Story by Stanley James, Business Editor
THE Zimbabwe National Statistics Agency (ZISTAT) has revealed that the country’s economy grew by 2.09 percent during the fourth quarter of 2024, as the Second Republic continues to implement development-oriented policies.
According to the latest Zimbabwe National Statistics Agency (ZIMSTAT) data gleaned by the ZBC News on Friday, Gross Domestic Product (GDP), which is the national output of goods and services was at over ZiG$106 billion in the last quarter of 2024 from ZWG108 billion in the third quarter.
While the data shows that GDP for the fourth quarter slowed down to 2.09 percent from three percent the previous quarter, it is the resilience of industries that consolidated growth.
The top four industries that dominated GDP growth in the fourth quarter of 2024 are wholesale and retail, mining, manufacturing and agriculture.
Economists contend that the GDP rates reflect a resilient economy in the wake of climate change-induced drought, unfavourable global commodity prices, and local and external risks.
“The year under review was challenging for Zimbabwe and the global economy because of the climate change-induced drought among other variables. The fact that the economy managed to record a pace of growth indicates resilience by industry and commerce. Now that the trend is gone with indications of a bumper harvest, there is that optimism of a rebound in overall performance by year-end,” development economist, Dr Prosper Chitambara said.
“This is a clear indication of how the economy performed during the just-ended year. However, the relevant authorities must look into opportunities for further enhancing the pace of growth riding on the current strides. I am optimistic of better returns in the agricultural sector, with the mining sector being one of the key components to expect growth in the short to long term,” Globavel International’s Managing Partner Mr Shepherd Kembo noted.
Treasury is this year expecting the economy to register a six percent growth from two percent in 2024, riding on an anticipated rebound in agriculture, mining, construction, retail, manufacturing and tourism, among other industries.
