QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2017

RESERVE BANK OF ZIMBABWE

CONTENTS


List of Figures

List of Tables

1. OVERVIEW

The global economy is estimated to have grown
by 3.7% in 2017, driven by improvements in
investment, trade and industrial production.
Global growth is expected to further accelerate
to 3.9% in 2018, supported by strong domestic
demand in advanced economies and China.
Corporate tax cuts in the US are also expected
to spur investments.

The domestic economy is estimated to have
registered a 3.7% growth in 2017, following
strong
growths
in
agriculture,
mining,
electricity generation and service sectors. The
agriculture sector benefitted from the good rains
received during the 2016/2017 agriculture
season. Growth in mining sector output was
spurred by improvements in international
commodity prices. Robust economic growth is
expected in 2018, driven by optimism and
confidence in the economy, brought about by
the ushering in of a new political and economic
dispensation.

Headline inflation rose from 0.78% in
September 2017, to 3.46% in December 2017.
The rise reflected increases in prices of most
retail commodities, on the back of speculative
and
profiteering
tendencies,
pass-through
effects of parallel market premiums on foreign
exchange, as well as a firming South African
rand. In the outlook period, however, the risk of
inflation is likely to be lower, mitigated by the
emergence of domestic and international
goodwill, in line with the new economic order.
Total merchandise trade at US$ 8408.5 million
for the period January to November 2017, was

1 Under the multiple currency system, broad money is
defined as total bank deposits less interbank deposits and
also includes Bond notes and coins issued.


15.8% higher, compared to the corresponding
period in 2016. This was underpinned by a
significant increase in merchandise exports,
which led to the considerable narrowing of the
country’s trade deficit. Merchandise exports
increased by 36.8%, from US$2,540.4 million
during the eleven-month period to November
2016,
to
US$3,475.9 million
over the
comparable period in 2017. On the other hand,
total merchandise imports were US$4,932.6
million during the same period in 2017. This
was a 4.5% increase from the US$4,722.0
million recorded in the comparable period in
2016.
Broad money supply1 rose by 8.66%, from
$7 460.20 million in the third quarter of 2017 to
$8 106.03 million in the fourth quarter. Net
domestic credit also increased by 13.31%, from
$9 445.95 million in the third quarter to
$10 703.45 million, during the quarter under
analysis.
The performance of the Zimbabwe Stock
Exchange (ZSE) was bearish during the fourth
quarter of 2017. This resulted in the decline in
market capitalization, from US$11.86 billion as
at end September, to US$9.58 billion as at end
December 2017.
In line with trading activity on the local bourse,
the industrial index declined by 85.37 points,
from 418.39 points as at 30th September 2017 to
333.02 points as at the end of the fourth quarter
of 2017. The mining index, however, grew by
19.83 points, from 122.57 points in September
2017, to close the quarter under review at 142.4
points.

Reflecting the increase in the use of plastic
money, the value of transactions processed
through the National Payment Systems (NPS)
increased by 21% to US$31.7 billion in the
quarter ending 31st December 2017, from
US$26.26 billion recorded in the quarter ending
30th September 2017. In tandem, NPS
transaction volumes increased by 36% to 391.6
million in the fourth quarter of 2017, from 287.5
million recorded during the third quarter.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic growth is estimated to have
increased from 3.2% in 2016 to 3.7% in 2017,
buoyed by improvements in investment, trade,
and industrial production as well as higher
business and consumer confidence.

In 2018, global economic growth is expected to
accelerate to 3.9%, mainly on the back of
stronger growth in domestic demand in
advanced economies and China; and improved
manufacturing activity in emerging market and
developing economies. The recently approved
corporate income tax cuts in the U.S. are
expected to stimulate investment, and hence
growth in the short to medium term.

Overall, growth has picked up in a number of
economies, supported by improvements in
investment, particularly in advanced economies
and increased manufacturing activity in Asia.
Expectations of favourable global financial
conditions and strong consumer confidence will
keep final demand high, and with it a significant

2 Zimbabwe growth rates are from Treasury, Reserve
Bank & Zimstat
positive impact on overall growth in some
economies.

Headline inflation is also picking up in
advanced economies, on account of the increase
in fuel prices and higher aggregate demand,
while wage and core-price inflation remain
depressed. On the downside, the possibility of
the tightening of financial conditions in the
form of higher interest rates, than currently
prevailing, and more volatile asset prices poses
a threat to near term global growth prospects.
Table 1 shows global economic growth
developments
for
selected
regions
and
countries.

Table 1: Global Economic Growth &
Outlook (%)

Est

Proj
World Output

Advanced Economies

US

Euro Area

Japan

Emerging Market &
Developing

China

India

Sub-Saharan Africa

Zimbabwe2

Latin America & the

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

Sub-Saharan Africa

Economic growth in sub-Saharan Africa is
estimated at 2.7% in 2017, up from 1.4%
recorded in 2016. Growth is expected to further
increase to 3.3% in 2018, with sizable
differences across countries. Fiscal deficits are
stabilizing,
and
current
account
deficits
narrowing in most sub-Saharan African
countries, partly reflecting a slight rebound in
commodity
prices.
There
are,
however,
mounting vulnerabilities in the region, notably;
rising public debt, financial sector strains and
low external buffers. Public debt is high not
only in oil exporting countries but in many fastgrowing economies as well.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International commodity prices for precious
metals were subdued, while notable increases
were recorded in base metals, on the back of
robust demand from China, coupled with
supply constraints. Crude oil prices increased
during the fourth quarter of 2017, despite the
rebound in U.S. rig counts and growing
efficiency gains in shale oil production. Table 2
shows
developments
in
international
commodity prices for selected commodities
during the fourth quarter of 2017.


Table 2: International Commodity Prices

Gold
Platinum
Copper
Nickel
Brent
crude oil

us$/oz
us$/oz
us$/tonne
us$/tonne
us$/barrel
Q3
Average

Oct-17

Nov-17

Dec-17

Q4
Average

Quarterly
Change
(2017Q3Q4)

Source: Bloomberg, BBC, Kitco 2018

Brent Crude Oil
Crude oil prices firmed during the fourth
quarter of 2017, supported by the extension of
production cuts beyond the initial deadline of
March 2018 by members of the Organization
Petroleum Exporting Countries (OPEC) and
other non - OPEC producers including Russia.
Prices firmed by 17.5% to a quarterly average
of US$61.43/barrel, from US$52.29/barrel
recorded in the third quarter of 2017. Figure 1
shows the monthly evolution of crude oil prices
for the period from January to December 2017.

Figure 1: Brent Crude Oil Prices (US$/Barrel)
January – December 2017

Source: Bloomberg, 2018

Base Metals
Base metal prices firmed during the quarter
under review, sustained by robust demand from
China, the world’s largest base metal consumer.
In addition, declining stock piles also supported
the base metal prices.
Copper and nickel prices gained by 7.4% and
10.1%
to
US$6,833.1/tonne
and
US$11,621.18/tonne, respectively. Figure 2
shows developments in base metal prices for the
period from January 2017 to December 2017.


Figure 2: Base Metal Prices (US$/ tonne)
January 2017 to December 2017

Source: Bloomberg, 2018

Precious Metals
Precious metal prices were generally depressed
during the fourth quarter of 2017, weighed
down by a stronger U.S dollar, as investors
shifted to interest bearing assets, amid progress
on U.S tax overhauls. This came on the back of
the Fed’s decision to raise interest rates in
December, amid a steadily strengthening
economy. The safer haven demand outlook for
previous metals was thus dampened.
Gold and platinum prices eased by 0.2% and
3.3% to monthly averages of US$1,275.79/
ounce and US$921.50/ounce, respectively.
Figure 3 shows developments in gold and
platinum prices for the period from January to
December 2017.

Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17

Copper
Nickel (RHS)

Figure 3: Precious Minerals Prices: January
to December 2017

Source: Bloomberg, 2018

MERCHANDISE TRADE
DEVELOPMENTS3
Total merchandise trade for the period January
to November 2017 was higher, compared to the
corresponding period in 2016. The increase was
underpinned by a significant increase in
merchandise exports, which led to a significant
narrowing of the country’s trade deficit.
Over the period from January to November
2017, total merchandise trade stood at
US$8,408.5 million, a 15.8% increase from the
US$7,262.5
million
recorded
over
the
comparative period in 2016, as shown in Figure
4. The growth was on account of increases in
merchandise exports and imports of 39.8% and
4.5%, respectively. Accordingly, for the period
under analysis, the country’s trade deficit

3 Note: December 2017 merchandise trade figures are not
yet available
narrowed, from US$2,181.6 million in 2016 to
US$1,456.7 million in 2017.
Figure 4: Total Merchandise Trade: JanNov 2016 and Jan-Nov 2017


Source: ZIMSTAT, 2018

Merchandise Export Developments

Over the period from January to November
2017, merchandise exports increased by 36.8%,
from US$2,540.4 million realized in 2016 to
US$3,475.9 million in 2017. The surge in
merchandise exports was mainly driven by
increases in exports of nickel (mattes, ores &
concentrates), gold and ferrochrome as shown
in Table 3.

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Gold
Platinum (RHS)
7262.5
8408.5

Jan-Nov 2016
Jan-Nov 2017

Table 3: Exports Classified by HS Code
(US$ millions)
Commodity

Jan-Nov

Jan-Nov

Jan-Nov
2016-17
Changes
US$m
US$m
(%)
Gold
781.3
886.0
13.4
Flue-cured
tobacco
753.6
774.8
2.8
Nickel mattes
35.0
436.1
1,146.8
Nickel ores and
concentrates
263.6
369.0
40.0
Ferro-chrome
95.6
279.3
192.1
Chromium
ores
and concentrates
15.0
89.1
493.6
Industrial
diamonds
106.1
81.5
-23.2
Cane sugar
51.1
47.9
-6.3
*Platinum
45.9
46.0
0.2
Granite
33.2
27.7
-16.7
Ginned cotton
10.3
22.2
115.4
Other
349.5
416.3
19.1
Total
2,540.4
3,475.9
36.8

Source: Zimstat, 2016 & RBZ calculations, 2018

Major Merchandise Export Destinations
The country’s exports for the period from
January to November 2017 were mainly
destined for the SADC region, with South
Africa and Mozambique absorbing about 62.8%
and 10.5%, respectively. The country mainly
exported minerals to South Africa.
Table 4 shows the country’s major export
markets during the period under analysis.
Table 4: Merchandise Export Shares (%)
Export Market
US$
m
Market Share
(%)
South Africa
2,182.

62.8
Mozambique
365.2
10.5
United
Arab
Emirates
223.3
6.4


Zambia
58.8
1.7
Belgium
52.9
1.5
Botswana
19.5
0.6
Kenya
18.2
0.5
Malawi
5.5
0.2
Namibia
4.3
0.1
Germany
2.9
0.1
Italy
2.5
0.1
Netherlands
2.0
0.1
Singapore
1.8
0.1
Rest of the World
536.7
15.4
Total
3,475.

100.0

Source: Zimstat & RBZ computations, 2018

Merchandise Import Developments
Total merchandise imports for the period from
January to November 2017 stood at US$4,932.6
million, a 4.5% increase from US$4,722.0

million recorded over the corresponding period
in 2016, as shown in Figure 5.

Figure 5: Merchandise Imports (US$ m)
Source: ZIMSTATS, 2018
The upsurge in merchandise imports for the
period from January to November 2017, was
mainly on account of the increase in diesel,
electricity and fertilizer imports. Against the
background of a good rainy season in 2017,
maize imports for the period under analysis
were lower than those recorded in 2016.
Electricity imports for the period from January
to November 2017 were US$163.8 million,
compared to US$146.4 million in the same
period in 2016.
Major Import Sources
During the period from January to November
2017, the country sourced imports mainly from
South Africa (40.5%), Singapore (22.4%),
China (8.8%), Zambia (2.5%) and Japan
(2.5%).
Trade balance
The trade deficit for the period from January to
November 2017 improved by 33.2%, from
US$2,181.6 million in the corresponding period
in 2016 to US$1,456.7 million in 2017, as
shown in Figure 6.
Figure 6: Trade Balance: for Jan-Nov 2017
(US$m)
Source: ZIMSTAT & RBZ Computations, 2018

The country’s export performance continued to
be adversely affected by the lack of
competitiveness,
while
low
domestic
production entailed the absorption of huge
amounts of imports. Persistent deficits on the
trade account constituted a significant drain of
liquidity from the economy.


4,722.0
4,932.6

Jan-Nov 2016
Jan-Nov 2017


Exports
Imports
Trade Balance

3. DOMESTIC ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

The economy is estimated to have grown by
3.7% in 2017, largely driven by agriculture,
mining, electricity generation and service
sectors.
Figure 7 shows developments in real GDP for
the period 2009 to 2017.
Figure 7: Real GDP Growth (%): 2009-2017

Source: Zimstat, MoFED and RBZ 2018
AGRICULTURE

Rainfall
Consistent with the forecasts from the
Meteorological Department, most parts of the
country received accumulated rainfall totals in
the normal to above normal category, during the
first half of the 2017/2018 agricultural season.
Some parts of the Mashonaland provinces,
Midlands, Masvingo and south of Manicaland
Province, however, received below normal
rainfall.
The lower than expected rainfall during the crop
establishment period of the season could have a
negative impact on the output for 2018,
particularly for the Mashonaland provinces,
which constitute the high potential crop
production areas.

The whole country is, however, expected to
receive normal to above normal rainfall during
the second half of the 2017/18 agriculture
season. The rainfall distribution pattern may
not, however, be supportive of crops such as
maize, which suffered moisture stress during
the first half of the season.

Command Agriculture
The command agriculture initiative entered its
second season, with input support widened to
include soya beans. As at 31st December 2017,
a total of 392 348 hectares had been ear-marked
for maize production and 65 233 hectares for
soya beans. Of the total area under Command
Agriculture, about 235 236 hectares were
contracted to 40 554 farmers for maize
production, while 33 474 hectares were
contracted to 3 787 farmers for soya bean
production, as shown in Table 4.

Table 4: Contracted and planted area for
maize and soya beans
Crop
Area
Contracted
Area
Tilled
Area
Planted
Contracted
Farmers
Maize

Soya

Source: Ministry of Agriculture, Mechanisation and
Irrigation Development, 2018


Tobacco
According to the TIMB, the area planted under
tobacco was 93 212 hectares as at 31st
December 2017, compared to the 92 610
hectares planted during the same period in the
previous season. The decline in the area under
irrigated tobacco is, however, of concern given
the potential for higher and better quality
output, compared to dryland tobacco. The
breakdown of the season’s plantings is shown
in Table 5.
Table 5: Progress in Tobacco Planting as at
end December 2017

Area Planted
2016/17
Area Planted
2017/18
Irrigated
16,134
15,779
Dryland
76,541
77,433
Total
92,610
93,212
Source: Tobacco Industry and Marketing Board,

Wheat
Wheat output stood at 158 515 tonnes in 2017,
up by 156% from the 61 715 tonnes produced
in 2016. The significant increase in output was
attributed to improved financing for the crop
through the Command Agriculture initiative,
which saw the area under the crop increase
threefold from 14 220 hectares in 2016. The
crop also benefited from ample water supplies,
given the high dam levels as well as stable
power supply. Figure 8 shows the wheat output
trend since 2000.


Figure 8: Wheat Production Trends


Source:
Ministry
of
Finance
&Economic
Development, 2018

Wheat yields were, however, markedly lower in
2017, due to the entrance of relatively
inexperienced farmers who were attracted by
the financing availed through the Command
Agriculture
Programme.
Resultantly,
the
average national wheat yield fell from 4.34
tonnes per hectare achieved in 2016 to 3.6
tonnes per hectare in 2017.

Livestock Slaughters
Meat production in 2017 declined significantly,
compared to 2016, as reflected by the fall in
livestock slaughtering across all livestock
classes at formal abattoirs. The decline in
slaughtering
was
attributed
to
farmers
withholding stock, following improved grazing
conditions, as well as improved viability for pig
farmers. Table 6 shows the quarterly livestock
slaughter statistics for cattle, pigs, sheep and
goats in 2017.


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

Table 6: Cumulative livestock slaughters for

Cattle
Pigs
Sheep and
Goats
Q1
60 768
38 002
5 521
Q2
67 813
39 826
6 225
Q3
68 876
35 942
5 397
Q4
65 549
39 394
5 635
Total 2017
263 006
153 164
22 778
Total 2016
284 505
167 166
24 946

Source: Ministry of Agriculture, Mechanisation and
Irrigation Development,2018

Cattle
During the fourth quarter of 2017, cattle
slaughters at formal abattoirs declined to 65 549
head, compared to 68 876 head slaughtered in
the third quarter of 2017. The performance was
also below the 69 003 cattle slaughtered during
the fourth quarter of 2016.
Capacity at the Cold Storage Company
remained severely underutilised, with the
parastatal accounting for only 7% of formal
cattle slaughters in 2017. Figure 9 shows
developments in cattle slaughters for 2016 and
2017.


Figure 9: Quarterly Cattle Slaughters for
2016 and 2017

Source: Ministry of Agriculture, Mechanisation and
Irrigation Development, 2018

Pigs
On a quarterly basis, pig slaughters increased
from 35 942 in the third quarter, to 39 394 in the
fourth quarter of 2017. The slaughters were,
however, 4% lower than slaughters in the
corresponding period in 2016. The recovery in
swine offtake in the last quarter of 2017 was
indicative of improved availability of stock
feed, following a good harvest in 2017 and the
quick turnaround of pork production from the
forced destocking in 2016.


Q1
Q2
Q3
Q4

Figure 10: Quarterly Pig Slaughters for 2016
and 2017

Source: Ministry of Agriculture, Mechanisation and
Irrigation Development, 2018

Milk Production
Milk production increased to 17.8 million litres
in the fourth quarter of 2017, from 17.4 million
litres produced in the third quarter. This was a
significant improvement from the 15.6 million
realised in both the first and second quarters of
2017. The increase in output was attributed to
the recovery of the dairy herd in the aftermath
of the health problems that afflicted the
subsector, due to excessive rains received
during first quarter.
Cumulatively, fresh milk output at 66.38
million litres in 2017, reflected a marginal
increase of 1.56%, compared to the 2016
outturn.
Figure 11: Quarterly Fresh Milk Output for
2016 and 2017.

Source: Ministry of Agriculture, Mechanisation
and Irrigation Development 2018

MINING
Apart from coal and PGMs, most of the key
minerals registered strong positive performance
during the fourth quarter of 2017, compared to the
same period in 2016. Table 7 shows the output of
selected minerals during the period under review.


Q1
Q2
Q3
Q4


Q1
Q2
Q3
Q4
Millions

Table 7: Quarterly Mining Production
Statistics


2016 Q4
Q4

Total

Variance
Q4 2016
&
Q4
2017 (%)
Gold (kg)

26495
23.5
Chrome
(tonnes)

Coal
(tonnes)

Nickel
(tonnes)

16617
-8.8
Platinum
(kg)

14258
-3.4
Palladium
(kg)

11822
-0.1
Diamonds
(Carats)

*Chrome ore exports
Source: Ministry of Mines, Chamber of Mines,
MMCZ, 2018

Reflecting the positive impact of favourable
prices particularly for gold and palladium, as
well as the strong performance in some of the
key minerals, total mineral revenue closed the
year 2017 at US$2.38 billion, about 8.2% above
the US$2.2 billion that was realised in 2016.


Gold

Gold output stood at 8 163 kg in quarter 4 of
2017, up by 23.5% from the 6 608 kg that were
produced in the comparable period in 2016.

Figure 12: Quarterly Gold Output and
Average International prices:
2016 vs 2017

Source: Fidelity Printers and Refiners, 2018

The increase in output was mainly driven by
small scale miners who ramped up production,
dominating the fourth quarter of 2017 by
contributing 55% of total output; followed by
large scale producers, 39%; and secondary
producers, 6%, as shown in Figure 13:


Q1
Q2
Q3
Q4
US$/OUNCE
KG

Average Prices 2017

Figure 13: Sectoral Contributions in Q4 2017


Source: FPR, 2018

Small scale gold miners largely benefited from
the US$74 million gold support facility availed
by the Bank, through Fidelity Printers and
Refiners. In addition, the continued monitoring
and surveillance by the Gold Mobilisation
Team also managed to minimise leakages of
gold.

Platinum
Platinum output stood at 4 132 kg in quarter 4
of 2017, down by 3.4% from the 4 279 kg that
were produced in the comparable period in
2016. Production was adversely affected by the
loss of production time largely due to the
scheduled maintenance of both plant and
equipment at Zimplats, during the month of
September 2017. The company shutdown the
smelter for 24 days to carry out planned furnace
maintenance and repairs. Figure 14 shows the
quarterly trends in platinum output in 2016 and
2017.

Figure 14: Quarterly Platinum output &
International Prices: 2016 vs

Chamber of Mines of Zimbabwe, 2018

The negative sentiments from the auto industry
on diesel cars, particularly in Western Europe
and India, as well as the fall in demand for
Chinese jewellery, culminated in lower demand
for platinum, weighing down on prices.
Consequently,
quarterly
prices
averaged
US$921/ounce
in

compared
to
US$944/ounce in the same period in 2016,
adversely affecting the profitability of mining
houses in 2017.

Like platinum, palladium output at 3 460 kg in
quarter 4 of 2017, was about 0.1% below the
3 462 kg that were produced in quarter 4 of
2016.
Palladium
prices
were,
however,
favourable due to increased demand from the
auto industry which uses the commodity as a
catalyst in gasoline engines.


Small Scale
55%
large scale
39%
PGMs
6%

Q1
Q2
Q3
Q4
US$/OUNCE
KG

Average Prices (2017)

Nickel

Nickel output stood at 4 142 tonnes in the last
quarter of 2017, compared to 4 543 tonnes
registered in the same period in 2016. The lower
than anticipated performance in nickel was
attributed to low PGMs throughput, coupled
with subdued international prices of the
commodity, particularly during the first half of
the year.

In
addition,
equipment
and
machinery
challenges, due to the unavailability of spares
further constrained production, with an adverse
impact on throughput from primary producers.

Figure 15 shows quarterly trends in average
international nickel prices and output in 2017.

Figure
15:
Trends
in
Nickel
and
International Prices

Chamber of Mines of Zimbabwe, 2018

Primary producers of nickel contributed 36% to
total output, while secondary producers
combined contributed 64%.
Chrome

Chrome output increased by 35.6% to 452 958
tonnes in quarter 4 of 2017, from 334 158
tonnes realised in same period in 2016, on
account of increases in both ore and
ferrochrome volumes produced and exported.


The production of chrome in the fourth quarter
of 2017, benefitted from the rebound in prices
which began in September 2017. Chrome ore
prices, which were falling since the end of the
first quarter of 2017, with sharp declines
witnessed in the second quarter of 2017,
bottomed out in the third quarter of 2017, and
have since been trending upwards.

Coal
Coal output totalled 549 929 tonnes in quarter 4
of 2017, an 18.4% decline from the 673 973
tonnes produced during the same period in
2016. The output during the period under
review was also 50.3% lower than the 1 106 020
tonnes produced during the third quarter of
2017. This was largely due to the loss of
production at two major producers in October
2017, as a result of equipment availability
challenges.

Figure 16 shows the quarterly coal production
trends for 2017.

10000
12000
14000

Q1
Q2
Q3
Q4
US$/TONNE
TONNES

2017 Average Prices

Figure 16: Quarterly coal output (tonnes) in
2016 and 2017

Source: Ministry of Mines, 2018

Diamond
A total of 491 580 carats of diamond were
produced in quarter 4 of 2017, up by 63.9%
from the 299 908 carats produced in quarter 4
of 2016. The increased output was due to the
ramping up of production by both players in the
industry.


Figure 17: Quarterly diamond production
(Carats): 2016 and 2017

Source: Ministry of Mines, 2018


MANUFACTURING

Manufacturing sector output is estimated to
have increased by 1% in 2017, and is projected
to grow by 2.1% in 2018. The sector is expected
to largely benefit from improved agro-
processing value chains in foodstuffs, drinks,
and
ginning,
amid
supportive
import
management measures put in place by
government.
The import management measures assisted
local
industries
to
retool,
attract
new
investments, and increase production as well as
employment levels.
Results from the 2017 CZI Manufacturing
Sector Survey indicated that manufactured
output volume grew by 5.5%, as sectors under


Q1
Q2
Q3
Q4


Q1
Q2
Q3
Q4

import
management
program,
such
as
foodstuffs, paper and packaging, drinks and
beverages and wood and furniture took
advantage of the protection to recapitalise and
increase capacity utilisation.
Table 8: Volume of Manufactured Index (VMI)
Manufacturing

Foodstuffs
100.0
101.0

Drinks,
Tobacco
and
Beverages
97.8
98.5

Textiles and Ginning
78.0
80.0

Clothing and Footwear
95.0
95.0

Wood and Furniture
96.2
98.2

Paper,
printing
and
Publishing
90.4
91.0

Chemical and Petroleum
Products
87.4
88.0

Non-
metallic
mineral
products
144.0
143.2

Metals and Metal products
66.5
70.0

Transport, Equipment
66.0
66.0

Other manufactured goods
66.7
66.7

Manufacturing Index
90.7
91.6
93.5
Growth Rate
-0.4
1.0
2.1
Source: Ministry of Finance & Economic Development
and Reserve Bank of Zimbabwe


Drinks, Tobacco and beverages

A major beverages manufacturing company
reported strong demand in beverages for the
quarter ending 31st December 2017. This was
attributable to renewed hope of economic
recovery, following the ushering in of the new
political dispensation. The volume of sales for
lager beer increased by 36%; sparkling
beverages, 14%; and sorghum beer, 10%,
during
the
quarter
under
review.
The
unforeseen sharp increase in demand resulted in
the shortage of some beverage brands.

ELECTRICITY

Electricity output for the fourth quarter of 2017
amounted to 1 809.5 GWh, a decline of 11.8%
from 2 052.2 GWh produced during the
previous quarter. The decrease in electricity
output for the fourth quarter of 2017 could be
attributed
to
the
challenging
operating
environment, characterised by low coal stock
levels and mechanical breakdowns at thermal
power stations. The output in the fourth quarter
of 2017 was, however, 8.7% higher than the 1
664.9 GWh produced in the corresponding
period in 2016.

Table 9: Electricity output (GWh): 2017 Q4
Power
Station
Q3
Q4
Total

Kariba
1008.5
905.5
3850.2
Hwange
949.2
838.8
3202.4
Bulawayo
25.8
20.3
53.6
Munyati
29.4
8.9
38.3
Harare
17.1
14.0
75.4
IPPs
22.3
22.0
180.3
Total
2052.2
1809.5
7400.1
Source: ZPC, ZERA, 2018

On an annual basis, electricity production
increased by 4.4%, from 7089.6 GWh in 2016
to 7400.1 GWh in 2017. The increase in
electricity output in 2017 was largely attributed
to improved performance at Kariba, whose
output more than offset the decline in the
combined output of the thermal power stations
and the Independent Power producers (IPPs).
Figure 18 shows quarterly combined electricity
generation statistics from the Zimbabwe Power
Company installations and the IPPs in 2016 and
2017.

Figure 18: Electricity energy sent out
(GWh): 2016 and 2017

Source: Zimbabwe Power Company, 2018

INFLATION DEVELOPMENTS

Annual headline inflation accelerated from
0.78% in September 2017 to 3.46% in
December 2017, due to an increase in food
inflation, which more than offset the marginal
decline in non-food inflation. The surge in
inflation, as reflected in increases in prices of
most commodities, was on the back of
speculative and profiteering tendencies; passthrough effects of parallel market premiums on
foreign exchange. External factors such as the
firming South African rand and higher crude oil
prices also exerted upward pressure on prices.
Figure 19 shows the annual inflation outturn
since January 2016.

Figure 19: Annual inflation profile (%)

Source: Zimstat, 2018

Annual Food Inflation

The year-on-year food inflation accelerated
from 2.49% in September 2017, to 6.6% by
December 2017, largely driven by increases in
prices of meat; vegetables; and fish. This was
partly due to supply constraints, particularly in
relation to beef, poultry and fish.


Annual Non-Food Inflation
Annual non-food inflation accelerated from -
0.01% in September 2017, to close the year at
2.0%, following increases in the furniture and

Q1
Q2
Q3
Q4

-6
-4
-2

Feb-16
Apr-16
Jun-16
Aug-16
Oct-16
Dec-16
Feb-17
Apr-17
Jun-17
Aug-17
Oct-17
Dec-17
Headline Inflation
Food
Non Food

household equipment; recreation and culture;
and clothing and footwear sub-categories.

Regional Inflation Developments

Zimbabwe’s annual inflation at 3.5% in
December 2017, fell within the SADC region
inflation macroeconomic convergence target of
3-7%, as shown in Table 10.

Table 10: Regional Annual Inflation Trends

2017 Jun
2017 Sep
2017 Dec
Zimbabwe
0.3
0.78
3.5
South Africa
5.1
5.1
4.5
Botswana
3.5
3.2
3.2
Mozambique
18.1
10.8
5.7
Tanzania
5.4
5.3
4.0
Zambia
6.8
6.6
6.2
Malawi
11.3
8.4
7.1
USA
1.6
2.2
2.1
Source: ZIMSTAT, 2018

Inflation Outlook

In the outlook period, the risk of inflation will
likely be mitigated by the positive domestic and
international goodwill, following the new
economic and political dispensation. The new
economic order has dampened speculative
tendencies
and
adverse
inflationary
expectations. On the other hand, external
factors such as further strengthening of the
South African rand against the US dollar and
the surge in oil prices, may exert pressure on
domestic prices.

4 Broad money supply figures for December 2017 are
provisional
4. MONETARY DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

Broad
money
supply4
increased
from
$7 460.20 million in the third quarter of 2017,
to $8 106.03 million in the fourth quarter.
This translates to a quarter-on-quarter increase
of 8.66%.
The quarterly growth in money supply was
largely due to an expansion in negotiable
certificates of deposits, 36.35%; transferrable
deposits and 12.78%. Partially offsetting these
growths, was a decline of 10.80% in time
deposits. During the same period, bond notes
and coins in circulation outside the banking
system increased by 36.35%.
On an annual basis, money supply grew by
43.77%, from US$5 638.28 million in
December 2016 to US$ 8, 106.03 in December
2017.
Figure 20 shows annual broad money supply in
nominal terms as well as growth rates.

Figure 20: Annual broad money supply
growth rates and levels
Source: RBZ, 2018

Domestic Credit
During the quarter under review, net domestic
credit increased by 13.31% from $9 445.95
million in the third quarter to $10 703.45
million. The growth was largely on the back of
an increase of 18.90% in net credit to
Government5. The increase in net credit to
Government, reflected increased borrowing on
the domestic market by the government to
finance its budget deficit.

Credit to the private sector recorded a low
growth of 2.26%, partly reflecting cautionary
lending by banks. Outstanding credit to the
private sector was distributed as follows:
households, 23.40%; agriculture, 18.44%;

5 Net credit to Government revised in retrospect by
removing securities issued under the AFTRADES
Facility.
services,
14.13%;
distribution,
12.58%;
manufacturing, 11.57%; financial organisations
and investments, 10.97%; mining, 4.77%;
construction,
2.04%;
transport
and
communications, 1.57%; and other, 0.52%.

Figure 21: Sectoral distribution of credit
Source: Reserve Bank of Zimbabwe, 2018
Private sector credit was utilised for inventory
build-up, 29.31%; consumer durables, 16.62%;
fixed capital investment, 12.48%; and pre and
post shipment financing, 1.18%. Amounts
channelled
towards
other
recurrent
expenditures constituted 40.42% of the total
outstanding loans and advances.
Interest Rates
During the quarter under review, nominal
lending rates quoted by most banks ranged
between 6% and 12%. Average maximum
interest rates for 60-day and 90-day deposit


Dec-15
Feb-16
Apr-16
Jun-16
Aug-16
Oct-16
Dec-16
Feb-17
Apr-17
Jun-17
Aug-17
Oct-17
Dec-17
ANNUAL GROWTH %
US$ BILLION
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation
Growth
Households,
23.40%
Agriculture,
18.44%
Manufacturing,
11.57%
Services,
14.13%
Distribution,
12.58%
Financial
Organisations,
10.97%
Mining,
4.77%
Transport and
Communication,
1.57%
Construction,
2.04%
Other,
0.52%

declined from 4.15% and 4.59% to 3.85% and
4.28%, respectively. The decline reflected the
endeavour by banks to lower their cost of funds.

5. STOCK MARKET DEVELOPMENTS

The ZSE was bearish during the fourth quarter
of 2017, influenced by the profit taking effect in
wealth preserving blue-chip counters, as
investors are anticipating a further price
correction due to improved positive inflation
outlook.
Resultantly,
the
ZSE
market
capitalization declined by 19.22%, from
US$11.86 billion at the end of September 2017
to US$9.58 billion as at end of December 2017.
Cumulatively, however, the ZSE gained
US$5.57 billion worth of capitalization over the
year to December 2017.

Figure 22: Market Capitalization
Source: Zimbabwe Stock Exchange, 2018

Industrial Index
During the quarter under review, the industrial
index declined by 85.37 points, from 418.39
points as at 30th September 2017 to 333.02
points as at end December 2017. On a year- on-
year basis, however, the industrial index grew
by 188.49 points, from 144.53 points as at end
December 2016, to 333.02 points as at end
December 2017, as shown in Figure 23.

Figure 23: Zimbabwe Stock Exchange
Indices

Source: Zimbabwe Stock Exchange, 2018

Mining Index
There was renewed investor interest in resource
counters, during the quarter under review,
underpinned by the undertaking by Government
to amend the Indigenisation and Economic
Empowerment Act in a bid to attract foreign
investment. This gave mining companies
significant growth impetus, going forward.


30-Dec-16
25-Jan-17
20-Feb-17
18-Mar-17
13-Apr-17
9-May-17
4-Jun-17
30-Jun-17
26-Jul-17
21-Aug-17
16-Sep-17
12-Oct-17
7-Nov-17
3-Dec-17
29-Dec-17
US$ Millions

Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Mining
Industrial
Industrial Index
Mining Index

Resultantly, the mining index increased by
19.83 points, from 122.57 points by end
September, to close the fourth quarter of 2017
at 142.40 points. On a year-on-year basis, the
mining index increased by 83.89 points.

Market Turnover
Trading on the local bourse was concentrated in
mid-cap and blue-chip counters, during the
quarter
under
review.
Market
turnover
increased by 253.46% to US$451.58 million in
the quarter ending December 2017, reflecting
the impact of block trades, which saw 177.2
million Nicoz Diamond shares; 111.1 million
First Mutual Properties Limited shares; 2.2
million Meikles Limited shares; and 0.4 million
Old Mutual shares exchanging hands at 3.97
cents; 5.70 cents; 28.01 cents; and 454.79 cents,
respectively. There was, however, a decline in
foreign investor interest, with net outflows of
US$46.29 million recorded in the fourth quarter
of 2017, compared to US$24.72 million
registered in the quarter ending 30th September
2017.

The volume of shares traded increased by
307.34% to 2.05 billion shares in the fourth
quarter of 2017, from 502.62 million shares
traded in the third quarter.


Figure 24: Market Turnover Value
Source: Zimbabwe Stock Exchange, 2018


6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the quarter ending
31st December 2017 increased by 21% to
US$26.26 billion, from US$31.7 billion
recorded in the quarter ending 30th September
2017. The volumes increased by 36% to 391.6
million from 287.5 million during the same
period.

RTGS, POS, Internet and Mobile payment
streams recorded increases in both values and
volumes for the quarter under analysis. Cash,
cheque and ATMs payment streams, however,
registered decreases, compared to the quarter
ending 30th September 2017.

30-Dec-16
25-Jan-17
20-Feb-17
18-Mar-17
13-Apr-17
09-May-17
04-Jun-17
30-Jun-17
26-Jul-17
21-Aug-17
16-Sep-17
12-Oct-17
07-Nov-17
03-Dec-17
29-Dec-17
US$ Millions

Table 11 shows the statistical information on
various payment streams for the third and fourth
quarters of 2017.

Table
11:
Consolidated
Transactional
Activities
TRANSACTIONAL ACTIVITIES
Payment
Stream
Q3 2017
Q4 2017
Change
Proportion

VALUES IN US$ Million

RTGS

CASH

-9%
2.12%
CHEQUE

-14%
0.04%
POS

ATMS

-26%
0.16%
MOBILE

INTERNET

TOTAL


VOLUMES

RTGS

CASH

CHEQUE

POS

ATMs

MOBILE
140,846,148
308,684,67

43%
78.82%
INTERNET

TOTAL
199,884,752
391,612,35

36%
100%
Source: RBZ, 2018


Large Value Payments
Zimbabwe
Electronic
Transfer
and
Settlement System

The value of transactions processed through the
RTGS system increased by 12%, for the fourth
quarter ending December 2017 to US$18.13
billion, from the US$16.16 billion recorded in
the quarter ending September 2017. Transaction
volumes registered an increase of 2% to 1 709
109 in the fourth quarter, from 1 682 991 in the
third quarter, as shown in Figure 25.

Figure 25 : RTGS Values and Volumes


Source: RBZ, 2018


2016 Q3
2016Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
RTGS Values in Billions
RTGS Volumes in Thousamds
Values

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments increased by
10% to US$0.92 billion for the quarter ending
31st December 2017, from US$0.83 billion in
the previous quarter ending September 2017.
During the same period, SWIFT foreign
currency receipts increased by 7% to US$0.93
billion, from US$0.87 billion.
Net foreign currency inflows amounted to
US$10.43 million in the fourth quarter ending
31st December 2017, from a net inflow of
US$39.95 million recorded in the third quarter
ending September 2017.
Figure 26 shows trends in SWIFT foreign
currency transactions.

Figure
26:
SWIFT
Cross
Border
Transactions

Source: RBZ, 2018
Over the Counter Cash Withdrawals

The value of cash withdrawals decreased by
9%, from US$0.74 billion in the quarter ending
September 2017 to US$0.67 billion, recorded in
the
quarter
ending
December
2017.
Corresponding volumes decreased by 20%,
from 6.54 million in the third quarter to 5.21
million in the fourth quarter, as shown in Figure
27.

Figure
27:
Over
the
Counter
Cash
Withdrawals


Source: RBZ, 2018

Retail Payments

The volume of retail payments stood at 391.6
million during the quarter ending 31st
December 2017, representing a 26% increase
from the 287.5 million reported in the quarter
ending 30th September 2017. Concomitantly,
the value of retail transactions also increased by
17%, from $26.3 billion recorded in the third


2015 Q4
2016 Q1
2016 Q2
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments

US$ BILLIONS
MILLIONS
Volumes
Values

quarter of 2017, to $31.6 billion during the
quarter under review, as shown in Figure 29.
Figure 28: Volumes of Retail Transactions


Source: RBZ, 2018

Figure 29 : Values of Retail Transactions

Source: RBZ, 2018

6The local collateral figure comprises of Cheque,
Zimswitch,
Chengetedzai
Deposit
Corporation
settlement systems.
Collateral6

The value of collateral increased to US$91.41
million in the fourth quarter ending December
2017, from US$50.40 million recorded in the
quarter ending September 2017, as shown in
Figure 30.

Figure 30: Total Collateral

Source: RBZ, 2018

Access Points and Devices

Mobile banking agents increased to 48,838 in
the fourth quarter ending 31st December 2017,
from 44,793 reported in the third quarter ending
30th September 2017. The POS population
increased to 59 939 in the fourth quarter, from
50 418 in the third quarter, in line with the
promotion of electronic means of payment.


2016 Q3
2016Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE


2017 Q3
2017 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
US$ Millions
CHEQUE
POS

US$ MILLIONS

During the quarter under review, 4.61 million
active mobile financial services subscribers
were registered, up from 3.82 million registered
in the previous quarter. Table 12 depicts
payment access points and devices and active
mobile financial services subscribers.

Table 12: Payment systems access points and
devices
PAYMENT SYSTEMS ACCESS POINTS


Q2 2017
Q3 2017
Q4 2017
Mobile
Banking
Agents
42,102
44,793
47,838
ATMs

POS
44,805
50,418
59,939
PAYMENT SYSTEMS ACCESS DEVICES


Debit Cards
3,780,389
4,186,957
4,281,683
Credit
Cards
17,510
17,806
17,411
Prepaid
Cards
52,384
62,517
63,987
Active
Mobile
Banking
Subscribers
3,353,916
3,821,865
4,611,608
Internet
Banking
Subscribers
205,104
250,681
277,674
Source: RBZ, 2018

FISCAL DEVELOPMENTS
Fiscal developments during the fourth quarter
of 2017 culminated in cumulative revenue
collections of US$1 057.9 million, against total
expenditure outlays of US$1 810.2 million,
resulting in a budget deficit of US$752.3
million. The deficit was largely financed
through domestic sources, particularly issuance
of treasury bills.

Government Revenue

Cumulative
revenue
inflows
stood
at
US$1 057.9 million in quarter 4 of 2017, against
target
collections
of
S$958.9
million,
culminating in a positive variance of US$99.1
million. The strong revenue performance was
largely driven by tax revenue collections,
which, at US$983.9 million, accounted for
93.0% of total collections, surpassing target of
US$880.4 million by US$103.5 million. Non
tax revenue at US$74.0 million, accounted for
7% of total collections realized during the
quarter under review.
Figure 31 shows developments in monthly
revenue collections against targets for 2017.
Figure 31: Government Revenue Collections
(Actual vs Target for 2016 and
2017)

Source:
Ministry
of
Finance
&
Economic
Development, 2018

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

The revenue collections realised during the
fourth quarter of 2017 were largely driven by
income and profits which contributed 39%, of
total revenue, followed by VAT (26%), excise
duty (15%), custom duty (7%), non-tax (7%)
and other indirect taxes at 6%, as shown in
Figure 32.
Figure
32:
Structure
of
Government
Revenue in 2017

Source: Ministry of Finance, 2018


Government Expenditure

Government incurred cumulative expenditures
of US$1 810.2 million in quarter 4 of 2017,
surpassing the budgeted target of US$990
million by US$820.2 million. As shown in
Figure 34 all the expenditure heads exceeded
budget
targets,
resulting
in
an
overall
expenditure overrun, during the period under
review.


Figure 33: Expenditure head performance


Source:
Ministry
of
Finance
&
Economic
Development, 2018

Recurrent expenditures remained high during
the quarter under review, constituting 75.4% of
total expenditure. The remaining 24.6% was the
proportion of total expenditure channeled
towards capital expenditure.
Figure 34 shows the disaggregated structure of
Government expenditures during the fourth
quarter of 2017.


Other Indirect
Taxes
Non-Tax
Revenue
Tax on
Income
and
Profits
39%
Customs
Duties
7%
Excise
Duties
15%
Value
Added Tax
26%

Q3 2017
Q4 2017
Q4 2017 Target

Figure 34: Composition of Government
Expenditure in Q4 of 2017

Source:
Ministry
of
Finance
&
Economic
Development, 2018

Budget Deficit and Financing

The fiscal deficit stood at US$752.2 million in
quarter 4 of 2017 and was mainly financed from
domestic sources, particularly Treasury bill
issuances and the central bank overdraft. The
quarter 4 fiscal deficit was, however, slightly
lower, compared to the third quarter of 2017, as
shown in Figure 35.


Figure 35: Quarterly Budget Deficit: 2016 to
Q4 2017

Source: Ministry of Finance, 2018


MARCH 2018


Capital
Expend
iture &
Net
Lending
Target
25%
Employment Costs
49%
Operations
Maintenance
23%
Interest


Q3

Q4

Q1

Q2

Q3

Q4

Total Revenue
Total expenditure and net lending
Deficit
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
15.6. Volume of Manufacturing Index


S29


Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
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 Zimbawe
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
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)


S2


Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
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 Shares

Loans

Loans and Advances

Legacy Debt

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

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Bas

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 Zimbawe
TABLE 2: CENTRAL BANK SURVEY (US$'000)


S3


Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
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)
5,549,018.98

5,580,169.12

5,639,870.63

5,709,300.08

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

6,804,652.82

7,083,536.41

7,220,331.96

7,501,636.53

7,576,382.51

Domestic Claims
5,062,767.51

5,005,600.80

5,033,682.47

5,146,513.06

5,166,270.84

5,256,547.58

5,399,799.92

5,318,218.47

5,539,090.73

5,732,954.31

5,889,257.98

6,058,686.31

6,286,090.74

Net Claims on Central Government
1,379,025.29

1,466,527.53

1,529,297.84

1,527,497.74

1,596,904.80

1,611,970.31

1,688,140.84

1,647,948.26

1,750,215.27

1,916,341.54

2,041,284.38

2,194,286.98

2,331,967.01

Claims on Central Government
1,421,190.70

1,519,591.25

1,584,557.48

1,614,398.84

1,673,138.81

1,687,074.29

1,761,855.63

1,726,007.68

1,838,546.24

1,971,537.77

2,084,380.00

2,229,035.44

2,426,572.26

Securities
1,403,396.87

1,503,705.38

1,569,588.93

1,598,695.64

1,657,317.09

1,670,327.43

1,713,932.99

1,680,825.17

1,797,227.42

1,930,046.62

2,049,535.06

2,196,782.06

2,397,156.98

Loans
17,793.82

15,885.88

14,968.55

15,703.20

15,821.72

16,746.86

47,922.65

45,182.51

41,318.82

41,491.15

34,844.95

32,253.38

29,415.28

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
42,165.41

53,063.72

55,259.64

86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

Of which: Deposits
42,165.41

53,063.72

55,259.64

86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

Other

Claims on Other Sectors
3,683,742.22

3,539,073.27

3,504,384.63

3,619,015.32

3,569,366.04

3,644,577.26

3,711,659.09

3,670,270.21

3,788,875.46

3,816,612.76

3,847,973.60

3,864,399.32

3,954,123.73

Other Financial Corporations
65,766.93

63,104.52

27,907.03

28,798.81

30,480.82

33,050.68

87,624.43

35,875.21

29,252.04

30,507.19

29,078.55

31,791.66

45,379.41

State and Local Government
34,237.41

35,909.11

35,006.53

34,312.18

34,732.93

36,595.52

35,573.02

34,059.17

34,223.63

31,707.35

33,198.40

38,416.75

46,177.22

Public Non Financial Corporations
86,631.35

84,675.48

84,417.84

86,380.62

90,267.74

88,656.44

98,878.45

142,891.35

171,759.70

142,254.70

124,030.93

130,803.39

168,917.77

Private Sector
3,497,106.53

3,355,384.15

3,357,053.23

3,469,523.72

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

3,553,640.10

3,612,143.52

3,661,665.72

3,663,387.53

3,693,649.33

Claims on the Central Bank
1,643,116.38

1,684,125.02

1,692,364.62

1,734,347.30

1,843,336.43

1,856,234.16

2,034,646.02

2,168,966.56

2,440,107.43

2,495,688.75

2,525,633.85

2,671,576.69

2,604,575.55

Currency
16,563.071

20,206.055

19,301.209

12,559.660

10,691.409

13,438.609

7,361.926

7,148.374

12,310.361

11,999.682

8,696.697

9,788.767

12,577.130

Other Claims including Reserves
1,626,553.31

1,663,918.96

1,673,063.41

1,721,787.64

1,832,645.02

1,842,795.55

2,027,284.09

2,161,818.18

2,427,797.07

2,483,689.07

2,516,937.16

2,661,787.92

2,591,998.42

Liabilities to the Central Bank
68,634.82

39,193.97

41,437.92

43,486.92

42,006.71

42,321.73

44,233.20

32,516.41

20,544.52

20,550.87

32,863.80

51,156.39

113,727.10

Other Items(Net)
1,088,230.09

1,070,362.72

1,044,738.54

1,128,073.36

1,091,826.28

1,117,493.91

1,109,235.47

1,156,189.82

1,154,000.82

1,124,555.78

1,161,696.08

1,177,470.09

1,200,556.69

Shares and Other Equity
1,271,826.05

1,272,987.21

1,279,285.69

1,301,867.36

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

1,342,135.53

1,356,314.17

1,398,886.31

1,422,958.60

1,530,397.97

Liabilities to other ressident sectors
1,918.34

1,912.23

1,917.51

151.35

-115.98
-77.72
2,369.41

3,063.52

2,286.29

11,565.72

9,175.78

9,031.56

6,152.75

Other Items(Net)

Deposits and Securities Included in Broad
Money
5,567,120.14

5,579,371.63

5,654,297.27

5,734,703.72

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

6,858,037.73

7,177,759.33

7,356,243.13

7,652,130.15

7,738,868.88

Deposits Included in Broad Money
5,504,225.78

5,528,809.61

5,594,968.03

5,674,542.57

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

6,786,983.35

7,121,929.07

7,293,267.77

7,585,647.37

7,670,230.41

Transferable Deposits

Other Deposits
1,471,657.19

1,544,945.66

1,552,644.56

1,529,856.98

1,530,705.58

1,558,418.08

1,538,865.52

1,600,104.76

1,604,901.44

1,571,434.68

1,460,819.34

1,450,191.32

1,401,725.04

Money Market Instruments
62,894.35

50,562.02

59,329.24

60,161.15

63,292.20

61,392.93

65,667.46

66,282.58

71,054.38

55,830.26

62,975.36

66,482.78

68,638.47

Source:Reserve Bank of Zimbabwe,2017
TABLE 2 : 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, 2017
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, 2017
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
US$ Thousands
Deposits
TABLE 4.2: RESERVE BANK - LIABILITIES


S6


Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Notes &
Coin
with
Other Depository
with
on
Government

Local Governemt
Public Enterprises
Other

Government
Local
Public
Other Institutional Units

Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Assets

Jan
1.22


Feb
1.44


Mar
1.53


Apr
1.55


May
1.53


Jun
1.61


Jul
1.62


Aug
1.58


Sep
1.63


Oct
1.42


Nov
4.57


Dec
16.56


Jan
20.21


Feb
19.30


Mar
12.56


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


Aug
12.31


Sep
12.00


Oct
8.70


Nov
9.79


Dec
12.58


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations.
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
US$ millions
Debt Securities
Loans and Advances


S7


Debt Securities
Foreign Liabilities
Capital
Contigent
Other
TOTAL
and
Liablities
Liablities
End of
Demand
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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Source:Reserve Bank of Zimbabwe,2017
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
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


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


Source:Reserve Bank of Zimbabwe,2017
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 6.1: COMMERCIAL BANKS -ASSETS
US$ millions


S9


US$ millions
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,2017
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to


S10


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

Jan
0.13


Feb
0.20


Mar
0.19


Apr
0.19


May
0.14


Jun
0.18


Jul
0.16


Aug
0.20


Sep
0.21


Oct
0.12


Nov
0.14


Dec
1.72


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


Source:Reserve Bank of Zimbabwe,2017
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,
TABLE 7.1: BUILDING SOCIETIES -ASSETS
US$ millions
Debt Securities
Loans and Advances


S11


Debt Securities
Foreign Liabilities
Capital
Other
TOTAL
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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Source:Reserve Bank of Zimbabwe,2017
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
US$ millions


S12


A GR IC U LTU R E
C ON S TR U C TION
C OM M U N IC A TION
D IS TR IB U TION
FIN A N C IA L
FIN A N C IA L
M A N U FA C TU R IN G
M IN IN G
S ER V IC ES
TR A N S POR T
IN D IV ID U A LS
C ON GLOM ER A TES
TOTA L
End of

IN V ES TM EN T
OR GA N IS A TION S


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,2017
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,2017
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
3,385.87 11.10 137.39 331.52 388.89 167.68
Jan
132.26 24.62 1,328.93 1,104.45 19,956.07 49.89
Feb
3,448.15 11.86 138.75 312.12 389.26 167.93
Feb
148.42 30.26 1,289.46 1,067.13 19,793.73 54.57
Mar
3,460.22 11.26 142.08 288.82 417.13 255.93
Mar
152.47 29.65 1,455.70 962.91 21,731.49 61.86
Apr
3,564.32 9.65 180.12 247.60 427.29 168.31
Apr
161.73 24.97 1,962.64 841.34 21,086.57 59.85
May
3,869.19 10.83 214.79 203.25 479.93 217.91
May
199.26 29.11 2,779.90 675.85 23,292.99 83.15
Jun
3,870.19 10.27 203.90 131.40 465.10 174.10
Jun
268.19 33.50 3,203.80 741.94 23,321.17 87.96
Jul
3,911.78 9.19 240.04 166.30 491.22 218.04
Jul
242.37 31.08 3,946.34 1,052.84 24,538.83 102.75
Aug
3,928.66 7.92 238.03 165.92 535.39 230.62
Aug
253.94 27.77 4,038.12 1,156.38 26,009.65 109.49
Sep
4,382.93 10.48 237.25 167.66 533.91 215.92
Sep
288.52 32.49 4,421.91 1,188.53 27,299.97 99.96
Oct
4,127.64 7.99 322.79 112.49 524.46 216.05
Oct
296.00 29.19 6,247.39 1,106.36 29,801.73 117.90
Nov
4,624.70 6.90 363.40 84.50 537.20 229.90
Nov
353.00 30.60 8,691.20
1086,9
28,542.10 128.80
Dec
4,882.61 5.62 479.86 71.92 626.08 265.12
Dec
405.38 24.23 13,042.06 1,347.98 33,211.84 155.86
Annual
Total

Annual
Total
2,901.53 347.45 52,407.46 11,245.68 298,586.15 1,112.04

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
Source:Reserve Bank of Zimbabwe,2017
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
6.00-22.00
12.08
7.38
Jan
0.50-8.00
0.75-17.00
Feb
4.00-22.00
11.48
7.29
Feb
0.50-8.00
0.75-17.00
Mar
4.00-22.00
11.44
7.16
Mar
0.50-8.00
0.75-17.00
Apr
4.00-22.00
11.5
7.2
Apr
0.50-8.00
0.75-17.00
May
4.00-18.00
11.43
7.35
May
0.50-8.00
0.75-17.00
Jun
4.00-18.00
11.4
7.48
Jun
0.50-6.00
0.75-17.00
Jul
4.00-18.00
10.69
6.79
Jul
0.50-6.00
0.75-17.00
Aug
4.00-18.00
10.67
6.84
Aug
0.50-6.00
1.00-17.00
Sep
4.00-18.00
10.66
6.95
Sep
0.50-6.00
1.00-17.00
Oct
4.00-18.00
10.7
6.93
Oct
0.50-6.00
1.00-17.00
Nov
4.00-18.00
10.69
6.99
Nov
0.50-6.00
1.00-17.00
Dec
4.00-18.00
10.59
6.87
Dec
0.50-6.00
1.00-17.00

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
Source:Reserve Bank of Zimbabwe,2017
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
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),2017
Indices
US$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS


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

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 :ZIMSTATS, 2017
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


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 :ZIMSTATS, 2017
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,
FURNITURE
HEALTH
TRANSPORT
COMMUNIC
ATION
RECREATION &
EDUCATION
RESTAURAN
TS &
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


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 :ZIMSTATS, 2017
TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S20


End of
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17 Nov-17
Dec-17
Merchandise Imports (excl. energy)
180.5

207.4

190.8

213.6

225.3

298.7

259.7

198.6

182.3

202.8

222.5

194.3

208.2

- Consumption Goods
92.7

94.2

78.5

99.1

98.9

128.7

84.7

65.3

65.8

80.7

92.1

79.0

92.3

- Capital Goods
33.9

55.3

54.3

55.5

52.4

73.1

80.7

64.6

61.5

63.6

64.2

71.6

64.2

- Intermediate Goods
53.8

57.9

58.0

59.0

74.0

96.8

94.3

68.8

55.0

58.5

66.2

43.7

51.7

Energy (Fuel & Electricity)
65.1

63.8

58.4

51.4

52.2

75.0

77.8

55.7

72.5

61.6

55.0

55.9

57.5

Service Payments
99.8

74.7

66.6

81.9

69.4

78.2

58.4

58.3

63.6

63.0

63.9

60.5

45.7

- Technical, Professional & consult
40.8

29.0

17.2

36.5

24.8

36.5

20.7

26.1

21.8

17.7

20.6

18.4

17.8

- Software
2.6

4.6

3.9

4.9

4.4

6.3

5.6

2.8

2.1

2.1

4.0

1.7

2.6

- Other (tourism, edu, freight etc)
56.4

41.0

45.4

40.5

40.2

35.4

32.1

29.4

39.6

43.2

39.4

40.3

25.4

Income Payments (Profits, Dividends)
8.2

14.0

6.8

12.0

12.2

17.8

19.4

23.5

7.0

10.9

11.5

9.6

11.2

Capital Remittances (outward)
23.9

24.0

33.2

41.7

44.1

64.0

34.8

21.8

55.1

21.8

44.4

76.3

27.8

- External Loan Repayments
23.3

22.8

32.4

29.9

41.4

61.0

33.3

18.6

54.3

18.8

18.4

75.8

11.8

- Disinvestments
0.6

1.0

0.2

11.7

2.7

2.9

1.3

3.1

0.7

0.6

25.9

0.3

2.8

- Cross Border Investment
0.1

0.1

0.6

0.1

0.0

0.1

0.2

0.0

0.2

2.4

0.1

0.2

13.1

Other Payments
0.1

0.3

0.1

0.3

2.0

0.2

0.3

0.0

0.1

0.1

0.1

0.6

0.1

TOTAL
377.6

384.1

355.9

400.9

405.1

533.9

450.3

358.0

380.6

360.2

397.4

397.1

350.5

Source: Reserve Bank of Zimbabwe, 2017
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


Agriculture
Horticulture Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom
Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Source: Reserve Bank of Zimbabwe, 2017
Table 13.2: Monthly Cross Border Receipts (US$Millions)


S22


(US$ millions)
End Period

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, 2017; & Reserve Bank of Zimbabwe, 2017
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, 2017 ; Reserve Bank of Zimbabwe, 2017
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, 2017
Current Prices
Constant Prices
Constant Prices
Per Capita
TABLE 15.1: REAL GROSS DOMESTIC AND NATIONAL PRODUCT PER CAPITA AT MARKET PRICES


S25


Agriculture
Mining
Electricity
Finance
Distribution
Transport
Public
Hunting and
and
Manufacturing and
Construction
and
Real
Hotels and
and
Administration
Domestic
Other
End of
Fishing
Quarrying
Water
Insurance Estate Restaurants Communication
Education
Health
Services
Services
Total


Source :ZIMSTAT, 2017
2 . Includes domestic services and allowance for imputed banking service charges .
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
Statistical
domestic
goods and
domestic
End of
expenditure bodies
formation
stocks
discrepancy
expenditure
services
product


Source :ZIMSTATS, 2017
(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
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Source: ZimStats, 2017
1. Other minerals include Ferrosilicon, Iron ore, Iron pyrite 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: ZIMSTATS, 2017
Table 15.5: Electricity Energy Produced and Distributed
Interconnected System
Generation Sent Out


S29


(2009=100)
Food-stuffs
(including
stockfeeds)
Drink and
Tobacco
Textiles
including
ginning
Clothing
and
Footwear
Wood and
Furniture
Paper,
Printing and
Publishing
Chemical and
Petroleum
Products
Non-metalic
Mineral Products
Metals and
Metal Products
Transport and
Transport
Equipment
Other
Manufacturing
Groups
All
Manufacturing
Groups
Weight

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:ZIMSTATS ,2017
TABLE 15.6: VOLUME OF MANUFACTURING INDEX (VMI)


S30


(2009=100)
Food-stuffs
(including
stockfeeds)
Drink and
Tobacco
Textiles
including
ginning
Clothing
and
Footwear
Wood and
Furniture
Paper,
Printing and
Publishing
Chemical and
Petroleum
Products
Non-metalic
Mineral Products
Metals and
Metal Products
Transport and
Transport
Equipment
Other
Manufacturing
Groups
All
Manufacturing
Groups
Weight

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:ZIMSTATS ,2017
TABLE 15.6: VOLUME OF MANUFACTURING INDEX (VMI)