This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.rt.com/africa/575127-zimbabwe-economic-growth-harvest/

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
African nation expects bumper harvest to propel economic growth African nation expects bumper harvest to propel economic growth
(about 4 hours later)
Zimbabwe’s GDP could grow 6% this year, the finance minister has said Zimbabwe’s GDP could grow 6% this year, its finance minister has said
Economic growth in Zimbabwe could surpass expectations this year, a government official announced on Friday, adding that the country expects a bumper maize harvest.Economic growth in Zimbabwe could surpass expectations this year, a government official announced on Friday, adding that the country expects a bumper maize harvest.
The economy could grow 6%, higher than a previous forecast of 3.8%, due to a strong performance by the agriculture segment, Finance Minister Mthuli Ncube told an online briefing.The economy could grow 6%, higher than a previous forecast of 3.8%, due to a strong performance by the agriculture segment, Finance Minister Mthuli Ncube told an online briefing.
Zimbabwean officials announced earlier this week that it expected to harvest 58% more maize this year than in 2022, thanks to favorable weather and rains.Zimbabwean officials announced earlier this week that it expected to harvest 58% more maize this year than in 2022, thanks to favorable weather and rains.
The minister also said the government hoped to ease power shortages by improving electricity generation at the country’s power plants.The minister also said the government hoped to ease power shortages by improving electricity generation at the country’s power plants.
Zimbabwe possesses abundant mineral and natural resources. Among the country’s main exports are gold, nickel, diamonds, and lithium, a vital resource for manufacturing smartphones, car batteries, and other rechargeable electronics. Mineral exports reportedly account for about 60% of Zimbabwe’s export earnings, while the mining sector comprises 16% of GDP.Zimbabwe possesses abundant mineral and natural resources. Among the country’s main exports are gold, nickel, diamonds, and lithium, a vital resource for manufacturing smartphones, car batteries, and other rechargeable electronics. Mineral exports reportedly account for about 60% of Zimbabwe’s export earnings, while the mining sector comprises 16% of GDP.
Economic growth in Zimbabwe has been volatile over the past decade. The country’s GDP grew by 8.5% in 2021, although growth is estimated to have slowed to 3.4% in 2022. High inflation, multiple exchange rates, low investment, and unsustainable debt levels have hampered economic development.Economic growth in Zimbabwe has been volatile over the past decade. The country’s GDP grew by 8.5% in 2021, although growth is estimated to have slowed to 3.4% in 2022. High inflation, multiple exchange rates, low investment, and unsustainable debt levels have hampered economic development.
The country's annual consumer price inflation stood at 87.6% in March 2023, down from 92.3% in February. The country’s central bank reduced the benchmark interest rate from 200% per annum to 150% in February, although this remains the highest in the world. The extreme poverty in the country reached its peak in 2020 but has declined since, according to the World Bank.The country's annual consumer price inflation stood at 87.6% in March 2023, down from 92.3% in February. The country’s central bank reduced the benchmark interest rate from 200% per annum to 150% in February, although this remains the highest in the world. The extreme poverty in the country reached its peak in 2020 but has declined since, according to the World Bank.
For more stories on economy & finance visit RT's business sectionFor more stories on economy & finance visit RT's business section