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World > Africa > Zimbabwe > Economy (Facts)

Zimbabwe - Economy (Facts)
Economy - overview: The government of Zimbabwe faces a wide variety of difficult economic problems as it struggles with an unsustainable fiscal deficit, an overvalued exchange rate, soaring inflation, and bare shelves. Its 1998-2002 involvement in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy. The government's land reform program, characterized by chaos and violence, has badly damaged the commercial farming sector, the traditional source of exports and foreign exchange and the provider of 400,000 jobs, turning Zimbabwe into a net importer of food products. Badly needed support from the IMF has been suspended because of the government's arrears on past loans, which it began repaying in 2005. The official annual inflation rate rose from 32% in 1998, to 133% in 2004, 585% in 2005, and approached 1000% in 2006, although private sector estimates put the figure much higher. Meanwhile, the official exchange rate fell from approximately 1 (revalued) Zimbabwean dollar per US dollar in 2003 to 160 per US dollar in 2006.
GDP - real growth rate: -4.4% (2006 est.)
GDP (purchasing power parity): $25.36 billion (2006 est.)
GDP (official exchange rate): $3.146 billion (2006 est.)
GDP - per capita (PPP): $2,100 (2006 est.)
GDP - composition by sector: agriculture: 17.7%
industry: 22.9%
services: 59.4% (2006 est.)
Population below poverty line: 80% (2004 est.)
Household income or consumption by percentage share: lowest 10%: 2%
highest 10%: 40.4% (1995)
Inflation rate (consumer prices): 976.4% official data; private sector estimates are much higher (2006 est.)
Labor force: 3.958 million (2006 est.)
Labor force - by occupation: agriculture: 66%
industry: 10%
services: 24% (1996)
Unemployment rate: 80% (2005 est.)
Budget: revenues: $1.411 billion
expenditures: $1.924 billion; including capital expenditures of NA (2006 est.)
Industries: mining (coal, gold, platinum, copper, nickel, tin, clay, numerous metallic and nonmetallic ores), steel; wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages
Industrial production growth rate: -1.8% (2006 est.)
Electricity - production: 9.412 billion kWh (2004)
Electricity - consumption: 11 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 2.25 billion kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 22,500 bbl/day (2004 est.)
Oil - exports: 0 bbl/day (2004 est.)
Oil - imports: 13,370 bbl/day (June 26)
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: corn, cotton, tobacco, wheat, coffee, sugarcane, peanuts; sheep, goats, pigs
Exports: $1.766 billion f.o.b. (2006 est.)
Exports - commodities: cotton, tobacco, gold, ferroalloys, textiles/clothing
Exports - partners: South Africa 32.3%, China 6.3%, Zambia 6.2%, Japan 5.9%, US 4.9%, Netherlands 4.6%, Italy 4.4%, Germany 4% (2006)
Imports: $2.055 billion f.o.b. (2006 est.)
Imports - commodities: machinery and transport equipment, other manufactures, chemicals, fuels
Imports - partners: South Africa 46.1%, China 5.9%, Botswana 4.8%, Zambia 4.1% (2006)
Debt - external: $5.26 billion (2006 est.)
Economic aid - recipient: $178 million; note - the EU and the US provide food aid on humanitarian grounds (2000 est.)
Currency: Zimbabwe Dollar (ZWD)
Currency code: ZWD
Exchange rates: Zimbabwean dollars per US dollar - 162.07 (2006), 77.965 (2005), 5.729 (2004), 0.824 (2003), 0.055 (2002)
note: these are official exchange rates; non-official rates vary significantly
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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