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Wednesday, May 22, 2024
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Drop in inflation, exports growth set tone for economic growth

Story by Stanley James, Business Editor

A drop in blended month-on-month inflation in January aided by a significant increase in exports has set the tone for Zimbabwe’s economic growth this year.

Announcing the monthly statistical highlights for January in Harare this Wednesday, Zimbabwe National Statistics Agency Director General Mr Taguma Muhonde revealed that there has been a slowdown in price increases as blended month-on-month inflation was at 0,7 per cent, shedding 0,6 percentage points on the December rate of 1,3 per cent.

The blended year-on-year inflation for the month under review stood at 101,5 per cent.

Zimbabwe is now using the blended calculation system for inflation.

Mr Muhonde noted, “The blended inflation figures are more reflective of the multi-currency system in the economy worth noting is that due to the needs of different stakeholders, ZIMSTAT continues to provide both the Zimbabwe dollar and blended CPIs.”

Exports were 9,1 per cent up last year, compared to 2021.

He added, “Total exports increased by 9,1 per cent between 2021 and 2022, while imports also increased by 14,8 per cent in the same period.”

Zimbabwe is focusing on price stability and increased foreign currency generation from exports to achieve a 3,8 per cent growth by the end of the year.

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