QUARTERLY
ECONOMIC
REVIEW


JUNE 2016

RESERVE BANK OF ZIMBABWE

CONTENTS

4. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL

List of Figures

List of Tables

1. OVERVIEW

The world economy, which showed signs of
recovery during the first quarter of 2016, faces
downside risks in the aftermath of the
outcome of the 23rd June 2016 Brexit vote,
which was in favour of Britain’s exit from the
European Union (EU). As a result of the
outcome, the International Monetary Fund
(IMF) in its July 2016 World Economic
Outlook (WEO) report, revised its global
growth forecasts downwards for 2016 and
2017 to 3.1% and 3.4%, respectively. These
growth forecasts are both 1 percentage point
lower than the April 2016 WEO forecasts.

The projected slowdown in global economic
performance has an adverse bearing on
developing countries’ economies, through the
fall in the global demand for their export
commodities.

Despite
the
firming
of

international
commodity prices, Zimbabwe’s trade balance
worsened by 3.0%, from a deficit of
US$675.8 million during the first quarter of
2016, to a deficit of US$695.8 million in the
second quarter of 2016.

Partly reflecting the impact of firming
international prices, gold output stood at
10 360 kg during the first half of 2016,
compared to 8 869 kg produced during the
same period in 2015.

The country’s manufacturing sector activities
remained subdued, with capacity utilisation
estimated at around 30% during the second
quarter of 2016. This, notwithstanding, the
manufacturing sector is expected to benefit
from interim policy measures introduced by
Government to promote the consumption of
locally produced goods under Statutory
Instrument (SI) 64. This policy measure is
expected to enhance domestic industrial
production as well as curtail the influx of nonessential imports.

The
Zimbabwe
Stock
Exchange
(ZSE)
recovered from losses realised during the first
quarter of 2016, with both the industrial and
mining indices recording marginal increases
during the second quarter of 2016. This was
on the back of better than expected results for
the first half of the financial year. The ZSE
gained
US$135.9
million
worth
of
capitalisation during the quarter under review.

Annual broad money1 grew by 4.55%, from
US$4 916.8 million in the first quarter of
2016, to US$5 140.7 million in the second
quarter. The growth in money supply partly
reflected tobacco selling season related
inflows. As at 30th June, tobacco worth
US$467.2 million had been sold. Credit
extension to the private sector, however,
remained largely subdued due to cautionary
lending by banks.

The recent policy measures put in place by the
Bank, to promote the use of plastic money,
resulted in an increase in the total value of
transactions processed through the National
Payment
System
(NPS),
from
US$13.47 billion for the quarter ending March
2016, to US$15.08 billion during the quarter
ending 30 June 2016.

1 Under the multiple currency system, broad money is
defined as total bank deposits less interbank deposits.
Please note that the current definition of broad money
under the multicurrency system excludes currency in
circulation.

2.
INTERNATIONAL ECONOMIC
DEVELOPMENTS
The uncertainly surrounding the medium to
long term economic implications of the U.K.’s
exit from the E.U, is expected to negatively
impact on global growth prospects. In
particular, advanced European economies will
suffer through loss of consumer and business
confidence,
lower
equity
prices
and
suppressed yields on safe haven assets and a
shrinking market.

The IMF, World Economic Outlook (WEO)
report of July 2016 has revised its global
growth forecasts downwards for 2016 and
2017. The global economy is now projected to
grow by 3.1% in 2016 and 3.4% in 2017.
Table

shows
economic
growth
developments and the revised projections for
selected regions and countries for 2016 and
2017.

Advanced Economies
In view of the likely effect of increased
uncertainty
on
consumer
and
business
confidence brought about by Brexit, advanced
economies are now projected to grow by 1.8%
in both 2016 and 2017. These growth rates are
1 percentage point and 0.2 percentage points
lower compared to the April 2016 WEO
forecasts, respectively.


Table 1: Global Economic Growth & Outlook
(%)

Actuals
Projections

2016 2017
World Output

Advanced Economies

US

Eurozone

Japan

Emerging
Market & Developing
Economies

China

India

Sub-Saharan Africa

Zimbabwe

Latin America
& the Caribbean

Source: IMF World Economic Outlook Update (19 July
2016), Ministry of Finance and Economic Development
and RBZ projections

United States
The weaker than expected 2016 first quarter
economic performance in the United States of
America (USA) prompted a downward
revision of the 2016 growth forecast from
2.4% to 2.2%. High frequency economic
indicators point to a nascent pick up in the
second half of the year, while the impact of
Brexit will largely be muted.

In the medium term, the lower interest rates in
the USA, combined with a slow path of
monetary policy normalisation are expected to
offset the negative impact of a stronger
U.S dollar and waning consumer and business
confidence.

Euro Zone
The Eurozone’s growth in the first quarter of
2016, at 2.2%, was higher than expected.
Growth continued to be largely supported by
domestic private consumption anchored on
rising income, lower oil prices and less
inhibited household balance sheets, as well as
a rebound in investment.

Compared with the April 2016 WEO
forecasts, the outlook for real GDP growth in
the Eurozone for 2016 was revised from 1.5%
to 1.6%, largely in line with the region’s
performance during the first quarter of 2016.
Growth is projected to moderate to 1.4% in
2017, taking into consideration the potential
negative impact of Brexit.

Japan
Economic growth for Japan is projected at
0.3% in 2016, down from 0.5% in 2015,
reflecting weak domestic demand. As a result,
Japanese inflation has been falling in recent
months.

While the delayed implementation of a
consumption tax from April 2017 to October
2019 would have, to some extent, spurred
growth in 2017, the strengthening of the yen
in recent months is expected to curtail growth
in 2016 and 2017.

Emerging Market and Developing
Economies

The July 2016 WEO projections for growth in
emerging
market
economies
remains
unchanged from the April 2016 WEO levels
of 4.1% in 2016 and 4.6% in 2017. In
particular, the medium-term outlook in China
is positive in the wake of various policy
measures implemented by the country’s
authorities. These included lowering the
benchmark interest rate, expansionary fiscal
policy, increased infrastructure spending and
growth in private credit.
Russia is benefitting from the rebound in
crude oil prices, while in India economic
activity remains buoyant, notwithstanding a
sluggish recovery in private investment. In
many emerging market economies, currency
depreciation has led to the acceleration in food
prices and general inflation.
Sub-Saharan Africa
On the back of challenging macroeconomic
conditions, notably in Nigeria and South
Africa, Sub-Saharan Africa (SSA)’s two
biggest economies, the region’s growth
prospects are gloomy. The two countries are
grappling with lower commodity export
revenues, weaker investor confidence and
constrained power generation. Economic
activity in other SSA countries will also be
negatively affected by depressed international
commodity prices in 2016. In addition, a
number of countries in SSA experienced a
severe El Nino induced drought which further
reduced economic growth prospects.

As a consequence, growth projections for the
region were revised downwards from 3% to
1.6% in 2016 and from 4.0% to 3.3% in 2017.
Commodity Price Developments
Most commodity prices generally firmed
during the second quarter of 2016. Crude oil
prices, which led the recovery in commodity
prices, were supported by declines in global
supply, while other commodities benefited
from the depreciation of the US dollar against
major currencies. International copper prices,
however, retreated during the period March to
June 2016, as shown in Table 2.
Table 2: International Commodity Prices

March
June
% Change
Gold (US$/oz)
1,246.30
1,274.99
2%
Platinum (US$/oz)
964.31
984.45
2%
Copper (US$/ton)
4,932.71
4,634.34
-6%
Nickel (US$/ton)
8,691.43
8,882.27
2%
Crude Oil (US$/
barrel)
39.68
49.83
26%
Source: Bloomberg, 2016
Brent Crude Oil
Brent crude oil prices continued on a recovery
path in the second quarter of 2016, gaining by
26% to average US$49.83/barrel in June 2016.
The increase was driven by seasonal increase
in demand, particularly in the U.S.A, the
world’s largest consumer of crude oil. In
addition, the increase reflected a decrease in
production in the non-Organization of the
Petroleum Exporting Countries (OPEC) and
various supply outages in Canada, Nigeria and
Kuwait.
Figure 1 shows the monthly evolution of
crude oil prices for the period January 2009 to
June 2016.
Figure 1: Brent Crude Oil Prices
(US$/Barrel)

Source: Bloomberg, 2016
The rebound in oil prices from the January
2016 lows, is likely to be weaker than
previous recoveries on account of higher-thanexpected output from OPEC producers and
weaker global growth.
Base Metals
Copper prices remained subdued on the back
of slackening demand in China, the world’s
biggest consumer of the metal, coupled with
generally sufficient supply conditions in
global markets. Against this backdrop, copper
prices
declined
by
6%,
from
US$4,932.71/tonne
in
March

to
US$4, 634.34/tonne in June 2016.

Jun-09
Jan-10
Aug-10
Mar-11
Oct-11
May-12
Dec-12
Jul-13
Feb-14
Sep-14
Apr-15
Nov-15
Jun-16

Nickel prices gained by 2% during the second
quarter of 2016, from a monthly average of
US$8,691.43/tonne
in
March

to
US$8,882.27/tonne in June 2016. The prices
were boosted by mining sector reforms in the
Philippines, one of the top global producers of
the base metal. In June 2016, the Philippine
government indicated that it prefers its local
people to own mining assets.

Figure 2: Base Metal Prices (US$/tonne)

Source: Bloomberg, 2016

In the medium-term, base metal prices are
projected to weaken on account of strong
supply against weak demand, especially in
China.

Gold and Platinum
Gold prices gained 2% to US$1,274.99/oz in
June 2016 partly aided by the depreciation of
the U.S. dollar; declining real interest rates;
and a more cautious position taken by the U.S.
Federal Reserve on future interest rates. In
addition, the outcome of the Brexit vote is
fueling speculation that central banks in major
economies such as China, UK and Japan could
opt for stimulus measures to boost economic
growth and counter the negative implications
of Brexit on global financial markets. This
would heighten the demand for precious
metals.
Platinum prices gained by the end of the
second quarter of 2016, due to the weakening
of the US dollar. Prices rose by 2%, from a
monthly average of US$964.31/oz in March
2016, to US$984.45/oz in June 2016.
Figure 3 shows trends in precious metal prices
since 2010.
Figure 3: Precious Minerals Prices

Source: Bloomberg, 2016


Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Jun-16
NICKEL US$/TONNE
COPPER US$/TONNE (RHS)

Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
GOLD US$/OZ
PLATINUM US$/OZ

Food Prices
The international prices of most food items
were generally stable during the period under
review. This was due to ample global supplies
from
previous
seasons
and
improved
prospects for 2016 global production. The
slight increase in the index was largely caused
by surging sugar prices and moderate
increases in cereals, dairy and meat.
Figure 4: Food Price Index

Source: Bloomberg, 2016
Merchandise Trade Developments
Zimbabwe’s total merchandise trade declined
by 12%, from US$1,926.5 million recorded in
the first quarter of 2016 to US$1,694.1 million
in the second quarter of 2016 (see Figure 5).
The decline reflected the continued slowdown
in economic activity. The total merchandise
trade during the second quarter of 2016 also
compares unfavorably with the US$1,939.8
million realised during the second quarter of 2015.
Figure 5: Total Merchandise Trade –
Q1 and Q2 2016 (US$ million)

Source: Zimstat, 2016
Merchandise Export Developments
Total merchandise exports declined by 20%,
from US$625.3 million in the first quarter of
2016 to US$499.6 million during the quarter
ending June 2016 (see Figure 6). Similarly, a
comparison of total merchandise exports for
the quarter under review, with the same period
in 2015 shows a 3.2 % decline.

Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Food Index
Maize
Wheat
1,927
1,694


Quarter 1
Quarter 2

Figure 6: Merchandise Exports – Q2 2015
and Q2 2016 (US$ millions)
Source: Zimstat, 2016

Flue-cured tobacco, gold, nickel, diamonds,
ferrochrome
and
granite
continued
to
dominate the country’s exports, contributing
about 35.1% of export earnings for the period
second quarter of 2016 (See Table 3).


Table 3: Exports Classified by lHS Code
Product
1st
Quarter

(US$m)
2nd Quarter

(US$m)
2nd
Quarter

Share of
Total (%)
Flue-Cured
Tobacco
219.8
35.2
7.1
Gold
176.9
182.0
36.4
Nickel ores &
Concentrates
55.4
73.0
14.6
Industrial
diamonds
27.7
38.3
7.7
Ferro-chrome
15.0
24.8
5.0
Granite
11.2
8.4
1.7
Other
119.3
137.8
27.6
Total
625.4
499.6
100.0
Source: Zimstat, 2016 & RBZ Calculations, 2016
Major Merchandise Export Destinations
The country’s major export markets consisted
of South Africa, Mozambique, the United
Arab
Emirates,
Zambia,
Belgium
and
Botswana. These countries together absorbed
about
98.5%
of
the
country’s
total
merchandise exports during the second quarter
of 2016. South Africa absorbed 75.2% of the
country’s total merchandise exports during the
second
quarter
of
2016,
followed
by
Mozambique (11.6%); United Arabs Emirates
(5.0%); Zambia (3.5%); Belgium (2.5%); and
Botswana (0.8%), as shown in Figure 7.

516.1
499.6

Q2 2015
Q2 2016

Figure 7: Major Merchandise Export
Destinations (% Share)
Source: Zimstat, 2016 & RBZ Calculations, 2016
Exports to other destinations in the world
constituted 1.5% of total exports in the second
quarter of 2016.
Merchandise Import Developments
Total merchandise imports amounted to
US$1,195.4 million for the second quarter of
2016, representing an 8.1% decline, compared
to the first quarter of 2016. During the
comparable period in 2015, the country’s total
merchandise imports, at US$1 423, 7 million,
were 16% higher than the total imports
recorded during the quarter under review, as
shown in Figure 8.


Figure 8: Merchandise Imports - Q2 2015
and Q2 2016 (US$ million)
Source: Zimstat, 2016
The country’s major imports during the
second quarter of 2016 mainly comprised of
fuels (diesel and petrol), cereals (maize, rice,
and wheat), soya beans and medicines.

Major Import Sources
During the second quarter of 2016, the
country sourced its imports mainly from South
Africa, 42.9%; Singapore, 21.1%; China,
5.4%; Mozambique, 3.3%; India, 3.0% and
Zambia, 2.5%, as shown in Figure 9.


South Africa,
75.2
Mozambique
, 11.6
U.A.E, 5.0
Zambia, 3.5
Belgium, 2.5
Botswana,
0.8
Other, 1.5
1423.7
1195.4

Q2 2015
Q2 2016

Figure 9: Major Merchandise Import
Sources (% Share)
Source: Zimstat, 2016 & RBZ Calculations, 2016
The country’s merchandise imports from
South Africa mainly constituted capital,
intermediate and consumer goods, while
imports from Singapore were dominated by
petroleum products, including diesel and
petrol.

Trade Balance
The merchandise trade developments for the
second quarter of 2016, resulted in the
worsening of the trade balance by 3.0%, from
a deficit of US$675.8 million registered
during the first quarter of 2016, to a deficit of
US$695.8 million, as shown in Figure 10.


Figure 10: Trade Balance (US$ million)
Source: Zimstat, 2016 & RBZ Computations, 2016

The sustained trade deficits are reflective of
the disproportionate absorption of imports of
finished goods, on the back of domestic
supply-side constraints. In addition, the
country’s export volumes and revenues were
subdued on the back of low production, lack
of competitiveness and the general downturn
in international commodity prices.


Zambia
India
Mozambique
China
Singapore
Other
South Africa


2016 Q1
2016 Q2
Exports
Imports
Trade Balance

3. DOMESTIC ECONOMIC
DEVELOPMENTS

The growth in the economy continues to be
constrained by a myriad of challenges, which
include weak local aggregate demand; low
international commodity prices; lack of fiscal
space; and infrastructural bottlenecks.

REAL SECTOR DEVELOPMENTS

Real GDP
Revised projections indicate that the economy
will grow by 1.2% in 2016, up from the 1.1%
recorded in 2015. Growth will be largely
driven by mining; construction; and finance
and insurance. The deceleration in agriculture
activities due to drought, and its pervasive
impact on other sectors including power
generation, largely explains the lower than
initially expected real GDP growth rate of
2.7%.

Agriculture
Growth in the agriculture sector is expected to
decline by 4.2%, from an initial projection of
-9.3% owing to the El-Nino induced drought,
which resulted in below normal rainfall during
the 2015-2016 cropping season across all
provinces. The drought has caused a drastic
reduction in output of key crops such as
maize, cotton and groundnuts. Livestock
production has also been negatively affected.
The improved rains during the second half of
the season, however, salvaged some late
planted or replanted crops, including tobacco,
maize and sugar beans.


The increase in output in the livestock subsector observed during the first half of the
year was largely due to drought induced
destocking and is expected to partially offset
the overall decline in the agriculture sector in
2016.

The improvement in the rainfall pattern,
towards the end of the season provided the
necessary relief to most livestock classes,
through
improved
pastures
and
water
availability. This averted further drought
induced
livestock
deaths,
which
had
characterised the first half of the season,
particularly in the southern parts of the
country.

Maize
According to the Second Round Crop
Assessment Report, maize output for the
2015/16 agriculture season is estimated at
512 000 tonnes, against last year’s output of
742 000 tonnes. The low maize output for
2015-2016 resulted in a 1.3 million tonnes
deficit on the estimated national requirement
of about 1.8 million tonnes. The deficit is
already being partially covered through
imports of grain, until the 2017 harvest.

Drought Relief Programme
Government has targeted the procurement of
an estimated 641 000 tonnes of grain, with
about

tonnes
earmarked
for
vulnerable households. Part of the grain is
being sourced from the local market, of which
about 68 000 tonnes of maize had been
delivered to the GMB centres by 30th June
2016. The rest of the grain will be procured
through imports, as and when funds become
available.

The Government’s grain import programme is
also being complemented by private sector
players, who are importing grain for human
and animal consumption. The donor fraternity
also supports with grain procurement, mostly
directed at the requirements of the most
vulnerable communities. By the end of June
2016, about 120 569 tonnes of maize had
been
imported
through
private
sector
channels.

Tobacco
According to the Tobacco Industry and
Marketing Board, cumulative sales of the
golden leaf were 199.2 million kilogrammes
in the 2015/2016 season, from an initial
estimate of 170 million kilogrammes. The
better than anticipated performance was
attributed to late rains that boosted the late
planted crop after replanting by some farmers,
whose earlier crops had been adversely
affected by dry conditions during the first half
of the season. The golden leaf was sold at an
average price of US$2.94 per kg, and realized
cumulative receipts of US$586 million, as
shown in Table 4.


Table 4 : Tobacco Sales in 2015 and 2016
SEASONAL
TOTAL

TOTAL

% CHANGE
Mass sold (kg)
199 131 315
198 954 849
(0.09)
Value (US$
million)
586.2
586.4
(0.03)
Average price
US$/kg
2.94
2.95
(0.5)
Source: Tobacco Industry and Marketing Board

Wheat
The area under winter wheat production
declined from 14 789 hectares in 2015 to
14 065 hectares in 2016. Despite the decline
in the area under cultivation, output for the
2016 wheat season is expected to match the
previous season, due to the stable power
supply expected during the growing season.
There is also an anticipated increase in water
usage resulting from the reduction of the tariff
on raw water for agricultural purposes.

Wheat production, however, continues to face
funding constraints, with most of the crop
being funded from farmers’ own resources, in
an
environment
hugely
constrained
by
liquidity challenges.

Sugar Cane
Sugar cane output for 2016 is expected at 4.4
million tonnes as previously projected, despite
the occurrence of drought. This is because
both the large scale estates and satellite
growers had adequate water to irrigate the
crop throughout the season. The low rainfall
received in the 2015-16 season could,
however, have a negative impact on the output

for the impending 2016-17 season given the
declining dam levels.

LIVESTOCK

Beef

Cattle slaughters from the formal market stood
at 138 849 head during the first half of 2016,
which was 11.9% higher than slaughters in the
same period in 2015. Cattle slaughters grew
from 67 331 during the first quarter of 2016 to
71 518 during the second quarter of 2016, as
shown in the Figure 11.

Figure 11: Formal Sector Quarterly Cattle
Slaughters

Source: Ministry of Agriculture, Mechanisation and
Irrigation Development

The industry anticipates total cattle slaughters
to be 270 000 by end 2016, as farmers destock due to depletion of pastures and water
sources.
Beef output, however, continues to be
negatively affected by the prevalence of foot
and mouth Disease (FMD) particularly in the
Lowveld, resulting in limited access to
markets. In addition, the 10.5% levy charged
by Rural District Councils on the sale of live
animals, discourages farmers from selling
their cattle, thus negatively affecting beef
output.

The destocking of cattle will adversely impact
on the national herd and could result in low
beef output in the short term, as farmers retain
stock to build up their herds.

Milk Production
Milk production from the formal sector stood
at 31.8 million litres during the first half of
2016, compared to 27.6 million litres
produced in the same period last year. The
increase in the national dairy herd through the
Dairy Revitalization Strategy; training and
capacitation of farmers by the Zimbabwe
Association of Dairy Farmers (ZADF); as well
as the sharing and fusion of knowledge and
expertise among farmers, improved milk
production.

Investment in the dairy industry is on-going,
with the sector intending to import about 4000
heifers during the year. The industry has
undertaken to increase annual milk output to
about 100 million litres, from the current
levels of below 65 million litres.

Pork
Pig slaughters stood at 83 011 over the period
January-June 2016, compared to 61 673

Q1

Q2

Q3

Q4

Q1

Q2
Cattle Slaughtered 60716 63365 67170 64667 67331 7151
CATTLE SLAUGHTERED (000)

during the same period in 2015. Slaughters
during the second quarter of 2016 were
41 874, compared to 41 137 during the
previous quarter, as shown in Figure 12.

Figure 12: Quarterly Pigs Slaughterings

Source: Ministry of Agriculture, Mechanisation and
Irrigation Development

The increase in pig slaughters is attributed to
the drought induced stock-feed shortages that
saw farmers embarking on a destocking
exercise. The trend is expected to continue
during the rest of 2016, with the industry
anticipating pig slaughters to increase by 21%,
from the 2015 levels to 170 000.

Pork output continues to face competition
from other protein substitutes such as beef and
chicken, against a background of high
production costs and low demand.
Mining
Mining output improved in the second quarter
of 2016, aided by improved international
commodity prices. Overall, output levels for
key minerals surpassed the levels registered
during the comparable period in 2015, with
the exception of diamonds, coal and chrome.
Table 5 shows production developments for
selected minerals during second quarters of
2015 and 2016.

Table 5 : Mineral Production: 2015 and 2016

Q2 2015


Q2 2016

Cumulative
January to
June 2016
Gold\ kg
4 689
5 255
10 360
Chrome \t
68 056

45 353
69 287
Coal \t
585 229
529 809
1 284 128
Nickel \t
3 477
4 227
9 101
Platinum\kg
2 541
3 647
7 968
Palladium\kg
2 023
2 940
6 402
Diamonds
(Carats)
735 876
481 008.7
1 137 569
Source:
MOFED, RBZ, Ministry Of Mines, Chamber of
Mines, 2016

The mining sector as a whole, however,
continues to be adversely affected by low
international commodity prices, resulting from
declining demand, amid global economic
slowdown. Mining production is being further
hampered by the liquidity crunch, with a
negative impact on the procurement of key
raw materials.

Gold
Gold output stood at 5 255 kg during the
second quarter of 2016, compared to 4 689 kg
produced during the same period in 2015. This
was, in large part, driven by increased
deliveries by primary producers.

Q1

Q2

Q3

Q4

Q1

Q2
Pigs Slaughtered 28973 32700 36632 40878 41137 41874

PIGS SLAUGHTERED (000)

The gold mobilisation initiatives spearheaded
by the Reserve Bank of Zimbabwe, in
conjunction with the Ministry of Mines and
Mining Development have managed to plug
leakages and resulted in improved deliveries
to Fidelity Printers and Refiners (FPR). Gold
production is also benefitting from the
reduction in royalties, from 5% to 3% on
incremental output, for large scale primary
producers and from 3% to 1% for small scale
and artisanal miners.

In addition, the firming of international gold
prices, from an average of US$1 181.21 per
ounce in the first quarter of 2016 to about
US$1 259.35 per ounce during the second
quarter of 2016 is also expected to have a
positive impact on output.

Small scale gold producers delivered a total of
1 949 kg during the second quarter of 2016,
up from 1 924 kg produced in the first quarter
of 2016. Output from large producers also
increased from 2 606 kg during first quarter of
2015 to 2 968 kg in the second quarter of
2016, as shown in Figure 13.

Figure 13: Quarterly Gold Deliveries (kg)

Source: Fidelity Printers and Refineries, Chamber of
Mines, 2016

Cumulative gold output for the first half of
2016 stood at 10 360 kg, an increase of 16%
on the output produced during the same period
in 2015.

The lack of significant investment in mining
exploration has had a negative bearing on ore
grades and this remains a major setback on
potential gold output.

Platinum
Platinum output stood at 3 647 kg, during the
second quarter of 2016, up from the 2 541 kg
produced in the second quarter of 2015. The
increase was attributable to the ramp- up in
production levels across all the producers.

Cumulative output for the first half of the year
increased to 7 968 kg, from the 5 531 kg
produced during the same period in 2015.

Q1

Q2

Q3

Q4

Q1

Q2

Primary Producers
Small Scale Produders
PGMs Gold
Av price(USD/ounce)

Figure 14 shows the quarterly platinum output
and average international prices for 2015 and
2016.

Figure 14: Quarterly platinum output (kg)

Source: Chamber of Mines, 2016

Platinum production also responded positively
to the increase in average international prices
from US$913 per ounce in the first quarter of
2016 to US$1 004 per ounce in the second
quarter.

Diamond
There has been persistent decline in diamond
production since the last quarter of 2015.
Output stood at 481 008.7 carats in the second
quarter
of
2016,
compared
to
735 876 carats produced during the same
period in 2015, representing a 53% decline.
Similarly, production during the first half of
2016, at 1 137 570 carats, was also
significantly lower than the 1 375 253 carats
produced during the first half of 2015. Figure
15 shows quarterly diamond production
statistics for 2015 and 2016.
Figure 15: Quarterly diamond production
(carats)

Source: Ministry of Mines and Mining Development,

The poor performance in diamond mining
during the first half of 2016 was attributable to
transitional losses in production, following the
consolidation of mining activities at Marange
into the State-owned Zimbabwe Consolidated
Diamond Company (ZCDC). The subsequent
legal wrangles pertaining to the consolidation,
coupled with undercapitalisation of the
ZCDC, further delayed resuscitation of full
scale operations.

Nickel
Nickel output stood at 4 227 tonnes during the
second quarter of 2,016, compared to
3 477 tonnes produced during the same period
in 2015. Cumulative nickel output, however,
rose to 9 101 tonnes during the first half of

Q1

Q2

Q3

Q4

Q1

Q2

Platinum
Average Price (US$/ounce)


Q1

Q2

Q3

Q4

Q1

Q2

2016, compared to 7 917 tonnes produced in
the comparable period in 2015.

The increase in nickel output was on the back
of increased production by both primary and
secondary
producers,
coupled
with
the
increase in the international price of the metal.
The price of the metal increased to an average
of US$8 815 per tonne during the second
quarter of 2016, from an average of US$8 484
per tonne in the first quarter. Figure 16 shows
trends in nickel output and prices in 2015 and
2016.


Figure 16: Quarterly nickel output (tonnes)

Source: Chamber of Mines, 2016

Coal
Coal output was 529 809 tonnes during the
second quarter of 2016, down from the
585 229 tonnes produced in the second quarter
of 2015. Cumulatively, coal output, at
1 284 128 tonnes in the first half of 2016, was
34.7% lower than the 1 965 871 tonnes
produced during the same period in 2015.

The production of coal was adversely affected
by weak demand in the domestic economy,
largely due to the sustained decline in capacity
utilisation and company closures, mainly in
the
manufacturing
sector.
In
addition,
challenges
relating
to
non-payment
for
deliveries by key consumers also negatively
impacted on production.

Manufacturing

Capacity utilisation in the manufacturing
sector has been on a downward trend,
declining from a peak of 57% in 2011, to
34.3% in 2015, owing to the difficult
operating environment. Developments in the
manufacturing sector point to current capacity
utilisation level of around 30%, reflecting
significant idle capacity. As a survival
strategy, most companies are accumulating
wage arrears, while others have put their
workers on a shorter working week.

The manufacturing sector is also likely to
have been negatively affected by consumers’
limited access to cash, during the second half
of 2016, given that the majority of the
consumers do not use Point of Sale Machines.
In addition, the depressed disposable incomes
continued
to
drive
consumers
towards
maximising value for money, through increase
in the consumption of low cost products. This
was evident in the beverages industry where
sorghum beer volumes increased faster than
clear beer volumes.


Q1

Q2

Q3

Q4

Q1

Q2

Nickel \t
Average Price (US$/t)

Management of Imports
While industry continues to face a myriad of
challenges, there is hope for revival in light of
policy measures introduced by Government to
promote consumption of locally produced
goods and services. In an effort to enhance
industry productivity and curtail the influx of
non-essential imports, Government has put in
place measures to restrict certain imported
products, thereby, allowing companies to start
utilising idle capacity.
The import restrictions were put in place as an
interim measure to give local manufacturing
companies some respite and allow them to
retool and improve production efficiency. The
short term measures are targeted at products
that can be manufactured locally, with
minimum turnaround periods.
Recent Investments in the Manufacturing
Sector
There was some remarkable progress in new
investments by some companies across all
sub-sectors despite challenges faced by the
sector. Notable investments were made in the
oil processors, dairy industry, and the
beverages sub-sector.
According to data from the Ministry of
Industry
and
Commerce,
Government
approved 23 investment projects worth
US$27.1 million during the second quarter of
the year. The projects are expected to create
about 828 jobs in the economy.
Company Closures
According to data obtained from the Master of
the High Court, a total of 5 companies were
placed under judicial management, while 21
were liquidated during the second quarter of
2016 (see Table 6). Most liquidations were in
the retail sector.
Table
6:
Companies
under
Judicial
Management & Liquidation
Year

(Q4)

(Q1)

(Q2)
Companies Under
Judicial Management

Liquidation

Source: Master of High Court, 2016
The Retrenchment Board indicated that a total
of 876 retrenchments were witnessed, during
the second quarter of 2016, compared to 794
in the comparative period in 2015. Figure 17
shows quarterly retrenchment figures from the
first quarter of 2013 to the second quarter of
2016.
Figure
17:
Quarterly
Retrenchments
Statistics

Source: Master of High Court, 2016

2013:Q1
2013:Q2
2013:Q3
2013:Q4
2014:Q1
2014:Q2
2014:Q3
2014:Q4
2015:Q1
2015:Q2
2015:Q3
2015:Q4
2016:Q1
2016:Q2

Electricity

Electricity generated by major power stations
steadily increased since February 2016,
peaking at 724.8GWh in June 2016, as shown
in Table 7.
Table 7: Electricity Generation
Power Station
Mar
June
Kariba
211.7
242.0
Hwange
313.1
434.2
Bulawayo
9.6
17.8
Munyati
6.7
15.8
Harare
19.2
14.9
Total
560.3
724.8
Source: Zimbabwe Power Company, 2016
Despite the increase in output since the
beginning of the year and the stabilisation of
electricity supply during the second quarter,
the 2016 power generation fell by about
21.8%, compared to the 2015 levels. The fall
in
electricity
generation
was
partially
attributable to low water levels at Lake
Kariba, a development that greatly reduced
the amount of water allocated for power
generation. Figure 18 compares the electricity
generation by month in 2015 and 2016.


Figure 18: Electricity sent out (GWh):
2015 - 2016
Source: Zimbabwe Power Company, 2016
Independent Power Producers contributed
about 51.6 GWh to the national grid during
the first half of the year, with Pungwe B hydro
power station accounting for about 54% of the
output.
Electricity supply in the country is expected to
stabilise with the completion of various power
station refurbishment and expansion projects,
including the expansion of the Kariba South
Station, which is now more than 50%
complete. The first unit of the installation is
due for commissioning in 2018. Upon
completion, the Kariba South expansion
project is expected to add about 300MW into
the national grid.

Jan
Feb
Mar
Apr
May
Jun
Electricity Generated (GWh)

INFLATION DEVELOPMENTS

Headline inflation rose during the second
quarter of 2016, accelerating from -2.31% in
March 2016 to -1.37% in June 2016. The
increase was largely driven by non-food
inflation. Figure 19 shows the annual headline
inflation profile from January 2014 to June
2016.

Figure 19: Annual Inflation Profile (%)

Source: ZIMSTAT, July 2016

Annual Food Inflation

Annual food inflation registered a marginal
gain of 0.1 percentage points, from -4.1%
recorded in March 2016 to -4.0% in June
2016. Increases in prices of fish and sea foods;
oils and fats; and some non-alcoholic
beverages, contributed to the rise in food
inflation. The declines in prices of meat; bread
and cereals; milk, cheese and eggs; fruit; and
vegetables kept food inflation in negative
territory during the second quarter of 2016.

Annual Non Food Inflation
Year-on-year non-food inflation accelerated
from -1.4% in March 2016 to -0.1% in June
2016. This was largely on account of increases
in housing, water, electricity, gas and other
fuels; and education. The other categories
which contributed to the increase included
clothing and footwear; transport and health.
Declines in alcoholic beverages and tobacco;
communication and miscellaneous goods and
services,
however,
partially
offset
the
increases.

Regional Inflation
Zimbabwe’s inflation remained the lowest and
the only one in negative territory in the SADC
region, as shown in Table 8. South Africa,
Tanzania and Botswana inflation rates were
within
the
SADC
Macroeconomic
convergence (MEC) target of between 3% and
7%, during the first half of 2016. Inflation in
Zambia, Malawi and Mozambique, however,
was outside the MEC target.

Inflationary pressures in Zambia, Malawi and
Mozambique mainly emanated from exchange
rate depreciations and drought induced food
price increases.


0.5

Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
(%)

Table 8 : Annual Inflation rates (%) for
Selected SADC Countries

Jun

Dec

Mar

Jun

Zimbabwe

South Africa

Botswana
3.1
3.1

2.7
Mozambique

Tanzania

Zambia

Malawi

Source: Country Central Bank Websites, 2016

Quarterly Annualised Inflation
Quarterly annualized inflation has been in
negative territory since 2014, indicating the
persistence of deflationary pressures in the
economy.

Figure 20 : Quarterly Annualized Inflation
Profile (%)


Source: RBZ, July 2016

Inflation Outlook
While inflation is expected to remain largely
subdued in 2016, the anticipated upward
movement in food prices emanating from
drought induced food shortfalls is expected to
exert upward pressure on inflation. In
addition, the implementation of regulations
under Statutory Instrument 64 of 2016, which
restricts imports of certain consumer goods
into
the country, may
cause transient
shortages of basic commodities, which could
result in elevated prices in the short term.

The fluctuations in the US$/South African
rand exchange rate and trends in crude oil
prices will continue to influence the direction
of inflation in Zimbabwe, in the outlook
period.
FISCAL PERFORMANCE
During the first half of 2016, cumulative
revenue
collections
stood
at
US$1 692.40 million, against expenditures of
US$ 2 315.60 million, resulting in a deficit of
US$ 623.20 million. The deficit was largely
financed through domestic bank sources.

Revenue performance has generally remained
below target, characterised by lower than
anticipated income and consumption taxes, as
shown in Figure 21.


Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16

Figure 21: Revenue Performance (Actual vs
Target - Jan-June 2016)

Source:
Ministry
of
Finance
and
Economic
Development.
Total revenue collections during the half year
to June 2016 also fell short of the collections
during the same period in 2015 (see
Figure 22).


Figure 22: Total Revenue Collected (Jan -
June 2015 and Jan-June 2016)

Source:
Ministry
of
Finance
and
Economic
Development, 2016


Revenue Structure
The major sources of Government revenue
during the first half of 2016 were taxes on
income and profits, value added tax and excise
duties. Taxes from incomes and profits
amounted to $595.63 million (35%); VAT
$454.09 million (27%); while excise duties
totaled $315.26 million (19%). The heavy
reliance on individual and corporate taxes, as
well as VAT exposes the fiscus to revenue
shocks, mainly as a result of the general
slowdown in economic activity, job losses and
the resultant reduced disposable incomes.
Figure 23 shows the structure of Government
revenue for the first half of 2016.

Millions
Actual
Target

Millions

Figure 23: Revenue Structure

Source: Ministry of Finance and Economic Development
Government Expenditure
Government expenditures for the first half of
the year amounted to $2 315.6 million,
dominated by recurrent spending, which
amounted to $1 888.39 million or 86% of total
expenditures.
Employment costs amounted to $1 638
million, representing 96.8% of total revenue
for the period January to June 2016. Capital
expenditure amounted to $407 million as
shown in Figure 24.


Figure
24:
Structure
of
Government
Expenditure

Source: Ministry of Finance and Economic Development
Other recurrent expenditures, on the other
hand, amounted to $216.00 million, or 9% of
total expenditures.

Budget Financing
Government’s overall net financing amounted
to $623.2 million and this was financed
primarily through the issuance of Treasury
bills.


Individuals
21%
Companies
8%
Other
direct
taxes
6%
Customs
duties
10%
Excise
duties
18%
Value Added
Tax
26%
Other
indirect
taxes
3%
Non-Tax
Revenue
8%
Employment
Costs
72%
Operations &
Maintainance
9%
Interest
Repayments
2%
Capital
expenditure
17%

4. MONETARY DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

Monetary Developments
Broad
money
increased
by
4.55%
to
US$5 140.7 million in the second quarter of
2016, from US$4 916.8 million in the first
quarter of 2016. On a year on year basis,
money
supply
rose
by
13.13%,
from
US$4 544.01 million in June 2015.
The quarterly growth in money supply was
broadly driven by increases under 30-days
deposits, 10.7%; and demand deposits, 9.1%.
Partially offsetting these increases were
declines of 6.1% and 1.9% in over 30-days
and savings deposits, respectively.
The increase in money supply also partly
reflected tobacco selling season related
inflows. Tobacco worth US$467.2 million had
been sold as at 30th June 2016, during the
2016 tobacco selling season.
Figure 25 shows annual broad money supply
in nominal terms as well as growth rates.


Figure 25: Annual Broad Money Supply
Growth Rates and Levels

Source: RBZ, 2016
Domestic Credit
Credit extended to the private sector decreased
by 2.74%, from US$3 672.2 million in the
first quarter of 2016 to US$3 571.6 million in
the second quarter. Since the last quarter of
2015, private sector credit growth has
generally weakened, due to cautionary lending
by banks.

Outstanding credit to the private sector was
distributed as follows: households (23.3%);
agriculture
(18.3%);
services
(17.1%);
manufacturing (15.6%); distribution (13.0%);
mining (5.2%); financial organisations and
investments,
(3.0%);
transport
and
communications (2.8%); and construction
(1.4%).


Money Supply Growth
US$ Billion
Demand Deposits
Savings
Short Term Deposits
Long Term Deposits
Bond Coins
Annual Growth

Interest Rates
During the period under review, nominal
lending rates quoted by banks ranged between
6% and 18%. The range was in accordance
with the guidelines prescribed by the Central
Bank in the second half of 2015. Going
forward, banks are expected to lower their
lending rates to range between 5% and 15%,
as per the new guidelines set by the Central
Bank in the Monetary Policy measures
announced in April 2016.

During the quarter under review, the average
90-days
deposit
rate
declined
by
0.86 percentage points, from 7.00% to 6.14%.
The decline partially reflected banks’ low
appetite for costly deposits in a difficult
economic, as well as their drive to manage the
cost of funds.


STOCK MARKET DEVELOPMENTS

Despite the slowdown in economic growth,
which has resulted in a challenging operating
environment, with many corporates resorting
to
downsizing
and
restructuring,
the
Zimbabwe Stock Exchange (ZSE) recovered
from losses of the first quarter of 2016. The
industrial
and
mining
indices
recorded
marginal increases during the second quarter
of 2016, on the back of better than expected
financial results for the first half of the
financial year.

Industrial Index
The industrial index increased by 3.43 points,
from 97.61 points as at 31st March 2016 to
101.04 points as at end of the second quarter
of 2016. On a year-on-year basis, however,
the industrial index declined by 47.39 points,
from 148.40 points as at end June 2015, as
shown in Figure 26.

Figure 26: Zimbabwe Stock Exchange
Indices


Source: Zimbabwe Stock Exchange, 2016

Mining Index

In the resources subsector, activity remained
constrained, as investors’ interest in some
mining counters, such as Falgold and Hwange
Colliery Company was weak, largely due to
difficulties in accessing low cost funding for
recapitalisation and retooling.

The resources index increased by 5.35 points,
from 19.35 points as at end March 2016, to
close the second quarter of 2016 at 24.70
points. On a year-on-year basis, however, the
mining index declined from 44.30 points as at
end June 2015, to 24.70 points as at end June
2016.

The marginal increase in the mining index,
during the second quarter of 2016, largely

Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Mining
Industrial
Industrial Index
Mining Index

reflected renewed investor interest in RioZim
and Bindura Nickel Corporation (BNC),
underpinned by positive growth prospects of
the mining companies.


Market Capitalisation

In line with developments on various
counters, the ZSE gained US$135.9 million
worth of market capitalisation during the
quarter under review, reflecting a 5.14%
increase from US$2.65 billion as at end March
2016, to US$2.78 billion as at end June 2016.
Over the year to June 2016, however, the ZSE
lost US$1.1 billion worth of value. Figure 27
depicts
the
movements
in
market
capitalisation between June 2015 and June
2016.

Figure 27: Market Capitalisation


Source: Zimbabwe Stock Exchange, 2016

Market Turnover
The viability of most entities remained a
challenge, on the back of low aggregate
demand. Investments on the local bourse
were, however, skewed towards wealth
preserving blue chip counters in which
significant block trades were registered during
the quarter ending June 2016. Resultantly,
market turnover increased by 8.43%, to
US$45.96 million from US$42.39 million
realised as at end March 2016 (see Figure 28).

The volume of shares traded increased by
47.51%, to 375 429 648 shares in the second
quarter of 2016 from 254 505 420 shares in
the first quarter.

Figure 28: Market Turnover Value

Source: Zimbabwe Stock Exchange, 2016


30-Jun-15
31-Jul-15
31-Aug-15
30-Sep-15
31-Oct-15
30-Nov-15
31-Dec-15
31-Jan-16
29-Feb-16
31-Mar-16
30-Apr-16
31-May-16
30-Jun-16
US$ Millions

30-Jun-15
31-Jul-15
31-Aug-15
30-Sep-15
31-Oct-15
30-Nov-15
31-Dec-15
31-Jan-16
29-Feb-16
31-Mar-16
30-Apr-16
31-May-16
30-Jun-16
US$ Millions

Other Stock Market Developments
During the quarter under review, a retail
specialty
institution,
Axia
Corporation
Limited (Axia), was listed on the Zimbabwe
Stock Exchange (ZSE) on 17th May 2016.
Axia emerged from the unbundling of Innscor
Africa
Limited’s retail and distribution
business through a dividend in specie with the
aim to further unlock shareholder value in the
group.

5. PAYMENT, CLEARING AND
SETTLEMENT ACTIVITIES

The value of transactions processed through
the
National
Payment
Systems
(NPS)
increased by 12% to US$15.08 billion in the
second quarter ending 30 June 2016, from
US$13.47 billion recorded in the quarter
ending 31 March 2016. Volumes also
increased by 14% to 78.85 million, from
69.37 million during the same period. The
increase was in response to the policies put in
place by the central bank in May 2016.

In value terms, the increase in NPS
transactions was largely driven by Point of
Sale (POS), Real Time Gross Settlement
(RTGS), and Mobile. Cheque transactions,
Automated Teller Machines (ATMs). Internet
payment
streams,
however,
recorded
decreases in value for the quarter ending June
2016.

Table 9 provides the statistical information on
various payment streams for the first and
second quarters of 2016.


Table 9: Consolidated Transactional Activities
Paymen
t stream
First
quarter
ending
31 March

Second
quarter
ending
30 June

Change
from
last
quarter
Proportion

US$ Millions


RTGS

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

VOLUMES
RTGS

CHEQUE

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: RBZ, 2016

Large Value Payments
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through
the RTGS system increased by 16% for the
second quarter ending 30 June 2016, to
US$11.96 billion from US$10.29 billion in
quarter ending 31 March 2016. Transaction
volumes registered an increase of 45% to
629,173, from 433,141, as shown in Figure
29.

Figure 29: RTGS Values and Volumes

Source: RBZ, 2016

SWIFT Foreign Currency Transactions
SWIFT foreign currency payments decreased
by 11% to US$1.19 billion for the quarter
ending 30 June 2016, from US$1.33 billion in
the quarter ending 31 March 2016. During the
same period, SWIFT foreign currency receipts
also increased by 17% to US$1.33 billion,
from US$1.14 billion. Net foreign currency
inflows amounted to US$137.7 million during
the quarter under review. Trends in the
quarterly transactions are shown in Figure 30.


Figure
30:
SWIFT
Cross
Border
Transactions

Source: RBZ, 2016

Over the Counter Cash Withdrawals
The value of cash withdrawals decreased by
20%, from US$2.46 billion during the quarter
ending 31 March 2016, to US$1.98 billion
recorded in quarter ending 31 June 2016.
Corresponding volumes, however, increased
by 51% from 2.81 million to 4.24 million as
shown in Figure 31.


Q1

Q2

Q3

Q4

Q1

Q2
RTGS Values in Billions
RTGS Volumes in Thousamds
RTGS VALUES AND VOLUMES
Values
Volumes


2015Q12015Q22015Q32015Q42016Q12016Q2
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

Figure
31:
Over
the
Counter
Cash
Withdrawals.

Source: RBZ, 2016

Retail Payments
Total retail transactions increased from
US$13 466.0 million in the first quarter of
2016, to US$15 076 million in the second
quarter of 2016. In volume terms, total retail
transactions amounted to 78.8 million in the
second quarter of 2016, up from 69.4 million
in the first quarter of 2016. This was mainly
due to the increase in the usage of plastic
money.

Figures 32 and 33 depicts the trend in the
values and volumes of retail transactions from
the quarter ended 31 March 2015, to the
quarter ended 30 June 2016.


Figure 32: Values of Retail Transactions

Source: RBZ, 2016


Figure 33: Volumes of Retail Transactions

Source: RBZ, 2016

US$ BILLIONS
MILLIONS
Volumes
Values


Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
US$ Millions
CHEQUE
POS
ATMS
MOBILE
INTERNET


Q1

Q2

Q3

Q4

Q1

Q2

Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs

Collateral2
The
value
of
collateral
increased
to
US$13.15 million in the quarter ended June
2016, from US$11.08 million recorded in the
quarter ended March 2016, as shown in
Figure 34.

Figure 34: Total Collateral

Source: RBZ, 2016
Access Points and Device
Mobile payment agents declined from 35 022
in the first quarter of 2016, to 34 351 in the
second quarter of 2016. The POS population
rose to 19 280 in the second quarter of 2016,
from 17 069 in the first quarter.

The number of active subscribers for mobile
financial services stood at 3.2 million during
the second quarter of 2016, down from 3.6

2The collateral figure comprises of cheque and card
payment stream amounts.
million subscribers during the first quarter of
2016.

Table 10 shows statistics for access points
and devices for the second quarter of 2015 and
the first two quarters of 2016.


Table 10: Payment Systems Access Points and
Devices
PAYMENT SYSTEMS
ACCESS POINTS


Q2 2015
Q1 2016
Q2 2016
Mobile
Banking
Agents
30,274
35,022
34,351
ATMs

POS
15,908
17,069
19,280
PAYMENT SYSTEMS
ACCESS DEVICES

Debit Cards
2,309,402
2,472,656
2,724,317
Credit Cards
10,531
13,036
14,299
Prepaid Cards
25,763
29,466
30,339
Active Mobile
Banking
Subscribers
4,012,335
3,576,540
3,212,561
Internet
Banking
Subscribers
89,018
109,669
115,478
Source: RBZ, 2016


RESERVE BANK OF ZIMBABWE
SEPTEMBER 2016

Q4

Q1

Q2

Q3

Q4

Q1

Q2

US$ MILLIONS
STATISTICAL TABLES

1.
Liabilities and Assets of the Central Bank
1.1. Reserve Bank: Liabilities


S3
1.2. Reserve Bank: Assets


S4

2.
Liabilities and Assets of Other Depository Corporations
2.1. Commercial Banks: Assets


S5
2.2. Commercial Banks: Liabilities


S6
2.3. Accepting Houses: Assets


S7
2.4. Accepting Houses: Liabilities


S8
2.5. Building Societies: Assets


S9
2.6. Building Societies: Liabilities


S10

3.
Money Supply and Bank Liquidity
3.1. Monetary Aggregates


S11
3.2. Broad Money Survey


S12
3.3. Analysis of Monthly Changes in Money Supply


S13
3.4. Analysis of Yearly Changes in Money Supply


S14
3.5. Sectoral Analysis of Commercial Banks’ Loans and Advances


S15
3.6. Sectoral Analysis of Commercial Bank’s Deposits


S16

4.
National Payment Systems


4.1. Values of Transactions


S17
4.2. Volumes of Transactions


S17

5.
Interest Rates, Security Yields and Prices
5.1. Lending Rates


S18
5.2. Deposit Rates


S18
5.3. Stock Exchange Indices


S19
5.4. Monthly Inflation


S20
5.5. Quarterly Inflation


S21
5.6. Annual Inflation


S22

6.
Balance of Payments
6.1. Cross Border Payments


S23
6.2. Cross Border Receipts


S24
6.3. External Debt Outstanding By Debtor


S25
6.4. External Debt Outstanding by Source


S26
6.5. External Debt Service and Debt Service Ratios


S27

7.
National Accounts
7.1. Real Gross Domestic and National Product per Capita at Market Prices

S28
7.2. Gross Domestic Product at Factor Cost by Industry


S29
7.3. Expenditure on Gross Domestic Product


S20
7.4. Mineral Production


S21
7.5. Electricity Produced and Distributed
S32
7.6. Volume of Manufacturing Index


S33


TABLE 1.1: RESERVE BANK - LIABILITIES
Capital
and
Foreign
general
End of
Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* in
circulation


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

*Bond coins first issued in December 2014
Source: Reserve Bank of Zimbabwe, 2016
Deposits
US$ Thousands


S2


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, 2016
Loans and advances
Investments
Foreign Assets
TABLE 1.2: RESERVE BANK - ASSETS


S3


Loans &
Contingent
Other
Non
Financial
Total
End of
Bond
Coins
Foreign
Notes
Total
Other
Balances
Advances
Assets
Assets
Assets
Assets
&
Balances
Balances
Balances
Liquid
with RBZ
Coin
with
with Other
at
Trade
Treasury
Agric PEs
Assets
at Banks
RBZ
Banks
Foreign
Bills
Bills


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Source: Reserve Bank of Zimbabwe, 2016
TABLE 2.1: COMMERCIAL BANKS - ASSETS
US$ Millions
Liquid Assets
Securities


S4


Deposits
Amounts
Owing to
Capital
Contingent
Other
Total
Of which
and
Liabilities
Liabilities
Liabilities
Liabilities to
the
End of
Demand
Savings and
Short-term
Long-term
Total
Foreign
Liabilities
RBZ
Other Banks
Reserves
Public
Deposits


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Source: Reserve Bank of Zimbabwe, 2016
TABLE 2.2: COMMERCIAL BANKS - LIABILITIES
US$ Millions


S5


Liquid Assets
Loans &
Contingent
Other
Non Financial
Total
End of
Notes
Total
Other
Balances
Advances
Assets
Assets
Assets
Assets
Bond
Coins
&
Balances
Balances
Balances
Liquid
with RBZ
Coin
with
with Other
at
Trade
Treasury
Assets
at Banks
RBZ
Banks
Foreign
Banks
Bills
Bills


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Source:Reserve Bank of Zimbabwe, 2016
TABLE 2.3 : ACCEPTING HOUSES - ASSETS
US$ Millions


S6

Of which
Deposits
Amounts
Owing to
Capital
Contingent
Other
Total
Liabilities to the
and
Liabilities
Liabilities
Liabilities
Public
End of
Demand
Savings and
Short-term
Long-term
Total
Foreign
Liabilities
RBZ
Other Banks
Reserves
Deposits


36.9
31.2

68.1

-17.9
0.1
49.7

68.1

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Source:Reserve Bank of Zimbabwe, 2016
TABLE 2.4: ACCEPTING HOUSES - LIABILITIES
US$ Millions


Liquid
Assets
Notes
Balances
Trade
Treasury
Total
Mortgage
Other
Other
Non Financial
Total
End of
Bond Coins
&
with Other
Bills
Bills
Liquid
Advances
Advances
Assets
Assets
Assets
Coin
Banks
Assets
at Banks


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2016
TABLE 2.5: BUILDING SOCIETIES- ASSETS
US$ Millions
Of which
Deposits
Capital
Other
Total
Liabilities to
the
and
Liabilities
Liabilities
Public
End of
Savings and
Short-term
Long-term
Total
Reserves
Deposits


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2016
TABLE 2.6 : BUILDING SOCIETIES - LIABILITIES
US$ Millions


S9


End of
Bond
Coins
RBZ
Demand
Deposits
Comm.
Banks Dem.
Deposits
Merchant
Banks
Dem.
Deposits
M1
Comm.
Banks
Savings
Deposits
Building
Soc.
Savings
Deposits
P O S B
Savings
Deposits
Comm.
Banks U-30
Day
Deposits
Merchant
Banks U-30
Day Deposits
Building
Soc. U- 30
Day
Deposits
M2
Comm.
Banks O-30
Day
Deposits
Merchant
Banks O30 Day
Deposits
Building
Soc. O- 30
Day
Deposits
Building
Soc. Class
C
Deposits
Building
Soc.
Other
Share
Deposits
P O S B
Time
Deposits
M3


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2016
Note:
RBZ - Reserve Bank of Zimbabwe
DMBs - Deposit Money Banks (Commercial Banks and Merchant Banks)
OBIs - Other Banking institutions (Building Sicieties)
TABLE 3.1: MONETARY AGGREGATES
US$ Thousands


S10


US$ Thousands
End of
NET FOREIGN
ASSETS
Total Foreign
Assets
Liabilities \2
NET
DOMESTIC
ASSETS
DOMESTIC
CREDIT
Claims on
Government
(net)
RBZ
DMBs
OBIs
Claims on
Public
Enterprises
Claims on
Private
Sector
RBZ
DMBs
OBIs
OTHER
ITEMS
(NET)
BROAD
MONEY
(M3)

-278,784.49
1,072,911.46


-140,293.98
1,174,644.56


-296,486.94
1,055,987.41


-435,528.84
1,089,808.49


-810,172.35
1,042,165.96


-1,750,112.68
(132,686.92)


Jan
-714,190.62
830,959.41


Feb
-763,306.53
737,833.47


Mar
-565,959.32
816,079.57


Apr
-636,028.06
755,493.40


May
-681,066.49
811,200.44


Jun
-775,512.62
926,353.71


Jul
-723,772.77
843,689.23


Aug
-727,785.66
867,447.06


Sep
-715,689.39
889,018.56


Oct
-822,417.21
784,372.60


Nov
-771,547.97
667,350.67


Dec
-683,664.57
796,212.39


Jan
-688,591.44
758,634.57


Feb
-780,139.70
679,001.86


Mar
-728,823.68
687,149.82


Apr
-803,151.98
637,447.51


May
-897,595.53
623,538.08


Jun
-682,717.98
667,173.21


Source:Reserve Bank of Zimbabwe, 2016
Note:
RBZ - Reserve Bank of Zimbabwe
DMBs - Deposit Money Banks (Commercial Banks and Merchant Banks)
OBIs - Other Banking institutions (Building Sicieties)
TABLE 3.2: BROAD MONEY SURVEY


S11


TABLE 3.3: ANALYSIS OF MONTHLY CHANGES IN MONEY SUPPLY
US$ Thousands
End of
NET
FOREIGN
ASSETS
Total
Foreign
Assets
Liabilities
NET
DOMESTIC
ASSETS
DOMESTIC
CREDIT
Claims on
Government
(net)
RBZ
DMBs

OBIs
Claims on
Public
Enterprises
Claims on
Private
Sector
RBZ
DMBs
OBIs
OTHER
ITEMS
(NET)
BROAD
MONEY
(M3)

Broad
Money
(M3)

Domestic
Credit

Claims
on
Private
Sector


40,492.90
62,580.06


Jan

Feb

Mar
197,347.21
78,246.10


Apr

May
-45,038.42
55,707.04


Jun
-94,446.14
115,153.27


Jul

Aug
-4,012.89
23,757.82


Sep
12,096.27
21,571.50


Oct

Nov

Dec
87,883.40
128,861.72


Jan
-20,906.51
(34,042.69)


Feb
-91,548.26
(79,632.71)


Mar
51,316.02
8,147.96


Apr
-74,328.30
(49,702.30)


May
67,954.04
(13,909.43)


Jun
214,877.55
43,635.12


Source:Reserve Bank of Zimbabwe, 2016
Note:
RBZ - Reserve Bank of Zimbabwe
DMBs - Deposit Money Banks (Commercial Banks and Merchant Banks)
OBIs - Other Banking institutions (Building Sicieties)


S12


End of
NET
FOREIGN
ASSETS
Total
Foreign
Assets
Liabilities
RBZ

DMBs

OBIs
NET
DOMESTIC
ASSETS
DOMESTIC
CREDIT
Claims on
Government
(net)
RBZ
DMBs

OBIs
Claims on
Public
Enterprises
Claims on
Private
Sector

RBZ

DMBs

OBIs
OTHER
ITEMS
(NET)
BROAD
MONEY (M3)

Broad
Money
(M3)

Domestic
Credit

Claims
on
Private
Sector


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2016
Note:
RBZ - Reserve Bank of Zimbabwe
DMBs - Deposit Money Banks (Commercial Banks and Merchant Banks)
OBIs - Other Banking institutions (Building Sicieties)
TABLE 3.4: ANALYSIS OF YEARLY CHANGES IN MONEY SUPPLY
US$ Thousands


S13


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
EN D 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,2016
TABLE 3.5: Sectoral Analysis of Commerical Banks' Loans and Advances
US$ Thousands


S14


AGRICULTURE CONSTRUCTION COMMUNICATION
DISTRIBUTION
FINANCIAL
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT INDIVIDUALS CONGLOMERATES
TOTAL
END OF

INVESTMENT
ORGANISATIONS

61,792.7

6,467.2

35,365.8

81,470.7

45,127.5

68,001.8

111,397.9

30,218.3

480,954.6

14,728.8

180,117.5

3,415.5

1,119,058.5

113,727.1

13,189.9

52,087.1

195,080.2

84,886.8

146,548.7

144,660.9

67,916.4

504,291.2

17,349.7

300,489.1

5,962.4

1,646,189.5

120,665.7

35,860.2

107,439.2

295,439.3

94,854.2

277,933.7

267,305.3

69,436.0

518,311.2

24,462.2

444,051.7

15,849.9

2,271,608.5

96,098.4

50,492.7

126,343.5

379,068.0

198,323.3

509,241.6

280,975.4

95,457.1

582,286.2

41,852.2

538,135.2

26,491.3

2,924,764.8

94,346.3

52,722.4

141,401.4

338,625.9

223,223.8

754,145.4

339,305.6

99,583.3

754,116.1

41,527.2

440,197.9

97,771.1

3,376,966.4

147,242.4

60,358.1

118,725.7

328,729.5

325,746.6

950,304.9

290,329.3

118,977.8

964,815.0

47,574.3

638,061.1

92,040.8

4,082,906.3

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2016
TABLE 3.6: Sectoral Analysis of Commercial Banks' Deposits
US$ Thousands


S15

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

Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec

Annual
Total

Annual
Total


Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Source:Reserve Bank of Zimbabwe,2016
TABLE 4.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (US$ in millions)
TABLE 4.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months

Jan
6.00-35.00
14.16
9.66
Jan
0.15-8.00
3.00-17.00
Feb
4.30-33.50

9.73
Feb
0.50-12.00
1.00-17.00
Mar
4.30-33.50
13.24
8.75
Mar
0.50-12.00
1.00-17.00
Apr
4.30-31.00
12.71
8.84
Apr
0.30-8.00
1.00-17.00
May
5.00-31.00
12.74
8.79
May
0.30-8.00
1.00-17.00
Jun
5.00-31.00
11.94
8.42
Jun
0.30-8.00
1.00-17.00
Jul
5.00-31.00
11.86
8.56
Jul
0.30-8.00
1.00-15.00
Aug
4.30-26.00
11.96
8.51
Aug
0.30-8.00
1.00-15.00
Sep
4.30-25.00
11.81
8.47
Sep
0.30-8.00
1.00-16.00
Oct
4.00-18.00
10.98
7.28
Oct
0.50-8.00
1.00-17.00
Nov
4.00-16.25
12.2
7.67
Nov
0.75-8.00
1.00-17.00
Dec
6.00-16.00
11.99
7.57
Dec
0.50-8.00
0.75-17.00

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
Source:Reserve Bank of Zimbabwe,2016
Notes
TABLE 5.2 : 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 5.1: LENDING RATES (percent per annum)1
3. Lending rates exclude rates on staff loans.
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 Rates3
Commercial Banks
Commercial Banks
End of


US$ Millions
End of
Industrial
Mining
Market Capitalisation

Jan
164.90
58.13
4,365.14
Feb
167.16
55.38
4,353.38
Mar
158.22
43.92
4,117.08
Apr
156.23
42.93
4,066.07
May
152.96
44.45
3,978.06
Jun
148.4
44.3
3,803.80
Jul
145.35
39.36
3,812.65
Aug
135.43
35.34
3,552.02
Sep
131.93
24.36
3,444.50
Oct
130.83
23.57
3,416.11
Nov
117.55
22.33
3,141.68
Dec
114.85
23.72
3,073.41

Jan
103.04
19.53
2,790.40
Feb
99.40
19.14
2,692.30
Mar
97.17
19.53
2,645.06
Apr
105.79
20.16
2,862.61
May
104.70
25.54
2,881.34
Jun
101.04
24.70
2,780.90
TABLE: 5.3: ZIMBABWE STOCK MARKET STATISTICS
Source: Zimbabwe Stock Exchange (ZSE),2016
Indices


S18


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, 2016
NON-FOOD INFLATION
TABLE 5.4 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \1
( DECEMBER 2012 = 100)


S19


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATI
ON
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, 2016
TABLE 5.5 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \1
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S20


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,2016
TABLE 5.6 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \1
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S21


End of
Jun-15
Jul-15
Aug-15
Sep-15 Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Merchandise Imports (excl. energy)
304.8

294.0

221.7

339.1

302.0

272.3

264.4

240.3

225.0

212.1

232.4

172.9

247.2

- Consumption Goods
162.8

158.0

138.1

184.1

153.2

141.6

141.9

128.3

119.4

113.5

109.4

86.8

115.5

- Capital Goods
90.4

85.8

38.8

109.6

102.6

93.6

73.2

68.0

67.0

65.6

62.6

44.8

66.7

- Intermediate Goods
51.6

50.2

44.8

45.4

46.2

37.1

49.3

44.0

38.7

33.0

60.4

41.3

65.1

Energy (Fuel & Electricity)
85.0

89.1

65.4

127.0

70.6

71.2

76.1

62.9

62.7

56.2

59.1

42.6

76.3

Service Payments
116.1

126.7

140.6

127.3

129.9

109.6

133.4

111.1

89.5

91.5

102.5

104.0

85.2

- Technical, Professional & consult
65.1

61.4

48.3

63.6

76.0

56.6

76.6

46.7

38.1

42.3

59.7

64.1

39.8

- Software
5.2

6.3

4.4

4.7

5.2

5.6

5.7

7.2

6.8

5.4

5.0

5.5

10.1

- Other (tourism, edu, freight etc)
45.8

59.0

87.8

59.0

48.8

47.4

51.1

57.2

44.6

43.8

37.8

34.4

35.3

Income Payments (Profits, Dividends
47.4

63.6

46.5

38.2

26.0

24.7

29.0

22.4

17.6

12.7

18.4

6.4

25.9

Capital Remittances (outward)
113.5

84.1

54.2

88.2

72.0

85.1

78.4

71.4

61.6

65.9

55.6

45.6

37.8

- External Loan Repayments
91.6

68.8

44.9

60.8

55.1

54.9

59.9

48.1

43.0

55.0

45.2

35.5

21.4

- Foreign Investment
21.9

15.2

9.3

27.4

16.9

30.1

18.5

23.3

18.6

10.9

10.4

10.1

16.4

Other Payments
0.3

1.0

0.9

0.6

1.6

0.7

0.7

0.5

1.0

0.8

1.0

0.2

0.5

TOTAL
667.1

658.4

529.3

720.5

602.2

563.5

582.0

508.5

457.4

439.2

469.2

371.7

472.8

Source: Reserve Bank of Zimbabwe, 2016
Table 6.1: Monthly Cross Border Payments (US$ Millions)


S22


Agriculture
Horticulture Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom
Jan-15
14.6

2.2

31.4

214.0

108.3

7.3

39.8

0.7

418.1

Feb-15
14.4

1.0

27.4

142.2

55.8

7.6

44.6

0.1

293.1

Mar-15
18.4

3.3

25.2

161.9

27.9

10.1

31.3

0.4

278.4

Apr-15
8.9

1.9

17.4

166.0

63.1

10.6

38.0

2.0

307.8

May-15
10.3

1.8

22.8

154.0

25.4

12.5

16.4

0.1

243.2

Jun-15
10.6

1.3

21.9

195.9

14.1

12.6

27.7

2.7

286.8

Jul-15
12.6

2.3

30.3

100.1

16.1

16.7

26.0

0.5

204.5

Aug-15
11.7

1.5

14.1

148.4

17.8

16.1

17.0

0.3

226.9

Sep-15
18.1

2.9

28.0

150.1

66.2

15.7

22.8

0.5

304.2

Oct-15
10.2

2.1

23.8

56.6

21.9

14.0

39.2

9.3

177.1

Nov-15
8.5

2.8

19.2

68.2

36.0

11.0

144.1

0.4

290.1

Dec-15
19.3

1.7

23.8

231.4

32.3

10.0

21.4

0.2

339.9

Jan-16
10.4

1.9

12.0

149.9

121.6

0.00
15.3

3.4

296.7

Feb-16
15.4

2.2

11.3

64.6

42.5

4.9

20.6

1.9

136.6

Mar-16
15.5

2.2

10.5

202.9

29.9

4.7

23.0

7.9

262.1

Apr-16
7.9

2.9

7.2

69.2

84.3

9.9

12.3

0.2

193.9

May-16
9.2

2.3

13.0

206.9

21.9

14.5

20.2

0.2

288.2

Jun-16
6.9

1.7

9.2

101.4

18.4

13.2

18.4

4.0

173.2

Source: Reserve Bank of Zimbabwe, 2016
Table 6.2: Monthly Cross Border Receipts (Millions)


S23


End of

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private

1,002
2,261
1,913
Short-Term External Debt

1,198
1,382
1,286

1,564
2,394
2,258
Supplier's Credits

Reserve Bank

Private

1,807
1,671
Total External Debt

Source: Ministry of Finance & Economic Development, 2016 ; Reserve Bank of Zimbabwe, 2016
TABLE 6.3: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR
(US$ millions)


S24


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

1,002
2,261
1,913
Short-Term External Debt

1,286

1,564
2,394
2,258
Public and Publicly Guaranteed Debt

Reserve Bank

Private

1,807
1,671
Total External Debt

Gross Domestic Product


External Debt / GDP

Source: Ministry of Finance & Economic Development, 2016 ; Reserve Bank of Zimbabwe, 2016
TABLE 6.4: External Debt Outstanding by Source
(US$ millions)


TABLE 6.5 EXTERNAL DEBT SERVICE AND DEBT SERVICE RATIOS
(US$ MILLIONS)
End of

Government

173.3
Capital

130.4
Interest

Parastatals

Capital

Interest

Private

418.1
Capital

Interest

163.1
Total

591.4
Capital

385.4
Interest

Exports of Goods
and Services

3841.9
Debt Service ratio

Capital Service Ratio

Interest Service ratio

Note: Figures reflect scheduled debt service.

Source: Ministry of Finance & Economic Development, 2016 ; Reserve Bank of Zimbabwe, 2016


S26


TABLE 7.1: REAL GROSS DOMESTIC AND NATIONAL PRODUCT PER CAPITA AT MARKET PRICES
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 : Zimstat, 2016
Current Prices
Constant Prices
Constant Prices
Per Capita


S27


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

10494

11400

12213
Source : Zimstat, 2016
2 . Includes domestic services and allowance for imputed banking service charges .
TABLE 7.2 : GROSS DOMESTIC PRODUCT AT FACTOR COST BY INDUSTRY
US$ Millions
(at current prices )


S28


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 : Zimstat, 2016
(at current prices)
US$ Millions
TABLE 7.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT/1


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Zimstat, 2016
1. Other minerals include Ferrosilicon, Iron ore, Iron pyrites and magnesite
Table 7.4: MINERAL PRODUCTION
US$ Millions


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

2,635.6

5,762.8

74.5

-
8,472.9

3,420.0

5,201.8

397.4

-
9,019.2

3,133.2

5,387.3

442.1

-
8,962.7

3,826.9

4,981.8

506.1

-
9,314.8

3,460.2

5,402.4

559.3
28.9

9,814.9

3,945.9

4,939.2

583.1

43.0

9,511.2

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Zimstat ,2016
Table 7.5: Electricity Energy Produced and Distributed
Interconnected System
Generation Sent Out


S31

(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

Source:Zimstat ,2016
TABLE 7.6: VOLUME OF MANUFACTURING INDEX (VMI)


S32


(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

Mean


Mean


Mean


Mean

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Source:Zimstat ,2016
TABLE 7.6: VOLUME OF MANUFACTURING INDEX (VMI)


S33