QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2014

RESERVE BANK OF ZIMBABWE

CONTENTS


List of Figures

List of Tables

1.
OVERVIEW
Global economic activity remained subdued in
the fourth quarter of 2014, as economies grappled
with the after-effects of the 2008 global financial
crisis, including the huge debt overhangs,
financial sector weaknesses, high unemployment
and low aggregate demand.
Going forward, global economic growth is
expected to increase from 3.3% in 2014 to 3.5%
and 3.7% in 2015 and 2016, respectively. The
rebound in global activity is underpinned by
expected re-acceleration of economic growth in
advanced economies (2.4%), largely supported
by growth in the US (3.6%).
In the domestic economy, real economic growth
is projected at 3.1% for 2014, driven by positive
performance of the agriculture sector. The
agriculture sector benefited from the favourable
2013/2014 rainfall season and support from
Government
and
cooperating
partners.
Challenges in manufacturing, mining and other
sectors, however, continued to weigh down the
economy’s growth potential.
Consumer price inflation remained low on the
back of low domestic demand, tight liquidity
conditions and a weaker South African rand.
Annual headline inflation decelerated from
0.09% in September 2014 to -0.8% in December
2014. Concomitantly, annual average inflation
declined from 1.6% in 2013 to -0.2% in 2014.
On the fiscal front, developments during the first
eleven months of 2014 culminated in cumulative
revenue inflows of US$3.36 billion, against total
expenditure outlays of US$3.55 billion. This
resulted in a deficit of US$19 million, largely
financed by new loan disbursements and issuance
of Treasury bills. In the outlook period, the fiscal
position is expected to remain difficult, due to the
slowdown in economic activity and lack of
external budgetary support.
In line with the contraction in total trade and
economic activity at large, the country’s trade
deficit narrowed in the last quarter of the year.
The incurrence of a trade deficits impacted
negatively on current account and overall balance
of payment positions.
The domestic money market continued to be
characterised by persistent liquidity challenges,
high non-performing loans and high credit risk.
This constrained credit expansion during the
quarter under review. Payment and settlement
activity, however, remained resilient and stable,
registering an upward trend in both values and
volumes during the last quarter of 2014.

DOMESTIC ECONOMIC DEVELOPMENTS
The Zimbabwean economy has strong growth
potential in both the short to medium term,
contingent upon the implementation of prudent
macroeconomic
policies.
The
successful
completion of the first phase of the Staff Monitored
Programme and its extension to end 2015, has laid
the foundation for sustainable economic growth
and development.
A positive growth of 3.1% is estimated to have
been registered by the economy in 2014, on the
back of strong performance in the agriculture
sector, which benefited from the favourable
rainfall season and support from Government and
cooperating partners.
The economy is projected to further grow by 3.2%
in 2015, driven mainly by agriculture and services
sectors, among others. Investments in various
infrastructural projects already being implemented
in electricity, transport and housing, under the
Zimbabwe
Agenda
for
Sustainable
Socio
Economic Transformation (Zim-Asset) are also
expected to benefit the economy.
Real Sector Developments

Real GDP
The economy is estimated to have declined further
to 3.1% in 2014, down from 4.5% in 2013, with the
positive
growth
largely
sustained
by
the
agricultural sector.
The lower than anticipated performance of other
key sectors, such as mining and manufacturing, on
the back of both domestic and international
challenges,
however,
weighed
down
the
economy’s growth potential in 2014.
Figure 1 below indicates the growth trends of real
GDP, agriculture, mining and manufacturing over
the period 2010-14 and projected growth in 2015.
Figure 1: Real GDP, Agriculture, Mining and Manufacturing
Growth Rates, 2010-14 and 2015 Projections


Source: RBZ, MoF and ZIMSTAT
Other economic sectors that are estimated to have
registered
positive
growths
in

are
distribution, hotels and restaurants, 3.9%; finance
and insurance, 2.0%; electricity and water, 3.5%;
construction,
2.6%;
and
transport
&
communication, 0.9%, as indicated in Table 1
below.
Table 1: Real GDP Growth Estimates for 2014
Items

Actual
Actual
Actual
Est.
Est.
Est.
Agriculture, hunting
and fishing

Mining and
quarrying

Manufacturing

Electricity and
water

Construction

Finance and
insurance

Real estate

Distribution, hotels
and restaurants

Transport and
communication

Public
administration

Education

Health

Domestic services

Other services


Source: Zimstat
-10
-5

Real GDP
Agriculture
Mining
Manufacturing

Agriculture Sector
The agriculture sector remains one of the key
drivers of the economy and is estimated to have
grown by 23.4% in 2014, up from -2.6% realized
in 2013. The sector benefited from the favourable
2013/14 rainfall season, and support from
Government
and
cooperating
partners
that
facilitated timely preparations for the 2013/14
agricultural season.
Figure 2 shows the growth trend of the agriculture
sector from 2010-14 and projection for 2015.

Figure 2: Agricultural Output Growth Rate (%): 2010-15

Source: Zimstat, MoFED, RBZ

Table 2 below shows the output volumes of
selected agricultural commodities in 2014.
Table 2: Agriculture Production “000” Tonnes: 2009-

Est
Tobacco
(flue cured)

Maize
1,240.

1,328.

1,452.

968.0
798.6
1,456.

Beef

Cotton

Sugar cane
2,544.

2,974.

3,264.

3,925.

3,469.

4,400.

Horticultur
e

Poultry

Groundnuts

Wheat

Dairy (m lt)

Agriculture
(Growth)

Source: MoFED, RBZ and ZimStat
The growth in agricultural output was mainly
driven by increased production of maize, tobacco,
sugar cane, groundnuts, soya beans, sorghum and
poultry.

Maize output is estimated to have increased to
1 456 153 tonnes in 2014, up from 798.6 tonnes in
2013. This was on account of the good rainfall
season, increase in yields from 0.63t/ha in 2013, to
0.85t/ha
in
2014,
and
various
financing
arrangements put in place by the government and
donor community.

Tobacco output increased from 166.6 million
kilograms in 2013, to 216 million kilograms in
2014. This was attributable to the increase in the
number of growers from 78 756 in 2013, to 86 900
in 2014; increase in area planted from 88 626
hectares in 2013, to 107 371 hectares in 2014; and
increased financing for the crop.

Downside risks to crop production in 2015 will
emanate from the late onset of rainfall, which
adversely affected the early planted rain-fed crop,
leading to replanting in mid-December 2014. In
addition, leaching as a result of excessive rains and
armyworm outbreaks in some parts of the country
also threaten the crops’ potential.

The tobacco crop may, however, recover if farmers
use remedies like intensive application of fertilisers
and chemicals.

Wheat
Wheat output is estimated to have increased to 58
738 tonnes in 2014, from 39 242 tonnes in 2013,
on the back of a 38% increase in the area under the
crop to 14 648 hectares. In addition, the yield
increased from 3.7 tonnes per hectare in 2013 to
4.01 tonnes per hectare in 2014. Figure 3 below
shows the trends in winter wheat production from
2000 to 2014.


Figure 3: Trends in Wheat Production: 2000-2014

Source: Ministry of Agriculture Mechanisation and Irrigation Development, 2014

The increase in wheat output recorded in 2014 was
also attributed to improved access to financing and
inputs by some A2 farmers, through contract
arrangements with private millers, commercial
loans and Government support. Winter wheat
output at 58 738 tonnes is, however, still far below
the annual national requirement of 450 000 tonnes.
Dairy
Milk output from the formal sector is estimated to
have increased from 54.7 million litres in 2013 to
55.5 million litres in 2014.
Figure 4 below shows milk production statistics for
the period January to December 2013 and estimates
for 2014.
Figure 4: Trends in Milk Production in the Formal sector
(Litres)
Source: Dairy Services
The marginal increase in milk output recorded was
largely driven by improved availability of grazing
pastures and stock feeds on the back of favorable
rainfall season, continued support from processors
and improved livestock management by farmers.

Mining Sector
The growth of the sector is estimated to have
slowed down from about 11.7% in 2013, to
-2.1% by the end of 2014, weighed down by
depressed gold, platinum and diamond output.
Figure 5 shows the growth trend of the mining
sector from 2010-14 and projection for 2015.


Figure 5: Mining Output Growth Rate (%): 2010-15

Source: Zimstat, MoFED, RBZ

Mining sector performance was largely
subdued, particularly during the first half of the
year, due to weak international prices for some
minerals, frequent power outages, obsolete
equipment
and
inadequate
funding
for
recapitalization.


Tonnes
Area (ha)
Production (t)
Yield (t/ha)

Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
Millions

37.4
24.4


Performance of selected minerals during the period
December 2013 to June 2014 is indicated in the
Table 3 below.
Table 3: Quarterly Mineral Production: December 2013
to September 2014
Mineral
Dec

March

June

September

Chrome \Kt

Coal \Kt

Cobalt \t

Copper \t

Gold \kg

Nickel \t

Palladium \kg

Platinum \kg

Rhodium \kg

Ruthenium \kg

Source: Chamber of Mines of Zimbabwe, 2014

Gold Deliveries to Fidelity Printers and
Refineries
Notwithstanding the decline in gold prices, gold
deliveries to Fidelity Printers and Refiners
registered a 4.8% growth, from 3,868 kilograms
delivered in the third quarter to 4,054 kilograms in
the fourth quarter. Figure 6 below illustrates
monthly gold deliveries and gold prices for 2014.


Figure 6: Gold Deliveries and Gold Prices for January -
December 2014


Source: RBZ

The notable increase in gold deliveries by small
scale producers in the fourth quarter of 2014 was,
in part, attributed to the registration and licencing
of custom millers and gold buying centres across
the country as well as the scrapping off of the 2%
presumptive tax on small scale gold producers,
effective 1 October 2014. These developments, to
some extent, helped plug gold leakages.
The steady decline in gold deliveries by large scale
producers in the fourth quarter of 2014, from a
peak of 916 kilograms in September, to 785
kilograms in November 2014 is partly attributable
to the decline in international price of the precious
mineral, registered during the period July to
November 2014.

Large Scale Gold Producers
Small Scale Gold Producers
Gold Prices (RHS)

Manufacturing Sector
The manufacturing sector is estimated to have
declined by -4.9% in 2014, on account of persistent
challenges affecting the sector, which include
antiquated plant and machinery, inflexible labour
laws, influx of cheap imports, high cost of
production, weak effective demand, as well as
persistent liquidity constraints.


Figure 7 shows the growth trend of the
manufacturing sector from 2010-14 and projection
for 2015.

Figure 7: Manufacturing Output Growth Rate (%): 2010-15


Source: RBZ, MoFED, ZimStat

Subdued Performance of the
Manufacturing sub-sectors
Notwithstanding the growth in agriculture, which
has
positive
downstream
effect
on
the
manufacturing subsectors such as Foodstuffs,
Drinks, Tobacco and Beverages, Clothing and
Footwear,
these
subsectors
have
remained
subdued. In addition, the textile and clothing
industries are facing stiff of foreign competition,
especially from South Africa, where subsidies,
export incentives and tariff protection are still in
existence.
Delta Beverages, the main producer of both
alcoholic and non-alcoholic beverages in the
country, registered a 10% decline in revenue for the
period March to December 2014, on account of
depressed consumer spending across the product
mix. Declines in volumes were recorded for lager
beer (25%) and sparkling beverages (9%).
The positive growth in consumption of sorghum
beer (14%) and alternative beverages, which
comprise maheu and the new dairy based
beverages (16%), however, was dampened by
constrained brewing capacity and power outages.
The weak performance across all subsectors of the
manufacturing industry was clearly demonstrated
by the fall in capacity utilization among the
manufacturing industries, company closures and
increasing number of employees that were
retrenched in 2014.
Deteriorating Capacity Utilization
Capacity utilization in the manufacturing industry
had been trending downwards, since 2012,
weighed down by antiquated plant and machinery,
cheap imports and high production costs, among
other constraints.
According to the Confederation of Zimbabwe
Industries (CZI), average capacity utilization in the
manufacturing sector declined from 44.9% in 2012
to 39.6% in 2013. Capacity utilization further
declined by 3.3 percentage points, to 36.3% in
2014, as shown in Figure 8 below.
Figure 8: Manufacturing Sector Average Capacity utilisation

Source: CZI


2014 est

The deterioration in capacity utilization is also
partly a result of low Foreign Direct Investment
(FDI) and portfolio inflows in 2014, compared to
2013. Net FDI decreased to $300.6 million in 2014,
from $373.1 million in 2013.
Similarly, net portfolio investment flows declined
to $114.2 million in 2014, from $96.3 million in
2013.
Company Closures and Retrenchments

As a result of viability challenges, the country also
witnessed an increasing number of firms being
placed under judicial management in the last 3
years. According to data obtained from the Master
of High Court, companies placed under judicial
management rose from 51 in 2013 to 60 by the end
of 2014, whilst 87 companies were liquidated in
2014, compared to 44 in 2013. Companies in
distress are also increasing, as shown in Table 4
below.
Table 4: Companies under Judicial Management & Liquidation
Year

Sept

OctDec

Companies Under Judicial
Management

Liquidation

Distressed Companies

n/a
Source: Master of High Court, 2015

A significant number of companies are also failing
to pay their staff on a regular basis, accumulating
salary arrears, further adversely impacting on
aggregate demand. In addition, some firms
resorted to downsizing and restructuring.
These actions partly resulted in extensive job
losses in the formal sector. According to the
Retrenchment Board, retrenchments increased
from 2 376 workers in 2013 to 3 881 workers in
2014, with the last quarter of 2014 recording 1 038
job losses through retrenchment. A total of 13 647
workers were retrenched between 2011and
September 2014.
Table 5 below shows quarterly retrenchment
figures across all the sectors of the economy for
2013 and the period January to September 2014.
Table 5: Quarterly Retrenchment Statistics: 2013-2014
Quarter
No of
Retrenchees
Total
January-March 2013

April-June 2013

July-September 2013

October-December 2013

January-March 2014

April-June 2014

July-September 2014

October- December 2014

Source: Retrenchment board 2014

Company closures have been attributed to a
number of economic bottlenecks such as the
liquidity crunch and the attendant lack of credit,
obsolete equipment, low aggregate demand, cheap
imports and non-performing loans. Foreign direct
investment, which has a positive impact on market
liquidity, remains subdued due to the perceived
country risk.
Liquidity Constraints

Zimbabwe
has
been
experiencing
liquidity
challenges since the introduction of the multiple
currency system in February 2009. The deepening
liquidity crisis was largely a result of poor export
performance, against the backdrop of increasing
imports, culminating in a large trade deficit, which
drained liquidity out of the economy.

Energy Sector

Power availability remained erratic during the
course of 2014, on the back of ongoing
rehabilitation at Hwange and other small thermal
stations. Figure 9 below shows developments in

electricity distributed to consumers over the period
January to December 2014, compared to the same
period in 2013.

Figure 9: Electricity Energy Sent Out: January – December
(2013-2014)

Source: Zimbabwe Power Company, 2015

The energy output has however remained
significantly below the industrial and national
requirements.
Figure 10 below indicates that electricity energy
generation has been erratic in the last quarter,
particularly from Kariba and Hwange Power
Stations, while output from the small thermals was
generally stable.
Figure 10: Electricity Energy sent out (by Source) in 2014

Source: Zimbabwe Power Company, 2015
Prices
Annual headline inflation, which had rebounded
into positive territory in the 3rd quarter 2014, slid
back into deflation in the 4th quarter 2014. Annual
headline inflation decelerated from 0.09% in
September 2014 to -0.001% in October and further
to -0.8% in November and December 2014.
Resultantly, annual average inflation declined from
1.6% in 2013 to -0.2% in 2014.

The resurgence of deflationary pressures in the 4th
quarter 2014, was mainly attributed to the decline
in non-food inflation. Annual non-food inflation,
which averaged 1.4% for the first 9 months of
2014, significantly fell from 1.6% in October 2014
to 0.1% in December 2014. Non-food inflation also
registered the largest negative growth rates on a
month-on-month basis of -2.4%, -3.0% and -2.1%
for October, November and December 2014,
respectively.

Figure 11 below shows the annual inflation profile
from Q1, 2010 to Q4, 2014.

Figure 11: Annual Inflation Profile (%)

Source: ZIMSTAT, January 2015
The dissipating inflationary pressures in the 4th
quarter of 2014 reflected, to a large extent, the

jan
Feb mar
apr may jun
jul
aug
sep
oct
nov
dec

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Hwange
Kariba
Small Thermals
-6
-4
-2

Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Headline
Food
Non- Food

effect of depressed effective domestic aggregate
demand, tight liquidity conditions, declining
international oil prices and a weakening South
African rand against the US dollar.

Zimbabwe’s annual inflation rate at -0.8% in
December 2014, remained the lowest in the SADC
region. As shown in Table 6, with the exception of
Malawi and Zambia, most SADC countries’
inflation rates lie within the 2018 SADC
convergence annual inflation target of 3% to 7%.

Table 6: Inflation Rates for Selected Countries in the Region and
the United States

Zimbabwe
S
A
Botswana
Mozambique
Tanzania
Z ambia
M alawi
U
SA
Aug-2013

Sep-2013

Oct-2013

Nov-2013

Dec-2013

Jan-2014

Feb-2014

Mar-2014

Apr-2014

May-2014

June-


July-2014

Aug-2014

Sept-2014

Oct-2014

Nov-2014

Dec-2014

Source: Respective Central Banks’ Websites, 2014

The relatively low inflation in Zimbabwe has,
however, not translated to growth due to
underlying structural challenges and institutional
bottlenecks. The country has also not been able to
harness trade advantages normally associated with
low inflation compared to the rates obtaining in
trading partners, largely due to comparatively high
costs of production, which have negatively
affected export competitiveness.
Core Inflation

Core inflation, which measures the medium-term
trend in inflation, provides a less noisy indicator of
inflationary pressures, giving a better measure of
underlying inflation. Analysis of core inflation is
important, to gauge the persistence of inflationary
or deflationary pressures in the economy.
Despite the negative annual headline inflation
experienced for the larger part of 2014, the year on
year core inflation; which excludes products price
movements are volatile remained significantly
positive throughout the year, averaging 1.3%.
The positive core inflation, therefore suggests that
the deflationary pressures experienced so far
should be transitory in nature, holding other things
constant.
Figure 12 shows developments in annual headline
and core inflation in 2014.
Figure 12: Headline versus Core Annual Inflation Jan 2014 to
December 2014

Source: Zimstat, Dec 2014

As shown in Figure 12 above, developments in
core inflation in 2014 largely mirrored the
movements in the headline inflation, though
headline inflation was in the negative territory for
the greater part of the year.

The sharp decline in annual core inflation in the last
quarter of 2014, however, may imply that the
deflationary pressures in the economy could
become permanent in nature, particularly in the
outlook period.

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Headline Inflation
Core Inflation

Quarterly Annualised Inflation
Reflecting
dampening
domestic
inflationary
pressures in the outlook period, the quarterly
annualized inflation rate, which has been in
negative territory since July 2014, further fell from
-3.17% in November 2014 to -3.51% in December
2014, as shown in Figure 13 below.
Figure 13: Quarterly Annualised Inflation Profile (%)

Source: RBZ, January 2015

Inflation Outlook

The significant decline in both headline and core
inflation in the 4th quarter 2014, implies that
headline inflation is likely to remain in negative
territory in 2015, reflecting the impact of depressed
international oil and food prices, weaker South
African rand versus the US dollar and weak
domestic aggregate demand.
The South African rand is expected to remain, at
levels around ZAR12 per US dollar in 2015, which
would continue to dampen inflationary pressures in
the domestic economy. Figure 14 below shows the
rand/US dollar exchange rate movements since
August 2013.

Figure 14: Rand/US Dollar Exchange rate developments

Source: RBZ, January 2015

Overall, annual average inflation rate is projected
to be in the negative territory for 2015, as shown in
Figure 15 below.
Figure 15: Inflation Forecast Fan Chart

Source: RBZ, January 2015


Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14

21-Aug-13
22-Sep-13
24-Oct-13
25-Nov-13
27-Dec-13
28-Jan-14
01-Mar-14
02-Apr-14
04-May-14
05-Jun-14
07-Jul-14
08-Aug-14
09-Sep-14
11-Oct-14
12-Nov-14
14-Dec-14
-2
-1

2.
FOREIGN TRADE AND PAYMENTS

International Economic Developments

Global economic activity remained subdued in the
fourth quarter of 2014, as economies grappled with
the after-effects of the 2008 global financial crisis,
including the huge debt overhangs, financial sector
weaknesses,
high
unemployment
and
low
aggregate demand.
Economic activity was also weighed down by the
intensification of geo-political tensions between
Russia and Ukraine, as well as political instability
in the Middle East and North Africa. Resultantly,
the world economy is estimated to have
experienced a slower growth rate of 3.3% in 2014,
against the initially projected 3.7% (See Table 7).
Table 7: Global Economic Growth (%)

Projection

Projection
World Output

Advanced Economies

US

Euro-Area

Japan

Emerging Market &
Developing
Economies

China

India

SubSaharan
Africa

Latin
America
& the
Caribbean

Source: World Economic Outlook Update, January, 2015
Notwithstanding these downside risks, advanced
economies grew by 1.4% and 1.8% in 2013 and
2014, respectively. This was largely underpinned
by a nascent recovery in economic activity in the
Euro-area. In addition, economic recovery in the
Euro-area was spurred by supportive monetary
conditions, robust labour market reforms, revival
in investment, reduction in the pace of fiscal
tightening, increased contributions from net
exports and the stabilization of domestic demand.
The recovery in advanced economies, albeit in an
uneven manner, was also attributed to the
expansion in aggregate demand.
In emerging market and developing economies,
activity is estimated to have slowed down from
4.7% in 2013 to 4.4% in 2014. Notably, the
weakening of economic activity in China, from
7.8% in 2013 to 7.4% in 2014, combined with
heightened political tension in Thailand continued
to pose significant downside risks to recovery
prospects in emerging market economies.
Economic growth in Sub-Saharan Africa, declined
from 5.2% in 2013 to 4.8% in 2014. This
notwithstanding, growth patterns in the sub-region
remained uneven. For instance, in South Africa,
economic growth in 2014 was constrained by
recurrent industrial tensions, delays in fixing
infrastructure
gaps
and
electricity
supply
constraints.
In
contrast,
economic
activity
remained resilient in Nigeria, despite poor security
conditions and a decline in oil production.
Going forward, global economic activity is
expected to improve from 3.3% in 2014 to 3.5%
and 3.7% in 2015 and 2016, respectively. The
rebound in global activity is underpinned by
expected re-acceleration of economic activity in
advanced economies (2.4%), largely supported by
growth in the US (3.6%). Economic activity in
emerging markets and developing economies as
well as Sub-Saharan Africa is, however, projected
to remain almost the same at 4.3% and 4.9%,
respectively in 2015. The decline in oil prices is
expected to have a positive income re-distribution
effect from oil exporting to oil importing countries.

Despite the growth impetus provided by the
decline in oil prices, offsetting effects from
economic slow-down in oil producing countries as
well as the stagnation and low inflation in the Euroarea and Japan are projected to moderate global
economic growth in 2015 and 2016. Nonetheless,
the ability of the Euro-zone economies to navigate
around the possible threat of deflation and
stagnation, is envisaged to shore up global
economic growth.
Global economic growth in 2015 and 2016 is also
expected to be boosted by low international oil
prices. International oil prices have declined by
more than 55% since September 2014. The decline
was partly due to weakening aggregate demand in
some major economies, particularly, emerging
market economies and the decision of the
Organization of the Petroleum Exporting Countries
(OPEC) to maintain existing production levels,
despite the increase in oil production from nonOPEC producers, especially the United States.
Commodity Price Developments

Despite realizing considerable gains in the first half
of 2014, prices of major commodities eased in the
fourth quarter, on account of growing worries over
the global economy’s recovery and growth
prospects. Increases in risk aversion in global
financial markets, attributable to renewed concerns
about sovereign debt in the Euro Area, and the
strengthening of the U.S. dollar, to some extent,
exerted downward pressures on commodity prices
in the fourth quarter of 2014.

The heightened geopolitical risks that prevailed in
the first half of the year supported the precious
metals’ prices, while the ensuing strengthening of
the US dollar, coupled with expectations of a US
interest rate hike, dampened the metals’ safe
investment haven status. In addition, physical
demand for precious metals by traditional buyers,
notably China and India, was largely depressed
during the fourth quarter of 2014.
In the medium term, commodity prices are
expected to continue declining, in line with
subdued global economic activity, especially in
emerging market economies.
Precious Metals
Gold and Platinum
The decline in gold prices slowed down from 8.1%
in the third quarter of 2014, to 0.8% in the fourth
quarter. Similarly, platinum prices which declined
by 12.5% in the third quarter, further retreated by
5.1 % during the fourth quarter of the year (See
Figure 16 below).
Figure 16: Gold and Platinum Prices for January – December
2014 (US$/ounce)

Source: Bloomberg, BBC and KITCO
Base Metals
Copper and nickel prices, which declined during
the third quarter of 2014, maintained a declining
trend during the fourth quarter. This was on the
backdrop of weak demand from emerging markets,
underpinned by the economic slowdown in China,
the world’s largest consumer of the metals.

2-Jan
20-Jan
5-Feb
21-Feb
11-Mar
27-Mar
14-Apr
5-May
21-May
9-Jun
25-Jun
11-Jul
29-Jul
18-Aug
3-Sep
19-Sep
7-Oct
23-Oct
10-Nov
26-Nov
12-Dec
Gold
Platinum

The accumulation of base metal inventories in
most markets during the same period also
dampened prices.
Furthermore, caution about the impending end to
the U.S. stimulus measures depressed demand for
industrial metals during the last quarter of 2014.
Consequently, nickel prices retreated by 5.8%
during the fourth quarter of 2014, while copper
prices declined by 5.9% during the same period.
Figure 17 below shows the prices for copper and
nickel for 2014.
The
country’s
susceptibility
to
adverse
international price developments underscores the
need
to
beneficiate
minerals
produced
in
Zimbabwe. Beneficiation of the country’s minerals
remains key in efforts geared at mitigating the
effects of commodity prices volatility, while at the
same providing strong impetus to the recovery of
industrial production.
In the medium to long term, the ongoing
amendments to the Mines and Minerals Act, is
envisaged to translate into a progressive and
investor-friendly mining title management system,
thereby enabling the implementation of the
beneficiation and value addition strategy, while at
the same time attracting investment into mining.
Figure 17: Nickel and Copper Prices

Source: BBC, KITCO


Oil Prices
Crude oil prices declined by 40.3% during the
fourth quarter of 2014, on account of increases in
US shale production, weak demand and the
decision by the Organization for Petroleum
Exporting Countries (OPEC) producers not to cut
output to bolster prices (See Figure 18 below).
Figure 18: Crude Oil Prices (US$/barrel)

Source: BBC, KITCO

International crude oil prices declined from an
average of US$111/barrel in June 2014, to an
average of US$63/barrel in December 2014, a
development that has benefited non-oil producing
economies such as Zimbabwe. On the back of
declining crude oil prices, marginal declines in
domestic fuel prices have also been realized,
reflecting a generally weak pass-through of the
effect of declining global oil prices on local
petroleum products prices (See Figure 19 below).


2-Jan
20-Jan
5-Feb
21-Feb
11-Mar
27-Mar
14-Apr
5-May
21-May
9-Jun
25-Jun
11-Jul
29-Jul
18-Aug
3-Sep
19-Sep
7-Oct
23-Oct
10-Nov
26-Nov
Nickel
Copper

2-Jan
17-Jan
3-Feb
18-Feb
5-Mar
20-Mar
4-Apr
23-Apr
9-May
27-May
11-Jun
26-Jun
11-Jul
28-Jul
14-Aug
29-Aug
15-Sep
30-Sep
15-Oct
30-Oct
14-Nov
1-Dec

Figure 19: Domestic Average Petrol & Diesel Prices (US$/Litre):
Jan-December 2014

Source: Zimstat
Petrol
prices
eased
from
an
average
of
US$1.53/litre in November to an average of
US$1.51/litre in December 2014. Similarly, diesel
prices declined to an average of US$1.41/litre,
from an average of US$1.43/litre, during the same
period.
External Sector Developments

During the fourth quarter of 2014, the country’s
merchandise trade increased by 10%, from
US$2 483 million in the third quarter to US$2 736
million, on account of a marked increase in
merchandise exports and imports (See Figure 20
below).


Figure 20: Quarterly Merchandise Trade (US$m)

Source: ZIMSTAT

Total merchandise trade for the fourth quarter of
2014 was, however, 4.5% lower than for the
corresponding period in 2013, reflecting depressed
economic activity in the country.
Export Performance
The country’s merchandise exports grew by 24%,
from US$820 million in the third quarter, to US$1
016 million in the last quarter of 2014. Figure 21
below compares the country’s quarterly export
performance for 2013 and 2014.


Jan
Feb
Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Petrol
Diesel


Q1
Q2
Q3
Q4

Figure 21: Merchandise Exports (US$m)

Source: ZIMSTAT


The surge in export earnings during the fourth
quarter of 2014 was attributed, in part, to an
increase in export volumes, as exporters geared for
annual shutdowns. Total exports for the fourth
quarter of 2014, were 6.6% lower than for the
corresponding period in 2013, as shown in
Figure 21 above.
Import Performance
The country’s imports registered a marginal
increase of 3%, from US$1 663 million recorded in
the third quarter to US$1 720 million in the last
quarter of 2014. Figure 22, below shows the
quarterly import developments for the period 2013
and 2014.


Figure 22: Merchandise Imports (US$m)

Source: ZIMSTAT
Despite registering a steady quarter on quarter
growth in 2014, the country’s merchandise
imports, remained lower than the 2013 levels. This
largely reflected the concomitant decline in import
absorption that is typical of an economic
slow-down phase that the country is currently
going through.
Trade Balance
Despite the marked increase in exports and a
moderate increase in imports during the fourth
quarter of 2014, the country incurred a quarterly
trade deficit of US$704.1 million, as shown in
Figure 23 below.

1,016

1,083
-

1,000
1,100
1,200
Q1
Q2
Q3
Q4


Q1
Q2
Q3
Q4

Figure 23: Trade Balance (US$m): 2014
Source: ZIMSTAT & RBZ Computations
In line with the contraction in total trade and
economic activity at large, the country’s trade
deficit narrowed from US$844 million in the third
quarter of 2014, to US$704 million in the last
quarter of the year. The narrowing of the trade
deficit in in the fourth quarter is attributed to the
increase in export earnings, which exceeded the
increase in the imports.
The continued incurrence of a trade deficits
continues to exert adverse pressure on the current
account and overall balance of payment positions.

3.
MONETARY
DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

Money Supply
Broad money supply growth continued on an
upward trend increasing from US$4 388.5 million
in the third quarter to US$4 403.1 million in the
fourth quarter 2014.

On an annual basis, broad money grew by 11.97%
in December 2014, compared to 1.17% in
December 2013 (see Figure 24). The year on year
growth in broad money was reflected in expansions
across most deposit categories, in particular,
demand deposits, which increased by US198.5
million (10.13%).

Figure 24: Annual Broad Money Growth Rate and Level

Source: RBZ

Domestic Credit
Domestic credit grew from US$4 267.2 million in
the third quarter to US$4 378.7 million in the
fourth quarter 2014. On an annual basis, domestic
credit grew by 7.6%, from US$4 068.7 million
recorded in the previous year. This reflected
expansion in both net claims to Government and
credit to the private sector.

Credit to the private sector recorded a subdued
quarterly growth of 1.17%, from US$3 752.4
million in the third quarter to US$3 796.2 million
in the fourth quarter of 2014. On an annual basis,
credit to the private sector grew by 4.01% in
December 2014, compared to 2.51% recorded in
December 2013 (see Figure 26 below).

Credit expansion has generally been constrained by
persistent liquidity challenges, a rise in banks’ nonperforming loans, high credit risk, and sluggish
real economic activity.


Q3
Q4
Exports
Imports
Trade Balance


Annual Growth
US$ million
Demand
Savings
Under-30 day
Over-30 day
Growth

Figure 25: Structure and Level of Domestic Credit

Source: RBZ


Figure 26: Growth in Credit to the Private Sector

Source: RBZ

Net credit to Government increased from
US$442.4 million in the third quarter to US$515.6
million in the fourth quarter. The increase was
largely on the back of issuances of Treasury bills
by Government to supplement revenues for its
operations, as well as for debt redemption.


Interest Rates
Reflecting low activity on the money market,
interest rates remained largely unchanged during
the quarter under review. Lending rates ranged
from 6% to 35%, with most banks quoting rates
around 20%, per annum. High lending rates in the
market were a result of high premiums on
persistent liquidity shortages, as well as credit and
liquidity risks. Banking institutions are also
factoring in the difficult operating environment,
which is characterized by high production and
service costs.


Stock Market Developments

The last quarter of 2014 witnessed bearish
sentiments on the local bourse largely owing to
uncertainties in the economy, underpinned by a
tight liquidity environment. This was reflected in
ZSE listed companies posting unimpressive June
2014 interim and final results, mainly due to the
prevailing economic distress. In addition, the last
quarter of the year is usually dominated by profit
taking as most investors liquidate their portfolios
ahead of the festive season, thus pushing down
indices.

As a result, the industrial index recorded a 16.62%
decline in the quarter ending December 2014,
compared to a growth of 4.65% in the previous
quarter. The index decreased from 195.25 points
on 30th September 2014 to 162.79 points at the end
of December 2014. On a year on year basis, the
main index also fell by 19.46%, from 202.12 points
as at 31 December 2013 to 162.79 points on 31
December 2014.

The quarterly average industrial index was 8.35%
lower, from 192.73 points recorded in the third
quarter of 2014 to 176.63 points in the last quarter
of 2014.


Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
US$ million
Pvt Sector
Gvt
PEs

Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14

Figure 27: ZSE Industrial and Mining Indices
Source: Zimbabwe Stock Exchange, 2014
After a strong growth in the third quarter, of
51.27%, the mining index declined by 22.69%
during the last quarter of 2014. The resources index
closed the period under review lower at 71.71
points, down from 92.76 recorded at the end of the
third quarter. On a year on year basis, the mining
index, however, increased by 56.61%, from 45.79
points as at 31 December 2013 to 71.71 points
recorded on 31 December 2014.

On the other hand, the quarterly average mining
index declined by 14.78% to close the last quarter
of 2014 at 72.31 points, from 84.85 points recorded
in the third quarter of 2014. Low commodity
prices, coupled with the mining companies’
inability to secure funding for their capital
expenditures, has seen the sector performing below
expectations.

Market Turnover
Despite several block trades in mid cap counters
during the quarter under review, the increasing
downside risks resulted in market turnover
declining by 26.50% to US$92.369 million in the
fourth quarter, from US$125.681 million in the
previous quarter.

Figure 28: ZSE Market Turnover Value
Source: Zimbabwe Stock Exchange, 2014
The continued gloomy economic prospects
resulted in subdued foreign investor participation
in the quarter under review. Net foreign purchases
declined by 85.03% to US$7.738 million in the
fourth quarter, down from US$51.668 million
realized in the previous quarter.

Market Capitalization
The
downturn
in
economic
performance
culminated in the ZSE shedding 15.82% of its total
value, from US$5 140 million on 30th September
2014, to US$4 327 million as at 31st December
2014.

The performance of the top ten heavily capitalized
counters namely Delta, Econet, Innscor, Seedco,
BAT, National Foods, OK Zimbabwe, Old Mutual,
TSL and Hippo Valley continued to determine the
overall market trend. Consequently, the top ten
heavily capitalized counters declined by 13.73%,
on average, during the quarter under review,

31-Aug-10
31-Oct-10
31-Dec-10
28-Feb-11
30-Apr-11
30-Jun-11
31-Aug-11
31-Oct-11
31-Dec-11
29-Feb-12
30-Apr-12
30-Jun-12
31-Aug-12
31-Oct-12
31-Dec-12
28-Feb-13
30-Apr-13
30-Jun-13
31-Aug-13
31-Oct-13
31-Dec-13
28-Feb-14
30-Apr-14
30-Jun-14
31-Aug-14
31-Oct-14
31-Dec-14
Industrial Index
Mining Index

US$ Millions

compared to an average growth of 8.67% in the
third quarter.

Figure 29: ZSE Market Capitalisation (US$ Millions)
Source: Zimbabwe Stock Exchange, 2014
4.
PUBLIC FINANCES

Fiscal developments during the first eleven months
of 2014 culminated in cumulative revenue inflows
of US$3.36 billion, against total expenditure
outlays of US$3.55 billion. This resulted in a
deficit of US$19 million, largely financed by new
loan disbursements and issuance of Treasury bills.

Government Revenue
Cumulative Government revenue to November
2014 at US$3.36 billion, was about 8% below the
projected revenue collections of US$3.64 billion.
On a year-on-year basis, this represented a decline
of 2.6% from US$3.45 billion collected during the
same period in 2013.
The subdued revenue performance reflected
depressed economic activity characterized by
liquidity challenges, deflation, company closures
and heightened levels of informalisation obtaining
in the economy.
Monthly revenue inflows largely missed targets
during the 11 month period to November 2014,
except for July and August, where collections
surpassed targets.
Figure 30 shows monthly revenue inflows from
January to November 2014.
Figure 30: Monthly Revenue (Actual vs Target)

Source: Ministry of Finance and Economic Development, 2014

During the period under review, tax revenue
accounted for 93% of total revenue, while the
remaining 7% related to non-tax revenue.

Tax on income and profits, as well as VAT,
continued to dominate in terms of contribution to
tax revenue, accounting for 42% and 29%,
respectively.

Figure 31 below shows Government revenue
structure as at 30th November 2014.


US$ Millions

Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
US$ Millions
Actual
Target

Figure 31: Revenue Structure as at 30th November 2014

Source: Ministry of Finance and Economic Development,2014

Government Expenditures

During the first eleven months of 2014, cumulative
Government expenditure amounted to US$3.55
billion, against a target of US$3.64 billion. This
reflected the impact of a constrained fiscal
position, emanating from depressed revenue
collections.

Recurrent expenditure continued to dominate
Government expenditure, accounting for 91.2% of
total expenditure during the period under review.
Employment costs accounted for 55% of total
Government spending. Other current expenditures
and capital spending (including net lending)
accounted for 36% and 9%, respectively during the
period under analysis.

Figure 32 shows the major components of
Government expenditures.

Figure 32: Expenditure Categories as a Proportion of Total
Expenditure

Source: Ministry of Finance and Economic Development
Fiscal Outlook
With the revenue outturn as at November 2014,
amounting to US$3.36 billion, there is high
probability that the US$4.1 billion target for the
2014 fiscal year will not be attained. In the absence
of significant improvement in economic activity,
the fiscal position is expected to remain difficult in
the outlook period.

5. PAYMENT, CLEARING AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment System in the fourth quarter
ending 31 December 2014 increased by 11% to
US$15 billion, from US$14 billion recorded during
the third quarter ending 30 September 2014. There
was also a 30% increase in volumes from 55
million in the third quarter to 62 million in the
fourth quarter.

ATMs, Mobile and Internet payment streams
recorded increases both in value and volume terms
for the period under review whilst RTGS, cheque
and POS volumes registered decreases of 1%, 1%
and 6% respectively as compared to the quarter
ending 30 September 2014.
Tax on
Income
and
profits
42%
Customs
duties
10%
Excise
duties
15%
Value
Added
Tax (VAT)
29%
Other
indirect
taxes
4%
Employment
costs, 55%
Capital
Expenditure
and Net
Lending, 9%
Other current
expenditure,
36%

Table 8 below provides the statistical information
on various payment streams for the fourth quarter
ending 31 December 2014:

Table 8: NPS Transactional Activities

PAYME
NT
STREAM
FOURTH
QUARTER
ENDING

DECEMBE
R 2013
PREVIO
US
QUARTE
R
ENDING

SEPTEM
BER

FOURTH
QUARTER
ENDING 31
DECEMBER

CHAN
GE
FROM
LAST
QUAR
TER
PROPORTI
ON

VALUES IN USD Millions
VALUES IN
USD
RTGS

CHEQUE

POS

ATMS

MOBILE

INTERN
ET

TOTAL


VOLUMES
VOLUMES
RTGS

CHEQUE

POS

ATMs

MOBILE
36,796,178
47,649,18

54,751,620
15%
87.81%
INTERN
ET

TOTAL
43,423,406
55,370,77

62,352,123
13%
100%
Source: RBZ


The value of transactions processed through the
RTGS system in the fourth quarter ending 31
December 2014, increased by 10% to US$12.6
billion, from US$11.4 billion during the third
quarter 2014. In terms of volume, there was a
decrease of 1% from 568 323 to 561 600
transactions as shown in Figure 33 below.

Figure 33: Volumes and Values of RTGS Transactions

Source: RBZ

Society for Worldwide Interbank Financial
Transfers (SWIFT) Foreign Currency
Transactions
SWIFT foreign currency payments increased by
23% to US$1.823 billion in the quarter ending
December 2014, from US$1.479 billion in the third
quarter ending September 2014. During the same
period, SWIFT foreign currency receipts also
increased to US$1.637 billion as shown in Figure
32 below.

Net foreign currency outflows amounted to
US$185 million during the quarter under review.


Quarter
ending June

Quarter
ending
December

Quarter
ending June

Quarter
ending
December

RTGS Values in US$ Billions
RTGS Volumes in Thousands
Volumes
Values

Figure 34: Quarterly SWIFT Foreign Currency Transactions

Source: RBZ

Retail Payments
Figures 35 and 36 below show the trend in the
values and volumes of retail transactions from the
quarter ending September 2013 to the fourth
quarter of 2014.


Figure 35: Volumes of Retail Transactions

Source: RBZ

Figure 36: Values of Retail Transactions

Source: RBZ


Quarter
ending Dec

Quarter
ending Mar

Quarter
ending Jun

Quarter
ending Sept

Quarter
ending Dec

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

1,000
1,200
Quarter
ending
September

Quarter
ending
December

Quarter
ending
March

Quarter
ending
June 2014
Quarter
ending
September

Quarter
ending
December

US$ Millions
CHEQUE
POS
ATMS
MOBILE
INTERNET


Quarter ending
September 2013
Quarter ending
March 2014
Quarter ending
September 2014
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
MOBILE

Access Points and Devices
Table 9 below shows the access points and devices
from the fourth quarter ending December 2013, to
the fourth quarter ending December 2014.
Table 9: Payment Systems Access Points

Third
Quarter
ending
September

Fourth
Quarter
ending
December

First
Quarter
ending
March 2014
Second
Quarter
ending
June 2014
Third
Quarter
ending
Septembe
r 2014
Mobile
Banking
Agents

ATMs

POS

PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards

Credit
Cards

Prepaid
Cards

Mobile
Banking
Subscribers

Internet
Banking
Subscribers

Source: RBZ
Mobile banking access points showed an increase
in the number of Mobile banking agents from
23 000 in the third quarter ending September 2014
to 26 000 in the fourth quarter ending December
2014. The POS and ATM population increased
from 11 669 and 505 to 12 612 and 538,
respectively, during the same period.
There were increases in the number of mobile
banking subscribers from 5.6 million in the third
quarter ending September 2014, to 6.1 million in
the fourth quarter ending December 2014.
Figure 37 below shows the number of total number
of Access Points in the country from September
2013 to December 2014.
Figure 37: Number of Access Points


Source: RBZ
Figure 38 below depicts the number of Access
devices available across the country from
September 2013 to December 2014.

Figure 38: Number of Access Devices

Source: RBZ


RESERVE BANK OF ZIMBABWE

Quarter
ending
September

Quarter
ending
December

Quarter
ending
March

Quarter
ending
June 2014
Quarter
ending
September

Quarter
ending
December

THOUSANDS
POS Population
ATM Population
Mobile Banking Agents

Qtr ending
Sept 2013
Qtr ending
Dec 2013
Qtr ending
Mar 2014
Qtr ending
Jun 2014
Qtr ending
Sept 2014
Qtr ending
Dece 2014
MILLIONS
Debit Cards
Mobile


S1


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: Liabilities


S5
2.2. Commercial Banks: Assets


S6
2.3. Accepting Houses: Liabilities


S7
2.4. Accepting Houses: Assets


S8
2.5. Building Societies: Liabilities


S9
2.6. Building Societies: Assets


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 Merchant Banks’ Loans and Advances


S16
3.7. Sectoral Analysis of Commercial Banks’ Deposits


S15

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


S2


6.
Balance of Payments
6.1. External Debt Outstanding By Debtor


S23
6.2. External Debt Outstanding by Source


S24
6.3. External Debt Service and Debt Service Ratios


S25

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

S26
7.2. Gross Domestic Product at Factor Cost by Industry


S27
7.3. Expenditure on Gross Domestic Product


S28
7.4. Mineral Production


S29


S3


Liabilities to the public
Notes and
Deposits
Capital
coin in
and
circulation
Foreign
general
End of
Bankers/1
Central
Other
Total
loans
Other
Total
reserve
Other
Foreign Liabilities
TOTAL
Govt.


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2. Statutory bodies.
US$ Thousands
TABLE 1.1: RESERVE BANK - LIABILITIES


S4


TABLE 1.2: RESERVE BANK - ASSETS
US$ Thousands
Foreign Assets
Bills Discounted
Loans and advances
Investments
End of
Gold
Other
Total
Treasury
Other
Central
Other
Govt.
Other
Other
TOTAL
Government
Stock


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


S5


Loans &
Contingent
Other
Non
Financial
Total
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
Banks
Bills
Bills


12.00

420.48

88.79

0.00
0.00
863.69

115.17

1,080.02

303.45

125.07

222.02

2,709.41


2013:Jan
323.40 378.50 103.40 182.30 247.80
0.00
0.00 1,235.50 52.20 2,694.90 386.10 205.70 386.70 4,961.10
Feb
292.20 357.70 120.50 234.60 239.90
0.00
0.00 1,244.90 27.70 2,289.30 328.80 208.00 388.30 4,887.00
Mar
271.60 345.70 196.10 198.90 265.30
0.00
0.00 1,277.60 26.10 2,715.80 367.20 228.80 388.00 5,003.50
Apr
263.80 383.60 201.10 272.90 289.90 75.30 5.20 1,491.70 26.30 2,595.80 341.30 207.00 382.10 5,044.20
May
250.90 400.90 198.20 296.70 253.50 75.40 5.30 1,480.80 25.80 2,673.20 389.80 208.00 382.90 5,160.50
Jun
227.20 416.40 171.90 257.50 271.80 75.50 5.30 1,425.80 26.00 2,698.30 364.10 217.80 384.60 5,116.50
Jul
266.50 352.80 164.20 266.10 263.80 110.20 6.40 1,429.90 26.50 2,701.30 337.10 229.80 387.00 5,111.70
Aug
322.80 277.90 136.40 242.50 237.80 61.10 6.40 1,285.00 26.20 2,813.00 367.00 218.30 385.20 5,094.70
Sept
334.10 336.00 178.00 327.80 226.30 111.50 6.00 1,519.70 26.90 2,773.30 298.80 234.70 386.40 5,239.80
Oct
379.40 387.50 137.10 219.70 260.90 99.40 5.00 1,489.00 17.30 2,809.10 316.70 257.30 371.50 5,260.90
Nov
333.30 312.70 160.20 197.10 261.10 108.60 6.50 1,379.50 26.60 2,789.70 291.30 235.40 369.80 5,092.30
Dec
354.80 367.80 135.50 287.30 199.90 118.00 6.60 1,469.90 28.40 2,799.50 490.80 259.50 347.60 5,395.70
2014:Jan
356.90 395.30 134.10 253.10 153.00 119.20 5.40 1,417.00 27.90 2,866.40 516.10 362.20 353.90 5,543.50
Feb
334.30 387.00 130.50 285.00 195.00 193.20 5.40 1,530.00 32.80 2,718.10 534.50 502.90 351.10 5,669.50
Mar
304.60 354.10 147.40 280.30 165.90 255.20 5.40 1,512.90 28.70 2,737.90 522.70 538.80 349.70 5,690.70
Apr
353.30 367.80 154.40 274.90 205.70 247.00 5.40 1,608.40 32.50 2,844.60 534.10 345.30 348.60 5,713.60
May
327.80 421.10 120.50 372.80 211.50 241.70 5.40 1,700.60 27.50 2,836.80 591.40 366.20 347.10 5,869.60
Jun
347.10 404.70 166.40 338.10 198.00 261.90
0.00 1,716.10 16.20 2,863.20 607.80 362.90 346.10 5,912.60
Jul
347.09 321.32 176.70 276.34 186.00 246.25
0.00 1,553.69 15.41 2,940.41 597.53 347.37 345.56 5,799.97
Aug
360.66 424.49 178.49 243.49 173.92 237.51
0.00 1,618.57 15.46 2,949.07 609.46 353.93 346.43 5,892.91
Sep
255.64 636.79 183.01 158.78 176.01 253.92
0.00 1,664.16 4.15 2,949.42 624.56 371.45 341.53 5,955.27
Oct
226.06 597.68 174.98 205.53 180.27 260.15
0.00 1,644.66 15.57 2,938.35 594.39 369.05 341.77 5,903.79
Nov
258.90 556.70 169.07 157.46 178.46 281.59
0.00 1,602.18 4.23 2,951.57 597.49 369.39 341.06 5,865.93
Dec
310.20 466.10 168.00 152.40 188.80 285.40
0.00 1,571.00 7.30 2,961.20 633.20 377.70 389.20 5,939.50
TABLE 2.1: COMMERCIAL BANKS - ASSETS
US$ Millions
Liquid Assets
Securities


S6


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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


85.1
560.7
633.2

5939.5
3692.9
TABLE 2.2: COMMERCIAL BANKS - LIABILITIES
US$ Millions


S7


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


Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 2.3 : ACCEPTING HOUSES - ASSETS
US$ Millions


S8


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


Jan
106.9
91.7
21.3


Feb
102.8


Mar

Apr

May

Jun

Jul
111.3
82.7


Aug

Sep
111.2
82.6


Oct

Nov
122.6
59.7


Dec


Jan


29.6
152.1
100.1
Feb
47.6
48.3


42.3
147.9
95.8
Mar


Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 2.4: ACCEPTING HOUSES - LIABILITIES
US$ Millions


S9


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


Jan
20.4
125.5
0.2


Feb
20.2
164.3


Mar
18.8
129.1
0.2


Apr

May


Jun

Jul

Aug


46.4
124.1
872.9
Sep

Oct

Nov

Dec


920.9

Jan

Feb
30.2


65.4
125.4
943.9
Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 2.5: BUILDING SOCIETIES- ASSETS
US$ Millions


S10


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
315.3


Jun


Jul
339.1
222.8
561.9

23.5
859.2
561.9
Aug

Sep
336.1
246.9

209.2
23.4
914.2

Oct
310.9
264.9
575.8

907.2
575.8
Nov

Dec


Jan
313.9
253.1

225.9
29.5
929.1

Feb

Mar

Apr
358.4
262.7
621.1

25.4
981.9
621.1
May
436.2
233.2
669.4

17.1
1026.7
669.4
Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 2.6 : BUILDING SOCIETIES - LIABILITIES
US$ Millions


S11


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 U30 Day
Deposits
Merchant
Banks U-30
Day Deposits
Building Soc.
U- 30 Day
Deposits
M2
Comm. Banks
O-30 Day
Deposits
Merchant
Banks O-30
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


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 3.1: MONETARY AGGREGATES
US$ Thousands


S12


TABLE 3.2: BROAD MONEY SURVEY
US$ Thousands
Period
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


2013:Jan
-485,643.35
994,812.68


Feb
-478,669.10
988,575.61


Mar
-627,094.49
867,399.59


Apr
-477,210.63
983,189.54


May
-488,616.30
1,065,690.20


Jun
-770,401.90
994,502.13


Jul
-822,415.50
967,794.12


Aug
-884,443.14
931,988.96


Sept
-814,488.39
1,075,508.03


Oct
-850,336.43
994,326.12


Nov
-1,001,798.88
856,654.92


Dec
-810,172.35
1,042,165.96


2014:Jan
-846,622.12
1,009,920.75


Feb
-799,433.66
1,032,518.86


Mar
-816,838.40
1,021,388.50


Apr
-695,843.57
1,063,604.45


May
-585,616.72
1,190,209.77


Jun
-595,417.73
1,126,637.08


Jul
-701,074.15
1,027,150.03


Aug
-627,733.60
1,079,627.14


Sep
-536,233.96
1,105,902.85


Oct
-598,846.11
999,042.72


Nov
-767,824.43
827,514.20


Dec


S13


TABLE 3.3: ANALYSIS OF MONTHLY CHANGES IN MONEY SUPPLY
US$ Thousands
NET
FOREIGN
ASSETS
Total
Foreign
Assets
Liabilities
\2
NET
DOMESTIC
ASSETS \3
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


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct
-62,612.20
(106,860.13)


Nov
-168,978.30
(171,528.52)


Dec
40,492.90
62,580.06


S14


NET
FOREIGN
ASSETS
Total
Foreign
Assets
Liabilities \2 RBZ

DMBs

OBIs
NET
DOMESTIC
ASSETS \3
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


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 3.4: ANALYSIS OF YEARLY CHANGES IN MONEY SUPPLY
US$ Thousands


S15


AGRICULTURE
CONS TRUCTION
COMMUNICATION
DIS TRIB UTION
FINANCIAL &
FINANCIAL MANUFACTURING
MINING
S ERVICES
TRANS P ORT
INDIVIDUALS
CONGLOMERATE
TOTAL
END OF


INVES TMENTS ORGANIS ATIONS


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TABLE 3.5: Sectoral Analysis of Commerical Banks' Loans and Advances
US$ Thousands


S16


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

113,914.2

51,981.7

142,938.1

342,785.1

213,125.2

755,299.4

327,658.1

83,103.1

762,884.4

41,827.9

432,436.3

61,038.7

3,328,992.1

2013:Jan 91,648.8 48,329.1 128,426.0 351,566.7 212,401.7 494,823.6 252,389.7 93,470.0 658,260.1 44,091.4 512,289.8 32,145.9 2,919,842.6
Feb 96,796.5 48,491.5 147,571.5 360,757.9 147,995.9 578,306.4 284,603.8 64,530.5 679,554.8 41,983.6 516,431.2 25,275.3
2,991.999.1
Mar 96,752.8 44,883.3 139,327.8 354,627.8 155,915.2 610,758.4 290,072.8 87,143.0 594,397.7 38,345.5 523,913.8 141,404.6 3,077,542.7
Apr 98,671.0 49,093.8 152,390.8 350,269.2 166,578.5 545,118.2 311,310.8 105,766.9 638,341.8 39,837.1 533,691.3 99,053.9 3,090,123.4
May 114,053.3 55,427.4 142,023.3 389,384.7 255,352.1 484,429.7 318,129.4 92,777.2 700,668.7 46,593.8 578,509.2 32,297.7 3,209,646.5
Jun 116,635.2 58,578.8 147,313.8 447,394.5 183,146.3 352,600.3 366,824.2 96,685.8 701,195.7 46,578.5 597,373.1 104,843.6 3,219,169.8
Jul 108,086.6 46,449.5 120,982.3 380,448.8 178,341.4 677,700.7 301,575.9 97,583.8 710,856.1 39,395.9 487,954.4 102,531.4 3,251,906.9
Aug 137,107.1 48,726.1 135,788.5 319,106.0 174,593.9 637,190.7 333,255.3 99,194.1 639,401.6 41,996.5 417,762.6 93,772.1 3,077,894.4
Sept 100,028.3 57,039.8 145,652.5 380,781.4 207,379.2 612,131.5 408,359.1 103,872.8 795,047.6 46,982.9 435,912.4 90,265.8 3,383,453.4
Oct 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
Nov 114,178.7 47,740.9 128,399.3 312,639.2 241,628.8 741,885.4 283,426.0 80,507.6 727,492.5 42,901.0 458,479.9 89,292.5 3,268,571.8
Dec 113,914.2 51,981.7 142,938.1 342,785.1 213,125.2 755,299.4 327,658.1 83,103.1 762,884.4 41,827.9 432,436.3 61,038.7 3,328,992.1
2014:Jan 130,154.6 53,292.9 146,876.1 353,793.8 259,569.6 731,703.3 304,033.2 93,776.7 770,435.4 40,085.9 485,573.1 60,897.7 3,430,192.5
Feb 138,812.3 55,092.2 134,813.9 420,181.0 262,183.8 786,295.6 270,062.5 131,134.8 779,640.3 39,169.2 508,813.7 61,822.3 3,588,021.6
Mar 118,239.1 55,167.5 135,807.9 382,675.5 216,025.3 791,776.0 275,549.1 103,298.7 806,185.9 42,432.8 521,381.5 72,990.9 3,521,530.3
Apr 164,347.5 59,289.3 102,323.7 408,823.5 325,559.7 780,207.0 325,659.8 135,187.4 888,876.2 43,746.5 582,848.8 82,009.8 3,898,879.1
May 149,474.1 60,669.4 108,977.6 355,802.3 332,850.8 800,256.8 303,599.4 132,132.8 1,027,552.7 38,921.0 581,930.2 93,334.9 3,985,501.8
Jun 194,685.1 64,188.9 95,595.6 470,267.7 291,594.6 812,999.7 348,303.5 130,453.4 895,698.0 44,735.5 575,149.1 91,392.4 4,015,063.5
Jul 163,335.6 56,812.0 87,587.5 370,121.7 303,367.3 830,988.6 334,436.8 112,985.0
880,761.1

44,675.4 587,756.7 94,841.5 3,867,669.2
Aug 128,794.1 38,934.1 90,012.5 271,204.3 270,009.9 755,141.6 236,267.5 130,548.6 865,566.6 31,180.4 467,724.2 89,582.4 3,374,966.2
Sep 177,932.5 56,444.5 82,756.7 315,956.8 309,508.3 951,593.4 278,461.5 174,497.9 978,044.0 47,792.7 571,629.9 103,464.8 4,048,083.1
Oct 158,421.7 57,091.4 83,973.9 407,934.0 308,028.8 917,450.3 266,690.9 178,771.0 936,336.2 44,950.2 613,425.1 91,764.1 4,064,837.5
Nov 140,908.6 61,494.3 93,114.0 350,153.8 313,668.7 881,007.4 271,049.9 137,867.8 955,760.6 48,177.7 641,405.3 90,462.2 3,985,070.2
Dec 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
TABLE 3.6: Sectoral Analysis of Commercial Banks' Deposits
US$ Thousands


S17


MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET
MONTH
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

Jul
3,955.44
11.72
125.81

312.35
101.75
Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec

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)


S18


COMMERCIAL BANKS
ACCEPTING HOUSES
END OF
SAVINGS
3 MONTHS
3 MONTHS
End Period
Nominal
Lending
Rates 2
Individuals
Corporate
Nominal
Lending
Rates 2
Individuals
Corporate

Jan

Jan
0.15-8.00
4.00-20.00
6.00-17.00
Feb

Feb
0.15-8.00
4.00-20.00
6.00-17.00
Mar

Mar
0.15-8.00
4.00-20.00
8.00-12.00
Apr

Apr
0.15-8.00
4.00-20.00
8.00-12.00
May

May
0.15-8.00
4.00-20.00
6.00-17.00
Jun

Jun
0.15-8.00
4.00-20.00
6.00-17.00
Jul

Jul
0.15-8.00
3.00-20.00
6.00-17.00
Aug

Aug
0.15-8.00
3.00-20.00
6.00-17.00
Sep

Sep
0.15-8.00
3.00-20.00
11.00-12.00
Oct

Oct
0.15--8.00
3.00-20.00
11.00-12.00
Nov

Nov
0.15--8.00
3.00-20.00
11.00-12.00
Dec

Dec
0.15--8.00
3.00-20.00
11.00-12.00

Jan

Jan
0.15--8.00
3.00-20.00
11.00-12.00
Feb

Feb
0.15--8.00
3.00-20.00
11.00-12.00
Mar

Mar
0.15--8.00
3.00-20.00
11.00-12.00
Apr

Apr
0.15--8.00
3.00-20.00
11.00-12.00
May

May
0.15-8.00
3.00-20.00
11.00-12.00
Jun

Jun
0.15-8.00
3.00-20.00
11.00-12.00
Jul

Jul
0.15-8.00
3.00-20.00
11.00-12.00
Aug

Aug
0.15-8.00
3.00-20.00
11.00-12.00
Sep

Sep
0.15-8.00
3.00-20.00
11.00-12.00
Oct

Oct
0.15-8.00
4.00-20.00
11.00-12.00
Nov

Nov
0.15-8.00
4.00-20.00
11.00-12.00
Dec

Dec
0.15-8.00
3.00-20.00
12.00-12.00
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 Rates 3
Weighted Average
Lending Rates 3
Merchant Banks
Commercial Banks


S19


Indices
US$
Millions
Industrial
Mining
Market
Capitalisat
ion

Jan
179.34
84.07
4,700.33
Feb
182.3
72.01
4,748.24
Mar
183.88
66.21
4,726.34
Apr
189.66
71.98
4,894.68
May
212.72
73.99
5,471.22
Jun
211.19
73.29
5,436.57
Jul
232.87
66.77
59,136.78
Aug
181.67
48.73
4,682.27
Sep
200.05
49.9
5,157.20
Oct
209.74
52.68
5,407.42
Nov
213.04
47.02
5,482.03
Dec
202.12
45.79
5,203.13

Jan
189.25
35.4
4,882.11
Feb
189.45
39.24
4,906.94
Mar
176.32
29.51
4,560.29
Apr
172.91
29.64
4,473.51
May
174.89
35.45
4,485.11
Jun
186.57
61.32
4,873.40
Jul
188.07

4,959.21
Aug
196.43
104.8
5,186.63
Sep
195.25
92.75
5,140.20
Oct
177.88
70.38
4,664.80
Nov
171.45
64.39
4,517.93
Dec
162.57
72.61
4323.17
TABLE: 5.3: ZIMBABWE STOCK
MARKET STATISTICS
S o urce: Zim babwe S to ck Exchange (ZS E)


S20


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


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

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


S21


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


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sept

Oct

Nov

Dec

TABLE 5.5 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \1
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S22


FOOD INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATI
ON
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


3.5


4.1
-0.2
4.5


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sept

Oct

Nov

Dec

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


S23


End Period

2003 2004

Long-Term External Debt


6,096
6,607
7,370
Government


4,638
4,929
5,012
Bilateral Creditors


2,597
2,694
2,928
Multilateral Creditors


2,041
2,235
2,084
Private Creditors

Public Enterprises

1,092
1,198
1,356
Bilateral Creditors

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private

1,002
Short-Term External Debt

1,286

1,564
Supplier's Credits

Reserve Bank

Private

Total External Debt


7,382
7,498
8,934
SOURCE: Ministry of Finance and Reserve Bank of Zimbabwe
TABLE 6.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR
(US$ millions)


S24


End Period

(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
Short-Term External Debt

1,286

1,564
Public and Publicly Guaranteed Debt

Reserve Bank

Private

Total External Debt

Gross Domestic Product


10,956
12,472
12,973
External Debt / GDP

SOURCE: Ministry of Finance and Reserve Bank of Zimbabwe
TABLE 6.2: External Debt Outstanding by Source
(US$ millions)


S25


TABLE 6.3 EXTERNAL DEBT SERVICE AND DEBT SERVICE RATIOS
(US$ MILLIONS)

Government

Capital

Interest

Parastatals

Capital

Interest

Private

Capital

Interest

Total

Capital

Interest

Exports of Goods
and Services

Debt Service ratio

Capital Service Ratio

Interest Service ratio

Note: Figures reflect scheduled debt service.

SOURCE: Ministry of Finance and Reserve Bank of Zimbabwe


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
Product
to Other
Product
Product Product
Product
Product
Period
Countries


Current Prices
Constant Prices
Constant Prices
Per Capita


S27


Agriculture
Mining
Manufac- Electricity
Finance
Distribution Transport Public
Hunting and
and
turing
and
Construc-
and
Real
Hotels and and Comm- 'Administr-
Other
Period
Fishing
Quarrying
Water
tion
Insurance Estate Restaurants
unication 'ation
Education
Health
Services
Total

10467

11365

11889
1 . Source : Central Statistical Office .
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
consu-
current
making
captital
in
Statistical
domestic
goods and
domestic
Period
mption
expenditure bodies
formation
stocks
discrepancy
expenditure
services
product


*includes Expenditure by non-profit making organisations
1 . Source: Central Statistical Office
(at current prices)
US$ Millions
TABLE 7.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT/1


S29


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


2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

April

June *

Source: Zimstat
1. Other minerals include Ferrosilicon, Iron ore, Iron pyrites and magnesite
* June Figure is for the second quarter of 2014
Table 7.4: MINERAL PRODUCTION
US$ Millions


S30


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

January

February

March

April


May


June

July

August

September

October

November

December


January

February

March

April

May

June

July

August

September

October

November

December

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


S31