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Thursday, July 18, 2024

Zimbabwe records 6, 5 percent GDP growth rate

Story by Stanley James, Business Editor

ZIMBABWE has recorded a Gross Domestic Product (GDP) growth rate of 6, 5% spurred by the retail and wholesale sectors.

The Zimbabwe National Statistics Agency (ZIMSTAT) data for the 2022 annual Gross Domestic Product released this week indicates GDP for the year under review at over ZW$225,99 billion.

The figure therefore represents a growth rate of 6, 5% from the 2021 estimated rate of ZW$212 billion.

According to ZIMSTAT GDP is a measurement of the total value of goods and services produced within a country during a year.

In line with the government’s production revival strategy, several industries recorded significant strides during the year under review thereby contributing to the total value of earnings and employment creation.

The top five contributors to the GDP were the wholesale and retail sectors, mining, agriculture, manufacturing as well as finance and insurance.

Crop production spurred the growth of the agricultural industry accounting for over 80,5% of the total value to the GDP.

Crops that registered huge gains include wheat at 11%, maize at six percent and soya beans hovering at over 15%.

The mining industry also had its fair share in terms of contributions to the GDP with Gold, Platinum and Lithium being the major drivers of production.

The manufacturing industry was dominated by beverages and tobacco as well as food products thereby easing the import bill and facilitating an over 80% domestic product stock in retail markets.
Other units that performed well include accommodation, food services and repair of motor vehicles.

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