GDP GROWTH IMPRESSIVE, SAYS MTHULI

Zimbabwe has registered an increase in its Gross Domestic Product (GDP), which has now been revised to ZiG168.5 trillion, equivalent to approximately US$44.4 billion.

This marks a substantial rise from the initial estimate of ZiG133.7 trillion (US$35.2 billion).

GDP measures the monetary value of final goods and services — that is, those bought by the final user — produced in a country in a given period of time.

The impressive GDP growth in Zimbabwe is largely attributed to improved coverage of economic activities, reflecting the inclusion of a greater number of business entities that have emerged since 2019, the previous base year.

This expansion, which reflects findings of the Economic Census by ZIMSTAT, signifies a revitalised and more dynamic economy, resonating with the Government’s ongoing efforts to foster a conducive environment for business growth.

Speaking after yesterday’s Cabinet meeting, Information, Publicity and Broadcasting Services Minister Dr Jenfan Muswere said the new GDP figures have also led to an increase in Gross Net Income (GNI), which rose from US$2,259 to US$2,859 in 2023.

“ZIMSTAT conducted the Economic Census for the year 2023 during the period 2024 and the first quarter of 2025,” said Dr Muswere.

“According to the results, the current Gross Domestic Product (GDP) has been revised to ZWL168.5 trillion, equivalent to US$44.4 billion from the initial estimate of ZWL133.7 trillion, equivalent to US$35.2 billion”.

He said the substantial increase in GDP is primarily attributed to improved coverage of economic activity. The improvement also reflects the inclusion of a larger number of business entities that have emerged since 2019, which is the previous base year.

“The new GDP figures have resulted in an improved Gross Net Income (GNI), which increased from US$2 259 to US$2 859 in 2023, and from the projected US$2 228 to US$2 893 in 2024.

“Per capita income is projected to surpass US$3 000 in 2025. Zimbabwe is therefore evidently making progress towards Upper Middle-Income status,” said Dr Muswere.

Speaking at the same occasion, Finance and Investment Promotion Minister Professor Mthuli Ncube was upbeat that an Upper Middle-Income status is within reach.

“In terms of the fiscal framework, we now have a GDP base figure for 2024, and that is what we will report in the midterm review at the end of the month.

“That is good progress towards the 2030 upper-middle income agenda that is now firmly in the middle income but in the lower income scale. To be Upper Middle-Income we should have a GNI of US$4 500 and we will get there,” said Prof Ncube. Herald

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