) 8.6580 (1995) 8.1500 (1994) 6.4725 (1993)

Fiscal year: 1 July—30 June

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