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Monday, May 27, 2024

Agriculture, and mining output spur economic growth

Story by Stanley James, Business Editor

ZIMBABWE’s economy recorded a 1,5 percent growth during the second quarter of the year driven by increased agriculture and mining output which was in turn fueled by an increase in power supplies.

According to the Zimbabwe National Statistics Agency (ZIMSTAT), sectors that recorded massive growth rates during the period under review include accommodation and food services, electricity, transport and agriculture, construction, manufacturing and mining.

ZIMSTAT data shows that the country’s total Gross Domestic Product has gone above 56 billion Zimbabwe dollars as compared to 54 billion Zimbabwe dollars recorded in the same period last year.

Buy Zimbabwe Chairperson, Mr Munyaradzi Hwengwere says the improved economic performance by key productive sectors is in line with the government’s developmental trajectory that has seen the nation achieving huge milestones in overall macro-economic growth rates.

“This is being achieved at the right time when the manufacturing sector is reaping huge rewards coupled with impressive increases in farming output however there is a need to further reduce imports and focus on opportunities that offer quick returns to sustain the growth trajectory,” he said.

Economist Dr Zack Murerwa believes sustained growth rates depend on the commitment by authorities to boosting socio-economic activities.

“There is that need to identify key result areas that have the potential to further scale up the economy so it is that time to focus on challenges and focus on workable solutions that stimulate production, maximise revenues, and boost employment creation in the entire economy,” said Economist, Dr Murerwa.

The government is expecting the economy to register a 5,3 percent growth rate driven by anticipated growth in productive sectors of the economy.

Agriculture, mining output spur economic growth

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