QUARTERLY
ECONOMIC
REVIEW


JUNE 2017

RESERVE BANK OF ZIMBABWE

CONTENTS


4. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL

List of Figures

List of Tables

1. OVERVIEW

The International Monetary Fund in July 2017 still
projected the global economy to grow by 3.5% in
2017, up from 3.1% in 2016, despite higher than
anticipated growth in the first quarter of 2017.
Global growth is, however, expected to strengthen
to 3.6% in 2018.

The domestic economy is projected to register a
positive growth of 3.7% in 2017, underpinned by
strong performance in the agriculture and mining
sectors. The economy is also responding
positively to Government related interventions to
increase domestic production and exports. As a
result some companies in the food processing and
packaging sub-sectors are operating at above 70%
of capacity and exports have risen by 14% since
the introduction of the export incentive scheme.

Resultantly, during the second quarter of 2017,
merchandise exports increased by 22.5% to
US$611.6 million, from US$499.2 million
realized in the same period in 2016. Compared to
the first quarter of 2017, exports were, however,
lower by 15.4% in the second quarter of 2017,
largely on account of declines in tobacco and
diamond exports.
Total merchandise imports for the second quarter
of 2017 amounted to US$1,366.5 million,
representing a 14.4% increase from US$1,194.4
million realized over the comparative quarter in
2016. Merchandise imports for the second quarter
of 2017 were also 7.5% higher compared to the
first quarter.

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.

Broad money supply1 recorded an increase of
10.40% in the second quarter of 2017, from
US$5 879.93 million in March 2017 to US$6
491.67 million. This compares to a growth of
4.39% recorded in the second quarter of 2016.

During the quarter ended 30th June 2017, the
Zimbabwe Stock Exchange (ZSE) recovered from
the previous quarter loss. Trading activity was
largely dominated by wealth preserving counters,
such as British American Tobacco Zimbabwe
(B.A.T.),
CBZ
Holdings
Limited,
Delta
Corporation and Econet Wireless Zimbabwe.

In line with the trading activity on the ZSE during
the quarter under review, the industrial index
surged by 41.03%, from 138.96 points as at 31st
March, to 195.97 points at the end of the second
quarter of 2017, while the mining index grew by
19.18% to close at 69.79 points. As a result, the
local bourse capitalization increased by US$1.82
billion or 47.11%, from US$3.90 billion in the
previous quarter to US$5.70 billion on 30th June
2017.

Reflecting increased use of plastic money, the
value of transactions processed through the
National Payment Systems in the second quarter
ending 30th June 2017 increased by 21% to
US$21.69 billion from US$17.91 billion recorded
in the previous quarter ending 31st March 2017. In
tandem, the volumes increased by 52% to 203.7
million from 133.8 million during the same
period.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

The global economy is projected to continue
strengthening in 2017, as the growth outturn
realised in the first quarter was higher than the
earlier projections released in April. The IMF has,
however, maintained the global growth projection
at the same level as the April projection of 3.5%
in 2017, compared to 3.1% in 2016.
Economic activity in both advanced economies
and emerging and developing economies is
projected to accelerate to 2% and 4.6%,
respectively, in 2017. Continued recovery in
global economic activity is largely attributed to
the sustained rebound in Europe, where political
risk has diminished as well as strengthening of
growth in Mexico, Brazil, Japan and China,
among others. The Chinese and Japanese growth
projections have been revised upwards mainly on
account of strong growth momentum realised in
the last quarter of 2016 and the first quarter of
2017. The Chinese and Japanese economies are
now projected to grow by 6.7% and 1.3%,
representing, a 0.1 percentage point difference
from the April projections.
The U.S. growth projections for 2017, however,
have been revised downwards from 2.3% to 2.1%
on account of weak growth outturn in the first
quarter of the year and due to the assumption that
fiscal policy will be less expansionary going
forward than previously anticipated.
In Sub-Saharan Africa, the outlook remains
challenging. Although economic growth is still
positive, it remains relatively low compared to the
previous years. The increase in growth from 1.3%
in 2016, to 2.7% in 2017, is attributed to improved
agricultural output due to good rains in some
countries. The outlook for the region may,
however,
be
weighed
down
by
political
uncertainty and weak consumer and business
confidence in South Africa and low international
commodity prices.
Table

shows
global
economic
growth
developments for selected regions and countries.

Table 1: Global Economic Growth & Outlook (%)

Actuals
Projections

World
Output

Advanced
Economies

US


Eurozone

2.0

1.8

1.9

1.7
Japan

Emerging
Market
&
Developing
Economies

China

India

SubSaharan
Africa

Latin
America &
Caribbean

Source: IMF World Economic Outlook Update (April
2017 and July Update).

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International commodity prices for platinum, base
metals and crude oil softened in the second quarter
of 2017, with notable quarterly losses recorded in
nickel and crude oil prices. Gold prices, however,
firmed during the period under review as shown
in Table 2.
Table 2: International Commodity Prices


Gold
Platinum
Copper
Nickel
Brent
crude oil

us$/oz
us$/oz
us$/ton
us$/tonn
us$/bar
2017 Q1
Average

Apr-17

May-17

Jun-17

2017 Q2
Average

Change
(2017Q1
-Q2)

Source: Bloomberg, BBC, Kitco 2017

Brent Crude Oil
During the second quarter, brent crude oil prices
were subdued on renewed fears of a global glut
amid high global inventories, particularly in the
US, as shale oil production continued to offset
OPEC’s efforts to curb global supplies. In
addition, investors’ doubts about OPEC's ability
to implement agreed production cuts weighed
down on oil prices during the period under review.
Against this backdrop, brent crude oil slumped by
7.5% to US$50.79/barrel in the second quarter of
2017.
Figure 1 shows the monthly evolution of crude oil
prices for the period January to June 2017.

Figure 1: Brent Crude Oil Prices US$/Barrel:
January to June 2017


Source: Bloomberg, 2017

Base Metals
Base metals prices eased during the second
quarter underpinned by slowing housing prices,
soft data on imports and demand growth in China.
These developments dampened base metals
demand prospects in the Asian giant economy
which is the world’s largest base metals
consumer. In particular, nickel prices have been
on an overall downward trend since Indonesia
relaxed its export ban on ores. Resultantly, copper
and nickel prices retreated by 2.8% and 10.1% to
US$5,661.94/tonne
and
US$9,251.35/tonne,
respectively, as shown in Figure 2.


JA NUA RY
F E BRU A RY
MA RC H
A P RIL
MAY
JUNE

Figure 2: Base Metal Prices (US$/tonne) : January
2016 to June 2017


Source: Bloomberg, 2017

Gold prices were firmer during the second quarter
mainly on account of a weak U.S. dollar amid
rising uncertainties over US relations with Russia
and North Korea. This development boosted
investment demand for gold, leading to a 3.0%
increase in prices from a quarterly average of
US$1,220.83/oz to US$1,257.44/oz in the second
quarter.
On the other hand, platinum prices declined by
4.1% from US$980.83/oz in the previous quarter
to US$941.08/oz on weak industrial demand from
the automobile industry. Figure 3 shows
developments in gold and platinum prices.


Figure 3: Precious Minerals Prices: January to
June 2017


Source: Bloomberg, 2017
MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade during the second quarter
of 2017 stood at US$1,978.1 million, representing
16.8%
increase
from
US$1,693.6
million
recorded in the corresponding quarter in 2016. On
a quarter on quarter basis, total merchandise trade,
however, eased by 0.8%, from US$1,993.3
million in the first quarter to US$1,978.1 million
in the second quarter of 2017.
Over the period April to June 2017, merchandise
exports increased by 22.5%, from US$499.2
million realized in 2016 to US$611.6 million in
2017. Compared to the first quarter of 2017,
exports declined by 15.4% in the second quarter
of 2017, largely on account of declines in tobacco
and diamonds exports.
Total merchandise imports for the second quarter
of 2017 amounted to US$1,366.5 million,
representing a 14.4% increase from US$1,194.4

10000
12000

Copper
Nickel (RHS)

1,000
1,200
1,400
Gold
Platinum

million realized over the comparative quarter in
2016. Merchandise imports for the second quarter
of 2017 were also, 7.5% higher compared to the
first quarter of 2017. The increases were driven by
marked
increases
in
the
importation
of
telecommunications base stations, aviation fuel,
medicines and machinery. Electricity and food
(maize, rice and wheat) imports in the second
quarter were, however, lower than in the
preceding period.
Figure 4: Second Quarter 2017 Merchandise Trade
Developments (US$ millions)

Source: ZIMSTAT, 2017
Gold, nickel ores & concentrates, ferrochrome,
flue-cured tobacco, chrome ores & concentrates,
cane sugar, diamonds and platinum dominated the
country’s exports, contributing about 80% of
export earnings for the period April to June 2017.
Major Merchandise Export Destinations
The country’s exports for the second quarter of
2017 were mainly destined for South Africa,
Mozambique, United Arab Emirates, Zambia,
Kenya and Belgium. Notably, South Africa
continue to dominate the country’s export markets
absorbing about 70.6% of the country’s total
merchandise exports during the second quarter of
2017, followed by Mozambique, at 12.1%. The
country’s major exports to South Africa includes
platinum group of metals (PGMs), gold and
nickel, among others. Exports to the other
destinations in the world constituted about 1% of
the total exports in the second quarter of 2017.

3. DOMESTIC ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
The economy is projected to register a positive
real growth of 3.7% in 2017, largely driven by
strong performance in the agriculture and mining
sectors. The manufacturing sector is also expected
to register some positive performance in 2017, on
the back of increased capacity utilization by some
sub-sectors
benefitting
from
the
import
substitution interventions.
Figure 5 shows developments in real GDP for the
period 2009 to 2017.
Figure 5: Real GDP Growth (%): 2009-2016 and
2017 Projection

Source: Zimstat, MoFED and RBZ 2017

Exports
Imports
US$


The economy is expected to benefit from
investments in various infrastructural projects
already being implemented in power, irrigation,
rail and road transport and housing, in the short to
medium term.
AGRICULTURE
The agriculture sector is expected to benefit from
the promulgation of Statutory Instrument 79 of
2017, which is aimed to strengthen the Command
Agriculture Scheme legislative framework. The
Statutory Instrument seeks to reduce credit
default, improve deliveries and enforce discipline
among beneficiaries of the Command Agriculture
Program. If fully implemented, the legislation will
ensure the sustainability of the Command
Agriculture Program and improve farmer’s loan
repayment perceptions, particularly for small
scale farmers.

Table 3 shows the area under various crops in the
two comparable seasons.


Table 3: Area planted to selected key crops (Ha)
Crop
2015/16
2016/17
Change (%)
Maize
511 816
2 155 526

Sorghum
36 305
182 012

Pearl Millet
22 539
82 663

Finger Millet
17 613
24 107

Irish Potato
438 354
476 088

Groundnut
73 709
139 503

Sweet Potato
203 697
513 070

Sugar Beans
12 742
15 356

Cowpeas
14 026
35 895

Cucurbits
33 700
69 487

Cotton
32 885
126 995

Soya bean
47 832
35 744
-25
Source: Ministry of Agriculture, 2017

Tobacco
The projected output for tobacco in 2017 has been
revised downwards, from the initial 215 million
kilograms to around 190 million kilograms, due to
the excessive rains received during the season that
adversely affected the crop quality and quantity.
The situation was further exacerbated by the
following challenges:
• Shortage
of
curing
fuel
(coal
and
firewood);
• Poor curing, grading and storage facilities
especially for small scale farmers; and
• Labour shortages, particularly during the
harvesting period.

Cumulative tobacco sales, as at 30th June 2017
amounted to 170.4 million kilograms, which was
2.3% lower than the cumulative total of 174 501
593 kilograms sold during the same period in
2016. The value of tobacco sold was worth
US$501.6 million as at the end of the second
quarter of 2017, compared to US$512.5 million
during the same period in 2016. Table 4 shows the
tobacco sales outturn as at 30th June 2017.
Table 4: Cumulative First Half Tobacco Sales:
2016 and 2017 Tobacco Selling Season

Variance
(%)
Total Quantity Sold
(million Kgs)
174.50
170.44
-2.33
Total
Value
(US$
million)
512.53
501.59
-2.14
Average
Price
(US$)/Kg

Source: TIMB, 2017
Maize
Maize output is estimated at 2.155 million tonnes
in 2017, compared to 0.511 million tonnes
produced in 2016. Maize deliveries to GMB
commenced in April 2017, with more than
100 000 tonnes of maize having been delivered as
at 30th June 2017, with larger volumes of maize
expected to be delivered in the third quarter of
2017. The high volumes of maize are expected to
reduce grain imports and save the country the
scarce foreign currency resources.

Maize production benefited from the good rainfall
season, as well as improved financing under
Command Agriculture, which enhanced access to
inputs and tillage, resulting in higher productivity
by beneficiary farmers.
Cotton
Cotton output, which was initially projected at
125 000 tonnes in 2017, was, however, revised
downwards to 75 000 tonnes, due to challenges
related to excessive rains and the resultant
diseases and pest prevalence during the growing
season. Seed cotton sales as at 30th June 2017
stood at 20.35 million kilograms, compared to
0.25 million kilograms during the same period in
2016. About 70% of the cotton intake so far this
year
was recorded from the traditional cotton
producing areas of Gokwe North and South as
well as Mbire districts.

Wheat
The total area planted under wheat in 2017
increased to 42 731 hectares, compared to 14 220
hectares in 2016, largely due to improved
financing for the crop under the current Command
Agriculture initiative, which availed crop inputs
for about 30 731 hectares. The remainder of the
planted area of around 12 000 hectares was
contracted by private players and traditional
wheat producers. Wheat output is projected to
surpass 170 000 tonnes in 2017, up from the
61 715 tonnes produced in 2016.

Livestock
According to the Ministry of Agriculture,
Mechanization and Irrigation Development, the
condition of livestock has improved considerably
compared to the previous season on account of
improved grazing and water availability. There is,
however, a slight decline in livestock population
in 2017 owing to forced offtake in the previous
season due to drought. There was, therefore, a
general decline in slaughtering across all livestock
classes in the first half of 2017, as farmers are
restocking.

Cattle
Cattle population decreased marginally by 0.69%
from 5.53 million head in 2016 to 5.49 million
head in 2017, due to the impact of two consecutive
drought seasons. The average calving rate has also
declined from 46% to 45% during the same
period, which could have a negative impact on
herd rebuilding. Diseases such as lumpy skin and
foot-rot, which are associated with heavy rains,
also affected cattle production in the first half of
the year.

Resultantly, a total of 67 813 cattle were
slaughtered in the formal sector during the second
quarter of 2017, compared to 71 518 cattle that
were slaughtered during the same period in 2016.

Table 5 shows the total number of cattle
slaughtered in the first and fourth quarters of 2016
and the first quarter of 2017.

Table 5: Cattle slaughtered in the formal sector
Cattle

%
Change
Q1
67 331
60 768
-9.7
Q2
71 518
67 813
-5.2
Total
138 849
128 581
-7.4
Source: Ministry of Agriculture and Irrigation
Development

The bulk of the slaughters were done at private
abattoirs, with about 7.1% of the slaughters done
by the state owned Cold Storage Company, a trend
that has persisted since opening up of the meat
processing industry.


Pigs
During the second quarter of 2017, pig slaughters
declined by 4.9% to 39 826, from 41 874
slaughters during the same period last year, owing
to retentions of parent stock by farmers.
Table 6 shows pig slaughters for the first two
quarters of 2017 compared to same period in
2016.

Table 6: Quarterly Pig Slaughters in 2016
Pigs

%
Change
Q1
41137
38002
-7.6
Q2
41874
39826
-4.9
Total
83011
77828
-6.2
Source: Ministry of Agriculture, 2017

Poultry
Poultry growth prospects which had improved on
account of increased availability of stock feeds,
following higher grain output during the season,
have, however, dampened. This is, in large part,
attributable to an outbreak of the highly
contagious and pathogenic avian flu, which
affected some countries in the SADC region since
June 2017, including South Africa, DRC and
Zimbabwe.

The flu outbreak has affected one of the main
chicken breeding farms in the country leading to
massive culling of part of the concern’s breeding
stock and table egg production unit. The outbreak
has already resulted in restricted movement of
poultry products across borders in the region,
exacerbating the shortage of day old chicks as
imports of fertilised eggs from South Africa were
banned. Further, alternative sources of hatching

eggs from outside the SADC region attract a 40%
import duty. These developments could result in
low meat and egg output as the year progresses,
which is likely to cause an increase in the price of
affected products.

Dairy
A total of 14.48 million litres of milk was
produced in the second quarter of 2017, which
was, however, 7.1% less than the 15.59 million
litres produced in the previous quarter. The lower
output levels were attributed to the heavy rains
received in 2016/17 rain season, which adversely
affected animal health and milk production.
Consequently, milk production for the first half of
2017 was 1.91% lower than the 31.80 million
litres produced during the same period in 2016, as
shown in Figure 6.

Figure 6: Quarterly Milk Output (million litres) in
Jan –June 2016 and 2017


Source: Dairy Services, 2017

MINING
Most of the key minerals registered positive
performance in the second quarter of 2017,
compared to the same period in 2016, pointing to
the high possibility of achieving more than the
projected growth rate of 5.1% for the sector in
2017. Table 7 shows annual production statistics
for selected minerals in 2016 and projections for
2017.

Table 7: Quarterly Mining Production Statistics

Q2

Q2 2017
JanJune

Jan-Jun

Gold (kg)

Chrome
(tonnes)

Coal
(tonnes)

Nickel
(tonnes)

Platinum
(kg)

Palladium
(kg)

Diamonds
(Carats)


Source: MOFED, RBZ, Ministry of Mines, Chamber of
Mines, 2017
Gold
Gold output stood at 5 784 kg in second quarter of
2017, up 10% from 5 255 kg produced during the
same period in 2016, largely driven by small scale
producers, whose output recorded a 31% increase
compared to the previous period. Although large
scale producers contributed 49% of Q2 output,
their actual output was 5% lower than in the same
period 2016. Small scale and artisanal miners
output contributed 44% of total production during
Q2, 2017.

Cumulatively, gold output for the first half of
2017 was 10 828 kg, 4.5% more than the 10 360
kg produced in the comparable period in 2016.
Interventions by the Central Bank, through a
US$40 million Gold Support Facility are expected

Jan
Feb
Mar
Apr
May
Jun

to boost deliveries from small scale gold miners,
particularly in the last half of the year. Figure 7
compares gold deliveries in the second quarter of
2016 and 2017.

Figure 7: Gold deliveries to FPR: Q2 2016 vs
Q2 2017

Source: FPR, 2017

Platinum
Platinum output, at 3 693 kg in Q2 2017, was
1.2% more than production realized in the
comparable period of 2016, benefiting largely
from production ramp up at Zimplats’ open pit
and Bimha redevelopment, as other players
remained at 100% capacity utilization levels.
Platinum production, however, continues to be
hamstrung by subdued international platinum
prices, which declined to about US$941 per ounce
in Q2 2017, from US$1,005 per ounce in the
comparable period in 2016, as shown in Figure 8.


Figure
8:
Developments
in
Average
International Platinum Prices: Q2 2016-2017


Source: Chamber of Mines of Zimbabwe

Cumulative platinum output stood at 7,244 kg, 9%
lower than 7,968 kg produced during the same
period in 2016.

Diamond
A total of 820 752 diamond carats were produced
in the second quarter of 2017, compared to 480
876 carats in the comparable period of 2016,
largely benefitting from increased activity by the
producers. Zimbabwe Consolidated Diamond
Company (ZCDC) increased output by 87.3%
while Murowa registered a 24.6% increase
compared to the same period of last year.
Diamond
production
benefited
from
the
resolution of legal wrangles and the concomitant
resumption of operations on new concessions at
Chiadzwa diamond fields. Production was further
enhanced by the capitalization of ZCDC by
Government.


Large
Scale
Small
Scale
Total
Q2 2016
5645.99
3981.69
9627.68
Q2 2017

kg

980.55
940.61

Q2 2016
Q1 2017
Q2 2017
Platinum (Kg)
Average Price (US$/Ounce)

Figure 9: ZCDC Performance in Q2 2016 and 2017

Source: Ministry of Mines, ZCDC, 2017

Cumulative diamond output, at 1 388 082 carats
for the period January to June 2017, was 28%
more than in the comparable period in 2016. The
huge increase points to the high possibility of
surpassing the projected output of 1.9 million in
2017.

Nickel
Nickel output stood at 4,551 tonnes in the period
under review, 8% more than the 4,227 tonnes
realized in the comparable period of 2016. Nickel
production benefitted from increased activities in
the PGMs sector, as well as the ramp up in
primary production following the completion of
scheduled maintenance of plant & equipment.
Coal
Coal output stood at 909 124 tonnes in the second
quarter of 2017, compared to 529 809 tonnes
realized during the same period in 2016. The
improved recovery in coal performance in the
second quarter of 2017 was spurred by the
implementation of turnaround strategies at
Hwange Colliery and Zambezi Gas as well as the
recovery
in
coal
prices.
The
anticipated
resumption of underground mining at Hwange
Colliery operations in the third quarter of 2017 is
expected to increase output level in 2017. Coal
offtake, however, remains constrained by the low
economic activities amid company closures,
mainly in the manufacturing industries.
Chrome Ore
Of the chrome ore mined during the period under
review, 118 797 tonnes was exported in raw form
at an average price of US$162.21 per tonne, whilst
78 428 tonnes was exported as a beneficiated
product, high carbon Ferrochrome (HCF), at an
average price of US$1 088.22 per tonne. This
compares favorably with the same period in 2016
in which 35 289 tonnes was exported as raw at an
average price of US$74.30 per tonne and 32 788
tonnes of HCF at an average price of US$671.65
per tonne, as shown in Figure 10 and 11.
Figure 10: Chrome ore Exports and Average Prices
realized


Source: COMZ & MMCZ, 2017


April
May
June
Yr. 2016
Yr. 2017

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Chrome ore
Average Price (US$/tonne)

Figure 11: HCF (tonnes) Exports & Average
international prices realised (US$/tonne)

Source: COMZ & MMCZ, 2017
Although chrome ore and HCF prices have been
declining since the first quarter of 2017 due to the
softening of demand from China, they, however,
remain lucrative to the producers, particularly of
HCF.
The potential of the mining industry is huge
considering the wide range of minerals that are not
being exploited and the potential of reviving
closed mines. The sector, however, continues to
face viability challenges emanating from:
High operating costs triggered by high
electricity tariff and high cost of funds;
Fluctuating minerals prices;
Shortage of long term capital;
Low investment in exploration; and
Foreign exchange shortages.


MANUFACTURING
The manufacturing sector, which is estimated to
have grown by 0.3% in 2016, is projected to
register a subdued growth rate of 0.1% in 2017.
Activity in the sector will largely be driven by the
foodstuffs, drinks, tobacco & beverages, wood &
furniture and paper, printing & publishing
subsectors
foodstuffs,
drinks,
tobacco
&
beverages, wood & furniture and paper, printing
& publishing subsectors, as indicated in the Table
8.

Table 8: Volume of Manufacturing Indices

2016 Est

Proj
Foodstuffs
99.0
100.0
Drinks, Tobacco and Beverages
96.3
97.0
Textiles and Ginning
78.0
78.0
Clothing and Footwear
95.0
95.0
Wood and Furniture
96.2
97.0
Paper, printing and Publishing
90.4
91.0
Chemical
and
Petroleum
Products
87.4
85.0
Non-metallic mineral products
143.0
143.9
Metals and Metal products
66.5
66.0
Transport, Equipment
66.0
66.0
Other manufactured goods
66.7
67.9
Manufacturing Index
90.26
90.34
Manufacturing Growth Rate
(%)
0.30
0.1
Source: RBZ& MoFED


HCF
Average Price (US$/tonne)

Despite the challenging operating environment,
efforts
by
Government
towards
import
substitution and support for export development
continue to enhance manufacturing activities in
the economy. This was complemented by strong
agriculture performance during the 2016/17
agricultural season, which significantly reduced
the country’s import dependency on food, thereby
conserving the country’s foreign currency.

The
prevailing
operating
environment
for
manufacturers continues to be improved by
additional measures such as the National
Competitiveness
Commission
(NCC),
Government’s Rapid Results Project, the Local
Content Requirements Framework, as well as the
reviving of IDC industrial financing role. These
interventions are expected to enhance the local
manufacturers’ competitiveness and productivity.

During the period under review, some subsectors,
especially the dairy and beverages reported
positive volume outturn attributable to improved
consumer spending. This also followed a good
agricultural season and various initiatives by the
RBZ to promote growth in the economy. Further,
the sub-sectors also benefitted from investments
made by companies in 2016, including line
extensions, rationalisations, as well as the positive
impact of SI64 of 2016.

The commissioning of the Tokwe Mukorsi Dam
has secured water supply for sugar cane growers
in the Lowveld, and this will significantly
improve the production and supply of sugar to the
country and export market and also impact
positively on livelihoods in that region.


ELECTRICITY

Electricity generated by major power stations in
the second quarter of 2017 amounted to 3
536.3GWh, down 4.3% from the 3 639.1GWh
produced during the same period in 2016. The
slight decline in electricity generation to June
2017 compared to 2016 was due to reduced
throughput from Hwange thermal power station
which has been facing challenges of constant
breakdowns
and
coal
supply
shortfalls.
Challenges at Munyati, however, continue to
weigh down overall output.

Table 9 shows output from major power stations
and Independent Power Producers,(IPP),during in
the second quarter of 2017.

Table 9: Electricity output (GWh)- 2017 Q2
Station
April
May
June
Kariba
295.1
350.1
310.0
Hwange
268.5
265.8
283.3
Bulawayo
-
0.2
2.3
Munyati
-
-
-
Harare
11.3
1.9
1.5
IIP
17.7
12.9
9.0
Total
592.6
630.9
605.9

Source: ZPC, ZERA 2017

Power generation, in 2017 benefited from
improved availability of water as dam levels rose
significantly at Kariba. Figure 12 compares the
electricity generation by month in 2016 and 2017.

Figure 12: Energy Produced and Sent Out (GWh):
2016 – 2017

Source: ZPC 2017
During the first half of the year, the Independent
Power Producers contributed about 136.00GWh
into the national grid, with Pungwe B hydro power
station accounting for about 42% of this output.
Electricity supply in the country is expected to
stabilise with the completion of the expansion of
the Kariba South Station. The first unit of the
installation is due for commissioning in December
2017, with the second unit to follow suit in March
2018. Upon completion, the Kariba South
expansion project is expected to add 300MW into
the national grid.

INFLATION DEVELOPMENTS

During the second quarter of 2017, annual
headline inflation rate accelerated to a peak of
0.75% in May 2017, before decelerating to 0.31%
in June 2017. Before that, inflation had
progressively accelerated from -0.7% in January
2017 to 0.21% in March 2017. Despite the dip in
June, the average annual inflation rate was higher
in the second quarter than in the first quarter of
2017.

Figure 13: Annual Inflation Profile (%)

Source: Zimstat, 2017

Annual Food Inflation
The year-on-year food inflation accelerated from
an average of 0.7% in the first quarter of 2017 to
an average of 1.7% in the second quarter. There
were significant price increases in the bread and
cereals category, reflecting rising wheat prices
and reduced global supplies of wheat, against high
demand for both wheat and rice. Meat prices also
increased due to a decrease in supply, as farmers
focus on restocking their herds.

Annual Non-Food Inflation
Although remaining in the negative, annual nonfood inflation also accelerated from an average of
-0.53% in the first quarter of 2017 to -0.03% in the
second quarter of 2017. Non-food inflation
continued to be driven by increases in the prices
of
furniture,
household
equipment
and
maintenance; education; miscellaneous goods and
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Electricity Generated (GWh)


Food
Non-Food
Headline

services and communication; as well as recreation
and culture.

Regional Inflation Developments

Zimbabwe’s annual inflation, at 0.3%, remains the
lowest in the SADC region, as shown in Table 10
below.

Table 10: Regional Annual Inflation Trends

2016 Dec
2017 Mar
2017 Jun
Zim
-0.9
0.2
0.3
SA
6.8
6.1
5.1
Bot

3.5
3.5
Moz
25.3
20.9
18.1
Tan

6.4
5.4
Zam
7.5
6.7
6.8
Mal

15.8
11.3
USA
2.1
2.4
1.6
Source: ZIMSTAT, 2017

Inflation Outlook
Quarterly annualized inflation decelerated from
3.4% in March 2017 to -0.6% in June 2017. This
trend, if sustained, partly points to dampening of
inflationary pressures in the economy, in the short
to medium term.


Figure 14: Quarterly Annualized Inflation
Profile 2017


Source: RBZ January 2017

Inflation pressures will be dampened by the
positive supply impact of a good agricultural
season, as well as the recent decline in
international oil prices. The continued firming of
the South Africa rand against the United States
dollar, however, would have a counter-effect of
pushing up domestic prices in the short to medium
term. Overall, annual inflation is expected to
continue in low positive territory in the outlook
period, driven by both domestic and external
factors.


Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17

4. MONETARY DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS
Broad money supply recorded an increase of
10.40% in the second quarter of 2017, from US$5
879.93 million in March 2017 to US$6 491.67
million. This compares to a growth of 4.39%
recorded in the second quarter to 2016. The
quarterly growth in money supply was reflected in
expansions in transferrable deposits, 13.10%;
negotiable securities, 9.15%; and time deposits,
0.59%.
On an annual basis, money supply grew by
26.91%, from US$5 115.02 million in June 2016.
The growth patterns are depicted in Figure 15,
which shows annual broad money supply in
nominal terms as well as the growth rates.
Figure 15: Annual Broad Money Supply
Growth Rates and Levels

Source: RBZ, 2017

Domestic Credit
The growth in money supply was underpinned by
expansion in credit to Government, which
increased by 17.21%, reflecting increased
borrowing
on
the
domestic
market
by
Government to finance the budget deficit.

Credit to the private sector remained subdued,
though recording a marginal growth of 0.81%
over the year to June 2017. The low growth in
credit to the private sector continues to reflect the
cautionary lending by banks. Figure 16 shows the
distribution of credit allocation to the private
sector.

Figure 16: Sectoral Distribution of Credit

Source: RBZ, 2017

Households continue to claim the largest share of
bank credit, 22.7%; followed by agriculture,

ANNUAL GROWTH %
US$ BILLION
Currency in Circulation
NCDs
Time Deposits
Transferable Deposits
Growth
Households
22.7%
Agriculture
16.5%
Manufacturing
13.1%
Services
15.9%
Distribution
11.9%
Financial
Organisations
10.8%
Mining
4.8%
Transport and
Communication
2.1%
Construction
1.7%
Other 0.5%

16.5%; services, 15.9%; and manufacturing,
13.1%. Credit to households, however, also
includes amounts advanced towards financing of
small to medium enterprises (SMEs), as most of
them borrow largely through their individual
accounts.
Interest Rates
During the quarter under review, nominal lending
rates quoted by most banks ranged between 6%
and 12%. The range was in line with the Central
Bank’s call to stimulate the economy through low
borrowing
costs.
Deposit
rates,
however,
remained low. Average interest rates on 60-day
and 90-day deposits have remained below 6%.

5. STOCK MARKET DEVELOPMENTS

During the quarter ended 30th June 2017, the
Zimbabwe Stock Exchange (ZSE) recovered from
the previous quarter loss. Trading activity was
largely dominated by wealth preserving counters,
such as British American Tobacco Zimbabwe
(B.A.T.),
CBZ
Holdings
Limited,
Delta
Corporation and Econet Wireless Zimbabwe.
Resultantly, the local bourse capitalization
increased by US$1.82 billion or 47.11% of the
previous quarter value to US$5.70 billion on 30th
June 2017. On a year-on-year basis, the ZSE
registered a 104.79% growth in capitalization,
from US$2.78 billion as at 30th June 2016.


Figure 17: Market Capitalization

Source: Zimbabwe Stock Exchange, 2017

Industrial Index
In line with the trading activity on the ZSE during
the quarter under review, the industrial index
increased by 41.03%, from 138.96 points as at 31st
March, to 195.97 points at the end of the second
quarter of 2017. On a year on year basis, the
industrial index gained 94.93 points, from 101.04
points in 2016, as show in Figure 18.

Figure 18: Zimbabwe Stock Exchange Indices

Source: Zimbabwe Stock Exchange, 2017


30-Jun-16
31-Jul-16
31-Aug-16
30-Sep-16
31-Oct-16
30-Nov-16
31-Dec-16
31-Jan-17
28-Feb-17
31-Mar-17
30-Apr-17
31-May-17
30-Jun-17
US$ Millions

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

Mining Index
Despite the dampened investor sentiment in the
resources cluster in the first quarter of 2017,
during the quarter under review, there was
renewed investor interest in RioZim and Hwange
Colliery Company. The investor interest was
buoyed by positive growth prospects of the
mining companies. Improved investor demand for
Hwange
Colliery
Company
shares
was
underpinned by the resuscitation of operations
after increasing its installed capacity. As a result,
the mining index grew by 19.18% to close at 69.79
points.

Market Turnover
As a consequence of improved trading activity on
the ZSE due to investors’ rebalancing of their
portfolios, both the turnover volume and value
increased by 112.78% and 44.13% to 557.8
million shares and US$67.8 million, respectively.
As such, a number of block trades were registered,
where 213.9 million ZPI shares, 37.3 million RTG
shares, 35.9 million Econet shares and 32.2
million General Beltings shares exchanged hands
at 1.1 cents, 1 cent, 24 cents and 1.1 cents,
respectively.

Foreign investor participation on the ZSE,
however, continued to decline, registering net
outflows of US$15.4 million and US$13.6 million
in the quarters ended 31st March 2017 and 30th
June 2017, respectively.

Figure 19: Market Turnover Value

Source: Zimbabwe Stock Exchange, 2017

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES
The value of transactions processed through the
National Payment Systems in the second quarter
ending 30th June 2017 increased by 21% to
US$21.69 billion from US$17.91 billion recorded
in the previous quarter ending 31 March 2017.
The volumes increased by 52% to 203.7 million
from 133.8 million during the same period. The
RTGS, Cash, POS, Internet and Mobile payment
streams recorded increases in both values and
volumes for the current quarter whilst cheque and
ATMs registered decreases when compared to
quarter ending 31 March 2017.

Table 11 provides the statistical information on
various payment streams for the second quarter
ending 30 June 2017:

30-Jun-16
31-Jul-16
31-Aug-16
30-Sep-16
31-Oct-16
30-Nov-16
31-Dec-16
31-Jan-17
28-Feb-17
31-Mar-17
30-Apr-17
31-May-17
30-Jun-17
US$ Millions

Table 11: Consolidated Transactional Activities
TRANSACTIONAL ACTIVITIES
Payment
Stream
First quarter
ending

March 2017
Second
quarter
ending

June 2017
Change
from
last
quarter
Proporti
on

VALUES IN US$ Million

RTGS

CHEQUE

POS

ATMS

MOBILE

INTERNET

CASH

TOTAL


VOLUMES


RTGS

CHEQUE

POS

ATMs

MOBILE

INTERNET

CASH

TOTAL

Source: RBZ, 2017


Large Value Payments

Zimbabwe Electronic Transfer and Settlement
System

The value of transactions processed through the
RTGS system for the second quarter ending 30
June 2017 increased by 12% to US$14.50 billion
from US$12.93 billion recorded in quarter ending
31 March 2017 while the volume of transactions
registered an increase of 30% to 1.4 million from
1.1 million as shown in Figure 20.

Figure 20 : RTGS Values and Volumes


Source: RBZ, 2017

SWIFT Foreign Currency Transactions
SWIFT foreign currency payments increased by
51% to US$1.4 billion for the quarter ending 30
June 2017 from US$0.93 billion in the previous
quarter ending 31 March 2017. During the same
period,
SWIFT
foreign
currency
receipts
increased by 26% to US$1.04 billion from


Q1

Q2

Q3

Q4

Q1

Q2
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes

US$0.82 billion as shown in Figure 24 below. The
net foreign currency outflows amounted to
US$365.64 million from US$106.84 million
during the period under review.
Figure 21 shows trends in SWIFT foreign
currency transactions.
Figure 21: SWIFT Cross Border Transactions


Source: RBZ, 2017

Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 19%
fromUS$0.998 billion during the quarter ending
31 March 2017 to US$1.19 billion recorded in
quarter ending 30 June 2017. The corresponding
volumes increased by 73% from 6.14 million to
10.62 million, as shown in Figure 22.


Figure 22: Over the Counter Cash Withdrawals

Source: RBZ, 2017

Retail Payments

Figures 23 and 24 show the trends in the values
and volumes of retail transactions from quarter
ending 31 March 2016 to quarter ending 30 June
2017.

Figure 23: Values of Retail Transactions

Source: RBZ, 2017


Quarter
ending
Dec 2015
Quarter
ending
Mar 2016
Quarter
ending
June

Quarter
ending
Sept

Quarter
ending
Dec 2016
Quarter
ending
Mar 2017
Quarter
ending
June

Volumes in Thousands
Value in US$B
(SWIFT) Cross Border
QuarterlyTransactions
Value of Receipts
Value of Payments
Volumes of Payments


Q1

Q2

Q3

Q4

Q1

Q2

US$ BILLIONS
MILLIONS
Volumes
Values


2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
US$ Millions
CHEQUE
POS
ATMS
MOBILE
INTERNET
CASH

Figure 24 : Volumes of Retail Transactions


Source: RBZ, 2017

Collateral2

The local collateral figure comprises of Cheque
and Zimswitch card payment streams. The value
of collateral increased to US$43.10 million in the
second quarter ending June 2017 from US$31.92
million recorded in the previous quarter ending
March 2017 as shown in Figure 25.


2The collateral figure comprises of cheque and Zimswitch
card payment stream amounts.
Figure 25: Total Collateral


Source: RBZ, 2017

Access Points and Devices

The mobile banking agents increased to 42,102 in
second quarter ending 30 June 2017 from 40,540
reported in the quarter ending 31 March 2017
mainly attributable to increase in agent network
by 612.

Point of Sale (POS) population increased to
44,805 from 40,011 in line with the promotion of
electronic means of payment and ATM population
increased to 562 from 557 attributable to some
banks which added more devices to the market.


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

Q1

Q2

Q3

Q4

Q1

Q2
US$ MILLIONS

There were 3.35 million active mobile financial
services subscribers registered in the period under
review from 3.21 registered in the previous
quarter. Table 12 shows statistics for access points
and devices for the fourth quarter of 2016, and for
the first and second quarters of 2017.

Table 12: Payment Systems Access Points and
Devices
PAYMENT SYSTEMS ACCESS POINTS


Q3 2016
Q4 2016
Q1 2017
Mobile
Banking
Agents
40,590
40,540
42,102
ATMs

POS
32,629
40,011
44,805
PAYMENT SYSTEMS ACCESS DEVICES


Debit Cards
3,127,153
3,359,455
3,780,389
Credit Cards
16,030
16,945
17,510
Prepaid
Cards
43,288
46,593
52,384
Active
Mobile
Banking
Subscribers
3,279,049
3,214,001
3,353,916
Internet
Banking
Subscribers
168,339
177,920
205,104
Source: RBZ, 2017


7. FISCAL DEVELOPMENTS

Government Revenue

Cumulative
revenue
collections
stood
at
US$918.0 million in Q2 of 2017, about 0.3%
below the quarterly target of US$920.5 million,
weighed down by non-tax and other indirect tax
revenue heads, as well as by the net effect of the
increase in VAT refunds, as shown in Figure 26.
Figure
26:
Quarterly
Revenue
Head
Performance in Q2: 2016 vs 2017 & Q2 2017
Target

Source: MoFED, 2017

Cumulative collections, however, surpassed the
US$884 million realised during the comparable
period in 2016 by 4%, largely on account of tax
on income and profits, as well as excise and
custom duty which performed better during the
second quarter of 2017. VAT, other indirect taxes
and non-tax revenue were, however, below levels
realized during the same period in 2016, pulled
down by the slowdown in economic activity.
Tax on income and profits continued to be the
major driver of revenue, contributing 38.8% of

Tax on
Income
and profits
Customs
duties
Excise
duties
Value
Added Tax
(VAT)
Q2 2016
Q2 2017
Q2 2017 Targets

total collections during the period under review.
Figure 27 shows the contributions of the various
revenue heads to revenue collections in the second
quarter of 2017.
Figure 27: Contribution of Revenue Heads to
Total Revenue in Q2 2017

Source: Ministry of Finance, 2017

Tax revenue at US$867.1million, constituted
94.5% of collections, and was 2.8% more than the
quarterly target of US$843.5 million, and 5%
above the US$825.5 million collected during the
comparable period in 2016.

Government Expenditure Performance

Cumulative Government expenditure for the
period January to May 2017 amounted to
US$2.020 billion, surpassing the target of
US$1.658
billion
by
US$360.5
million.
Employment costs dominated expenditures, and
remained the major driver of Government outlays,
contributing
71.6%,
followed
by
capital
expenditure and net lending at 14.1%.


Figure 28: Expenditure Head Performance JanMay: 2016 vs 2017


Source:
Ministry
of
Finance
&
Economic
Development, 2017

As shown in Figure 28 above, all the other
expenditure heads exceeded budgeted targets
resulting
in
overall
expenditure
overrun.
Cumulative employment costs in the first five
months stood at US$1.446 billion, 17% more than
the targeted expenditures of US$1.241 billion.
Operations and maintenance costs at US$218.5
million, also surpassed the cumulative target of
US$68.1 million by 221%. Capital expenditures
amounted to US$285.4 million, which was 45%
more than the US$197.5 million incurred in the
comparable period in 2016.


RESERVE BANK OF ZIMBABWE
JUNE 2017

Tax on Income and
profits (38.8%)
Customs
duties (8%)
Excise
duties
(18.9%)
Value
Added Tax
(VAT) (26%)
Other
indirect
taxes (2.8%)
Non-tax Revenue (5.5%)

Total
Expenditures &
Net Lending
Employment
Costs
Capital
Expenditures &
Net Lending

2017 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: Liabilities


S4

4.2.Reserve Bank: Assets 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


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

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

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Mo

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbawe,2017
Note:
(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.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)


S2


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

Less Liabilities to Central Government

Of which: Deposits

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Other Liabilities to ODCs

Other Items(Net)

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,2017
Note:
(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.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)


S3


Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-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)
4,878,305.20

5,132,752.46

5,060,208.14

5,148,766.23

5,245,432.00

5,321,500.90

5,442,974.41

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

Domestic Claims
4,968,416.04

5,052,675.36

4,986,309.07

4,950,022.79

5,022,442.51

5,110,022.06

5,157,302.61

5,249,484.24

5,193,549.03

5,210,748.62

5,374,818.07

5,496,061.61

5,599,314.81

5,744,480.55

Net Claims on Central Government
1,230,643.24

1,415,342.33

1,425,743.21

1,396,177.93

1,446,944.29

1,503,220.41

1,472,146.07

1,528,867.51

1,617,356.78

1,673,670.22

1,722,915.15

1,893,632.91

1,910,530.23

1,988,366.03

Claims on Central Government
1,247,585.3619

1,440,948.5355

1,476,643.9874

1,443,114.9290

1,490,684.3763

1,546,271.8214

1,518,299.1187

1,571,032.9250

1,670,420.5050

1,728,929.8577

1,809,816.2513

1,969,866.9249

1,985,634.2076

2,062,080.8211

Securities
1,225,003.3297

1,412,869.1273

1,450,083.5207

1,420,220.1988

1,463,404.5297

1,517,535.6764

1,500,671.4257

1,553,239.1020

1,654,534.6290

1,713,961.3077

1,794,113.0553

1,954,045.2049

1,968,887.3446

2,014,158.1741

Loans
22,582.0322

28,079.4082

26,560.4666

22,894.7303

27,279.8466

28,736.1450

17,627.6930

17,793.8230

15,885.8760

14,968.5500

15,703.1960

15,821.7200

16,746.8630

47,922.6470

Other
-

-

-

-

(0.0000)

-

(0.0000)

0.0000

(0.0000)

0.0000

-

(0.00)

(0.00)

(0.00)

Less Liabilities to Central Government
(16,942.1215)

(25,606.2057)

(50,900.7775)

(46,937.0009)

(43,740.0913)

(43,051.4118)

(46,153.0502)

(42,165.4109)

(53,063.7244)

(55,259.6416)

(86,901.1009)

(76,234.0149)

(75,103.9806)

(73,714.7955)

Claims on Other Sectors
3,737,772.8017

3,637,333.0280

3,560,565.8611

3,553,844.8587

3,575,498.2216

3,606,801.6478

3,685,156.5434

3,720,616.7211

3,576,192.2507

3,537,078.4083

3,651,902.92

3,602,428.70

3,688,784.58

3,756,114.52

Other Financial Corporations
106,004.42

110,807.60

120,221.91

116,453.99

117,440.18

106,745.29

109,892.67

102,641.44

100,223.50

60,600.81

61,686.40

63,543.47

77,258.00

132,079.86

State and Local Government
42,766.93

40,448.43

48,803.79

47,676.40

43,554.41

41,728.47

37,784.82

34,237.41

35,909.11

35,006.53

34,312.18

34,732.93

36,595.52

35,573.02

Public Non Financial Corporations
109,014.22

98,902.80

100,732.47

100,520.49

93,825.28

103,499.64

101,612.03

86,631.35

84,675.48

84,417.84

86,380.62

90,267.74

88,656.44

98,878.45

Private Sector
3,479,987.23

3,387,174.20

3,290,807.69

3,289,193.98

3,320,678.35

3,354,828.25

3,435,867.03

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

Claims on the Central Bank
810,741.643

1,017,467.818

1,055,340.530

1,178,684.455

1,209,909.110

1,156,606.119

1,323,120.314

1,435,556.219

1,475,197.651

1,507,778.322

1,498,477.568

1,505,940.672

1,505,814.461

1,682,269.779

Bond Notes and Coins
1,526.163

1,614.904

1,620.368

1,580.191

1,627.106

1,420.818

4,565.027

16,563.071

20,206.055

19,301.209

12,559.660

10,691.409

13,438.609

7,361.926

Reserves
809,215.480

1,015,852.915

1,053,720.162

1,177,104.264

1,208,282.003

1,155,185.301

1,318,555.287

1,418,993.147

1,454,991.597

1,488,477.113

1,485,917.908

1,495,249.263

1,492,375.852

1,674,907.853

Liabilities to the Central Bank

Other Items(Net)
900,850.66

937,390.03

981,438.87

979,940.77

986,918.90

945,127.17

1,037,448.30

1,134,271.35

1,088,577.32

1,078,654.52

1,162,242.90

1,126,224.85

1,152,162.40

1,145,772.36

Shares and Other Equity
1,103,911.46

1,160,998.70

1,174,877.57

1,188,635.39

1,194,352.25

1,211,644.10

1,228,902.77

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

Liabilities to other financial corporations
37,325.07

47,396.74

46,151.88

41,248.99

36,195.23

28,299.00

28,777.63

48,770.44

41,105.95

43,353.63

41,885.62

41,887.59

42,243.24

46,601.91

Other Items(Net)
(240,385.87)

(271,005.41)

(239,590.58)

(249,943.61)

(243,628.59)

(294,815.93)

(220,232.10)

(186,325.14)

(225,515.85)

(243,984.80)

(181,510.08)

(210,686.24)

(200,367.71)

(226,105.56)

Deposits and Securities Included in Broad Money
4,890,832.17

5,103,294.98

5,047,074.28

5,167,680.67

5,263,571.88

5,302,500.30

5,397,590.93

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

Deposits Included in Broad Money
4,835,248.40

5,022,342.85

4,975,283.25

5,086,840.39

5,189,453.59

5,229,143.63

5,353,728.76

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

Transferable Deposits
3,242,880.58

3,453,134.13

3,457,573.92

3,533,492.69

3,654,543.14

3,720,200.45

3,886,146.76

4,032,568.59

3,983,863.96

4,042,323.47

4,144,685.59

4,366,516.18

4,389,399.64

4,673,922.65

Other Deposits
1,592,367.82

1,569,208.72

1,517,709.33

1,553,347.70

1,534,910.45

1,508,943.19

1,467,582.00

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

Money Market Instruments
55,583.77

80,952.14

71,791.03

80,840.29

74,118.29

73,356.67

43,862.17

62,894.35

50,562.02

59,329.24

60,161.15

63,292.20

61,392.93

65,667.46

Source: Reserve Bank of Zimbawe,2017
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000)


S4


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

Source: Reserve Bank of Zimbabwe, 2017
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
US$ Thousands
Deposits
TABLE 1.1: RESERVE BANK - LIABILITIES


S5


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

Source: Reserve Bank of Zimbabwe, 2017
TABLE 1.2: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


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


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


June


July


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


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
Government

Local Governemt
Public Enterprises
Other

Government
Government
Enterprises
Institutional Units

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


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,
Debt Securities
Loans and Advances
TABLE 2.1: - 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

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2017
TABLE 2.2 : 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


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 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

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

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


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

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

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
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
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. 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

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
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

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

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

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


S20


End of
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Merchandise Imports (excl. energy)
230.3

169.2

242.4

189.1

225.5

226.9

218.8

236.7

180.5

207.1

194.4

213.8

226.4

297.2

254.3

- Consumption Goods
108.1

85.3

112.8

86.9

112.9

121.5

110.9

125.4

92.7

94.1

78.4

99.1

98.6

128.2

80.7

- Capital Goods
62.3

44.6

65.9

50.5

53.4

48.6

46.6

57.6

33.9

55.2

57.9

55.9

53.6

72.2

80.2

- Intermediate Goods
60.0

39.4

63.8

51.7

59.2

56.8

61.3

53.8

53.8

57.8

58.1

58.8

74.1

96.8

93.4

Energy (Fuel & Electricity)
59.1

42.6

73.9

63.8

58.6

56.7

64.3

90.9

65.1

63.7

58.3

51.1

52.2

75.0

77.8

Service Payments
99.1

98.2

84.5

101.1

87.7

76.5

74.9

81.2

99.8

74.6

66.4

81.9

69.4

78.1

57.8

- Technical, Professional & consult
56.7

59.4

39.2

54.2

39.8

37.8

33.1

36.7

40.8

29.0

17.1

36.5

24.8

36.4

20.7

- Software
4.8

4.5

10.0

15.4

6.3

3.0

3.4

3.4

2.6

4.6

3.9

4.9

4.3

6.3

5.6

- Other (tourism, edu, freight etc)
37.7

34.2

35.4

31.5

41.6

35.6

38.4

41.1

56.4

41.0

45.4

40.5

40.3

35.4

31.5

Income Payments (Profits, Dividends
18.3

6.3

7.9

11.0

8.3

7.9

15.5

10.6

8.2

14.0

6.3

12.0

12.2

17.8

19.3

Capital Remittances (outward)
52.9

45.0

37.2

28.6

23.9

50.1

58.8

26.4

23.9

24.0

33.2

41.6

44.1

64.0

34.8

- External Loan Repayments
42.6

35.4

21.0

23.0

15.4

43.1

52.2

20.8

23.3

22.8

32.4

29.9

41.4

61.0

33.3

- Disinvestments
10.2

9.6

15.9

5.6

7.6

6.2

6.6

5.2

0.6

1.0

0.2

11.7

2.7

2.9

1.3

- Cross Border Investment
0.1

0.0

0.3

0.0

0.9

0.7

0.1

0.5

0.1

0.1

0.6

0.1

0.0

0.1

0.2

Other Payments
1.0

0.2

0.5

0.7

0.2

2.2

0.3

0.2

0.1

0.3

0.1

0.3

2.0

0.2

0.3

TOTAL
460.9

361.6

446.4

394.3

404.3

420.3

432.7

446.1

377.6

383.7

358.7

400.7

406.2

532.3

444.2

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
Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

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


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(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

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private

1,807
1,671
1,731
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)


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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

1,286


Public and Publicly Guaranteed Debt

Reserve Bank


Private

1,807
1,671
1,731
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)


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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 PRICE


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 :ZIMSTATS, 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

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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

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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


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(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