Zimbabwe - Economy
How is the economy of Zimbabwe? Based on the information we have, Zimbabwe has a low income Sub-Saharan economy; political instability and endemic corruption have prevented reforms and stalled debt restructuring; new Zimbabwe Gold (ZiG) currency latest effort to combat ongoing hyperinflation; reliant on natural resource extraction, agriculture and remittances. Key agricultural products in this country include: sugarcane, maize, beef, milk, cassava, wheat, bananas, vegetables, tobacco, cotton (2022).
More about the economy of Zimbabwe
| Labor force | 6.32 million (2023 est.) |
|---|---|
| Industrial production growth rate | 3.18% (2023 est.) |
| Industries | mining (coal, gold, platinum, copper, nickel, tin, diamonds, clay, numerous metallic and nonmetallic ores), steel, wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages |
| Population below poverty line | 38.3% (2019 est.) |
| Taxes and other revenues | 7.21% (of GDP) (2018 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Zimbabwean dollars (ZWD) per US dollar - |
| Exchange rates 2023 | 3,509.172 (2023 est.) |
| Exchange rates 2022 | 374.954 (2022 est.) |
| Exchange rates 2021 | 88.552 (2021 est.) |
| Exchange rates 2020 | 51.329 (2020 est.) |
| Exchange rates 2019 | 16.446 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $6.814 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $115.53 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $598.622 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $838.78 million (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $133.877 million (2023 est.) |
| Current account balance 2022 | $304.966 million (2022 est.) |
| Current account balance 2021 | $348.215 million (2021 est.) |
| Public debt | |
| Public debt 2017 | 82.3% of GDP (2017 est.) |
| Budget | |
| Revenues | $17 million (2018 est.) |
| Expenditures | $23 million (2018 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 9.37% of GDP (2023 est.) |
| Remittances 2022 | 9.41% of GDP (2022 est.) |
| Remittances 2021 | 9.45% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.5% (2017 est.) |
| Highest 10% | 34.8% (2017 est.) |
| Imports | |
| Imports 2023 | $10.293 billion (2023 est.) |
| Imports 2022 | $9.569 billion (2022 est.) |
| Imports 2021 | $8.104 billion (2021 est.) |
| Imports (partners) | South Africa 39%, China 15%, Singapore 12%, UAE 6%, Mozambique 4% (2022) |
| Comodities Imports force | refined petroleum, fertilizers, trucks, soybean oil, electricity (2022) |
| Exports | |
| Imports 2023 | $10.293 billion (2023 est.) |
| Imports 2022 | $9.569 billion (2022 est.) |
| Imports 2021 | $8.104 billion (2021 est.) |
| Exports (partners) | UAE 57%, South Africa 17%, China 7%, Belgium 4%, Mozambique 2% (2022) |
| Comodities Exports force | gold, nickel, tobacco, iron alloys, diamonds (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $56.249 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $53.399 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $50.311 billion (2021 est.) |
| GDP (official exchange rate) | $35.231 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,400 (2023 est.) |
| Real GDP per capita 2022 | $3,300 (2022 est.) |
| Real GDP per capita 2021 | $3,200 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 4.1% (2023 est.) |
| Industry | 26.3% (2023 est.) |
| Services | 62.4% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 76.3% (2023 est.) |
| Government consumption | 15.1% (2023 est.) |
| Investment in fixed capital | 12.2% (2023 est.) |
| Investment in inventories | 4.1% (2023 est.) |
| Exports of goods and services | 21.6% (2023 est.) |
| Imports of goods and services | -29.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 8.76% (2023 est.) |
| Unemployment rate 2022 | 10.09% (2022 est.) |
| Unemployment rate 2021 | 9.54% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 14.3% (2023 est.) |
| Male | 13.2% (2023 est.) |
| Female | 15.6% (2023 est.) |
All Important Facts about Zimbabwe
Want to know more about Zimbabwe? Check all different factbooks for Zimbabwe below.
