QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2018

RESERVE BANK OF ZIMBABWE

CONTENTS
5. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL

List of Figures

List of Tables


1. OVERVIEW

Global economic growth is estimated at 3.0% for
2018, down from 3.1% in 2017. This was
occasioned by subdued trade and manufacturing
activities. According to the World Bank Global
Economic Prospects update for January 2019,
the global economy is projected to grow by 2.9%
in 2019. A weaker growth outlook in Europe and
Asia, coupled with the negative effects of the
US/China trade war, partly explain the low
projected global economic growth.
The domestic economy is estimated to have
posted a growth of 4.0% in 2018, down from the
initial projection of 6.3%. This reflected the
slowdown in economic activity, largely on
account of foreign currency supply challenges
and rising inflationary pressures, during the last
half of 2018.
The country’s mining sector, however, continued
on a positive growth path, during the fourth
quarter of 2018. This was attributable to the
strong performance registered in minerals such
as the platinum group of metals (PGMs), gold,
diamond and nickel.
Total merchandise trade increased by 7.6%, from
US$2,869.9 million in the third quarter of 2018
to US$3,089.0 million in the fourth quarter.
Merchandise exports rose by 13.0%, from
US$1,146.0 million in the third quarter, to
US$1,295.0 million in the fourth quarter of 2018.
Similarly, merchandise imports increased by
4.1% to US$1,794.0 million in the fourth quarter
of 2018, from U$1,723.9 million in the third

1 From November 2017, broad money adjusted by a
reclassification of lines of credit that were incorrectly
classified as deposits included in broad money. This
quarter. This was largely attributable to higher
imports of diesel, petrol and fertilizers. The
aforementioned
merchandise
trade
developments resulted in the narrowing of the
country’s trade deficit, from US$577.9 million in
the third quarter of 2018, to US$499.0 million in
the fourth quarter.
Broad money supply1 growth stood at 1.9% in
the fourth quarter of 2018, compared to 11.1%
recorded in the third quarter. In nominal terms,
however, broad money supply increased from
$9 821.94 million in September 2018, to
$10 009.91 million in December 2018.
Annual headline inflation increased from 5.4%
in September 2018 to 42.1% in December 2018.
This followed the increase in parallel market
premiums, which triggered price hikes and
adverse inflation expectations.
The Zimbabwe Stock Exchange registered
improved trading activity in some selected
wealth preserving counters, during the fourth
quarter of 2018. Resultantly, the All Share (ASI)
and Top 10 Indices increased by 27.03% and
23.32% to 146.24 points and 145.02 points,
respectively.
Transaction values processed through the
National Payment Systems (NPS) increased by
2% to close at US$44.89 billion as at 31st
December 2018, from US$43.83 billion recorded
by the end of the third quarter of 2018. NPS
transaction volumes, however, decreased by 8%
to 534.43 million in the fourth quarter of 2018,
from 580.64 million in the third quarter.
reduced the stock of money and at the same time reducing
the net foreign assets of other depository corporations.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic growth is estimated to have
slowed to 3.0% in 2018, from 3.1% in 2017. This
was
occasioned
by
subdued
trade
and
manufacturing activities. According to the
World Bank Global Economic Prospects update
for January 2019, global economic growth for
2019 is projected to close the year 2.9%. The
slower projected growth is partly attributable to
a weaker growth outlook in Europe and Asia,
negative effects of the US/China trade wars and
the tightening of monetary policy in advanced
economies.
Table 1 summarizes global economic growth
developments and forecasts for selected regions
and countries.


2 Zimbabwe growth rates are from Treasury, Reserve Bank
& Zimstat
Table 1: Global Economic Growth & Outlook (%)

Est

Proj

Proj
World Output

Advanced Economies

US

Euro Area

Japan

Emerging
Market
&
Developing Economies

China

India

Sub-Saharan Africa

Zimbabwe2

Latin America & the
Caribbean

Source: IMF (World Economic Outlook Update (October 2018))

Economic growth in advanced economies
weakened except for the United States, where
expansionary fiscal policy continued to enhance
economic activity. In the medium term, growth
in all major advanced economies is projected to
converge towards potential output levels. This is
likely to necessitate the scaling down of
monetary accommodation.
The US economy is estimated to have grown by
2.9% in 2018, up from 2.2% in 2017. Growth
was underpinned by the higher than anticipated
aggregate domestic demand. Stronger domestic
demand continued to be supported by the fiscal
stimulus and relatively low interest rates. In the

outlook period, US economic growth is,
however, projected to slow down to 2.5% in
2019, owing to a tighter monetary policy stance;
a cut back on the fiscal stimulus package; and
higher trade tariffs.
Growth in the Eurozone area eased to 1.9% in
2018, from 2.4% registered in 2017. This was, in
part, on account of a slump in export earnings
emanating from a stronger euro and lower
external demand. The Eurozone is projected to
register a lower growth of 1.6% in 2019, due to
anticipated tighter monetary policy and the
moderation of growth in global trade.
Economic growth in Sub-Saharan Africa is
estimated at 2.7% in 2018, up from 2.6% in
2017. It is anticipated to increase to 3.4% in
2019, albeit with a high degree of variation
across countries. Growth is expected to be
largely supported by higher commodity prices.
Potential downside risks to growth include rising
public debt, financial sector strains and low
external buffers. Public debt is high not only in
oil exporting countries but in many fast-growing
economies as well.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
The international commodity prices of precious
metals recorded increases, during the fourth
quarter of 2018. Base metal and crude oil prices,
however, retreated. Precious metal prices were
boosted by strong safe haven demand, while ongoing trade disputes between US and China
continued to weigh down base metal prices. The
decline in crude oil prices during the month
under review mainly reflected over supply
conditions in the global market. Table 2 shows
developments in international prices for selected
commodities, during the fourth quarter of 2018.

Table 2: International
Commodity Prices:
October - December 2018
Source: Bloomberg, 2018

Precious Metals
Precious metal prices firmed during the fourth
Quarter of 2018, on the back of a strong safe
haven demand outlook and a weakening US
dollar. The dollar is projected to remain weaker,
following reports that the Federal Reserve was
considering scaling down interest rate hikes in
2019. In addition, rising concerns about political
and economic uncertainties that were occasioned
by a partial government shutdown in the US
bolstered the demand for the precious metals as
safe have assets. Resultantly, gold and platinum
prices rose by 1.3% and 1.4%, to quarterly
averages
of
US$1,228.63/
ounce
and
US$842.82/ounce, respectively, as shown in
Figure 1.

Gold
Platinum
Copper
Nickel
Brent Crude
Oil
us$/oz
us$/oz
us$/tonne us$/tonne
us$/barrel
Jul-18

Aug-18

Sep-18


Q3
Average

Oct-18

Nov-18

Dec-18


Q4
Average

Quarterly
Change


Figure 1: Precious Mineral Prices (US$/oz.):
January 2017 to September 2018

Source: Bloomberg, 2018

Base Metals
Base metal prices remained subdued during the
period under analysis, weighed down by sluggish
global demand, particularly in China’s steel
industries. Concomitantly, lingering investor
fears about the continued trade tensions between
the US and China continued to hurt economic
growth and thereby dampening the demand for
base metals. Accordingly, copper and nickel
prices declined by 0.1% and 14.6% to
US$6,129.95/tonne and US$11,413.93/tonne in
the fourth quarter of 2018, respectively, as
shown in Figure 2.


Figure 2: Base Metal Prices (US$/tonne) January
2017 to September 2018
Source: Bloomberg, 2018
Brent Crude Oil
Crude oil prices retreated on account of concerns
about slackening demand, occasioned by the
global economic slowdown. Investor concerns
on the resurgence of a global glut, following
reports
by
the
US
Energy
Information
Administration indicating a rise in global crude
oil inventories, dampened prices. In addition, the
market remained irresolute on whether OPEC
would reach a consensus on output cuts. Against
this background, crude oil prices slumped by
10.1%, from US$76.03/barrel in the previous
quarter to US$68.38/barrel in the fourth quarter
of 2018. Figure 3 shows the monthly evolution
of crude oil prices for the period from January
2017 to December 2018.

Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Gold
Platinum (RHS)


Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Copper
Nickel (RHS)

Figure 3: Brent Crude Oil Prices (US$/Barrel)
January 2017 to December 2018
Source: Bloomberg, 2018

MERCHANDISE TRADE
DEVELOPMENTS3
Total merchandise trade rose by 7.6%, from
US$2,869.9 million in the third quarter of 2018
to US$3,089.0 million in the fourth quarter. A
comparison of total merchandise trade for the
fourth quarters of 2017 and 2018 shows that it
increased by 12.7%, from US$2,741.1 million in
the fourth quarter of 2017 to US$3,089.0 million,
in the fourth quarter of 2018.

Merchandise Export Developments
Merchandise exports increased by 13.0%, from
US$1,146.0 million realized in the third quarter
of 2018 to US$1,295.0 million in the fourth
quarter. The increase was largely underpinned by
the increase in exports of flue-cured tobacco.

3 Zimstat did not publish merchandise export and import
figures for December 2017 and January 2018. In
compiling this report, the January and December import
Figure 4: Quarterly Merchandise Exports
(US $m)

Source: Zimstat, 2018

The country’s export basket continued to be
dominated by primary commodities in particular
gold, flue-cured tobacco, nickel, ferrochrome,
chrome and industrial diamonds, contributing
about 80% of the total exports, as shown in Table
3.


figures for period 2010-2016 were averaged, to come up
with estimates for December 2017 and January 2018.

Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18

2018 Q3
2018 Q4

Table 3: Quarterly Merchandise Exports By
Commodity (US$ m)

Commodity
3rd
Quarter

(US$m)
4th
Quarter

(US$m)
4th
Quarter

Share of
Total (%)
Semimanufactured
gold
406.4
183.6
39.9
Flue-cured
tobacco
167.0
517.1
39.9
Nickel mattes
141.6
138.1
10.7
Nickel ores and
concentrates
105.0
109.8
8.5
Ferro-chromium
68.0
58.1
4.5
Chromium ores
and concentrates
25.3
21.8
1.7
Ginned cotton
23.3
17.9
1.4
Cane sugar
17.2
13.3
1.0
Unwrought**
Platinum
10.5
12.4
1.0
Other
161.6
185.8
14.3
Total
1146.0
1295.0
100.0
Source: Zimstat, & Reserve Bank of Zimbabwe calculations,

** Unwrought platinum excludes the platinum group of metals
(PGMs)

Major Merchandise Export Destinations
During the fourth quarter of 2018, the country’s
exports were mainly destined for South Africa,
accounting for about 63.5% of total exports,
followed by the United Arab Emirates (9.3%)
and Mozambique (9.3%). Table 4 shows the
country’s major export markets, during the
period under analysis.
Table 4: Merchandise Export Shares (%)


Country

2018 Q4
(US$ million)
Share of
Exports (%)
South Africa
822.7
63.5
Mozambique
120.9
9.3
U.A.E
119.9
9.3
Zambia
19.7
1.5
Belgium
14.7
1.1
Botswana
9.1
0.7
Kenya
8.1
0.6
China
5.1
0.4
Namibia
2.5
0.2
Netherlands
2.0
0.2
Other
170.5
13.2
Total
1295.2
100.0
Source: Zimstat & Reserve Bank of Zimbabwe computations,

Merchandise Import Developments
Total merchandise imports increased by 18.9%,
to close at US$1,794.0 million, during the fourth
quarter of 2018. This compares with the total
import bill of US$1,510.8 million, recorded
during the comparative period in 2017. The
country’s import bill was mainly composed of
diesel, petrol, wheat, crude soya bean oil and
fertilizers. Notably, diesel and petrol imports
collectively constituted about 25% of total
imports, during the period under analysis.

On a quarter - on - quarter basis, merchandise
imports increased by 4.1% to US$1794.0 million
in the fourth quarter of 2018, from US$1,723.9
million in the third quarter. The increase was
largely underpinned by higher imports of diesel,
petrol and fertilizers, during the period under
review.

Figure 5: Quarterly Merchandise Imports for Q3
and Q4 2018


Source: Reserve Bank of Zimbabwe computations, Zimstat, 2018

Major Import Sources
During the last quarter of 2018, the country’s
imports were mainly sourced from South Africa
(39.6%); Singapore (21.3%); China (6.1%); UK
(4.6%); Zambia (4.3%); Mauritius (3.3%); and
Japan (3.1%), as shown in Figure 6.
Figure 6: Major Merchandise Import Sources
(% Share)


Source: Zimstat & Reserve Bank of Zimbabwe computations,

Trade balance
The country’s trade balance narrowed to a deficit
of US$499.0 million in the last quarter of 2018,
from a deficit of US$577.9 million recorded in
the third quarter, as shown in Figure 7.


Figure 7: Merchandise Trade Balance
(US$ m)


Source: Zimstat, 2017 & Reserve Bank of Zimbabwe
computations, 2018


1,723.9
1,794.0
2 0 1 8 Q3
2 0 1 8 Q4

South Africa
Singapore
China
United Kingdom
Zambia
Mauritius
Japan
India
United Arab Emirates
Mozambique

3R D QU A R TE R 2018
4TH QU A R TE R 2018
Exports
Imports
Trade Balance

3. DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

The economy is projected to grow by 4.0% in
2018, down from the initial projection of 6.3%.
During the last half of the year, the economy was
characterised by a slowdown in economic
activity, due to foreign currency supply
constraints and rising inflationary pressures.
These challenges adversely affected the mining,
manufacturing and services sectors.

Figure 8 shows developments in real GDP for
the period from 2009 to 2018.


Figure 8: Real GDP Growth (%): 2009-2017 and
2018 Projection


Source:
Zimstat,
Ministry
of
Finance
and
Economic
Development and Reserve Bank of Zimbabwe, 2018


AGRICULTURE


Rainfall
The Meteorological Services Department midseason rainfall forecast review and update
revealed that most of the country received below
normal rainfall in the first half of the season,
from October to December 2018. The forecast
for the rest of the season put the whole country
within the normal to below normal rainfall.

Maize and Soya bean

A total of 298 246 hectares of land were put
under maize and soya bean crop production,
under the Command Agriculture programme in
the 2018-19 summer cropping season. Table 5
shows the area contracted for maize and soya
bean under the Command Agriculture program.

Table 5: Area contracted and area planted for
maize and soya beans under Command
Agriculture.

Crop
Area
Contracted
(Ha)
Number of
Contracted
Farmers
Maize
269 776
51 924
Soya
28 470
1 776

The 2019 National Budget Statement indicated
that government would be winding down
funding for Command Agriculture. In this
regard, it is expected that alternative financing
mechanisms would be devised for the production
of strategic crops, on a commercial basis. The
private sector could play a pivotal role in
developing a shared risk contract farming
arrangement with farmers.


Tobacco

The area planted under tobacco was 100 244
hectares by end of December 2018, up by 7.5%
from the 93 212 hectares planted in the previous
season. The growth in hectarage was, in part,
attributed to improved interest in the cash crop as
reflected by the surge in farmer registration,
following a hugely successful 2017-18 season.
New grower registrations increased by 25%,
largely comprising of communal farmers. The
breakdown of the season’s plantings is shown in
Table 6.

Table 6: Area under Tobacco
(Hectares)


2017/18
Season
2018/19
Season
Irrigated
15 779
16 847
Dryland
77 433
83 397
Total
93 212
100 244
Source: Tobacco Industry and Marketing Board, 2018

Wheat

Wheat output stood at 160 663 tonnes in 2018,
up from 158 515 tonnes in 2017. This was
despite the 22% decline in area planted, which
fell from 43 846 hectares in 2017 to 34 686
hectares in 2018. The decline in hectarage was
largely due to viability concerns, due to high
irrigation costs which adversely affected some
farmers in 2017. The increase in wheat output
could be attributed to the 28.3% increase in yield
per hectare, reflecting increased productivity by
traditional wheat farmers. The crop benefited
from adequate water supplies and stable power
supply, which supported irrigation activities.
Figure 9 shows the wheat output trends since
2000.

Figure 9: Wheat Production Trends


Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2018

Livestock Slaughters

Livestock offtake improved in 2018, compared
to 2017, as reflected in the increase in the number
of slaughters for cattle, pigs, goats and sheep at
formal abattoirs. Table 7 shows the quarterly
livestock slaughter statistics for cattle, pigs,
sheep and goats in 2018.

Table 7: Quarterly Livestock Slaughters in 2018


Cattle
Pigs
Sheep and
Goats
Q1
66 573
37 324
6 168
Q2
70 194
42 813
7 088
Q3
71 290
44 831
6 146
Q4
57 846
49 081
4 614
Total 2018
265 903
174 049
24 016
Total 2017
263 006
153 164
22 778
Variance
1.1
13.6
5.4
Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2018


Thousands
Area (ha) (Left)
Output (t)

Cattle


During the last quarter of 2018, cattle slaughters
at formal abattoirs totalled 57 846 head, a 19%
decline from 79 290 head slaughtered in previous
quarter. Cattle slaughters declined by 12%,
compared to the corresponding period in 2017.
The decline could be partly attributable to a fall
in the demand for beef, following the hike in beef
price during the fourth quarter of 2018. The
higher disease incidence reported in 2018, which
resulted in some cattle deaths, could also have
affected slaughters in the fourth quarter as
farmers withheld stock for draught power and
breeding purposes.

Private abattoirs accounted for 98% of the cattle
slaughters during the quarter under review, as the
Cold Storage Company continued to struggle to
recapitalise its operations and take advantage of
its massive installed capacity.

Figure 10: Quarterly Cattle Slaughters


Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2018


Pigs

Pig slaughters increased to 49 081 in the fourth
quarter of 2018, from 44 831 in the third quarter
of 2018, and 39 394 in the fourth quarter of 2017.
The increase could be attributed to cautionary
offtake in anticipation of low grain output, which
is expected to push up the price of stock feeds.
Figure 11: Quarterly Pig Slaughters


Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2018

Milk Production

Milk output from the formal sector increased by
7% to 21 million litres in the fourth quarter of
2018. This was also 18% higher than the 17.8
million litres produced during the corresponding
period in 2017. Cumulatively, fresh milk output
surged by 13.6% in 2018, compared to the 2017
output levels. This largely reflected continued
efforts by Government and producers to improve
the dairy herd. The increase in milk output also
dovetails with the thrust of the Zimbabwe
Association of Dairy Farmers (ZADF) Strategic
Plan (2018 to 2022), which aims to raise
production levels to 130 million litres per annum
by 2022.


Q1
Q2
Q3
Q4


Q1
Q2
Q3
Q4

Figure 12: Quarterly Fresh Milk Output


Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2018


MINING
The mining sector continued on a positive
growth path during the third quarter of 2018,
with strong performance registered in minerals
such as the platinum group of metals (PGMs),
gold, diamond and nickel. Investments in new
mining developments and technologies, by some
mining houses, as well as the acquisition of plant
and
equipment
underpinned
the
strong
performance. Chrome ore and coal output,
however, under- performed as shown in Table 8.

Table 8: Mineral Production: Q3 2017 and 2018


Cumulative
Jan-Sept

Q3 2018
Q3 2017
Variance
Q3 2017
vs Q3
2018 (%)
Gold (kg)
29 525
11 412

52.1
Chrome
(tonnes)

Coal
(tonnes)

Nickel
(tonnes)

Platinum
(kg)

Palladium
(kg)

Diamonds
(Carats)

Source: Ministry of Mines and Chamber of Mines, 2018
Gold

Gold output stood at 5.529 tonnes in the fourth
quarter of 2018, compared to 8.163 tonnes in the
same period in 2017. This reflected a 32%
decline from production achieved in the fourth
quarter of 2017, attributable to the decline in
deliveries from small scale miners. Artisanal
miners diverted gold to alternative markets,
reflecting the adverse impact of the shock that
happened in October 2018, which affected the
pricing mechanism for gold.

Figure 13: Quarterly Trends in Gold Output by
Sector: 2017 vs 2018

Source: Fidelity Printers and Refinery, Ministry of Mines,

PGMs
The output of PGMs increased in 2018,
compared to 2017, a result of operational
efficiencies at mines across the country. Quarter-
on- quarter platinum output, however, declined
to 3 707 kg in the fourth quarter of 2018, from
3 814 kg in the third quarter of 2018. The
platinum output for the quarter under review was
also 10% lower than output realised in the

Q1
Q2
Q3
Q4
Millions

Q3

Q4

Q1

Q2

Q3

Q4

Large scale
Small Scale
PGM
Average Prices (US$/ounce)

comparable period in 2017. Similarly, palladium
output declined by 12% to 3 058 kg in the fourth
quarter of 2018, from 3 460 kg produced during
the fourth quarter of 2017.

The sustained decline in prices of platinum was
largely explained by ample supplies, amid
slowing global demand, particularly from the
automotive industry. Palladium prices, however,
increased steadily, driven by soaring demand for
the metal, for use as an automotive catalytic
convertor in car exhaust systems.

Figure 14: Quarterly Trends in Platinum output
and Prices: 2017-2018
Source: Ministry of Mines, 2018


Figure 15: Quarterly trends in Palladium Output
and Prices: 2017-2018
Source: Ministry of Mines, 2018

Diamond
Diamond output stood at 774 792 carats in the
fourth quarter of 2018, about 3% above the 491
580 carats produced in the same period in 2017.
The capitalisation of Zimbabwe Consolidated
Diamond Company (ZMDC) supported the
growth of production in the diamond industry,
during the quarter under review.

Nickel
Nickel output at 4 498 tonnes in the fourth
quarter 2018, was 9% more than the output
produced in the comparable period in 2017. The
output of the base metal rose due to increased
PGM mining activities, as well as primary
production at Bindura Nickel Corporation
(BNC).

Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Platinum (kg)
Average Price (US$/ounce)


Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Palladium (Kg)
Average international prices (US$/ounce)

Chrome
Chrome ore production fell to 397 388 tonnes
during the fourth quarter of 2018, from about
447 625 tonnes in the third quarter. Output was
also 12% lower than the 452 978 tonnes
produced in the same period in 2017. Chrome ore
mining was weighed down by a combination of
reduced demand from the key consumer, China
and the trade war between China and the US.

MANUFACTURING

According to the 2018 CZI Manufacturing
Sector Survey, capacity utilisation in the
manufacturing sector rose by 3.1 percentage
points, from 45.1% in 2017 to 48.2% in 2018.
The increase was largely on account of the
implementation of measures that sought to
promote import substitution and exports, by
Government. Sub-sectors such as foodstuffs;
drinks, tobacco and beverages; and wood and
furniture, recorded improvements in capacity
utilisation.

Figure 16: Manufacturing Sector Capacity
Utilisation: 2013 to 2018 (%)
Source: CZI, 2018


Foodstuffs


The foodstuffs sub-sector was boosted by the
increase in the processing of dairy products. Milk
intake by dairy processors increased by 7%, from
17.8 million litres recorded during the third
quarter of 2018, to 19 million litres recorded in
the fourth quarter. The milk intake also increased
by 19%, during the quarter ending December
2018, compared to the comparable quarter in
2017.

Investments in the dairy sector, at both farm and
processing
level,
coupled
with
the
implementation of SI 122 of 2017, resulted in the
reduction in the importation of milk and milkbased products, thus boosting local production.

Table 9: Milk intake by Dairy Processors: 2017-

Quarter
Ending

%
Difference
Intake by
Processors
(Litres)
Intake by
Processors
(Litres)
March
13,908,651
15,187,734
9.20
June
13,912,861
15,906,695
14.33
September
15 647 350
17 778 967
13.62
December
15 976 279
19 089 989
19.49
Source: Zimbabwe Association of Dairy Farmer, 2018

Chemical Sub-sector

The chemical and petroleum sub-sector was
weighed down by the low production of
Ammonium Nitrate (AN).


Table 10: Ammonium Nitrate Production


Source: Sable Chemicals, 2018

The output of ammonium nitrate stood at 3 516
tonnes, during the fourth quarter of 2018, which
was 86% below the target of 24 973 tonnes.
Cumulatively, 38 118 tonnes of ammonium
nitrate were produced in 2018, against a target of
89 933 tonnes.

ELECTRICITY
Electricity output for the fourth quarter of 2018
amounted to 2,772.82 GWh, a 4.5% increase
from 2,652.8 GWh produced in the previous
quarter. The increase in water supply by Zambezi
River Authority underpinned the increase in
power output at Kariba Power Station. In
addition, Nyangani Renewable Energy an
independent power producer, commissioned a
new 2.5 MW solar plant in Mutoko in April
2018.


Table 11: Electricity production


Source: ZERA, ZPC, 2018

On an annual basis, electricity production
increased by 27%, from 7400.2 GWh in 2017 to
9371.3 GWh in 2018. The increase was
attributable to the expansion program on the
Kariba South hydropower station. Figure 17
shows the quarterly electricity generation
statistics by the Zimbabwe Power Company
installations
and
the
Independent
Power
producers (IPPs) in 2017 and 2018.

Figure
17:
Electricity
Energy
Sent
Out
(GWh)(2017 – 2018)

Source: Zimbabwe Power Company, 2018

Quarter
3/2018
Quarter
4/2018
Item
Actual
Actual
Actual
Target
AN
Produced
(Tonns)
Capacity
Utilisation
(%)
22%
5%
Year to date 2018

Power
Station
Q3
Q4
Total 2018 Total 2017
Kariba

Hwange

Bulawayo
21.61
25.63

53.6
Munyati

Harare

IPPS

Total

Q1
Q2
Q3
Q4

4. INFLATION DEVELOPMENTS


Annual headline inflation increased from 5.4%
as at end of September 2018 to 42.1% in
December 2018. The surge in annual inflation,
evident in both food and non-food inflation was
underpinned by high premiums on the parallel
market, which led to widespread speculative and
multiple pricing in the economy. Figure 18
depicts inflation developments for the period
from January 2017 to December 2018.

Figure 18: Annual Inflation Profile (%)

Source: Zimstat, 2018

Annual Food Inflation

Annual food inflation accelerated from an
average of 7.3% in the third quarter of 2018, to
41.1% in the fourth quarter. On average, all food
categories recorded significant increases during
the fourth quarter of 2018. Significant price
increases were registered for oils and fats (61%);
meat
(55.7%);
sugar
jam
honey
and
confectionaries (46.0%); fruit (39.6%); and nonalcoholic beverages (37.6%). The increase in oils
and fats was, in part, on account of higher costs
of procuring imported raw material such as crude
oil, while meat prices responded to the
benchmarking of prices to parallel market
premiums and the slowdown in cattle slaughters.

Annual Non-food inflation

Annual non-food inflation rose from an average
of 3.7% in the third quarter to 26.36% in the
fourth quarter, on account of increases in prices
across all CPI categories. The highest price
increase was recorded for clothing and footwear
at an average of 68.2%, during the period under
review.
Other
categories
that
registered
significant increases were recreation and culture,
(51.1%); furniture, household equipment and
maintenance, (46.2%); and transport, (32.7%).

Regional Inflation Developments
Zimbabwe’s annual inflation rate, at 42.1% in
December 2018, was the highest in the region
and significantly above the SADC macroeconomic convergence target range of 3-7%.


Table 12: Regional Annual Inflation Trends

Mar

Jun

Sept

Dec

Zimbabwe

SA

Botswana

Mozambique

Tanzania

Zambia

Malawi

USA

Source: Zimstat, 2018 and Country Bank websites,2018.

Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Food Inflation
Non-Food Inflation
All Items

5. MONETARY
DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

Broad money 4 supply growth stood at 1.9% in
the fourth quarter of 2018, compared to 11.1%
recorded in the third quarter. In nominal terms,
however, the money supply stock increased from
$9 821.94 million in September 2018, to
$10, 009.91 million in December 2018. The
growth in money supply reflected expansions in
negotiable certificates of deposits, 11.76%;
currency in circulation5, 2.28%; transferrable
deposits, 1.93%; and time deposits, 1.34%.
On an annual basis, money supply grew by
28.05% in December 2018, compared to 31.66%
recorded in December 2017.
Figure 19 shows annual broad money supply in
nominal terms as well as growth rates.


4 From November 2017, broad money adjusted by a
reclassification of lines of credit that were incorrectly
classified as deposits included in broad money. This
reduced the stock of money and at the same time reducing
the net foreign assets of other depository corporations.
Figure 19: Annual Broad Money Supply Growth
Rates and Levels


Source: Reserve Bank of Zimbabwe, 2018

Domestic Credit
Net domestic credit increased by 5.79%, during
the quarter under review, compared to 14.12%
recorded in the previous quarter. In nominal
terms, net domestic credit increased from $14
162.80 million in September 2018 to $14 982.34
million in December 2018. Growth in net
domestic credit continued to be driven by net
claims on Government.

Credit to the private sector, which recorded a
quarter-on-quarter decline of 0.54% in the third
quarter of 2018, recorded a positive growth of
4.33% in the last quarter. On an annual basis,
credit to the private sector grew by 9.12% to
5 Currency in circulation alludes to bond notes and coins
outside the banking system.


Dec-16
Feb-17
Apr-17
Jun-17
Aug-17
Oct-17
Dec-17
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
ANNUAL GROWTH (%)
US$ Billion
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation
Growth

$4 058.65 million, from $3 719.43 million
recorded in December 2017.

During the period under review, credit to other
sectors of the economy was distributed as
follows:
households,
26.33%;
agriculture,
19.36%; services, 13.65%; distribution, 12.38%;
manufacturing, 9.96%; financial organisations
and investments, 7.08%; mining, 4.46%;
construction,
3.07%;
transport
and
communications, 2.23%.

Figure 20: Sectoral Distribution of Credit


Source: Reserve Bank of Zimbabwe, 2018

Credit to the private sector was utilised for
inventory build-up, 24.75%; consumer durables,
20.50%; fixed capital investment, 12.26%; and
pre and post shipment financing, 1.71%. Other
recurrent expenditures accounted for 40.74% of
the total outstanding loans and advances.

Interest Rates
During the fourth quarter of 2018, nominal
lending rates quoted by most banks ranged
between 5% and 18%. Average maximum
interest rates for savings deposits increased, from
3.88% in the third quarter of 2018 to 4.16% in
the fourth quarter. The average maximum
deposit rates for 60-day and 90-day time deposits
declined marginally, from 3.58% and 3.94% to
3.47% and 3.86%, respectively.


6. STOCK MARKET DEVELOPMENTS

The fourth quarter of 2018 saw improved trading
activity in some selected wealth preserving
counters on the Zimbabwe Stock Exchange. This
resulted in an increase in the All Share (ASI) and
Top 10 Indices by 27.03% and 23.32% to 146.24
points and 145.02 points, respectively as shown
in Figure 21.

Figure 21: ZSE All share and Top 10 Indices


Source: Zimbabwe Stock Exchange, 2018

Market capitalization

ZSE market capitalization gained $7.16 billion,
to close at $19.42 billion in the fourth quarter of
2018, from $12.27 billion recorded as at end
September 2018. On a year-on-year basis, the
local bourse gained $9.84 billion worth of
Construction,
3.07%
Transport and
Communication, 2.23%
Mining,
4.46%
Fin Organ
& Invest,
7.08%
Distrubution,
13.38%
Services,
13.65%
Manufacturing,
9.96%
Agriculture, 19.36%
Households,
26.33%
Other,

31-Dec-17
28-Feb-18
30-Apr-18
30-Jun-18
31-Aug-18
31-Oct-18
31-Dec-18
Top 10 Index
All Share Index
All Share Index
Top 10 Index

capitalization. Figure 22 shows developments in
ZSE market capitalization.

Figure 22: ZSE Market Capitalization


Source: Zimbabwe Stock Exchange, 2018

Industrial and Mining Indices

The industrial index gained by 25.88% to 487.13
points in the fourth quarter of 2018, from 386.97
points in the third quarter. Similarly, the mining
index rose from 163.76 points as at end
September 2018 to 227.71 points as at end
December 2018. The exponential growth
registered in the industrial and mining indices
during the last quarter of 2018 was, in large part,
a result of increased hedging activities by
investors, owing to heightened uncertainties in
the economy. On a year-on-year basis, the
industrial and mining indices grew by 46.28%
and 59.91%, respectively. Figure 25 depicts
movements in the industrial and mining indices.


Figure 23: ZSE Indices


Source: Zimbabwe Stock Exchange, 2018

Market Turnover
Significant increases in share prices were
recorded for most heavyweight counters on the
ZSE, during the quarter under review. This was
attributable to significant demand, amid limited
selling.

Concomitantly, market turnover increased from
$226.54 million in the third quarter of 2018 to
$422.79 million in the fourth quarter. The
volume of shares traded, however, declined by
36.28% to 613.3 million shares, in the fourth
quarter of 2018, from 962.42 million shares sold
in the third quarter.


31-Dec-17
31-Jan-18
28-Feb-18
31-Mar-18
30-Apr-18
31-May-18
30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
US$ Millions

Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Dec-18
Mining
Industrial
Industrial Index
Mining Index

Figure 24: ZSE Market Turnover Value

Source: Zimbabwe Stock Exchange, 2018

7. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems (NPS) increased by
2% to close at US$44.89 billion as at end
December 2018, from US$43.83 billion recorded
as at end September 2018. NPS transaction
volumes decreased by 8% to 534.43 million in
the fourth quarter of 2018, from 580.64 million
in the third quarter.

During the quarter under analysis the NPS
registered declines in the following payment
streams: POS (-2%); Mobile Banking (-0.5%);
Internet (-9%); Cheque (-1%). Increases in
transaction values were, however, registered for
ATMs, 30%; RTGS, 6%; and Cash, 29%, during
the same period.

Table 14 provides the statistical information on
the various payment streams for the fourth
quarter ending December 2018.


Table 13: Consolidated Transaction Activities


Source: Reserve Bank of Zimbabwe, 2018

Large Value Payments

Zimbabwe
Electronic
Transfer
and
Settlement System

The value of transactions processed through the
RTGS system increased by 6% to US$24.50
billion, during the quarter ending December
2018, from US$23.21 billion recorded in the
quarter ending September 2018. The volume of
transactions
processed
through
the
NPS
registered a decrease of 8% to 1,527,529 in the
fourth quarter of 2018, as shown in Figure 25.

31-Dec-17
28-Jan-18
25-Feb-18
25-Mar-18
22-Apr-18
20-May-18
17-Jun-18
15-Jul-18
12-Aug-18
09-Sep-18
07-Oct-18
04-Nov-18
02-Dec-18
30-Dec-18
US$ Millions
Payment
Stream
Q3 2018
Q4 2018
Change
Proportion
RTGS

CASH

29%
2.14%
CHEQUE

-1%
0.02%
POS

ATMS

30%
0.12%
MOBILE

INTERNET

TOTAL

RTGS

CASH

CHEQUE

POS

ATMs

MOBILE

INTERNET

TOTAL

VALUES IN USD
VOLUMES

Figure 25: RTGS Values and Volumes (Q4 2018)


Source: Reserve Bank of Zimbabwe, 2018

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments amounted to
US$0.77 billion, during the fourth quarter of
2018. This reflected a 7.06% decline from
US$0.83 billion registered in the previous
quarter. On the other hand, SWIFT foreign
currency receipts increased by 0.96% to close at
US$0.816 billion in the fourth quarter of 2018,
from US$0.808 billion in the third quarter, as
shown in Figure 26.

Net foreign currency inflows increased to
US$47.9 million in the fourth quarter of 2018,
from a net outflow of US$18.12 million recorded
in the third quarter.


igure 26: SWIFT Cross Border Transactions


Source: Reserve Bank of Zimbabwe, 2018


Over the Counter Cash Withdrawals

The value of cash withdrawals increased by 29%
to close at US$0.96 billion, in the quarter ending
December 2018, from US$0.75 billion in the
quarter ending September 2018. Corresponding
cash withdrawal volumes, however, decreased
by 4%, from US$5.63 million in the third quarter
of 2018 to US$5.41 million in the fourth quarter,
as shown in Figure 27.


2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
RTGS Values in US$ Billions
RTGS Volumes in Thousands
Volumes
Values


Q4 2016
Q1 2017
Q2 2017
Q 3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Volumes In Thousands
Value In US$ Billions
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

Figure 27: Over the Counter Cash Withdrawals


Source: Reserve Bank of Zimbabwe, 2018

Retail Payments

The value of retail transactions decreased by 1%
to $20.38 billion in the quarter ending December
2018, from $20.62 billion recorded in the third
quarter. In tandem, retail volumes decreased by
8%, to close at 532.90 million by end December
2018.

Figures 28 and 29 show the trends in the values
and volumes of retail transactions from the
quarter ending September 2017, to the quarter
ending December 2018.


Figure 28: Values of Retail Transactions


Source: Reserve Bank of Zimbabwe, 2018

Figure 29: Volumes of Retail Transactions


Source: Reserve Bank of Zimbabwe, 2018


2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4

US$ Billions
Millions
Volumes
Values

2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
Mobile in Billions
Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE


2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Collateral6

The value of collateral stood at US$127.7 million
in the fourth quarter of 2018, up from US$102.7
million recorded in the third quarter, as shown in
Figure 30.

Figure 30: Total Collateral


Source: Reserve Bank of Zimbabwe, 2018

Access Points and Devices

Total mobile banking agents increased from
50,022 registered in the third quarter of 2018, to
50,740 in the fourth quarter.

The POS population increased to 99,935 in the
fourth quarter of 2018, from 90,541 in the
previous quarter, in line with the promotion of
electronic means of payment. The ATM
population, however, declined by 0.54% to 551,
by end December 2018.

6The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation settlement
systems.
The number of active mobile financial services
subscribers stood at 6.14 million, during the
quarter under review, up from 6.01 million
registered subscribers in the third quarter of
2018.

Table 14: Payment Systems Access Points and
Devices


PAYMENT SYSTEMS ACCESS POINTS

Quarter
ending
June

Quarter
ending
Sept

Quarter
ending
Dec

Mobile
Banking agents
49,663
50,022
50,740
ATMs

POS
82,447
90,541
99,395
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
4,455,825
4,581,256
4,734,299
Credit Cards
16,810
16,607
17,204
Prepaid Cards
71,813
84,175
88,406
Mobile
Banking
subscribers

5,476,208
6,010,602
6,139,160
Internet
Banking
subscribers
326,184
334.505
353,103
Source: Reserve Bank of Zimbabwe, 2018

Q3

Q4

Q1

Q2

Q3

Q3

Millions
Cheque
Zimswitch
CDC

8. FISCAL DEVELOPMENTS

Fiscal developments during the fourth quarter of
2018 culminated in revenue collections of
US$1 691.5 million, against total expenditures of
US$1 387.2 million, culminating in a surplus of
US$304.3 million.

The surplus realized in the fourth quarter of 2018
was largely attributed to the 2% Intermediated
Money Transfer Tax on electronic transactions,
introduced during the same quarter.


Government Revenue

Revenue collections in the fourth quarter of 2018
surpassed the third quarter performance, for all
revenue heads, with the exception of VAT as
shown in Figure 31.

Figure 31: Revenue Head Performance (US$
millions) : Actual vs Target in Q4 2018


Source: Ministry of Finance, 2019


Figure
32:
Quarterly
Revenue
Heads
Performance: (Q4 2018 vs Q4
2017 and Q3 2018)


Source: Ministry of Finance, 2019

Composition of Government Revenue
Tax revenue accounted for 84% of total revenue,
while the remaining 16% was accounted for by
non-tax revenue in the fourth quarter of 2018.
Non-tax revenue was largely made up of fees
from Government facilities (49.7%), pension
contributions (15.4%), and revenue from
investments and property (22.8%). Figure 33
shows the government revenue structure for the
fourth quarter of 2018.


Income and profits
Customs
Excise
VAT
Other indirect taxes
Non-tax Revenue
Millions
Q4 2018
Q4 2018 Target

Income
and
profits
Customs Excise
duties
Value
Added
Tax
(VAT)
Other
indirect
taxes
Non-tax
Revenue
Q4 2017
Q3 2018
Q4 2018

Figure 33: Government Revenue Structure
(Q4 2018)


Source: Ministry of Finance, 2019
Government Expenditures

Cumulative fiscal expenditures for the fourth
quarter of 2018 amounted to US$1.387 billion,
exceeding the quarterly target of US$1.208
billion by US$179.022 million. All expenditure
heads, with the exception of capital expenditure,
exceeded budgeted targets, resulting in an
overall expenditure over-run as shown in Figure
34.
Employment
costs
at
US$776.0
million
exceeded the target of US$539.1 million by
about 44%. This was largely due to additional
costs associated with pension, medical and salary
arrears
payments
for
some
grant-aided
institutions, incurred during the quarter under
review.


Figure 34: Expenditure Head Performance
(Actual vs Target)
Source: Ministry of Finance and Economic Development, 2018

RESERVE BANK OF ZIMBABWE
DECEMBER 2018
Customs
duties
7%
Excise
duties
14%
Value
Added Tax
(VAT)
18%
Other
indirect
taxes
13%
Non-tax
Revenue
16%
Tax on
Income and
profits...

Employment
Costs
Operations &
Maintenance
Interest
Capital
Expenditures
& Net
Lending
Q4 2018
Q4 2018 Target
Q3 2018
Q3 2018 Target

STATISTICAL TABLES

1. Depository Corporation Survey S1
2. Central Bank Survey S2
3. Other Depository Corporation Survey S3

4. Liabilities and Assets of the Central Bank
4.1.Reserve Bank: Assets


S4

4.2.Reserve Bank: Liabilities S5


5. Other Depository Corporation
5.1.Other Depository Asset S6
5.2.Other Depository Liabilities S7

6. Commercial Banks
6.1.Commercial Banks: Assets

S8
6.2.Commercial Banks: Liabilities
S9

7. Building Societies


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances S12
8.2.Sectoral Analysis of Commercial Bank’s Deposits

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

10. Interest Rates, Security Yields and Prices
10.1. Lending Rates


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

14. External Sector
14.1. External Debt Outstanding by Debtor


S22
14.2. External Debt Outstanding by Source


S23

15. National Accounts
15.1. Real Gross Domestic and National Product per Capita at Market Prices
S24
15.2. Gross Domestic Product at Factor Cost by Industry


S25
15.3. Expenditure on Gross Domestic Product


S26
15.4. Mineral Production


S27
15.5. Electricity Produced and Distributed S28


S1


Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Mo

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbabwe 2018
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)


S2


Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shar

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

Source: Reserve Bank of Zimbabwe 2018
TABLE 2: CENTRAL BANK SURVEY (US$'000)


S3


Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)
7,649,175.98

7,350,474.82

7,334,429.96

7,472,096.38

7,624,121.15

8,098,814.54

8,741,831.36

9,132,705.19


Domestic Claims
6,283,884.21

6,089,519.31

6,074,476.43

6,266,910.56

6,437,720.58

6,745,532.52

6,989,263.27

7,168,985.87


Net Claims on Central Government
2,331,967.01

2,254,980.79

2,236,425.85

2,339,300.34

2,476,778.04

2,715,985.15

2,783,534.43

3,262,756.31


Claims on Central Government
2,426,572.26

2,362,310.40

2,337,663.61

2,453,993.46

2,572,350.40

2,823,354.57

2,872,745.05

3,295,887.08


Securities
2,397,156.98

2,335,991.08

2,313,377.59

2,434,830.12

2,558,912.76

2,814,916.90

2,865,309.79

3,291,375.03


Loans
29,415.28

26,319.33

24,286.02

19,163.34

13,437.64

8,437.68

7,435.26

4,512.05


Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
94,605.25

107,329.61

101,237.76

114,693.11

95,572.36

107,369.43

89,210.62

33,130.77


Of which: Deposits
94,605.25

107,329.61

101,237.76

114,693.11

95,572.36

107,369.43

89,210.62

33,130.77


Other

Claims on Other Sectors
3,951,917.20

3,834,538.52

3,838,050.58

3,927,610.21

3,960,942.53

4,029,547.37

4,205,728.83

3,906,229.56


Other Financial Corporations
43,172.88

39,312.14

41,416.20

47,078.39

47,272.71

36,981.14

42,406.27

43,993.11


State and Local Government
46,177.22

55,046.17

54,613.41

48,750.40

52,851.54

51,746.27

49,509.94

54,356.85


Public Non Financial Corporations
168,917.77

178,716.82

168,887.22

150,967.31

145,902.98

159,350.37

222,545.56

181,987.35


Private Sector
3,693,649.33

3,561,463.40

3,573,133.75

3,680,814.12

3,714,915.30

3,781,469.60

3,891,267.06

3,625,892.25


Claims on the Central Bank
2,604,575.55

2,551,893.63

2,536,743.85

2,474,448.22

2,438,430.82

2,557,149.58

3,089,939.84

3,471,170.30


Currency
12,577.130

23,415.822

19,969.614

16,707.478

14,888.726

14,154.729

8,986.260

20,609.732


Other Claims including Reserves
2,591,998.42

2,528,477.81

2,516,774.24

2,457,740.74

2,423,542.10

2,542,994.86

3,080,953.58

3,450,560.57


Liabilities to the Central Bank
113,727.10

115,100.80

111,232.81

140,468.21

82,369.89

101,470.93

119,810.71

118,944.97


Other Items(Net)
1,125,556.69

1,175,837.32

1,165,557.51

1,128,794.20

1,169,660.36

1,102,396.63

1,217,561.04

1,388,506.01


Shares and Other Equity
1,530,397.97

1,506,470.99

1,528,732.27

1,555,909.88

1,542,636.03

1,574,043.84

1,632,378.01

1,758,871.23


Liabilities to other ressident sectors
6,152.75

2,600.12

2,920.26

6,906.82

16,085.12

19,885.58

21,559.36

32,602.91


Other Items(Net)
(410,994.03)

(333,233.80)

(366,095.02)

(434,022.51)

(389,060.79)

(491,532.80)

(436,376.33)

(402,968.13)


Deposits and Securities Included in Broad
Money
7,447,922.96

7,164,389.60

7,154,183.07

7,308,552.27

7,432,774.94

7,841,481.27

8,451,064.87

8,908,463.53


Deposits Included in Broad Money
7,379,284.49

7,099,333.40

7,078,828.80

7,231,240.46

7,348,810.03

7,753,466.00

8,384,220.79

8,818,964.20

8,892,333.01

9,192,282.61

9,163,326.94

9,179,384.09

9,432,073.48

Transferable Deposits


Other Deposits
1,401,725.04

1,453,958.89

1,458,797.16

1,490,952.43

1,374,640.48

1,442,460.95

1,459,140.37

1,501,520.77

1,524,244.03

1,488,981.24

1,427,834.38

1,430,427.17

1,508,902.47

Money Market Instruments
68,638.47

65,056.19

75,354.27

77,311.81

83,964.91

88,015.27

66,844.08

89,499.33

66,484.46

52,419.97

61,703.77

50,864.73

58,584.04

Source:Reserve Bank of Zimbabwe,2018
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000)


S4


US$ Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2018
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* issued

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2018
US$ Thousands
Deposits
TABLE 4.2: RESERVE BANK - LIABILITIES


S6


Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Other
Other
Contigent
Other
Non
Notes &
Coin
with
Other Depository
with
on
Government1
Local Governemt
Public
Other2
Government
Local
Public
Institutional
cliams
Assets
Assets
Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Units3
Assets

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2018
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
US$ millions
Debt Securities
Loans and Advances


S7


Debt
Foreign
Capital
Contigent
Other
TOTAL
Securities
Liabilities
and
Liablities
Liablities
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
RBZ
Other
Other
Reserves
from the public
Corporations
Depository
Finacial
Corporations Corporations

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


June


July


Aug


Sep


Oct


Nov


Dec


Source:Reserve Bank of Zimbabwe,2018
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
US$ millions
Deposits
Amounts Owing to


S8


TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
17.72


Feb
16.29


Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Nov
9.04


Dec
11.43


Jan
22.40


Feb
18.34


Mar
14.81


Apr
13.47


May
12.85


June
7.48


July

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2018
Debt Securities
Loans and Advances
TABLE 6.1: COMMERCIAL BANKS -ASSETS
US$ millions


S9


End of
Demand
Savings
Time Deposits
Total Deposits Other Depository Government
Total
Debt Securities Foreign Liabilities
RBZ
Other Depository Other Finacial
Capital
Contigent
Other
from the public
Corporations
Corporations
Corporations
and
Liablities
Liablities
TOTAL
Reserves

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Source:Reserve Bank of Zimbabwe,2018
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to
US$ Millions


S10


Foreign
Other
Non Financial
TOTAL
End of
Notes
Assets
Assets
Bond
&
Balances
Balances with
Balances
Other Claims
Notes &
Coin
with
Other Depository
with
on
Government1
Local Governemt
Public
Other2
Mortgages
Government
Other
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Enterprises

Jan
2.35


Feb
1.19


Mar
1.65


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


Aug
0.44


Sep
0.56


Oct
0.57


Nov
0.75


Dec
1.05


Jan
0.90


Feb
1.52


Mar
1.42


Apr
1.13


May
1.01


June
1.21


July

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
Debt Securities
Loans and Advances
TABLE 7.1: BUILDING SOCIETIES -ASSETS
US$ millions


S11


Debt
Foreign
Capital
Other
TOTAL
Securities
Liabilities
and
Liablities
End of
Savings
Time Deposits
Total Deposits Other Depository Government
Total
RBZ
Other Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


June


July


Aug


Sep


Oct


Nov


Dec


Source:Reserve Bank of Zimbabwe,2018
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
US$ millions


S12


AGRIC ULTUR E
CON S TRU CTION
COM M UN ICATION
DIS TRIB U TION
FINANC IAL
FINANC IAL
M ANUFAC TURING
M INING
S ERVICES
TRANS PORT
INDIVIDUALS
CONGLOM ERATES
TOTAL
End of

INV ES TM ENT
ORGANIS ATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2018
TABLE 8.1: Sectoral Analysis of Commerical Banks' Loans and Advances
US$ Thousands


S13


AGRICULTURE CONSTRUCTION COMMUNICATION
DISTRIBUTION
FINANCIAL
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT INDIVIDUALS CONGLOMERATES
TOTAL
End of

INVESTMENT
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2018
TABLE 8.2: Sectoral Analysis of Commercial Banks' Deposits
US$ Thousands


S14


End of
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET
End of
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan
4,052.71 7.48
368.71
70.42 495.55 318.91
Jan
350.02 26.67
12,756.29
1,173.56 27,550.09 190.96
Feb
4,246.60 7.00 327.30 58.40 472.30 324.10
Feb
326.30 27.80 8,952.00 953.50 26,820.10 207.00
Mar
4,629.80 7.40
392.20
58.80 671.60 399.70
Mar
414.20 31.00
11,124.00
944.30 35,604.10 244.10
Apr
4,178.80 4.80
466.90
39.30 792.50 337.60
Apr
363.70 21.60
13,595.50
652.90 40,089.00 231.00
May
4,974.00 6.50 557.80 44.70 939.90 618.70
May
531.80 27.80 16,623.40 820.60 47,019.10 323.30
Jun
5,346.45 6.28
558.85
34.63 1,095.55 500.28
Jun
524.99 29.31
17,466.16
696.87 53,738.12 342.14
Jul
4,805.10 5.70
588.40
29.40 1,601.40 586.40
Jul
521.80 30.00
20,013.70
636.10 61,162.40 382.60
Aug
5,325.10 5.18
590.10
24.70 1,776.40 583.30
Aug
541.50 26.60
20,303.00
595.60 70,771.60 419.10
Sep
6,031.37 5.19
651.11
16.11 2,159.26 731.93
Sep
620.00 27.17
20,731.00
478.00 83,303.00 432.00
Oct
5,991.30 5.40
681.90
19.40 2,401.60 779.20
Oct
609.60 27.20
23,764.60
475.10 92,540.60 478.90
Nov
6,259.70 4.90
666.50
15.90 2,561.80 798.30
Nov
575.30 25.60
22,748.60
347.30 97,945.20 473.00
Dec
5,877.20 3.60
778.40
16.30 3,052.70 1,043.30
Dec
524.20 19.20
26,779.10
347.20 118,198.90 524.80
Annual
Total
61,718.13 69.43
6,628.17
428.06 18,020.56 7,021.72
Annual
Total
5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89

Jan
5,548.05 4.89
663.45
21.29 2,318.80 1,006.05
Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb
4,706.60 4.50
594.00
13.90 2,015.11 831.05
Feb
457.19 22.48
18,869.05
292.22 89,584.32 463.78
Mar
6,300.40 4.50
654.20
12.50 2,657.10 864.83
Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Apr
5,786.75 3.28
640.94
11.46 3,002.63 822.58
Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May
7,298.41 4.25
819.74
10.51 3,550.07 968.58
May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun
7,997.28 4.70
779.37
8.29 3,724.31 1,135.49
Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul
8,290.00 3.96
790.00
9.39 4,446.68 1,262.53
Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug
7,762.86 2.88
811.19
13.98 4,558.54 1,254.96
Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep
7,155.04 3.97
842.48
17.01 4,462.40 1,393.08
Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
Oct
8,230.50 4.20
821.30
17.90 4,607.38 1,428.20
Oct
571.60 20.40
21,025.40
345.50 161,427.40 495.99
Nov
7,922.50 3.70
657.50
19.90 3,964.78 1,026.70
Nov
477.40 16.70
17,845.40
334.90 133,862.10 430.60
Dec
8,355.20 2.80
917.20
14.60 4,833.80 1,102.90
Dec
478.60 13.00
27,419.10
236.20 161,540.70 409.10
Source:Reserve Bank of Zimbabwe,2018
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (US$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)


S15


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
4.00-18.00
10.61
6.68
Jan
0.50-6.00
1.00-17.00
Feb
4.00-18.00
10.06
6.52
Feb
0.50-6.00
1.00-17.00
Mar
4.00-18.00
9.12
7.02
Mar
0.50-6.00
1.00-17.00
Apr
4.00-18.00
9.25
7.02
Apr
0.50-6.00
1.00-17.00
May
4.00-18.00
9.17
7.03
May
0.50-6.00
1.00-9.50
Jun
4.00-18.00
9.01
7.05
Jun
0.50-6.00
1.00-12.00
Jul
4.00-18.00
8.94
7.05
Jul
0.50-6.00
1.00-12.00
Aug
4.00-18.00
8.88
6.95
Aug
0.50-6.00
1.00-12.00
Sep
4.45-18.00
8.86
7.01
Sep
0.50-12.00
0.75-8.00
Oct
4.45-18.00
9.66
7.06
Oct
0.50-12.00
0.75-8.00
Nov
4.45-18.00
9.66
7.03
Nov
0.50-12.00
0.75-8.00
Dec
4.45-18.00
9.39

Dec
0.50-12.00
0.75-8.00

Jan
4.45-18.00
9.33
6.99
Jan
0.22-12.00
0.75-8.00
Feb
4.45-18.00
9.57
6.93
Feb
0.22-12.00
0.75-8.00
Mar
4.45-18.00
9.64
6.98
Mar
0.22-12.00
0.75-8.00
Apr
4.00-18.00
9.32
7.08
Apr
0.22-12.00
0.75-8.00
May
4.00-18.00
9.28
7.09
May
0.22-12.00
0.75-8.00
Jun
4.00-18.00
9.32
7.14
Jun
0.22-12.00
0.75-8.00
Jul
4.00-18.00
9.75
6.97
Jul
0.22-12.00
0.75-8.00
Aug
4.00-18.00
9.87
7.1
Aug
0.22-12.00
0.75-8.00
Sep
4.00-18.00
9.56
7.11
Sep
0.22-12.00
0.75-8.00
Oct
4.00-18.00
9.47
7.38
Oct
0.22-12.00
0.75-8.00
Nov
4.00-18.00
9.49
7.38
Nov
0.22-12.00
1.00-8.00
Dec
4.00-18.00
9.48
7.39
Dec
0.22-12.00
1.00-6.75
Source:Reserve Bank of Zimbabwe,2018
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on inactive
or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates 3
Commercial Banks
Commercial Banks
End of


S16


End of
All Share
Industrial
Mining
Volume of Shares
Market Turnover
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Zimbabwe Stock Exchange (ZSE),2018
US$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices


S17


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANTS
&
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source :ZIMSTATS, 2018
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)


S18


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANT
S &
MISC.
TOTAL NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY, GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source :ZIMSTATS, 2018
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S19


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING, WATER,
FURNITUR
E
HEALTH TRANSPORT COMMUN
ICATION
RECREATION
&
EDUCATI
ON
RESTAURAN
TS &
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMEN
SERVICES
FUELS
WEIGHTS


Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source :ZIMSTATS, 2018
TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S20


End of
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Total
Merchandise Imports (excl. energy)
208.2

218.7

180.0

245.1

238.5

330.9

286.9

236.9

214.8

224.2

209.6

175.2

175.4

2,736.3

- Consumption Goods
92.3

92.5

67.3

69.6

67.5

124.8

105.3

80.7

71.7

83.3

66.6

56.5

75.5

961.4

- Capital Goods
64.2

69.9

69.9

97.4

72.6

106.9

103.9

86.3

85.3

85.8

86.2

67.8

57.7

989.7

- Intermediate Goods
51.7

56.3

42.7

78.1

98.4

99.2

77.7

70.0

57.8

55.0

56.8

50.9

42.2

785.2

Energy (Fuel & Electricity)
57.5

55.3

43.2

84.1

104.0

108.8

83.6

73.8

68.2

75.3

58.1

26.3

21.4

802.2

Service Payments
45.7

48.1

40.1

45.7

44.0

63.8

45.0

46.7

37.5

42.1

33.9

36.5

25.2

508.4

- Technical, Professional & consult
17.8

23.8

17.0

15.6

18.7

30.6

20.7

21.3

16.8

13.2

15.2

18.5

14.4

225.8

- Software
2.6

3.4

5.1

7.2

4.0

6.6

6.3

4.8

4.1

5.1

3.8

3.8

2.1

56.3

- Other (tourism, edu, freight etc)
25.4

20.9

17.9

23.0

21.3

26.6

17.9

20.5

16.5

23.8

14.8

14.1

8.7

226.2

Income Payments (Profits, Dividends)
11.2

18.6

21.8

18.0

10.2

15.9

15.6

12.3

15.9

12.3

11.1

7.3

17.8

176.7

Capital Remittances (outward)
27.8

20.6

16.9

15.3

21.8

30.8

14.8

21.1

16.4

30.4

12.2

21.7

35.4

257.4

- External Loan Repayments
11.8

13.7

9.9

14.5

21.5

29.8

14.6

20.1

16.3

28.2

12.1

21.5

35.2

237.4

- Disinvestments
2.8

0.2

6.7

0.8

0.1

0.9

0.2

0.7

0.1

0.1

0.0

0.1

0.1

9.9

- Cross Border Investment
13.1

6.7

0.4

-

0.2

0.1

0.0

0.4

0.0

2.1

0.1

0.1

0.0

10.1

Other Payments
0.1

13.6

15.0

14.9

11.7

16.2

13.3

13.7

16.6

9.5

12.0

10.9

15.7

163.1

TOTAL
350.5

374.9

317.0

423.1

430.2

566.3

459.2

404.6

369.4

393.8

336.8

277.8

290.8

4,644.0

Source: Reserve Bank of Zimbabwe, 2018
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


Agriculture
Horticulture
Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2018
Table 13.2: Monthly Cross Border Receipts (US$Millions)


S22


(US$ millions)
End of

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt

1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2018; & Reserve Bank of Zimbabwe, 2018
TABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)


S23


End of

(US$ millions)
Total Medium to Long-Term External Debt

Public and Publicly Guaranteed Debt

Bilateral Creditors

Multilateral Creditors

Private Creditors

Private Non-Guaranteed Long term


Short-Term External Debt

Public and Publicly Guaranteed Debt

Reserve Bank

Private


Total External Debt

Gross Domestic Product


External Debt / GDP

Source: Ministry of Finance & Economic Development, 2018 ; Reserve Bank of Zimbabwe, 2018
TABLE 14.2: External Debt Outstanding by Source
(US$ millions)


S24


US$ Millions
Gross
Net Investment Gross
Gross
Gross
Domestic
Income Paid
National
Domestic National
Gross Domestic
Gross National
End of
Product
to Other
Product
Product Product
Product
Product
Period
Countries


Source :ZIMSTATS, 2018
Current Prices
Constant Prices
Constant Prices
Per Capita
TABLE 15.1: REAL GROSS DOMESTIC AND NATIONAL PRODUCT PER CAPITA AT MARKET PRICES


S25


End of
Agiculture,
Hunting and
Fishing and
forestry
Mining and
quarrying
Manufacturing
Electricity,
gas, steam and
air
conditioning
supply
Water supply;
sewerage,
waste
management
and
remediation
activities
Construction
Wholesale and
retail trade;
repair of
motor vehicles
and
motorcycles
Transportatio
n and storage
Accommodatio
n and food
service
activities
Information
and
communicatio
n
Financial and
insurance
activities
Real estate
activities
Professional,
scientific and
technical
activities
Administrative
and support
service
activities
Public
administration
and defence;
compulsory
social security Education
Human health
and social
work activities
Arts,
entertainment
and recreation
Other service
activities
Domestic
Services
Gross
Domestic
Product at
factor cost

1,038.4

560.8

1,066.2

278.5

31.4

136.7

1,856.7

486.1

437.6

594.1

826.4

110.5

101.7

83.2

323.6

301.2

68.6

2.3

95.8

20.5

8,398.1

1,157.2

802.4

1,108.8

358.8

39.6

182.2

2,116.1

511.6

498.8

1,137.0

708.6

126.3

259.9

142.4

540.4

656.8

130.3

3.3

109.1

23.4

10,577.4

1,222.1

1,006.3

1,293.5

436.4

38.3

288.5

2,149.1

612.1

506.5

1,320.1

730.3

193.2

287.7

141.7

910.5

948.3

205.6

5.3

126.8

27.2

12,399.2

1,376.8

1,063.6

2,403.5

448.3

43.7

376.2

2,463.0

615.2

580.5

733.3

1,137.1

302.9

350.6

130.6

1,272.2

1,326.5

279.4

6.5

189.3

40.6

15,072.5

1,364.0

1,186.5

2,466.4

453.1

39.0

398.6

2,936.5

618.3

692.1

1,374.0

1,300.8

340.5

365.3

137.6

1,300.7

1,523.6

313.5

7.1

181.8

43.0

16,966.0

1,704.9

1,157.0

2,454.6

546.5

40.0

426.0

2,963.5

651.4

698.5

1,375.0

950.3

385.0

354.5

133.0

1,447.5

1,684.2

348.2

8.4

183.5

44.7

17,470.7

1,653.8

1,089.4

2,373.3

533.2

41.2

426.3

3,044.0

674.1

717.5

1,412.1

983.6

417.1

356.8

133.7

1,495.5

1,834.5

395.0

9.9

187.8

47.0

17,732.8

1,618.0

1,219.0

2,382.8

460.8

40.0

441.7

3,409.3

678.8

719.3

1,413.0

1,082.5

420.5

382.9

138.1

1,612.9

1,889.5

417.6

10.9

188.8

49.4

18,475.8

1,838.4

1,267.2

2,428.2

480.4

45.0

497.0

3,732.3

732.3

787.5

1,524.3

1,135.7

427.0

384.5

138.7

1,634.6

2,135.2

455.1

12.2

203.0

52.3

19,803.8

Source :ZIMSTAT, 2018
TABLE 15.2 : GROSS DOMESTIC PRODUCT AT FACTOR COST BY INDUSTRY
US$ Millions
(at current prices )


S26


Net
Private
Gross
Net
Expenditure
Private
Gvt
non-profit
fixed
Increase
Total
export of
on gross
consumption current
making
captital
in
domestic
goods and
domestic
End of
expenditure bodies
formation
stocks
expenditure
services
product


Source :ZIMSTATS, 2018
(at current prices)
US$ Millions
TABLE 15.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT/1

S27

End of
Gold
Platinum
Palladium
Nickel
Copper
Coal
Chrome
Rhodium Other/1
Total

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Source :ZIMSTAT, 2018
1. Other minerals include Ferrosilicon, Iron ore, Iron pyrites and magnesite
Table 15.4: MINERAL PRODUCTION
US$ Millions

S28

End of
By Hwange
Power station
By Kariba
Power
Station
By Other
Power Station
IPPs
Total from
Zimbabwe

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source ZERA, 2018
Table 15.5: Electricity Energy Produced and Distributed
Interconnected System
Generation Sent Out (GWh)

S1