QUARTERLY
ECONOMIC
REVIEW


MARCH 2017

RESERVE BANK OF ZIMBABWE

CONTENTS


4. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL

List of Figures

List of Tables

1. OVERVIEW

The International Monetary Fund (IMF) projects
that global economic growth will be 3.5% for
2017, up from 3.1% for 2016. IMF also projects
growth for 2018 to reach 3.6%. Downside risks
to global growth are expected to emanate from
elevated geopolitical tensions in the Middle
East, coupled with financial vulnerabilities in
several emerging market and developing
economies.

In Zimbabwe, the economy is projected to
register a positive growth of 3.7% in 2017,
underpinned by strong performance in the
agriculture sector. The agriculture sector
benefited from the favourable rainfall season and
financial
support
from
Government
and
cooperating partners.


Broad money supply1 recorded an increase of
4.29%, during the first quarter of 2017, a lower
growth compared to 6.76% recorded in the
fourth quarter of 2016. On a year-on-year basis,
money supply grew by 20%, from US$4 899.8
million in March 2016 to US$5 879.9 million in
March 2017.

The first quarter of 2017 was characterised by
subdued trading on the Zimbabwe Stock
Exchange (ZSE), as most investors adopted a
wait and see trading strategy at the beginning of
the year. Resultantly, the industrial index
decreased by 3.85%, from 144.53 points as at
31st December 2016 to 138.96 points at the end
of the first quarter of 2017. The mining index

1 Under the multiple currency system, broad money is
defined as total bank deposits less interbank deposits and
also includes Bond notes and coins issued.
recorded a marginal growth of 0.09% to 58.56
points as at the end of the first quarter of 2017,
from 58.51 points as at end December 2016.
Market capitalisation declined by US$136.7
million, from US$4.01 billion as at end
December 2016, to US$3.9 billion as at end
March 2017.

Zimbabwe’s exports stood at US$723.8 million
in the first quarter of 2017, compared to
US$652.2 million realised during the first
quarter of 2016. Similarly, the country’s import
bill increased by 2.9%, from US$ 1 301.1
million in the first quarter of 2016 to S$1 338.2
million during the quarter under review. The
trade balance worsened from a deficit of
US$361.7 million in the fourth quarter of 2016,
to a deficit of US$614.4 million during the first
quarter of 2017.

Zimbabwe’s exports stood at US$723.8 million
in the first quarter of 2017, compared to
US$652.2 million realised during the first
quarter of 2016. Similarly, the country’s import
bill increased by 2.9%, from US$ 1 301. 1
million in the first quarter of 2016 to S$1 338.2
million during the quarter under review. The
trade balance worsened from a deficit of
US$361.7 million in the fourth quarter of 2016,
to a deficit of US$614.4 million during the first
quarter of 2017.

The value of transactions processed through the
National Payment Systems (NPS) decreased by
3% to US$16.9 billion in the first quarter of
2017, from US$17.5 billion in the fourth quarter

of 2016. NPS transaction volumes, however,
increased by 2% to 127.7 million in the first
quarter of 2017, from 124.6 million in the fourth
quarter of 2016.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

The world economy continued to face multiple
challenges of both short and medium term nature
in 2016, resulting in constrained global growth
for the year. The challenges included uncertainty
regarding the medium to long term economic
implications of the Brexit; rebalancing in China
and declining terms of trade in commodity
exporting
economies,
following
subdued
commodity prices.

In addition, non-economic factors in the form of
geopolitical and political uncertainty in some
regions impacted negatively on global economic
activity. Reflecting the challenges that beset
many countries, the global economy is estimated
to have slowed to a growth of 3.1% in 2016,
from 3.2% registered in 2015.

The growth outlook for 2017 is, however,
brighter as global economic activity is projected
to increase during the years, largely driven by
the continued improvements in investment,
manufacturing and trade and strong global
demand. The IMF projects that global economic
growth will be 3.5% in 2017, up from 3.1%
estimated for 2016 and further to 3.6% in 2018,
led by better growth performance across almost
all the major regions.

Table 1 shows global economic growth
developments for selected regions and countries.

Table 1: Global Economic Growth & Outlook (%)


Actuals
Projections

World
Output

Advanced
Economies

US


Eurozone

2.0

1.7

1.7

1.6
Japan

Emerging
Market &
Developing
Economies

China

India

SubSaharan
Africa

Latin
America &
the
Caribbean

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

The continued recovery in base metal prices in
the last two quarters is buoying growth prospects
in commodity exporting countries, most of
which are emerging market and developing
economies. In addition, global financial markets
are regaining confidence in the aftermath of the
Eurozone crisis, while sentiments remain strong
that
China
will
continue
implementing
favourable rebalancing policies.

This notwithstanding, threats of elevated
geopolitical tensions especially in the Middle
East and North Africa, coupled with lingering
financial vulnerabilities in several emerging
market
and
developing
economies,
pose
downside risks to global growth prospects.

International
Commodity
Price
Developments

International commodity prices have rallied
from their 2016 fourth quarter levels, with
notable quarterly gains recorded in copper and
crude oil prices. Oil prices, in particular, have
increased following the announcement of the
production agreement by the Organization of the
Petroleum Exporting Countries (OPEC).

The developments in international commodity
prices during the quarter under review are shown
in Table 2.


Table 2: International Commodity Prices


Gold
Platinum
Copper
Nickel
Brent
crude oil

us$/oz
us$/oz
us$/tonne
us$/tonne
us$/barrel
2016 Q4
Average

Jan-17

Feb-17

Mar-17

2017 Q1
Average

Quarterly
Change
(2016Q42017Q1)

Source: Bloomberg, BBC, Kitco 2017
Brent Crude Oil

Brent crude oil prices continued to register
strong gains during the first quarter of 2017. This
was in response to concerted efforts to revive the
global oil industry by OPEC producers and nonOPEC producers, by curbing output in the first
quarter of 2017. The effectiveness of the
production cuts was, however, partially offset by
an increase in U.S. shale oil production during
the period under review. Against this backdrop,
brent crude oil prices firmed by 6.1% to
US$54.92/barrel in the first quarter of 2017.


Figure 1 shows the monthly evolution of crude
oil prices, for the period from January 2016 to
March 2017.

Figure 1: Brent Crude Oil Prices US$/Barrel)


Source: Bloomberg, 2017

In its World Economic Outlook (WEO April
2017), the IMF projects the oil market to move
from surplus to deficit, in turn reducing
inventory levels. Rapid investment recovery in
the U.S. shale sector could, however, tip the
market back into surplus as early as the second
half of 2017.
Base Metals
Copper prices surged, amid a rebound in
consumption in China, the largest consumer of
the base metal. Furthermore, copper supply has
been negatively impacted by disruptions at the
world’s two biggest copper mines in Indonesia
and Chile. The base metal price, however, eased
in March 2017 reflecting weak global demand
prospects, following the Fed’s monetary policy
tightening. Copper prices rose by 10.6% to
US$5,824.86/tonne in the first quarter of 2017,
from US$5,268.22/tonne recorded in December
2016.

Nickel prices declined on oversupply concerns,
following an increase in Indonesian ore exports,
which offset the effect of mine closures in the
Philippines. The price softened by 4.7%, to a
quarterly average of US$10,291.72/tonne.

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


Source: Bloomberg, 2017

Precious metal prices recorded quarterly gains,
as investor uncertainty about the possible impact
of the new US president’s economic policies
spurred safe haven demand for precious metals
such as gold and platinum. In addition, investor
concerns over the Trump administration’s ability
to push through its pro-growth economic agenda
bolstered the investment demand outlook for
precious metals, during the period under review.

-

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

Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
Copper
Nickel (RHS)

The positive trajectory in precious metals,
however, tapered as the Federal Reserve raised
interest rates in March 2017. This development
dampened investment demand prospects for
precious metals, which are sensitive to moves in
U.S. rates, which increase the opportunity
cost of holding non-yielding assets such
as gold. Gold and platinum prices firmed by
0.1% and 4.2% to US$1,220.83/ounce and
US$980.83/ounce, respectively. Figure 3 shows
trends in precious metal prices.

Figure 3: Precious Minerals Prices


Source: Bloomberg, 2017
Merchandise Trade Developments
Total merchandise trade during the first quarter
of 2017 amounted to US$2,062.2 million,
representing
a
7.0%
increase
from
the
US$1,926.4
million
recorded
in
the
corresponding quarter in 2016.

Merchandise Export Developments
Over the period January to March 2017,
merchandise exports increased by 15.8%, from
US$652.2 million realized in the same period of
2016 to US$723.8 million in 2017, as illustrated
in Figure 4.

Figure 4: Merchandise Exports –Q1 2016 and Q1
2017 (US$ million)


Source: Zimstat, 2017

Gold, ferrochrome, flue-cured tobacco, nickel,
platinum, diamonds and granite continued to
dominate the country’s exports, contributing
about 89.3% of export earnings for the period
January to March 2017 (see Table 3).

Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
Gold
Platinum

Q1 2016
Q1 2017

Table 3: Exports Classified by HS Code (US$
millions) & Share of Total exports for
January-March 2017(%)
Product
Jan-Mar 2017
US$ (million)
Share
of
Total (%)
Gold
181.93
25.13
Ferro-chrome
84.74
11.71
Flue-Cured
Tobacco
203.34
28.09
Nickel Ores &
concentrates
85.23
11.78
Chromium ores
& concentrates
28.79
3.98
Nickel mattes
14.25
1.97
Unwrought
Platinum
13.86
1.91
Industrial
diamonds
25.09
3.47
Granite
9.01
1.25
Other
77.57
10.72
Total
723.81
100.00
Source: Zimstat, 2016 & RBZ Calculations, 2017

Major Merchandise Export Destinations
The country’s exports for the first quarter of
2017 were mainly destined for South Africa,
Mozambique, United Arab Emirates, Zambia,
Belgium and Kenya, as shown in Table 4.


Table 4: Major Merchandise Export Destinations
(% Share)

Merchandise Export Shares

1st
Quarter

4th
Quarter

1st
Quarter

South
Africa
77.8
82.5
77.6

Mozambique
7.9
7.6
12.1
United Arab
Emirates
4.8
3.9
5.4
Zambia
4.5
1.6
2.1
Belgium
2.3
1.6
0.8
Other
2.7
2.9
2.0
Total
100.0
100.0
100.0
Source: Zimstat, 2017 & RBZ calculations, 2017

Notably, South Africa absorbed 77.6% of the
country’s total merchandise exports during the
first quarter of 2017, followed by Mozambique,
at 12.1%; United Arab Emirates, 5.4%; and
Zambia, 2.1%. A proportion of the exports are
transshipments. The country’s major exports to
South Africa included the platinum group of
metals (PGMs), gold and nickel, among others.

Merchandise Import Developments
Total merchandise imports for the first quarter of
2017 amounted to US$1,338.2 million, a 2.9%
increase from the US$1,301.1 million realized
over the comparative period in 2016, as shown
in Figure 5.

Figure 5: Merchandise Imports (US$ million)


Source: Zimstat, 2017

The country’s import bill significantly increased
in the first quarter of 2017, compared to the
comparable period in 2016, mainly reflecting
maize imports.
Merchandise imports for the first quarter of 2017
were, however, 6.6% lower compared to the
fourth quarter of 2016. The decline was largely
due to decreases in imports of crude soya bean
oil (32.6%); rice (26.0%); electricity (7.5%); and
diesel (4.8%).The country’s major imports
during the period January to March 2017 mainly
composed of cereals (maize, rice, and wheat),
energy (diesel, petrol and electricity), medicines
and fertilizers.
Major Import Sources
During the period January to March 2017, the
country sourced its imports mainly from South
Africa (38.8%), Singapore (20.9%), China
(9.1%), Mexico (5.4%), Zambia (2.4%) and
Mozambique (2.2%) as shown in Figure 6.
Figure 6: Trend of major Merchandise Import
Sources (% Share)

Source: Zimstat & RBZ Calculations, 2016

The country continued to source imports from a
few markets, with about 90% coming from ten
countries, during the first quarter of 2017.
Merchandise imports from South Africa mainly
constituted capital, intermediate and consumer
goods, while imports from Mexico were
dominated by maize grain.

Trade Balance
The country’s trade balance worsened from a
deficit of US$361.7 million in the fourth quarter
of 2016, to a deficit of US$614.4 million in the

Jan-Mar 2016
Jan-Mar 2017

South Africa
Singapore
China
Mexico
Zambia
Mozambique
Mauritius
Japan
India
United Arab Emirates
United Kingdom

first quarter of 2017. The trade balance for the
first quarter of 2017 was, however, a significant
improvement
from
the
deficit
of
US$702 million recorded during the first quarter
of 2016.

Figure 7: Trade Balance (US$ million)

Source: Zimstat, 2016 & RBZ Computations, 2016

Overally, the country’s trade account continues
to register recurrent deficits, on the back of high
imports.

3. DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

The economy continues to face headwinds,
reflecting inherent structural bottlenecks that
include foreign currency shortages, low foreign
direct investment, high cost of doing business
and weak aggregate demand.

Notwithstanding the above challenges, the
economy is estimated to register a positive
growth of 3.7% in 2017, underpinned by strong
performance in the agriculture sector, among
others. The agriculture sector benefited from the
favourable rainfall season and support from
Government and cooperating partners.

Developments in the first quarter of 2017, also
point to a lower than anticipated performance in
mining and finance & insurance sectors, owing
to the persistent challenges that have seen a
deceleration in economic activities in the
sectors.

Agriculture
The agriculture sector is projected to grow by
21.6% in 2017, following a good 2016/17
agricultural season. Information from the First
Round Crop and Livestock Assessment Report
indicates a general increase in the area put under
various crops in the 2016/17 season, compared
to the previous season. This points to a strong
likelihood
of
a
substantial
increase
in
agricultural output in 2017 compared to 2016.
Table 5 shows the area under different crops in
the two comparable seasons.


1071.1


2016 Q4
2017 Q1
Exports
Imports
Trade Balance

Table 5: Area planted to selected key crops (Ha)
Crop
2015/16
2016/17
%
change
Maize
1 161 997
1 770 389

Sorghum
198 586
305 779

Pearl Millet
155 684
206 632

Finger
Millet
26 649
50 860

Rice

1 627

Tobacco
102 537
110 216

Soyabean
39 935
21 651
-46
Cotton
101 660
207 786

Groundnut
190 235
240 837

Sesame
4 709
22 031

Sunflower
13 105
12 404
-5
Round nut
64 432
106 486

Cowpeas
56 772
81 316

Sugar bean
27 472
24 636

Sugarcane
53 094
53 720

Tea
7 830
7 830

Coffee

Source: Ministry of Agriculture, 2017

Tobacco
The 2017 tobacco selling season started on the
15th March 2017, at all the three licensed auction
floors, namely; Boka Tobacco Auction Floors,
Tobacco Sales Floor and Premier Tobacco
Auction Floor. Tobacco marketing operations in
2017 are expected to be smoothened by the new
electronic marketing system, which is widely
expected to stem collusion by tobacco merchants
to keep auction prices down.
Tobacco output is projected at 215 million
kilograms in 2017, 6% higher than the output in
2016.
Cumulative
tobacco
sales
as
at
31st March 2017 amounted to 20 million
kilograms, 38.3% higher than the 14.5 million
kilograms sold during the same period in the
prior season. Total sales amounted to US$52.48
million, compared to the US$36.5 million
realised during the same period last season. The
golden leaf fetched higher average prices, at
US$2.6 per kg during the tobacco selling season
under review, compared to the US$2.5 per kg for
the 2016 season.

Table 6: Cumulative First Quarter Tobacco
Sales: 2016 and 2017 Tobacco Selling Season

Variance
(%)
Total
Quantity
Sold (million Kgs)
14.46
20.00
38.34
Total Value (US$
million)
36.52
52.48
43.70
Average
Price
(US$)/Kg
2.53
2.62
3.87
Source: TIMB, 2017

Maize
Maize output is expected to exceed 2.1 million
tonnes in 2017, compared to 0.511 million
tonnes produced in 2016. Maize production
benefited from the good rainfall season as well
as improved financing. Government launched a
Special Maize Production Programme under
Command Agriculture, which enhanced access
to inputs and tillage by farmers resulting in
higher productivity by beneficiary farmers.
Small Grains
The combined output of small grains in 2017 is
expected at around 300 000 tonnes, up from the
76 500 tonnes produced in 2016. Sorghum
output is expected to constitute a third of the total

small grain output, with pearl millet and finger
millet accounting for the remainder.
Food security
With the combined cereal production of around
2.5 million exceeding the annual national
requirement of 1.8 million tonnes, the country is
expected to be self-sufficient in terms of grain in
2017.
There may, however, be need to distribute grain
to districts in some provinces, such as Masvingo,
Matebeleland North and Matebeleland South,
whose grain output is insufficient to cover the
requirement for the whole year.
Livestock
According to the First Round Crop and
Livestock Assessment Report, the livestock
condition has improved considerably, compared
to the previous season, on account of improved
grazing and water availability. There was,
however, a general decline in meat output across
all livestock classes in the first quarter of 2017.
This was attribuable to restocking by farmers,
following the depletion of stock due to the
impact of the 2015/16 drought season.
Cattle
Cattle slaughtered in the formal sector stood at
60 768 head, a decline of 11% from the
slaughters realized in the previous quarter. The
slaughters were also 10% lower than those in the
first quarter of 2016. The decline in slaughters
could be attributed to farmers withholding cattle
as they rebuild their herd, following forced
offtake due to drought in the previous season.

Table 7 shows the total number of cattle
slaughtered in the first and fourth quarters of
2016 and the first quarter of 2017.
Table 7: Cattle slaughtered in the formal
sector

Q1

Q4

Q1
Cattle
67 331
69 006
60 768
Source: Ministry of Agriculture and Irrigation
Development

The bulk of the slaughters were done at private
abattoirs, with about 6.6% of the slaughters done
by the Cold Storage Company, a trend that has
persisted since the opening up of the meat
industry.


Pigs
The number of pigs slaughtered declined during
the first quarter of 2017, compared to the
previous quarter, as farmers withheld parent
stock. This reflected farmers’ optimism on the
availability of stock feeds during the year.
Against this background, slaughters for the first
quarter of 2017 at 38 002 pigs, were lower than
the 41 137 pigs in the comparable period in 2016
and the 40 964 pigs in the fourth quarter of 2016.

Figure 8 shows the monthly performance of
Colcom relative to other abattoirs in the four
quarters of 2016 and first quarter of 2017.

Figure 8: Quarterly Pig Slaughters in 2016

Source: Ministry of Agriculture, 2017

Dairy
Milk output decreased by 2.13% to 15.6 million
litres in the first quarter of 2017, compared to
15.93 million litres produced in the same period
in 2016. This was also 6.8% lower than the
16.7 million litres produced in the last quarter of
2016. Table 8 show the milk production outturn
for 2016 and 2017.

Table 8: Quarterly Milk Output (million litres) in
2016 and 2017
Month
Q1

Q1

Variance %
Jan
5.52
5.54
0.39
Feb
5.04
4.39
-12.77
March
5.38
5.66
5.24
Total
15.93
15.59
-2.13
Source: Dairy Services, 2017

The decline in milk output in the first quarter of
2017 largely resulted from increased incidences
of mastitis,
due to excessive rains
in
February 2017. The heavy rains also worsened
the condition of cattle pens, thereby, stressing
the cows and reducing feeding time.

MINING
Developments during the first two months of
2017 indicate that most key minerals such as
PGMs,
coal
and
nickel
underperformed,
compared to the first two months of 2016. The
quarterly mining production figures are shown in
Table 9.


Table 9: Quarterly Mining Production Statistics

Budget
Projection
Jan-Feb

Actual
Outturn
Jan-Feb

Actual
Outturn
Variance
(%)


Chrome \t
(000)

317*
-

Coal \t

Cobalt \t

-14%
Copper \t

Gold \kg

Graphite \t
7,200

1,099
-70%
Iridium \t

-29%
Nickel \t

Paladium
\kg

Platinum
\kg

Rhodium
\kg
1,500

-11%
Ruthenium
\kg

-7%
Diamonds

Source: MOFED, RBZ, Ministry of Mines, Chamber
of Mines, 2017

Q1:2016 Q2:2016 Q3:2016 Q4:2016 Q1:2017
Thousands
Colcom
Other

Gold
Gold output registered a growth of 1% during the
first two months of 2017, compared to the same
period in 2016. The less than anticipated
performance
was,
partly,
attributable
to
excessive rains in February 2017, which
adversely impacted the potential of miners to
increase production.

Total deliveries to Fidelity Printers and Refiners
(FPR) during the first quarter of 2017 at
4 636.8 kg, were lower than in the same period
in 2016 by 1.6%, as shown in Figure 9.

Figure 9: Gold deliveries to FPR: Q1 2016 vs Q1

Source: FPR, 2017

Targeted gold output of 24 500 kg for the year
2017 is expected to be achieved, following the
interventions by Government and the Central
Bank. The Central Bank put in place a
US$40 million Gold Support Facility which has
resulted in a notable improvement in gold
deliveries to FPR, especially from small scale
gold miners. The compliance monitoring by the
Gold Monitoring Committee, a collaborative
effort between the Ministry of Mines and Mining
Development and the Reserve Bank of
Zimbabwe, has also assisted in plugging
leakages of the precious metal.
Coal
Coal output stood at 385 000 tonnes in first
quarter of 2017, about 50% lower than the
754 319 tonnes realized during the same period
in 2016. Production was weighed down by
equipment challenges at Hwange, due to delays
in the procurement of critical spares.

Coal offtake also remained constrained by the
sustained decline in capacity utilization and
company closures, mainly in the manufacturing
sector. In addition, coal miners were constrained
by cash flow challenges due to late payment for
deliveries by the Zimbabwe Power Company
(ZPC); delays in procurement of spare parts and
equipment; lack of capitalisation; and high cost
structures, among other challenges.

Diamond
Diamond output stood at 567 024 carats in the
first quarter of 2017, about 6% lower than
603 590 carats produced in the comparable
period in 2016. The planned mining of the
diamond-rich Mbada concessions by the
Zimbabwe Consolidated Diamond Company
(ZCDC) beginning the last half of April this
year, as well as incorporation of the DTZOTZGEO concession expected from July 2017,
is expected to increase diamond output beyond
the projected 1.9 million carats by year end.

Large scale
Small Scale
Total
Kg
Q1 2016
Q1 2017

Platinum
Cumulative platinum output stood at 2 418 kg
during the first 2 months of 2017, about 18%
lower than the 2 951 kg produced during the
same period in 2016. This notwithstanding, the
projected output of 15 500kg for 2017 is
achievable.

Nickel
Nickel production was 2 759 tonnes, during the
first two months of 2017, with 1 266 tonnes
coming from the primary producer and
1 494 tonnes from PGMs. This was, however,
lower than the 3 029 tonnes realized in the
comparable period in 2016. Nickel production
declined on account of frequent equipment
breakdowns, and shareholder challenges at
BNC.

Chrome
Chrome ore output stood at 317 000 tonnes,
during the first quarter of 2017, 15.5% below the
projected output of 375 000 tonnes for 2017. The
output for the year 2017 is now expected to reach
550 000 tonnes, well in excess of the initial
projection, following the firming of international
chrome ore prices and strong demand from
China.

MANUFACTURING
The manufacturing sector is projected to grow
by 0.1% in 2017, on account of improved
activity in foodstuffs, wood and furniture,
drinks, tobacco and beverages, and non- metallic
mineral product sub-sectors.

Manufacturing sector activities continued to
benefit from Government’s intervention, in the
form of import management strategies, through
Statutory Instrument (SI 64) that saw the
demand for locally produced goods increase.
The implementation of SI 64 gave local firms
latitude to retool and increase production. In
addition, measures to enhance, and reduce the
cost of doing business also had a positive impact
on the sector. Seven bills promoting the ease of
doing business went through Parliament during
the first quarter of 2017.

Drinks, Tobacco and Beverages
Subdued sales volumes were reported across the
beer categories, during the first quarter of 2017.
This was largely on account of depressed
aggregate demand and intermittent product
shortages,
occasioned
by
water
supply
disruptions. Sparkling beverages were adversely
impacted
by
increased
imports
from
neighbouring countries which are covered by
preferential trade protocols. The inaccessibility
of the rural markets due to heavy rains affected
the sorghum beer sub-category.

Plastic Products
The demand for plastic products was spurred by
housing
development
projects,
and
the
rehabilitation of the old piping infrastructure.
The projects were carried out through private
public partnerships and by non-governmental
organizations. In addition, growth was also
underpinned by orders for mining projects. The
restriction on imports of certain products under
Statutory 64 of 2016, including some plastic
pipes, resulted in increased local demand for
plastic products.

ELECTRICITY

A total of 1 975.7 GWh of electricity were
generated and sent out during the first quarter of
2017, up by 11% from the 1 777.2 GWh
produced during the comparative period in 2016.
This was also 18.9% higher than the 1 662.7
GWh, produced during the last quarter of 2016.

Electricity generation increased largely due to
the 50% increase in water allocation at Kariba
Power Station, in line with rising dam levels.
Resultantly, first quarter output from Kariba
Power Station increased by 40%, to 981.1 Gwh
in 2017 from 702.8 GWh in 2016.

Thermal Power Stations sent out a combined
899.5 GWh, 14% lower than output in the same
period in 2016. This was due to the extensive
refurbishments of Hwange Unit 6 and Munyati
Power Stations.

Table 10 shows output from major power
stations and Independent Power Producers,
(IPP), during in the first quarter of 2017.

Table 10: Electricity output (GWh)
Station
Jan
Feb
Mar
Kariba
299.5
326.4
355.1
Hwange
175.5
180.1
241.2
Bulawayo
1.4
270.8
0.9
Munyati
-
-
-
Harare
14.5
8.1
7.0
IIP
43.0
28.5
23.5
Total
533.9
814.0
627.8
Source: ZPC, ZERA 2017


Small hydro-power stations contributed 95 GWh
to total energy sent out during the period January
to March 2017.

Figure 10 shows the performance of other small
power stations in the country.


Figure 10: Energy sent out by small hydro-power
stations (January - March 2017)

Source: ZERA, 2017

INFLATION DEVELOPMENTS

Annual headline inflation rate which had been in
the negative the whole of 2016, accelerated into
the positive, from -0.7% in January 2017 to
0.01% in February 2017 and 0.21% in March
2017. The increase in headline inflation was
largely driven by food inflation. Figure 11 shows
the annual inflation profile for the period from
January 2015 to March 2017.


Jan 16
Feb 16
Mar 16
ENERGY (GWH)
Pungwe B
Dema
Other IPPs

Figure 11: Annual Inflation Profile (%)

Source: Zimstat, 2017

Annual Food Inflation
The year-on-year food inflation accelerated from
an average of -1.5% in the last quarter of 2016,
to an average of 0.7% in the first quarter of 2017.
The increase in food prices in the first quarter of
2017 could be attributed to food shortages just
before the harvesting period. Meat prices
increased, reflecting low supply, as farmers held
on to their cattle in light of improved pastures
and water, following a period of forced
destocking that occurred in 2016.

Annual Non-Food Inflation
Although remaining in the negative, annual nonfood inflation also accelerated from an average
of -0.8% in the last quarter of 2016, to -0.5% in
the first quarter of 2017. The rise in non-food
inflation during the first quarter of 2017 was due
to increases in furniture, household equipment
and maintenance; recreation and culture;
miscellaneous
good
and
services
and
communication.


Inflation Outlook
Global developments, such as the continued
firming of South Africa rand against the United
States dollar, as well as the expected increase in
oil and food prices, are likely to push up
domestic prices in the medium term. In this
regard, average annual inflation is expected to
range between 2.0% and 3.0% in 2017.

FISCAL DEVELOPMENTS
Cumulative Government revenue for the first
quarter of 2017 stood at US$881.6 million,
against total expenditure of US$1.1 billion,
resulting in a budget deficit of US$181 million,
as shown in Figure 12.
Figure 12: First Quarter Fiscal Developments
(2015-2017)

Source: Ministry of Finance and Economic
Development, 2017.


Jan 2015
Mar 2015
May 2015
Jul 2015
Sep 2015
Nov 2015
Jan 2016
Mar 2016
May 2016
Jul 2016
Sep 2016
Nov 2016
Jan 2017
Mar 2017
Food
Non-Food
Headline
-400
-200

Q1 2015
Q1 2016
Q1 2017
Total Revenue
Total expenditure and net lending
Deficit

The deficit was largely financed through
domestic sources, in particular the RBZ
overdraft and Treasury bill issuances.
Government Revenue

Cumulative
revenue
inflows
stood
at
US$881.6 million in the first quarter of 2017,
which
was
0.4%
below
the
target
of
US$885 million. The revenue inflows were,
however, higher than the comparable period in
2016, as shown in Figure 13.

Figure 13: Quarterly Revenue Collections
(Targets and Actuals)

Source:
Ministry
of
Finance
&
Economic
Development, 2017

The period under review saw all tax revenue
heads, with the exception of VAT, perform
below target as shown in Figure 14.


Figure 14: Quarterly Revenue inflows
(Targets and Actuals)
Source: Ministry of Finance and Economic
Development, 2017
Government Expenditure
Government expenditure amounted to US$1.062
billion during the first quarter of 2017,
surpassing the target of US$983.4 million by
US$79.2 million. Employment costs accounted
for the largest proportion of total expenditure,
constituting
66.8%,
followed
by
capital
expenditure and net lending at 16.3%; operations
and maintenance, 13%; and interest payments,
3.9%. Figure 15 shows the expenditure
performance per head for the first quarters of
2016 and 2017.


Q1 2016
Q1 2017
Quarterly Revenue Inflows
Quarterly Revenue Targets

Tax on
Income
and
profits
Customs
duties
Excise
duties
Value
Added
Tax
(VAT)
Other
indirect
taxes
Non-tax
Revenue
Q1 2017 Actual
Q1 2017 Target

Figure 15: Expenditure Head Performance
(Q1 2016 and Q1 2017)


Source:
Ministry
of
Finance
&
Economic
Development

Employment costs at US$709.7 million during
the first quarter of 2017, were about 6% below
the target of US$754.4 million. This was due to
the implementation of measures to reduce
employment costs. The measures included the
rationalization of payment of staff benefits to
civil servants, as well as staff at foreign missions
and the removal of duplicated functions in
Government
departments,
among
other
measures instituted in the last half of 2016.
These
measures
resulted
in
Government
realizing savings of about US$9.9 million on the
monthly wage bill.


4. MONETARY
DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

Monetary Developments
Broad money supply recorded an increase of
4.29%, from US$5 638.3 million in December
2016 to US$5 771.6 million in March 2017. The
growth
was,
however,
a
slowdown
of
2.6 percentage points from the 6.8% recorded in
the last quarter of 2016.
The growth in money supply was reflective of
the quarterly expansion in time deposits, 4.0%;
and transferable deposits, 2.8%. Partially
offsetting these increases, was a decline of 4.4%
in negotiable certificates of deposits. The growth
in money supply in the first quarter of the year
was mainly attributed to tobacco selling season
related inflows and the domestic financing of the
budget deficit through Treasury Bills and the
overdraft.
On an annual basis, money supply grew by
20%, from US$4 899.8 million in March 2016.
Figure 16 shows annual broad money supply in
nominal terms as well as growth rates.


Q1 2016
Q1 2017

Figure 16: Annual Broad Money Supply Growth
Rates and Levels

Source: RBZ, 2017

Domestic Credit
Net domestic credit increased by 3.3%, to
US$7 920.2 million, from US$7 669.5 million
recorded in the fourth quarter of 2016. The
growth was on the back of an increase of 766%
in net credit to Government. The increase in net
credit to Government, reflected increased
recourse to bank sources of financing by the
fiscus.

Credit extended to the private sector, however,
declined by 0.96% to US$3 494.3 million, from
US$3 528.4 million in the previous quarter. The
decline partly reflected cautionary lending by
banks.


The sectoral distribution of credit during the
period under review shows that households
claimed the largest share of bank credit at 22.2%,
followed by agriculture, 16.5%; services,
13.96%; and manufacturing, 13.6% (see figure
17). Credit to households, however, includes
agriculture and small to medium enterprises
(SMEs). Some SMEs borrow on account of
individuals.
Figure 17: Sectoral Distribution of credit
Source: RBZ, 2016
Interest Rates
During the quarter under review, nominal
lending rates quoted by banks ranged between
6% and 18%. Banks are, however, expected to
reduce their maximum lending rates to 12%, in
line with the Central Bank’s call to stimulate the
economy through low borrowing costs, whilst at
the same time cognizant of moral hazard of low

Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
ANNUAL GROWTH %
US$ BILLION
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation
Growth
Households
22.21%
Agriculture
16.52%
Services
13.96%
Manufacturing
13.58%
Financial
Organisation
s and
investiments
11.78%
Distribution
10.69%
Mining
6.18%
Transport
and
Communicati
on
2.46%
Construction
2.12%
Other
0.50%

interest rates in an environment of scarcity of
foreign exchange. Average maximum interest
rates for 60-day and 90-day deposits declined
from 5.6% and 6.03% to 5.5% and 5.8%,
respectively.

5. STOCK MARKET DEVELOPMENTS

During the first quarter of 2017, there was
subdued trading on the Zimbabwe Stock
Exchange (ZSE), as most investors usually adopt
a wait and see trading strategy at the beginning
of the year. Consequently, the ZSE lost
US$136.7
million
worth
of
market
capitalization. This reflected a 3.4% decline,
from US$4.01 billion at the end of December
2016 to US$3.9 billion as at 31st March 2017. On
a year-on-year basis, however, the ZSE
registered a 46.4% growth in capitalization, from
US$2.6 billion as at 31st March 2016.

Figure 18: Market Capitalization

Source: Zimbabwe Stock Exchange, 2017


Industrial Index
During the quarter under review, the industrial
index decreased by 3.9%, from 144.5 points as
at 31st December 2016 to 139.0 points at the end
of the first quarter of 2017. The steady decline in
the industrial index since the beginning of the
quarter under review can largely be attributed to
the traditional slow start at the beginning of the
year and the cautious approach by investors, in
light of the prevailing challenging economic
conditions.

Figure 19: Zimbabwe Stock Exchange Indices

Source: Zimbabwe Stock Exchange, 2017

Mining Index
The resources index registered a marginal gain
of 0.1% to close the quarter under review at 58.6
points. The increase in the mining index was
largely boosted by investor demand in RioZim
and Bindura Nickel Corporation (BNC).

In a bid to increase its gold output and
profitability, RioZim acquired a 100% stake in
Palatial Gold Investments, a wholly owned
subsidiary of Falcon Gold Zimbabwe Limited.

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

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

Market Turnover
The quarter under review was generally
characterized by depressed demand. This
resulted in both turnover volume and value
decreasing by 62.7% and 34.8% to 262.2 million
shares and US$47 million, respectively. Foreign
investor participation declined, resulting in net
outflows of US$15.4 million during the quarter
ending 31st March 2017.

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the quarter ending
31st March 2017, decreased by 3.0% to
US$16.9 billion, from US$17.5 billion recorded
in the last quarter of 2016. Volumes, however,
increased by 2% to 127.7 million for the quarter
ending 31st March 2017, from 124.6 million
during the quarter ending 31st December 2016.
Table 11 shows the consolidated transactional
activities for the first quarter of 2017.


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

Dec 2016
First quarter
ending

Mar 2017
Change
from
last
quarter
Proporti
on

VALUES IN US$ Million

RTGS

CHEQUE

POS

ATMS

MOBILE

INTERNET

CASH

TOTAL


VOLUMES


RTGS

CHEQUE

POS

ATMs

MOBILE

INTERNET

CASH

TOTAL

Source: RBZ, 2017

Large Value Payments
Zimbabwe
Electronic
Transfer
and
Settlement System

The value of transactions processed through the
RTGS
system
decreased
by
5%
to
US$12.9 billion during the quarter ending
31st March 2017, from the US$13.6 billion
recorded in the quarter ending 31st December
2016. The volume of transactions registered an
increase of 3%, to 1, 090, 519 in the first quarter
of 2017 from 1, 054,516 in the fourth quarter of
2016 as shown in Figure 20.
Figure 20 : RTGS Values and Volumes


Source: RBZ, 2017

SWIFT Foreign Currency Transactions
SWIFT foreign currency payments decreased by
8% to US$0.93 billion for the quarter ending
31st March 2017, from US$1.00 billion in the
quarter ending 31st December 2016. During the
same period, SWIFT foreign currency receipts
also decreased by 13%, to US$0.82 billion in the
first quarter of 2017 from US$0.94 billion in the
fourth quarter of 2016, as shown in Figure 21.

Net foreign currency outflows amounted to
US$106.84 million, during the quarter under
review. Figure 21 shows trends in SWIFT
foreign currency transactions.
Figure 21: SWIFT Cross Border Transactions


Source: RBZ, 2017

Over the Counter Cash Withdrawals
The value of cash withdrawals decreased by
20.72%, from US$1.26 billion during the quarter
ending 31st December 2016 to US$0.998 billion
recorded in the quarter ending 31st March 2017.
The corresponding volumes, however, increased
by 23.75%, from 4.96 million during the fourth
quarter of 2016 to 6.14 million in the first quarter
of 2017, as shown in Figure 22.

1,000
1,200

Q4

Q1

Q2

Q3

Q4

Q1
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes


Quarter
ending
Mar 2016
Quarter
ending
June

Quarter
ending
Sept

Quarter
ending
Dec 2016
Quarter
ending
Mar 2017
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

Figure 22: Over the Counter Cash Withdrawals


Source: RBZ, 2017

Retail Payments
The trends in the values and volumes of retail
transactions, from the fourth quarter of 2016 to
the first quarter of 2017, indicated that electronic
payment transactions (mobile, point of sale and
internet) increased in line with the Bank’s
objective for economy to move to a cash-lite
society.


Figure 23: Values of Retail Transactions


Source: RBZ, 2016

Figure 24 : Volumes of Retail Transactions


Source: RBZ, 2017


Q4

Q1

Q2

Q3

Q4

Q1

US$ BILLIONS
MILLIONS
Volumes
Values


Q4

Q1

Q2

Q3

Q4

Q1
Cheques (US$ millions)
Other Retail Transactions (US$millions)
POS
ATMS
MOBILE
INTERNET
CHEQUE

Q4

Q1

Q2

Q3

Q4

Q1
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
MOBILE

Collateral2

The value of collateral increased to US$31.92
million in the first quarter of 2017, from
US$29.40 million recorded in the fourth quarter
of 2016 as shown in Figure 25.

Figure 25: Total Collateral


Source: RBZ, 2016

Access Points and Devices

There was an increase in access points and
access devices between the fourth quarter of
2016 and the first quarter of 2017.

2The collateral figure comprises of cheque and Zimswitch
card payment stream amounts.
Mobile banking agents decreased to 40,540 in
quarter ending 31st March 2017, from 40,590 in
the quarter ending 31st December 2016. The
decrease was mainly attributable to Ecocash,
which deregistered or de-risked agents who were
involved in illegal activities in December 2016.

The POS population increased to 40,011 in first
quarter of 2017, from 32,629 in the fourth
quarter. The increase showed that the promotion
of electronic means of payment was bearing
fruits. The ATM population, however, decreased
from 569 in the fourth quarter of 2016 to 557 in
the first quarter of 2017.

Active mobile financial services subscribers
registered in first quarter of 2017, decreased to
3.21 million, from 3.28 million registered during
the fourth quarter of 2016.

Table 12 shows statistics for access points and
devices for the third and fourth quarters of 2016,
and for the first quarter of 2017.


Q4

Q1

Q2

Q3

Q4

Q1

US$ BILLIONS
MILLIONS
Volumes
Values

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


Q3 2016
Q4 2016
Q1 2017
Mobile
Banking
Agents
37,131
40,590
40,540
ATMs

POS
24,110
32,629
40,011
PAYMENT SYSTEMS ACCESS DEVICES


Debit Cards
2,890,731
3,127,153
3,359,455
Credit Cards
14,813
16,030
16,945
Prepaid
Cards
38,660
43,288
46,593
Active
Mobile
Banking
Subscribers
3,289,271
3,279,049
3,214,001
Internet
Banking
Subscribers
128,297
168,339
177,920
Source: RBZ, 2017
RESERVE BANK OF ZIMBABWE
JUNE 2017

STATISTICAL TABLES

1. Depository Corporation Survey S1
2. Central Bank Survey S2
3. Other Depository Corporation Survey S3

4. Liabilities and Assets of the Central Bank
4.1.Reserve Bank: Liabilities


S4

4.2.Reserve Bank: Assets S5


5. Other Depository Corporation
5.1.Other Depository Asset S6
5.2.Other Depository Liabilities S7

6. Commercial Banks
6.1.Commercial Banks: Assets

S8
6.2.Commercial Banks: Liabilities
S9
7. Building Societies


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances S12
8.2.Sectoral Analysis of Commercial Bank’s Deposits

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

10. Interest Rates, Security Yields and Prices
10.1. Lending Rates


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

14. External Sector
14.1. External Debt Outstanding By Debtor


S22
14.2. External Debt Outstanding by Source


S23

15. National Accounts
15.1. Real Gross Domestic and National Product per Capita at Market Prices
S24
15.2. Gross Domestic Product at Factor Cost by Industry


S25
15.3. Expenditure on Gross Domestic Product


S26
15.4. Mineral Production


S27
15.5. Electricity Produced and Distributed S28
15.6. Volume of Manufacturing Index


S29


Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Mo

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbawe
Note:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)


S2


Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Y
O
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Less Liabilities to Central Government

Of which: Deposits

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Other Liabilities to ODCs

Other Items(Net)

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Notes and Coins in Circulation

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

Source: Reserve Bank of Zimbawe
TABLE 2: CENTRAL BANK SURVEY (US$'000)


S3


Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)
4,878,305.20

5,132,752.46

5,060,208.14

5,148,766.23

5,245,432.00

5,321,500.90

5,442,974.41

5,549,018.98

5,580,169.12

5,639,870.63

5,709,300.08

Domestic Claims
4,968,416.04

5,052,675.36

4,986,309.07

4,950,022.79

5,022,442.51

5,110,022.06

5,157,302.61

5,249,484.24

5,193,549.03

5,210,748.62

5,374,818.07

Net Claims on Central Government
1,230,643.24

1,415,342.33

1,425,743.21

1,396,177.93

1,446,944.29

1,503,220.41

1,472,146.07

1,528,867.51

1,617,356.78

1,673,670.22

1,722,915.15

Claims on Central Government
1,247,585.3619

1,440,948.5355

1,476,643.9874

1,443,114.9290

1,490,684.3763

1,546,271.8214

1,518,299.1187

1,571,032.9250

1,670,420.5050

1,728,929.8577

1,809,816.2513

Securities
1,225,003.3297

1,412,869.1273

1,450,083.5207

1,420,220.1988

1,463,404.5297

1,517,535.6764

1,500,671.4257

1,553,239.1020

1,654,534.6290

1,713,961.3077

1,794,113.0553

Loans
22,582.0322

28,079.4082

26,560.4666

22,894.7303

27,279.8466

28,736.1450

17,627.6930

17,793.8230

15,885.8760

14,968.5500

15,703.1960

Other
-

-

-

-

(0.0000)

-

(0.0000)

0.0000

(0.0000)

0.0000

-

Less Liabilities to Central Government
(16,942.1215)

(25,606.2057)

(50,900.7775)

(46,937.0009)

(43,740.0913)

(43,051.4118)

(46,153.0502)

(42,165.4109)

(53,063.7244)

(55,259.6416)

(86,901.1009)

Claims on Other Sectors
3,737,772.8017

3,637,333.0280

3,560,565.8611

3,553,844.8587

3,575,498.2216

3,606,801.6478

3,685,156.5434

3,720,616.7211

3,576,192.2507

3,537,078.4083

3,651,902.92

Other Financial Corporations
106,004.42

110,807.60

120,221.91

116,453.99

117,440.18

106,745.29

109,892.67

102,641.44

100,223.50

60,600.81

61,686.40

State and Local Government
42,766.93

40,448.43

48,803.79

47,676.40

43,554.41

41,728.47

37,784.82

34,237.41

35,909.11

35,006.53

34,312.18

Public Non Financial Corporations
109,014.22

98,902.80

100,732.47

100,520.49

93,825.28

103,499.64

101,612.03

86,631.35

84,675.48

84,417.84

86,380.62

Private Sector
3,479,987.23

3,387,174.20

3,290,807.69

3,289,193.98

3,320,678.35

3,354,828.25

3,435,867.03

3,497,106.53

3,355,384.15

3,357,053.23

3,469,523.72

Claims on the Central Bank
810,741.643

1,017,467.818

1,055,340.530

1,178,684.455

1,209,909.110

1,156,606.119

1,323,120.314

1,435,556.219

1,475,197.651

1,507,778.322

1,498,477.568

Bond Notes and Coins
1,526.163

1,614.904

1,620.368

1,580.191

1,627.106

1,420.818

4,565.027

16,563.071

20,206.055

19,301.209

12,559.660

Reserves
809,215.480

1,015,852.915

1,053,720.162

1,177,104.264

1,208,282.003

1,155,185.301

1,318,555.287

1,418,993.147

1,454,991.597

1,488,477.113

1,485,917.908

Liabilities to the Central Bank

Other Items(Net)
900,850.66

937,390.03

981,438.87

979,940.77

986,918.90

945,127.17

1,037,448.30

1,134,271.35

1,088,577.32

1,078,654.52

1,162,242.90

Shares and Other Equity
1,103,911.46

1,160,998.70

1,174,877.57

1,188,635.39

1,194,352.25

1,211,644.10

1,228,902.77

1,271,826.05

1,272,987.21

1,279,285.69

1,301,867.36

Liabilities to other financial corporations
37,325.07

47,396.74

46,151.88

41,248.99

36,195.23

28,299.00

28,777.63

48,770.44

41,105.95

43,353.63

41,885.62

Other Items(Net)
(240,385.87)

(271,005.41)

(239,590.58)

(249,943.61)

(243,628.59)

(294,815.93)

(220,232.10)

(186,325.14)

(225,515.85)

(243,984.80)

(181,510.08)

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

5,103,294.98

5,047,074.28

5,167,680.67

5,263,571.88

5,302,500.30

5,397,590.93

5,567,120.14

5,579,371.63

5,654,297.27

5,734,703.72

Deposits Included in Broad Money
4,835,248.40

5,022,342.85

4,975,283.25

5,086,840.39

5,189,453.59

5,229,143.63

5,353,728.76

5,504,225.78

5,528,809.61

5,594,968.03

5,674,542.57

Transferable Deposits
3,242,880.58

3,453,134.13

3,457,573.92

3,533,492.69

3,654,543.14

3,720,200.45

3,886,146.76

4,032,568.59

3,983,863.96

4,042,323.47

4,144,685.59

Other Deposits
1,592,367.82

1,569,208.72

1,517,709.33

1,553,347.70

1,534,910.45

1,508,943.19

1,467,582.00

1,471,657.19

1,544,945.66

1,552,644.56

1,529,856.98

Money Market Instruments
55,583.77

80,952.14

71,791.03

80,840.29

74,118.29

73,356.67

43,862.17

62,894.35

50,562.02

59,329.24

60,161.15

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


S4


US$ Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2017
Loans and advances
Investments
Foreign Assets
TABLE 4.1: RESERVE BANK - ASSETS


S5


TABLE 4.2: RESERVE BANK - LIABILITIES
Capital
and
Foreign
general
End of
Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* in
circulation


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Bond coins first issued in December 2014
*Bond Notes first issued in November 2016
Source: Reserve Bank of Zimbabwe, 2017
Deposits
US$ Thousands


S6


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

Local Governemt
Public Enterprises
Other

Government
Local
Public
Other Institutional Units

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

Jan
1.22


Feb
1.44


Mar
1.53


Apr
1.55


May
1.53


Jun
1.61


Jul
1.62


Aug
1.58


Sep
1.63


Oct
1.42


Nov
4.57


Dec
16.56


Jan
20.21


Feb
19.30


Mar
12.56


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


S7


Debt Securities Foreign Liabilities
Capital
Contigent
Other
Total
and
Liablities
Liablities
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
RBZ
Other Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan


Feb


Mar


Apr


May


June


July


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Source:Reserve Bank of Zimbabwe,2017
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
US$millions
Deposits
Amounts Owing to


S8


TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government

Local Governemt
Public Enterprises
Other

Government
Government
Enterprises
Institutional Units

Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


Jan
17.72


Feb
16.29


Mar
10.74


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
Debt Securities
Loans and Advances
TABLE 6.1: - COMMERCIAL BANKS -ASSETS
US$ millions


S9


US$ millions
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
Debt Securities
Foreign Liabilities
RBZ
Other Depository Other Finacial
Capital
Contigent
Other
from the public
Corporations
Corporations
Corporations
and
Liablities
Liablities
Total
Reserves

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2017
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to


S10


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

Jan
0.13


Feb
0.20


Mar
0.19


Apr
0.19


May
0.14


Jun
0.18


Jul
0.16


Aug
0.20


Sep
0.21


Oct
0.12


Nov
0.14


Dec
1.72


Jan
2.35


Feb
1.19


Mar
1.65


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 7.1: BUILDING SOCIETIES -ASSETS
US$ millions
Debt Securities
Loans and Advances


S11


Debt Securities
Foreign Liabilities
Capital
Other
Total
and
Liablities
End of
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
RBZ
Other Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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


S12


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

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2017
TABLE 8.1: Sectoral Analysis of Commerical Banks' Loans and Advances
US$ Thousands


S13


END OF
AGRICULTURE CONSTRUCTION COMMUNICATIONS
DISTRIBUTION FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
INVESTMENTS ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe,2017
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ thousands


S14


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

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

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

Jan
4,052.71 7.48
368.71
70.42 495.55 318.91
Jan
350.02 26.67
12,756.29
1,173.56 27,550.09 190.96
Feb
4,246.60 7.00 327.30 58.40 472.30 324.10
Feb
326.30 27.80 8,952.00 953.50 26,820.10 207.00
Mar
4,629.80 7.40
392.20
58.80 671.60 399.70
Mar
414.20 31.00
11,124.00
944.30 35,604.10 244.10
Source:Reserve Bank of Zimbabwe,2017
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (US$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)


S15


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

Jan
4.00-18.00
10.61
6.68
Jan
0.50-6.00
1.00-17.00
Feb
4.00-18.00
10.06
6.52
Feb
0.50-6.00
1.00-17.00
Mar
4.00-18.00
9.12
7.02
Mar
0.50-6.00
1.00-17.00
Source:Reserve Bank of Zimbabwe,2017
Notes
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
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
End of


S16


End of
Industrial
Mining
Volume of Shares
Market Turnover
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Zimbabwe Stock Exchange (ZSE),2017
Indices
US$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS


S17


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT COMMUNICATION
RECREATION
&
EDUCATION
RESTAURANTS
&
MISC.
TOTAL NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimstat, 2017
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)


S18


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANT
S &
MISC.
TOTAL NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY, GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source :ZIMSTATS, 2017
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S19


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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


S20


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

169.2

242.4

189.1

225.5

226.9

218.8

236.7

180.5

207.1

194.4

213.8

- Consumption Goods
108.1

85.3

112.8

86.9

112.9

121.5

110.9

125.4

92.7

94.1

78.4

99.1

- Capital Goods
62.3

44.6

65.9

50.5

53.4

48.6

46.6

57.6

33.9

55.2

57.9

55.9

- Intermediate Goods
60.0

39.4

63.8

51.7

59.2

56.8

61.3

53.8

53.8

57.8

58.1

58.8

Energy (Fuel & Electricity)
59.1

42.6

73.9

63.8

58.6

56.7

64.3

90.9

65.1

63.7

58.3

51.1

Service Payments
99.1

98.2

84.5

101.1

87.7

76.5

74.9

81.2

99.8

74.6

66.4

81.9

- Technical, Professional & consult
56.7

59.4

39.2

54.2

39.8

37.8

33.1

36.7

40.8

29.0

17.1

36.5

- Software
4.8

4.5

10.0

15.4

6.3

3.0

3.4

3.4

2.6

4.6

3.9

4.9

- Other (tourism, edu, freight etc)
37.7

34.2

35.4

31.5

41.6

35.6

38.4

41.1

56.4

41.0

45.4

40.5

Income Payments (Profits, Dividends
18.3

6.3

7.9

11.0

8.3

7.9

15.5

10.6

8.2

14.0

6.3

12.0

Capital Remittances (outward)
52.9

45.0

37.2

28.6

23.9

50.1

58.8

26.4

23.9

24.0

33.2

41.6

- External Loan Repayments
42.6

35.4

21.0

23.0

15.4

43.1

52.2

20.8

23.3

22.8

32.4

29.9

- Disinvestments
10.2

9.6

15.9

5.6

7.6

6.2

6.6

5.2

0.6

1.0

0.2

11.7

- Cross Border Investment
0.1

0.0

0.3

0.0

0.9

0.7

0.1

0.5

0.1

0.1

0.6

0.1

Other Payments
1.0

0.2

0.5

0.7

0.2

2.2

0.3

0.2

0.1

0.3

0.1

0.3

TOTAL
460.9

361.6

446.4

394.3

404.3

420.3

432.7

446.1

377.6

383.7

358.7

400.7

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


S21


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

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

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


S22


(US$ millions)
End Period

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private

1,807
1,671
1,731
Total External Debt

Source: Ministry of Finance & Economic Development, 2017; & Reserve Bank of Zimbabwe, 2017
TABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)


S23


End of

(US$ millions)
Total Medium to Long-Term External Debt

Public and Publicly Guaranteed Debt

Bilateral Creditors

Multilateral Creditors

Private Creditors

Private Non-Guaranteed Long term


Short-Term External Debt

1,286


Public and Publicly Guaranteed Debt

Reserve Bank


Private

1,807
1,671
1,731
Total External Debt

Gross Domestic Product


External Debt / GDP

Source: Ministry of Finance & Economic Development, 2017 ; Reserve Bank of Zimbabwe, 2017
TABLE 14.2: External Debt Outstanding by Source
(US$ millions)


S24


US$ Millions
Gross
Net Investment Gross
Gross
Gross
Domestic
Income Paid
National
Domestic National
Gross Domestic
Gross National
End of
Product
to Other
Product
Product Product
Product
Product
Period
Countries


Source :ZIMSTATS, 2017
Current Prices
Constant Prices
Constant Prices
Per Capita
TABLE 15.1: REAL GROSS DOMESTIC AND NATIONAL PRODUCT PER CAPITA AT MARKET PRICE


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


Source :ZIMSTATS, 2017
2 . Includes domestic services and allowance for imputed banking service charges .
TABLE 15.2 : GROSS DOMESTIC PRODUCT AT FACTOR COST BY INDUSTRY
US$ Millions
(at current prices )


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Net
Private
Gross
Net
Expenditure
Private
Gvt
non-profit
fixed
Increase
Total
export of
on gross
consumption current
making
captital
in
Statistical
domestic
goods and
domestic
End of
expenditure bodies
formation
stocks
discrepancy
expenditure
services
product


Source :ZIMSTATS, 2017
(at current prices)
US$ Millions
TABLE 15.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT/1

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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Source: ZimStats, 2017
1. Other minerals include Ferrosilicon, Iron ore, Iron pyrite and magnesite
Table 15.4: MINERAL PRODUCTION
US$ Millions

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: ZIMSTATS, 2017
Table 15.5: Electricity Energy Produced and Distributed
Interconnected System
Generation Sent Out


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

2014:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015:Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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


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