QUARTERLY
ECONOMIC
REVIEW


SEPTEMBER 2015

RESERVE BANK OF ZIMBABWE

CONTENTS
4. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL
STATISTICAL TABLES ....................................................................................... S1

List of Figures

List of Tables
Table 2: Cumulative Tobacco Sales Statistics for the 2014 and 2015 Tobacco Selling Season .. 11


1.
OVERVIEW

This review provides an overview of domestic
economic developments for the quarter ended
September 2015. The global economic growth
projection for 2015 was revised from 3.3% to
3.1% by the International Monetary Fund
(IMF), in line with developments in the first 9
months of the year. Global economic growth
for 2015 has been weighed down by lower
growth projections for emerging market
economies particularly China, Russia and
Brazil,
despite
the
anticipated
growth
improvements in the US and Europe.

The fragile global economic growth continues
to
exert significant
downside risks
to
commodity based developing economies such
as Zimbabwe. The lower growth in emerging
economies, particularly China has had a
negative effect on mineral commodity prices
such as platinum, gold, copper and nickel.
Reflecting the lower international commodity
prices and the impact of drought on agriculture
performance, economic growth in Zimbabwe is
estimated at 1.5% in 2015, down from 3.8% in
2014.

The general price level has been in negative
territory since November 2014 and indications
are that this trend may persist into the first
quarter of 2016. Annual headline inflation
remained subdued during the third quarter of
2015, declining from -2.8% in June 2015 to
-3.1% in September 2015.

International trade statistics indicate that
during the third quarter, total merchandise
exports and imports rose by about 15% each.
Exports rose on the back of increased gold,
nickel and diamond exports, while imports
were mainly driven by the importation of
fertilizers and diesel, in preparation for the
2015/2016 summer cropping.

Broad money supply increased to US4 586.0
million in the third quarter ending September
2015, from US$4 544.0 million in the second
quarter ending June 2015. In tandem, domestic
credit rose from US$5 030.7 million in June
2015 to US$5 079.8 million in September
2015.

The commendable effort being made by
Government in respect of re-engagement with
the international financial institutions (IFIs) to
help in the clearance of external debt arrears, is
likely to result in improved economic growth
prospects in the short to medium term.

2.
INTERNATIONAL
ECONOMIC
DEVELOPMENTS
Global economic activity continued to face
elevated financial market volatility, a marked
slowdown in developing and emerging market
economies and declining commodity prices. In
particular,
lingering
uncertainty
that
surrounded the prospect of a U.S. interest rate
increase
contributed
to
sluggish
global
economic activity during the first three quarters
of 2015. Notably, global economic activity
remains uneven, as developed economies
including the U.S., Eurozone, and United
Kingdom (UK) have somewhat recovered.

On the other hand, developing and emerging
market economies particularly China, Russia
and Brazil are facing significant challenges that
are expected to dampen growth prospects.
Constrained import absorptive capacity from
China which is experiencing an economic
slowdown, has occasioned the accumulation of
commodity inventories over the past three
quarters.

As a result of the slackening of metal demand,
coupled with the strengthening of the U.S.
dollar, among other factors, international
commodity prices declined over the first three
quarters of 2015. Similarly, crude oil prices
retreated during the same period, largely on the
back of a supply glut on the international oil
market.


Reflecting the effect of declining commodity
prices, inflationary pressures in advanced,
emerging markets and developing economies
remained muted while real effective exchange
rate fluctuations have been unusually high over
the recent past.

In the Sub-region, economic growth prospects
for South Africa, Botswana and Zambia
remained vulnerable to the downturn in
international
commodity
prices,
the
depreciation of domestic currencies and
accompanying implications on trade and fiscal
revenues.

Despite subdued global economic activity, the
world economy is expected to modestly
rebound to 3.6% in 2016 (see Table 1 below).
This primarily reflects the expected narrowing
of attendant divergences in economic activity
and growth patterns across major economies in
2016.

The rebound in economic activity in the
outlook period is attributed to the projected
acceleration in US economic growth, as well as
the impact of the consolidation of recent gains
in the Eurozone and Japan.

Table 1: Global Economic Developments and
Outlook (%)

(Proj)

(Proj)
World Output

Advanced Economies

US

Japan

Emerging Market &
Developing
Economies

China

India

Sub-Saharan Africa

Zimbabwe

Latin America & the
Caribbean

Source: World Economic Outlook Update (October 2015),
Ministry of Finance and Economic Development and RBZ
projections

Advanced economies are projected to grow
modestly in 2015 and 2016, led by the U.S, the
U.K, Eurozone and Japan. On the other hand,
economic performance in the Eurozone largely
benefited from low oil prices, accommodative
monetary policy, and in some instances, real
exchange rate depreciation. Lower growth
prospects in commodity exporting advanced
economies is, however, expected to moderate
this growth momentum.

Economic growth in China is, however,
expected to further decelerate to 6.8% and
6.3% in 2015 and 2016, respectively. Although
the country’s fixed asset investment growth has
been slowing down in recent years, it remains
the prominent driver of aggregate demand.

Activity in Sub-Saharan African economies is
expected to decelerate from 5% in 2014 to
3.8% in 2015. The slowdown in 2015 is
primarily
attributed
to
the
negative
repercussions of declining commodity prices
coupled with the tightening of global financial
conditions particularly in the region’s frontier
market economies.

In Southern Africa, economic growth prospects
for South Africa, Botswana, Zambia and
Zimbabwe
remained
vulnerable
to
the
downturn in international commodity prices,
the depreciation of domestic currencies (except
for Zimbabwe) and deteriorating electricity
supply conditions. Against this background,
export earnings and fiscal revenues declined
somewhat particular for commodity exporting
countries.

Commodity Price Developments
During the first three quarters of 2015, gold,
platinum, copper, nickel and crude oil prices
declined on the backdrop of a stronger U.S.
dollar and weak commodity demand. In
particular, base metal prices were adversely
affected by slower economic growth in a
number of emerging market economies,
particularly China, which is the world’s largest
metal consumer. Importantly, the improved
supply of base metals resulted in the
accumulation of inventories, a development
that further dampened commodity prices. Food
prices also registered declines, largely on
account of favourable yields of major crops
across the world.

Commodity price developments for precious
and base metals have implications on
Zimbabwe’s external sector position as the
country depends on primary and semi-

processed minerals. Weaker prices for precious
and base metals imply lower export and fiscal
revenues for Zimbabwe, while depressed oil
and food prices have a moderating effect on the
country’s fuel and food import bill.

Gold and Platinum Prices
Precious mineral prices are projected to decline
in 2015, mainly underpinned by the sustained
strengthening of the U.S. dollar coupled with
prolonged
speculation
surrounding
the
possibility of a U.S. interest rate hike and
reduced
financial
risks
associated
with
depressed crude oil prices. These developments
are undermining the appeal of precious
minerals as safe investment assets. Against this
backdrop, gold and platinum prices retreated
by 7.8% and 17.4%, respectively, during the
first three quarters of 2015, as shown in Figure
1 below1.

Figure 1: Gold and Platinum Prices for
January to September 2015
Source: Bloomberg

1 The reported gold, platinum, nickel, copper and Brent crude oil price changes are extracted
from the World Bank Commodities Price Data (The Pink Sheet), 2 October 2015

1111002388669/829392-1420582283771/Pnk_1015.pdf
In the medium term, precious metals prices are
envisaged to continue to fluctuate in response
to evolution in the U.S. dollar exchange rate.
Base Metal and Crude Oil Prices
Base metal prices remained depressed over the
period under review as evidenced by the
decline in nickel and copper prices. In
particular, nickel and copper prices declined by
26.5% and 9.7%, respectively, on account
inventory build-ups stemming from slackening
demand from China. Similarly, crude oil prices
retreated by 7.2% during the same period,
largely on account of low demand and excess
supply.
Figure 2: Nickel, Copper and Brent Crude Oil
Prices for January to September 2015
Source: Bloomberg
According to the World Bank, the ongoing
European
Central
Bank’s
expanded
quantitative easing program is anticipated to
spur the demand for most industrial metals and
in the process boost their prices in the medium

term. Oil prices are expected to average
US$61.2/barrel in 2016, as supply growth
moderates.
Food Prices
International food prices, as measured by the
United
Nations
Food
and
Agriculture
Organization, have declined since September
2014 as shown in Figure 3. The decline in food
prices is underpinned by ample supply
conditions, a slump in energy prices and
concerns over China’s economic slowdown.
International cereal prices have been under
downward pressure since early 2015, amid
large inventories and generally improved crop
prospects.
Figure 3: FAO Nominal Food Price Index
(2004=100)2

Source: Food and Agriculture Organisation (FAO)
Similarly, soya oil prices declined, primarily on
account of improved supplies in South America

2 The FAO Food Price Index is a measure of the monthly change in international prices of a
basket of food commodities. It consists of the average prices of five major commodity groups,
i.e cereals, meat, dairy products, vegetable oils and sugar.
and a favourable 2015/16 global production
outlook. On the other hand, international prices
for sugar firmed on the back of an anticipated
production deficit due to adverse weather
conditions in Brazil and India, the world’s
largest sugar producers.

Energy Prices
Energy prices have generally been on a
declining trend largely underpinned by the
marked drop in international oil prices as
shown in Figure 4 below:
Figure 4: Energy Price Index (2005=100)3

Source: IMF
3 Includes petroleum, Natural Gas, and Coal Price Indices

2014M9
2014M10
201411
201412
2015M1
2015M2
2015M3
2015M4
2015M5
2015M6
2015M7
2015M8
2015M9

2014M1
2014M3
2014M5
2014M7
2014M9
2014M11
2015M1
2015M3
2015M5
2015M7
2015M9

Merchandise Trade Developments
As a result of the downturn in international
commodity prices and the deceleration in
economic activity in Zimbabwe, exports for the
period January to September declined by
16.1% from US$2 047.8 million in 2014 to
US$1 718.6 million in 2015.

Concomitant with the slowdown in economic
activity, and widespread industrial undercapacity utilization, imports declined by 13.3%
from US$4,659.8 million for the period
January
to
September

to
US$4 039.2 million over the corresponding
period in 2015. Figure 5 below shows the
merchandise trade developments for the nine
months of 2015.

Figure 5: General Merchandise Trade
(US$ Million, 2015)


Source: ZIMSTAT

Despite the slowdown in total merchandise
trade, imports surpassed export revenues
culminating in the incurrence of a trade deficit
over the first three quarters of 2015. In relative
terms, the trade balance, however, marginally
improved from a deficit of US$2 612 million
recorded during the period January to
September

to
a
deficit
of
US$2 320.6 million in 2015.

Despite, the narrowing of the trade balance, the
country’s import absorption remains high
relative to export performance, thus hampering
the country’s ability to sustainably build
foreign exchange reserve buffers and improve
domestic money supply conditions.

More significantly, imports are depleting
foreign exchange resources realized from
exports, credit lines, and remittances, a
development that further tightens liquidity
conditions
with
constraining
effects
on
economic growth.

The sustained excess of imports over exports
imposes a constraint on current account
performance, which has recorded sizeable
deficits over the past few years.


3.
DOMESTIC
ECONOMIC
DEVELOPMENTS
Developments in the third quarter point to
further deceleration in economic activities
particularly in key sectors, such as agriculture,
mining and manufacturing. The downside
risks remain high in the outlook period, mainly
due to lower global demand for mineral
exports; increasing fiscal pressures against
declining
revenues;
low
foreign
direct
investment (FDI); liquidity constraints; an
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Exports

206.9
Imports

502.0
Trade Balance


unfavourable agricultural season and low
aggregate demand.
Real Sector Developments
Real GDP
The economy is estimated to have grown by
3.8% in 2014 and is projected to decelerate to
1.5% in 2015, from the initial projection of
3.2%. The lower than anticipated projected
growth is largely due to the drought induced
under-performance in the agriculture sector,
which has negative spillover effects on other
sectors of the economy.

Figure 6: Real GDP growth (%)

Source: Zimstat and Government Projections

Agriculture

The agriculture sector is projected to decline by
3.6% in 2015, weighed down by reduced
output of major crops, namely maize, tobacco
and cotton. This is mainly attributable to the
low and erratic rainfall that was received during
the 2014/15 agriculture season.

While the Meteorological Services Department
estimates that the country received an average
of 626.3 mm of rainfall during the 2014/15
season, the season was characterized by
intermittent dry spells.

Tobacco
The 2015 tobacco selling season ended in
September 2015, with a cumulative total of
198.91 million kilograms of Virginia tobacco
having been sold. Total sales amounted to
US$586.37 million, at an average price of
US$2.95 per kilogram (kg).
During the comparable period in 2014, a total
of 216.2 million kg were sold at an average
price of US$3.17 per kg, giving a total earnings
of US$685.24 million. The decline in the
quantity and quality of tobacco output during
the 2014/2015 agriculture season was partially
attributed to the poor rainfall patterns.
Table 2 below summarizes the cumulative
tobacco sales statistics for the 2014 and 2015
selling seasons.

Table 2: Cumulative Tobacco Sales Statistics for
the 2014 and 2015 Tobacco Selling Season

Variance
(%)
Total Quantity
Sold (million
Kgs)
198.9
216.2
-7.99
Total Value (US$
million)
586.4
685.2
-14.0
Average Price
(US$)/Kg
2.95
3.17
-6.99
Source: TIMB, 2015

Cotton
Total national seed cotton seasonal sales stood
at 102 135 391 kg as at 25 September 2015,
compared to 134 431 188 kg sold during the
same period in 2014. The low international
cotton lint prices of US33.57 cents per kg that
prevailed during the 2015 selling season, partly
reflected the anticipated increase in global
cotton output, following the upward revision of
U.S.A production forecasts. The USA is
currently the world’s largest exporter of the
commodity.

The depressed cotton prices could discourage
domestic farmers from growing the crop in the
upcoming 2015/16 agricultural season, with
adverse impact on agriculture output.

Maize

Zimbabwe is currently importing maize from
Zambia in a bid to address the deficit of 700
000 tonnes for both human and livestock
consumption. It is expected that there will be
sufficient stocks until March next year if
imports continue to flow at the current pace.
However, any logistical constraints will have
serious repercussions on the availability of
maize grain.

As at 25 September 2015, maize was trading at
US$285 to US$320 per tonne, whilst the import
parity price was US$290 - US$300 per tonne,
depending on terms of payment and packaging
of the imports.

Stock Feed Availability

Following poor soya bean harvests in the
2014/15 season, soya meal is also in short
supply. During the third quarter, full fat soya
meal was trading at US$710 – US$720 per
tonne, while de-fatted soya meal was trading at
US$685 - US$695 per tonne.

Malawi and Zambia, the country’s usual
sources of genetic modifications free (GM free)
soya meal had poor harvests in the previous
season, leaving India as the only source of the
commodity.

Beef

During the third quarter of 2015, the total
number of cattle slaughtered in the formal
sector stood at 67 170, compared to 63 721
during the same period in 2014. The increase in
the number of beasts slaughtered is attributed
to the high levels of destocking in drought hit
areas. Table 3 below shows the total number of
livestock slaughtered in the third quarter of
2014 and the third quarter of 2015.

Table 3: Livestock slaughtered in the formal
sector: Third quarter of 2014 and 2015

2014 Q3
2015 Q3
Variance
(%)
Cattle
63 721
67 170
5.4
Sheep &
Goats
5 005
6 776
35.4
Source: Ministry of Agriculture and Irrigation Development

During the nine month period to September
2015, the total number of cattle slaughtered
through the formal channel stood at 191 251, a
3.3% increase from 185 057 cattle slaughtered
during the same period in 2014, as shown in
Table 4 below.

Table 4: Livestock slaughtered in the formal
sector: Third quarter of 2014 and 2015

2015 Est.
Variance (%)
Cattle
185 057
191 251
3.3
Sheep &
Goats
12 993
19 846
52.7
Source: Ministry of Agriculture and Irrigation Development

The
Cold
Storage
Commission
(CSC)
continues to be overshadowed by private
abattoirs in terms of slaughterings as the
parastatal remains heavily indebted and
undercapitalised. Figure 7 below compares the
number of cattle slaughtered by the CSC and
other private abattoirs over the nine month
period to September 2015.


Figure 7: Cattle slaughtered by CSC and Other
Private Abattoirs: Jan-Sept 2015

Source: Ministry of Agriculture
The number of sheep and goats slaughtered
during the third quarter of 2015 stood at
6 776, a 35.4% increase, compared to the same
period in 2014. Cumulatively, 19 846 sheep
and goats were slaughtered during the period
January to September 2015. This represented a
52.7% increase, compared to the same period
in 2014.

The continued spread of Foot and Mouth
Disease (FMD) impacted negatively on beef
production in most regions of the country. The
movement of cattle across regions of the
country, in large part, explains the spread of the
FMD.


Jan
Feb
Mar Apr May Jun
Jul
Aug Sep
Total Cattle
CSC
Other

In order to control the disease, Government
responded by imposing movement restrictions
on cattle in affected areas and the issuing of
permits for cattle being moved for direct
slaughter.

Pork

The Ministry of Agriculture and Irrigation
Development estimates that during the third
quarter of 2015, the total number of pigs
slaughtered through formal channels stood at
36 632, a 24% increase from 29 540 pigs
slaughtered in the third quarter of 2014.

Colcom continues to be the dominant player in
pork production, as shown in the Figure below.

Figure 8: Pig Slaughterings from Colcom and
other abattoirs: Jan-Sept 2015

Source: Ministry of Agriculture, 2015

On a cumulative basis, the total number of pigs
slaughtered through the formal channels
declined by 0.6% to 98 305 during the first nine
months of 2015.

Dairy

Milk output averaged 5 million litres per month
during the third quarter of 2015, compared to
4.8 million per month in the second quarter of
2015. Cumulatively, milk output stood at 14.9
million litres in the third quarter, up from 14.3
million produced in the second quarter of 2015.

During the first nine months of 2015, total milk
produced in the formal sector stood at 42.6
million litres -3.6% higher than what was
produced during the same period in 2014. Milk
output, however, continues to fall short of the
national requirement of 12 million litres a
month by about 60%. Table 5 below shows
milk output in the first nine months of 2014,
compared to the same period in 2015.

Table 5: Milk production from the formal sector
(in litres)
Month

2015 Est.
Variance
(%)
January
4,586,860
4,689,649
2.2
February
3,971,596
4,115,212
3.6
March
4,510,930
4,605,699
2.1
April
4,571,788
4,573,994
0.05
May
4,604,768
4,762,847
3.43
June
4,515,240
4,859,858
7.63
July
4,706,212
4,894,391
4.00
August
4,856,577
5,066,932
4.33
September
4,798,354
5,037,290
4.98
Total milk (litres)
41,122,325
42,605,872
3.61
Source: Dairy Services, 2015

Figure 9 below shows that quarterly milk
output was higher in 2015, compared to 2014.

10000
12000
14000
Jan Feb Mar Apr May Jun
Jul Aug Sep
Total Pigs
Colcom
Other

Figure 9: Quarterly Milk Production
(Million litres): 2015

Source: Dairy Services, 2015

MINING

Mineral production improved slightly in the
third quarter of 2015, compared to the second
quarter. The performance of the sector was,
however, weighed down by the continued
power
outages,
as
well
as
declining
international mineral prices for gold, platinum,
nickel and chrome, among others.

Against this background, most of the mining
houses, have resorted to cost cutting measures
such as reduced overtime and targeting of high
grade ore bodies which have a positive effect
on output.

Table 6 below shows mineral production
developments for selected minerals during the
first, second and third quarters of 2015.


Table 6: Mineral Production: Jan- Sept 2015

Q1

Q2

Q3

Cum to
Sept

Gold\ kg

Chrome \000’t

Coal \m’t

Nickel \t

Platinum

Palladium

Rhodium

Diamonds

Source: MOFED, RBZ, Ministry Of Mines, Chamber of Mines

Gold

Gold output stood at 5 337 kg in the third
quarter of 2015, compared to 4 689 kg
produced during the second quarter of 2015.
Cumulative output for the nine months to
September 2015 was 14 206 kg, which
compares favorably to the 9 846 kg produced
in the similar period in 2014.

The improved output largely emanated from
increased gold deliveries to Fidelity Printers
and Refiners (FPR) by small scale miners.
Government support and gold mobilization
initiatives by FPR to mop up gold and reduce
leakages continues to benefit small scale
miners.

12.5

13.5

14.5

15.5
Q1
Q2
Q3

Small scale producers delivered a total of 5 112
kg during the period January to September
2015, compared to 2 242 kg in the same period
in 2014. On the other hand, primary producers
delivered 8 027 kg to FPR, whilst the remainder
of 1 084 kg came from PGMs.

Table 7 below summarizes gold deliveries to
Fidelity Printers by large and small scale
miners.

Table 7: Gold Deliveries Jan – Sept 2015 (kg)

Mar
June
Sept
Cumul
ative to
Sept
Primary
producers

8 010
Small
Scale
producers

5 112
TOTAL

Average price
(US$/ounce)
1 179
1 182
1 125

Source: Fidelity Printers and Refineries, 2015
The performance of gold was weighed by the
underperformance of PGMs due to the
continued closure of Bimha mine.

Platinum

Platinum output amounted to 3 479.5 kg in the
third quarter of 2015, compared to 2 541 kg,
recorded
during
the
second
quarter.
Cumulatively, platinum output for the nine
months to September 2015 was 9 040.1 kg,
4.8% lower than 9 478.5 kg produced during
the same period in 2014.

The performance of the platinum group of
metals continues to be adversely affected by the
closure of Bimha Mine, Zimplats’ biggest
underground mine as well as subdued platinum
group of metals international prices.


Nickel

Nickel output stood at 4.2 tonnes during the
third quarter of 2015, exceeding the 3.5 tonnes
produced in the second quarter of 2015.
Cumulative nickel output from January to
September 2015 was 12 tonnes, compared to
12.8 tonnes produced in the same period in
2014.

Nickel output continues to be negatively
impacted by subdued PGMs output, arising
from the closure of Bimha Mine as well as the
continued softening of mineral prices.


Coal

Coal output stood at 1.152 million tonnes
during the third quarter of 2015. This compares
favorably to 585 229 tonnes produced during
the second quarter of 2015. Cumulative coal
output for the nine months to September 2015
stood at 3.118 million tonnes.

Output in the third quarter benefited from the
ramp up in production at Makomo Resources
and the recapitalization and acquisition of new
mining equipment at Hwange. In addition, the
injection of US$40 million working capital by
Hwange Colliery is already yielding positive
results.

Coal production is expected to increase further
in the fourth quarter to reach a target of 5
million tonnes by the end of 2015.

Chrome

Chrome output amounted to 62 281 tonnes in
the third quarter of 2015, up from 38 530
tonnes produced in the second quarter. The
lifting of the ban on exports of raw chrome
announced in the 2015 Mid Term Fiscal Policy
review as well as the reduction in electricity
tariff charges, explained the increase in output.

The cumulative output for the period January
to September 2015 was 158 011 tonnes, 48.6%
lower than 307 907 tonnes produced during the
same period in 2014.

The prevailing low global market prices for
ferrochrome, however, continue to adversely
affect activities in the chrome subsector.

Diamonds

A total of 797 979 diamond carats were
produced during the third quarter of 2015, up
from 735 876 carats produced in the second
quarter. However, on a cumulative basis,
diamond output stood at 2.2 million carats over
the period January to September 2015,
compared to 3.8 million carats produced during
the same period in 2014.

The lower than anticipated performance of
diamonds is attributed to the significant decline
in alluvial diamonds at the Marange Diamond
Fields. Diamond output is further expected to
remain subdued as the industry transforms
from
alluvial
diamond
mining
to
conglomerates at Marange diamond fields.

The consolidation of diamond companies in
Marange is expected to result in a streamlined
system which will be easier to manage, and also
bring more transparency and accountability.


MANUFACTURING

The performance of manufacturing sector
continued to be undermined by various
challenges
that
include
the
continued
depreciation of the country’s major trading
partners’ currencies, high cost of doing
business, use of antiquated machinery and
equipment, weak aggregate demand and
liquidity constraints, among other challenges.

Capacity Utilization
The weighted capacity utilization index, which
measures capacity utilization in the industry
declined
by
2.2
percentage
points,
from 36.5% in 2014 to 34.3% in 2015,
pointing to a deterioration in the manufacturing
sector.

Figure 10 below shows capacity utilization in
the sector from 2013 to 2015.

Figure 10: Manufacturing Sector Capacity
Utilization


Source: CZI, 2015
36.1
36.5
34.3

33.5

34.5

35.5

36.5

The Confederation of Zimbabwe Industries
(CZI) conducted a Manufacturing Sector
Survey and established that the Purchasing
Managers Index (PMI), stood at 43.1%,
indicating a deteriorating economy as it is
below the 50% threshold.

The CZI also introduced the Business
Confidence Index (BCI), whose inaugural
results were launched on 7 October 2015. The
BCI is based on companies' assessment of
production, orders and stocks, as well as its
current position and expectations for the
immediate future. Opinions compared to a
“normal” state are collected and the difference
between positive and negative answers provide
a qualitative index on economic conditions.

Confidence remains low, with the results
indicating a composite quarter-on-quarter
confidence of -33.9% and year-on-year of
-37.2%.
This
reflected
pessimism
by
respondents
on
the
prospects
of
their
companies.

Consistent with the decline in capacity
utilization,
production
levels
in
the
manufacturing sector, as measured by the
Volume of Manufacturing Index (VMI), has
progressively declined, since 2011, as shown in
Table 8 below. The VMI is expected to record
a marginal increase of 0.65% to 92.0 in 2015.


Table 8: Manufacturing Sub-Sector Production
Volume Indices (2009=100)
Overall Volume Index

103.2

99.3

94.7

91.4

92.0
Source: MoFED, RBZ and ZimStat

Sub Sector Analysis

Foodstuffs

The foodstuffs subsector is set to benefit from
increased meat processing and preserving,
following destocking in drought stricken areas.
Milling activity is also expected to increase as
a result of higher demand for stock feeds in
2015, following the depletion of grazing
pastures due to poor rains.

Beverages
The trading environment remains challenging
mainly due to depressed aggregate demand.
Zimbabwe’s beverages giant and the largest
listed firm by market capitalization, Delta
Beverages,
reported
contrasting
volume
performances across its beverage categories for
the quarter ending September 2015.

Lager beer volume was 5% up on prior year for
the quarter, mainly driven by the low priced
beer. During the quarter under review, further
price adjustments were implemented to
increase volume of sales with particular focus
on core lager which remained in decline.

Sparkling
beverages
were
down
14%,
compared to the same quarter last year. This
was partly due to increased competition
particularly from imported lower priced
alternative offerings. The Maheu and dairy mix
beverages recorded a growth of 4% for the
quarter on the back of improved product supply
and the expansion of flavours.

The sorghum beer category recorded a decline
in volume of 12% during the third quarter of
2015. There was a marked shift to Chibuku
Super which benefited from the additional
production capacity at the Fairbridge Brewery.

Electricity

The amount of electricity energy generated
during the third quarter of 2015 increased by
5.1% to 2 545.7 GWh, from 2 422.1 GWh in
the second quarter of 2015.

During the first nine months of 2015, total
electricity generated stood at 7 171.3 GWh,
compared to 7 048.3 GWh and 7 251 GWh
during the comparative period in 2013 and
2014 respectively.

Table below compares electricity generated
and sent out during the first nine months of
2013, 2014 and 2015.


Table 9: Electricity Energy Generated (GWh):
Jan -Sept 2013-2015

January
642.1
740.7
790.28
February
643.1
669.3
622.38
March
763.5
749.7
742.94
April
723.9
780.8
743.67
May
752.3
788.7
806.38
June
862.6
856.8
872.06
July
946.4

955.87
August
911.5
925.5
875.13
September
802.9
826.5
714.68
Source: ZPC, ZERA, 2015
The small hydro-power stations contributed
44.39 GWh, whilst the Chisumbanje biomass
plant contributed 3.55 GWh to total energy sent
out during the period January to September
2015.

Electricity
generation
continued
to
be
adversely affected by the decline in water
levels at Kariba dam and Pungwe River which
houses a number of other small hydro power
stations.
ANNUAL INFLATION OUTTURN


The annual headline inflation rate, which
remained in negative territory since the
beginning of the year, decelerated further from
-2.8% recorded at the end of the second quarter
to -3.11% in September 2015. Both food and
non-food items recorded significant price
declines. Price correction is continuing since
Zimbabwe’s prices are still generally higher
than those obtaining in trading partner
countries.

Figure 11 below shows the annual headline
inflation profile for the period January 2014 to
September 2015.

Figure 11: Annual Inflation Profile (%)

Source: ZIMSTAT, October 2015
Annual Food Inflation
In line with downward price correction in the
food subsector, the year-on-year food inflation
further slowed down to an average of -3.7% in
the third quarter, from an average of -3.1% in
the second quarter ending June 2015. Food
inflation was largely weighed down by price of
bread and cereals, vegetables and meat.

Bread and cereals prices declined in line with
the Food and Agriculture Organisation (FAO)
Cereal Price Index which fell by 13.1% on
yearly basis, amid large inventories and
generally good crop prospects in the global
economy.

Annual Non-Food Inflation
In the third quarter of 2015, annual non-food
inflation remained unchanged at an average of
-2.5%, recorded during the second quarter of
2015. Non-food inflation was driven by the
housing, water, electricity, gas and other fuels;
and
communication,
among
other
sub
categories.

REGIONAL INFLATION
DEVELOPMENTS
Zimbabwe remains the only country with
negative inflation in the region since the first
quarter of 2015, as shown in Table 10 below.


Table 10: Annual Inflation rates for selected
SADC Member Countries and USA (%)
Country
Month

Mar
Jun
Sep
Zimbabwe
-1.2
-2.8
-3.1
South Africa

4.7
4.6
Botswana
2.8
3.1

Mozambique
3.1
1.4
2.7
Tanzania
4.3
6.1
6.1
Zambia
7.2
7.1
7.7
Malawi
18.2
21.3
24.1
USA
-0.1
0.1

Source: Country Central Bank Websites, 2015

INFLATION OUTLOOK
Quarterly annualized inflation, which has
remained in the negative territory since the first


0.5

Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
(%)

quarter of 2015, accelerated to -1.7% in the
third quarter, from an average of -4.8% during
the second quarter, as shown in the figure
below.

Figure 12: Quarterly Annualised Inflation
Profile (%)
Source: RBZ, October 2015

Inflation developments in the domestic
economy, however, will continue to be
influenced by developments in international oil
prices, US$/rand exchange rate, domestic and
regional food output, as well as the level of
aggregate demand in the economy.

International Oil Prices

After peaking at around US$67/barrel in May
2015, crude oil reverted to below US$50/ barrel
by end September 2015. The low crude oil
prices on the international market were a result
of an oversupply of the commodity as OPEC
countries continued to increase output. This is
likely to continue exerting downward pressure
on domestic fuel prices.

Figure 13 below shows movements in
international oil prices from September 2014 to
September 2015.

Figure 13: Crude Oil Price Developments
(US$/Barrel).
Source: www.bbc.co.uk, KITCO, Bloomberg.com

South African Rand/US$ Exchange Rate

The South African rand/US$ exchange rate slid
from 11.57 in August 2015 to 13.64 in
September 2015. The persistent depreciation of
the South African rand is expected to maintain
downward pressure on domestic prices in the
outlook period. The exclusion of some food
and household products from the duty free list
as announced in the Mid-term Fiscal Policy
review is, however, expected to moderate
effects of the depreciating South African rand
on domestic prices.


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

30-Sep-14
28-Oct-14
25-Nov-14
23-Dec-14
20-Jan-15
17-Feb-15
17-Mar-15
14-Apr-15
12-May-15
9-Jun-15
7-Jul-15
4-Aug-15
1-Sep-15
29-Sep-15

Figure 14 below shows developments in the
ZAR/US dollar exchange rate from January
2014 to September 2015.

Figure 14: Nominal Rand/US Dollar Exchange
Rate Developments
Source: RBZ, October 2015
Domestic and Regional Food Supply

Regional food supplies are expected to remain
low, especially in the last quarter of 2015 going
into the first quarter of 2016, until the next
harvests. The situation is likely to be worsened
by the expectation of low harvests following
preliminary weather forecasts which point to a
strong likelihood of the SADC region
experiencing a drought in the 2015/16 rainfall
season.

This, coupled with the low agriculture output
for the 2014/15 season, particularly for cereals,
is expected to result in food supply shortfalls,
which may exert upward pressure on domestic
prices.

Fiscal Developments


Over the nine months to September 2015,
cumulative Government revenue amounted to
US$2.6 billion, against expenditures of
US$2.9 billion, resulting in an overall budget
deficit of US$263.4 million. This was partly
financed
through
domestic
borrowings,
through the issuance of Treasury bills.

Monthly
Government
expenditures
have
generally outpaced revenue collections for
most of 2015, resulting in accumulated adverse
fiscal balance (see Figure 15 below).


Figure 15: Monthly Fiscal Balances, Jan-Sept

Source:
Ministry
of
Finance
and
Economic
Development, 2015


Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
-250
-150
-50

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
MILLIONS
Government Revenue
Government Expenditure
Overall Fiscal Balance

Revenues

Revenue collections to September 2015 were
4% below the comparable period in 2014, and
9% below the target, largely on account of
subdued economic activity leading to low
corporate
tax
inflows.
Furthermore,
retrenchments, which escalated following the
Supreme Court ruling of mid-July 2015, also
negatively affected Pay As You Earn (PAYE)
collections during the period under analysis.

Table 11 below summarizes Government
revenue developments for the period January to
September 2015.

Table 11: Government Revenues Developments,
Jan-Sept, 2014 and 2015.

Target
%
Growth
Total Net
Government
Revenue
2739.1
2632.7

-3.9
Tax
Revenue
2525.5
2523.2

-0.1
Tax on
Income and
profits
1134.2
988.5

-12.8
PAYE
654.9
582.1

-11.1
Corporate
taxes
264.5

-4
Customs
duties
237.1

5.4
Excise
duties
364.3
522.3

43.4
Net (VAT)
691.4
682.9

-1.2
Gross VAT
from
Domestic
Goods

Gross VAT
from Imports

331.3
300.6
-5.6
Other
indirect
taxes
98.5
79.5

-19.2
Non-tax
Revenue
213.6
109.5

-48.7
Source: Ministry of Finance and Economic Development,

Revenues from income and profit taxes
declined by 12.8% for the period January to
September 2015, compared to 2014, as both the
corporate taxes and PAYE underperformed.
These declines were partially offset by the
increased performance of the VAT, excise and
custom duties.

Expenditure developments

As at September 2015, cumulative Government
expenditure amounted to US$2.9 billion.
Recurrent
expenditures,
dominated
by
employment costs and pensions and transfers
accounted
for
94%
of
government
expenditures. Capital expenditure stood at 6%
of Government expenditure.

Government spending remains largely skewed
towards employment costs and this undermines
social and capital spending. In this regard,
fiscal consolidation, encompassing the reorientation and rationalisation of expenditures
remain critical in the short to medium term.
Government should, therefore, continue to
work on improving fiscal sustainability
through the implementation of measures aimed
at rationalising expenditure and employment
costs as well as enhancing revenue boosting
measures.

Table 12 below shows the major components
of Government expenditure over the period
January to September 2015.

Table 12: Summary of Government Spending,
Jan-Sept 2015

US$
Million
As % of Total
Expenditure
Goods and services
209.96
7.4
Employment Costs
1 648.76
57.8
Interest on debt
58.93
2.1
Other Current transfers
Excl Pensions
405.85
14.2
Pensions
318.4
11.2
Capital expenditure
190.02
6.7
Net Lending
23.08
0.8

Source: Ministry of Finance and Economic Development,

4.
MONETARY
DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

Money Supply

Broad
money4
increased
marginally
to
US$4 586.0 million in the third quarter of 2015,
from US$4 544.0 million in the second quarter.
The deceleration in broad money growth was
largely attributed to the worsening current
account deficit, as a result of poor economic
performance and overreliance on imports,
especially from South Africa.

The depreciation of the South African rand
exacerbated the situation, as about 70% of the
country’s imports come from South Africa.
Figure 16 shows annual broad money in
nominal terms as well as growth rates.


4 Broad money excludes interbank and Government
deposits.
Figure 16: Annual Broad Money Growth Rate
and Level

Source: RBZ, 2015
Domestic Credit
Domestic
credit
increased
from
US$5 030.7 million in June 2015 to
US$5 079.8 million in September 2015.
On an annual basis, domestic credit grew by
19.0% in September 2015, compared to 20.5%
recorded in the second quarter (see Figure 18).

Outstanding credit to the private sector
increased by 2.70%, from US$3 741.7 million,
in
the
second
quarter
of

to
US$3 842.9 million for the third quarter ending
September 2015.


Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15

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

Figure 17: Growth in Credit to the Private
Sector
Source: RBZ, 2015
Figure 18 below depicts the structure and level
of domestic credit from January 2014 to
September 2015.

Figure 18: Structure and Level of Domestic
Credit


Source: RBZ, 2015
The nascent recovery in credit growth is
attributable to acquisition by ZAMCO of the
banking sector’s non-performing loans (NPLs).
As at 30 September 2015, ZAMCO had
purchased NPLs amounting to US$207 million,
creating a window for banks to resume new
lending.

Net credit to Government, however, increased
to US$1 182.4 million in the third quarter of
2015,
reflecting
increased
recourse
by
Government to domestic sources of finance.
Government borrowing from the domestic
market, however, crowds-out much needed
private sector credit, which is critical for
economic growth.

Interest Rates
Banks have begun adjusting their lending rates
downwards in line with the interest rate
guidelines announced in the Mid-Term
Monetary Policy Statement, which stipulates a
range of 6%-18% per annum for lending rates,
depending on the profile of the borrower.

During the quarter under review, interest rates
on 30-day deposits declined from 9.29% in the
first quarter to 8.14% by end of third quarter.

STOCK MARKET DEVELOPMENTS
The bearish sentiments on the Zimbabwe Stock
Exchange (ZSE) continued into the third
quarter of 2015, with the ZSE losing
US$420.2
million
worth
of
market
capitalization, reflecting a 10.87% decline,
from US$3.9 billion in March 2015 to US$3.4
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15

Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15


US$ million
Pvt Sector
Gvt
PEs

billion
on
30th
September

(see Figure 20).

Over the year to September 2015, the ZSE lost
a cumulative US$1.7 billion capitalization, or
33% of its September 2014 value. Persistent
liquidity shortages, decline in economic
activity and company closures, among other
adverse factors, contributed to reduced activity
on the local bourse.

Figure
19:
Market
Capitalisation
(US$ millions)

Source: Zimbabwe Stock Exchange, 2015
Market Turnover
As a result of weak investor demand, trading on
the bourse remained subdued in the quarter
under review. The volume of shares traded
declined by 63.72%, from 934 595 816 to
339 050 158 shares. In addition, the number of
shares that changed hands in the third quarter
of 2015 was also lower, compared to the same
period last year.
In line with these developments, the value of
shares traded declined by 19.43%, from
US$67 million realized in the quarter to June
2015 to US$54 million in the third quarter of
2015 (see Figure 20). Foreign investor
participation was low, leading to a decline of
60% in the value of shares purchased by
foreign investors, over the year to September
2015.
Figure 20: Market Turnover Value

Source: Zimbabwe Stock Exchange, 2015

Participation on the local bourse by foreign
investors moved from a net purchases position
of US$1.0 million for the quarter ending June
2015, to a net sales position of US$0.8 million
during the quarter under review. This revealed
negative foreign investor sentiment associated
with downside risks facing the economy.


30-Sep-14
31-Oct-14
30-Nov-14
31-Dec-14
31-Jan-15
28-Feb-15
31-Mar-15
30-Apr-15
31-...
30-Jun-15
31-Jul-15
31-Aug-15
30-Sep-15
US$ Millions

30-Sep-14
31-Oct-14
30-Nov-14
31-Dec-14
31-Jan-15
28-Feb-15
31-Mar-15
30-Apr-15
31-May-15
30-Jun-15
31-Jul-15
31-Aug-15
30-Sep-15
US$ Millions

Industrial Index


As a result of negative trading, coupled with
sell-off pressure that characterized the market
for the larger part of the quarter to September
2015, the mainstream index declined by 16.47
points (11.10%) to 131.93 points, compared to
148.40 points as at end of June 2015. On a year
on year basis, the industrial index softened by
63.32 points (32.43%), from 195.25 points last
year.

The Figure 21 below depicts ZSE indices from
September 2014 to September 2015.

Figure 21: Industrial and Mining Indices

Source: Zimbabwe Stock Exchange, 2015
Mining Index
The mining index continues to be adversely
affected
by
a
decline
in
international
commodity prices. Resultantly, the resources
index shed 19.94 points (45.01%), from 44.30
points as at 30th June 2015 to close the third
quarter of 2015 at 24.36 points. Similarly, on a
year on year basis, the mining index declined
by 68.40 points (73.74%), from 92.76 points as
at 30th September 2014.

Other Stock Market Developments
Over the year to September 2015, there was one
new listing on the ZSE by Proplastics, while
four counters delisted, namely Interfin, TA
Holdings, ABCH and Astra.

5. PAYMENT, CLEARING AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the third quarter
ending 30 September 2015 increased by 1% to
US$14.14 billion from US$13.97 billion
compared to the same quarter ending 30
September 2014. Volumes also increased by
18%, from 55.4 million to 65.6 million during
the same period.

Most payment streams recorded increases in
both value and volume for the period under
review.
RTGS
transactions,
however,
registered decreases of 9% and 3% in volume
and value, respectively, compared to the
quarter ending 30 September 2014.

Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Industrial Index
Mining Index

Table 13 below presents statistical information
on various payment streams for the third
quarter ending 30 September 2015.


Table 13: Consolidated Transactional Activities
TRANSACTIONAL ACTIVITIES
PAYMENT STREAM
THIRD
QUART
ER
ENDING
SEPT

PREVIO
US
QUARTE
R
ENDING
30 JUNE

THIRD
QUARTE
R
ENDING
SEPT

CHANGE
FROM
LAST
QUARTE
R
PROPORT
ION

VALUES IN USD MILLIONS

RTGS

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL


VOLUMES (Thousands)

RTGS

-7%
0.8%
CHEQUE

8%
0.1%
POS

ATMs

MOBILE

INTERNET

9%
0.2%
TOTAL

Source: RBZ, 2015
Large Value Payments
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system for the third quarter ending 30
September 2015 decreased by 3% to US$11.1
billion, from US$11.4 billion recorded in the
same quarter in 2014. The volume of
transactions also registered a decrease of 9%,
from 568 323 to 516 543 as shown in Figure 22
below.

Figure 22: Values and Volumes of RTGS
Transactions

Source: RBZ, 2015

SWIFT Foreign Currency Transactions
SWIFT foreign currency payments decreased
by 0.3% to US$1.475 billion for the quarter
ending 30 September 2015, from US$1.479
billion in the quarter ending 30 September
2014. During the same period, SWIFT foreign
currency receipts also decreased to US$1.325
billion as shown in Figure 24 below.


Jun

Sep

Dec

Mar

Jun

Sep

RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes

Net foreign currency outflows amounted to
US$149.6 million during the quarter under
review.

Figure 23: SWIFT Quarterly Foreign Currency
Transactions
Source: RBZ, 2015

Marginal changes were reflected on the same
foreign currency transactions when compared
to the previous quarter ending 30 June 2015.

Cash
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 5%
from US$3.0 billion recorded during the
quarter ended 30 June 2015 to US$3.1 billion
in the quarter ending 30 September 2015. The
corresponding volumes increased by 3% from
2.79 million to 2.88 million as shown in Figure
24 below.


Figure 24: Over the Counter Cash Withdrawals


Source: RBZ, 2015

Retail Payments
Total retail transactions decreased by a
marginal -0.5% from US$14 214.9 million in
the
quarter
ending
June

to
US$14 140.8 million in the quarter ending
September 2015. In terms of volumes, total
retail transactions increased from 60 475.3
million in the quarter ending June 2015 to
65 562.4 million in the quarter ending
September 2015.

Figures 25 and 26, below show the trend in the
values and volumes of retail transactions from


Quarter
ending Dec

Quarter
ending
March

Quarter
ending
June 2015
Quarter
ending
Sept 2015
Value in US$B
Value of Receipts
Value of Payments

Quarter
ending
June 2014
Quarter
ending
December

Quarter
ending
June 2015

US$ BILLIONS
MILLIONS
Volumes
Values

the quarter ending June 2014 to the third
quarter ending 30 September 2015.

Figure 25: Values of Retail Transactions
Source: RBZ, 2015


5The collateral figure comprises of cheque and card
payment stream amounts.
Figure 26: Volumes of Retail Transactions

Source: RBZ, 2015
Collateral5

The
value
of
collateral
increased
to
US$9.62 million, from US$6.63 million in the
quarter ending September 2014, as shown in
Figure 27 below.

1,000
1,200
1,400
Quarter ending September 2014
Quarter ending December 2014
Quarter ending March 2015
Quarter ending June 2015
Quarter ending September 2015
US$ Millions
CHEQUE
POS
ATMS
MOBILE


Quarter ending June 2014
Quarter ending September 2014
Quarter ending December 2014
Quarter ending March 2015
Quarter ending June 2015
Quarter ending September 2015
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
MOBILE

Figure 27: Total Collateral

Source: RBZ, 2015
Access Points and Device
As shown in Table 14 below, during the quarter
ending 30 September 2015, Mobile payments
agents increased to 32 528 from 30 274
compared to the second quarter of 2015. The
POS population increased to 16 268 from 15
908, while ATM population increased to 545
from 536 recorded in the 2015 second quarter.

In addition, Table 14 shows that there were
4.3 million active mobile financial services
subscribers registered in the period under
review.

Table 14: Payment Systems Access Points and
Devices

First
Quarter
ending
March

Second
Quarter
ending June

Third Quarter
ending
September 2015
Mobile
Banking
Agents
27,767
30,274
32,528
ATMs

POS
14,727
15,908
16,268
Debit Cards
2,276,138
2,309,402
2,292,969
Credit
Cards
10,111
10,531
10,809
Prepaid
Cards
34,163
25,763
28,226
Mobile
Banking
Subscribers
4,185,007
4,012,335
4,306,198
Internet
Banking
Subscribers
85,278
89,018
96,983

Source: RBZ, 2015


RESERVE BANK OF ZIMBABWE
NOVEMBER 2015

US$ MILLIONS


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 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


S2


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


S3


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
coin in
circulation
2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2. Statutory bodies.
US$ Thousands
Deposits


S4


TABLE 1.2: RESERVE BANK - ASSETS
US$ Thousands
Foreign Assets
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock
2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Loans and advances
Investments


S5


Loans &
Contingent
Other
Non
Financial
Total
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
Banks
Bills
Bills
2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015: Jan*

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

* As from January 2015, Notes and Coins represent Bond Coins.
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

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
Bond Coins
&
Balances
Balances
Balances
Liquid
with RBZ
Coin
with
with Other
at
Trade
Treasury
Assets
at Banks
RBZ
Banks
Foreign Banks
Bills
Bills

0.0
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


0.0
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

TABLE 2.4: ACCEPTING HOUSES - LIABILITIES
US$ Millions


S9


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
0.0
30.2


65.4
125.4
943.9
Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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
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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

TABLE 2.6 : BUILDING SOCIETIES - LIABILITIES
US$ Millions


S11


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 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

2015: Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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

2015: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


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


2015: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


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

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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
3,955.44
11.72
125.81

312.35
101.75
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

Jul

Aug

Aug

Sep

Sep

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


END OF
SAVINGS
3 MONTHS
End Period
Nominal Lending
Rates 2
Individuals
Corporate

Jan
6.00-35.00
14.09
9.3
Jan
0.15--8.00
3.00-20.00
Feb
6.00-35.00
14.08
9.32
Feb
0.15--8.00
3.00-20.00
Mar
6.00-35.00
14.24
9.27
Mar
0.15--8.00
3.00-20.00
Apr
6.00-35.00
14.22
9.12
Apr
0.15--8.00
3.00-20.00
May
6.00-35.00
14.39
9.25
May
0.15-8.00
3.00-20.00
Jun
6.00-35.00
14.44
9.33
Jun
0.15-8.00
3.00-20.00
Jul
6.00-35.00
14.33
9.45
Jul
0.15-8.00
3.00-20.00
Aug
6.00-35.00
14.28
9.45
Aug
0.15-8.00
3.00-20.00
Sep
6.00-35.00
14.45
9.57
Sep
0.15-8.00
3.00-20.00
Oct
6.00-35.00
14.36
9.9
Oct
0.15-8.00
4.00-20.00
Nov
6.00-35.00
14.26
9.97
Nov
0.15-8.00
4.00-20.00
Dec
6.00-35.00
14.19
9.68
Dec
0.15-8.00
3.00-20.00

Jan
6.00-35.00
14.16
9.66
Jan
0.15-8.00
3.00-17.00
Feb
4.30-33.50
14.00
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
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
Commercial Banks
COMMERCIAL BANKS


S19


Indices
US$ Millions
Industrial
Mining
Market Capitalisation

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
4,323.17

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
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


2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


2014:Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sept

Oct

Nov

Dec

2015 Jan

Feb

MAr

Apr

May

Jun

Jul

Aug

Sep

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

2015 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


S23


Table 6.1: Monthly Cross Border Payments (US$ Millions)
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Merchandise Imports (excl. energy)
335.1

303.7

309.1

315.0

258.4

269.9

298.0

261.6

254.1

304.8

294.0

221.7

339.1

301.9

- Consumption Goods
166.9

143.3

152.0

171.8

137.3

145.0

161.7

131.4

124.5

162.8

158.0

138.1

184.1

152.9

- Capital Goods
117.2

98.8

97.2

81.5

69.9

79.2

93.8

79.9

73.4

90.4

85.8

38.8

109.6

103.1

- Intermediate Goods
51.1

61.5

59.8

61.7

51.2

45.8

42.5

50.3

56.2

51.6

50.2

44.8

45.4

45.8

Energy (Fuel & Electricity)
122.4

134.0

98.0

122.6

100.9

86.5

79.5

90.1

75.3

85.0

89.1

65.4

127.0

70.6

Service Payments
123.5

127.8

124.9

155.3

122.6

104.5

108.9

107.8

98.5

116.1

126.7

140.6

127.3

128.5

- Technical, Professional & consult
64.1

70.6

78.7

85.8

66.0

58.3

63.3

56.5

49.5

65.1

61.4

48.3

63.6

74.6

- Software
6.5

8.6

4.1

4.9

4.9

5.7

5.5

5.4

5.2

5.2

6.3

4.4

4.7

5.2

- Other (tourism, edu, freight etc)
52.9

48.6

42.1

64.6

51.7

40.4

40.1

45.9

43.8

45.8

59.0

87.8

59.0

48.7

Income Payments (Profits, Dividends)
27.6

33.0

25.6

64.0

15.5

27.5

19.0

32.4

54.1

47.4

63.6

46.5

38.2

26.0

Capital Remittances (outward)
121.7

130.2

185.5

142.6

116.5

61.5

70.5

108.3

75.1

113.5

84.1

54.2

88.2

72.0

- External Loan Repayments
107.2

98.9

172.4

105.7

98.3

48.1

50.0

90.9

53.5

91.6

68.8

44.9

60.8

55.1

- Foreign Investment
14.5

31.2

13.1

36.9

18.2

13.4

20.6

17.4

21.6

21.9

15.2

9.3

27.4

16.9

Other Payments
1.9

0.7

1.8

0.9

1.3

1.6

1.4

0.7

0.8

0.3

1.0

0.9

0.6

1.6

TOTAL
732.2

729.4

744.9

800.5

615.2

551.4

577.4

600.8

558.0

667.1

658.4

529.3

720.5

600.6


S24


Agriculture
Horticulture Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
Telecom
Jan-13
5.3

2.1

60.8

300.7

217.5

1.2

3.0

0.8

591.5

Feb-13
22.7

6.3

93.9

485.0

319.1

4.2

24.3

0.6

956.2

Mar-13
32.1

8.5

136.5

687.0

353.0

8.8

148.8

0.8

1,375.4

Apr-13
43.0

12.7

164.9

806.6

382.9

15.0

163.2

1.1

1,589.4

May-13
53.9

14.4

202.5

932.0

429.3

20.6

158.8

1.1

1,812.6

Jun-13
61.8

18.8

280.0

1,150.9

459.2

27.6

179.6

1.4

2,179.3

Jul-13
75.6

21.8

331.3

1,279.8

474.0

38.8

200.8

1.9

2,424.0

Aug-13
89.6

23.2

426.9

1,417.8

504.8

44.9

219.9

1.9

2,729.0

Sep-13
103.6

25.2

467.1

1,651.8

548.6

53.3

233.2

4.4

3,087.2

Oct-13
114.4

27.2

542.7

2,105.2

681.0

59.4

249.2

4.4

3,783.5

Nov-13
130.5

29.6

568.8

2,257.3

772.7

90.2

283.3

14.2

4,146.5

Dec-13
138.4

31.6

602.6

2,418.8

862.8

96.9

309.2

14.7

4,475.0

Jan-14
8.9

2.6

38.8

200.6

139.7

0.5

15.0

0.1

406.2

Feb-14
23.0

3.9

61.4

355.7

207.4

7.7

36.7

0.7

696.5

Mar-14
32.0

6.1

86.5

497.7

280.2

14.0

60.2

1.9

978.6

Mar-14
32.0

6.1

86.5

497.7

280.2

14.0

60.2

1.9

978.6

Table 6.2: Monthly Cross Border Receipts (Millions)


S25


End Period

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155
Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private

1,002
2,261
Short-Term External Debt

1,198
1,382
1,286

1,564
2,394
Supplier's Credits

Reserve Bank

Private

1,807
Total External Debt

SOURCE: Ministry of Finance and Reserve Bank of Zimbabwe
TABLE 6.3: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR
(US$ millions)


S26


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
2,261
Short-Term External Debt

1,286

1,564
2,394
Public and Publicly Guaranteed Debt

Reserve Bank

Private

1,807
Total External Debt

Gross Domestic Product


External Debt / GDP

SOURCE: Ministry of Finance and Reserve Bank of Zimbabwe
TABLE 6.4: External Debt Outstanding by Source
(US$ millions)


S27


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

Government

173.3
Capital

130.4
Interest

42.9
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 and Reserve Bank of Zimbabwe


S28


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


S29


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

10494

11400

12213
1 . Source : Central Statistical Office, MoF .
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 )


S30


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


S31


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


S32


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

January

February

March

April


780.8
May


788.7
June


856.8
July


913.0
August


925.5
September


826.5
October


877.1
November


826.1
December


860.7

January


792.9
February


625.0
March


745.5
Source: Zimstat
Table 7.5: Electricity Energy Produced and Distributed
Interconnected System
Generation Sent Out


S33


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

2013:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

TABLE 7.6: VOLUME OF MANUFACTURING INDEX (VMI) 2009=100