QUARTERLY
ECONOMIC
REVIEW


MARCH 2018

RESERVE BANK OF ZIMBABWE

CONTENTS
4. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL

List of Figures

List of Tables

1. OVERVIEW

According to the IMF World Economic Outlook
(April, 2018), global economic activity is
projected to grow by 3.9% in 2018 and 2019, on
the back of low global financial volatility and
accommodative monetary policies in advanced
economies. Real growth in the global economy is
estimated at 3.8% for 2017, compared 3.2% in
2016, driven by improvements in investment,
trade and industrial production.

On the domestic front, the economy is forecast to
grow by 4.5% in 2018, premised on anticipated
strong performance in agriculture and mining.
The agriculture and mining sectors are projected
to grow by 10.7% and 6.1%, respectively, in
2018. Growth in agriculture is anticipated to
emanate from increases in maize and tobacco
output. Mining growth will be underpinned by
higher international commodity prices. The
ushering in of a new political and economic
dispensation is also expected to support
economic growth in 2018.

Annual headline inflation, decreased to 2.68% in
March 2018, from 3.46% in December 2017. The
underlying domestic and external causes of
inflation have remained subdued, including
parallel market premiums, which fell from above
60% in December 2017, to around 40% in March
2018.

Total merchandise trade for the first quarter of

increased
to
US$2,556.4
million,
representing a 6.5% decline from US$2,733.4
million recorded in the fourth quarter of 2017.
Over the period January to March 2018,

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.
merchandise exports increased by 4.5% to
US$886.1 million, from US$848.0 million
realized in the same period in 2017. Total
merchandise imports for the first quarter of 2018
amounted to US$1,670.3 million, a 31.4%
increase from US$1,271.1 million realized over
the comparative period in 2017. Resultantly, the
trade balance worsened to $784.3 million in the
first quarter of 2018, from $247.0 million in the
fourth quarter of 2017.

Broad money supply1 recorded a decline of
1.49%, to $7 987.53 million in the first quarter of
2018 from $8 106.03 million recorded in the
fourth quarter of 2017.

The performance of the Zimbabwe Stock
Exchange (ZSE) was characterized by subdued
trading activity, compared to the last quarter of
2017, which was punctuated by significant
trading activity. Resultantly, the ZSE lost
US$1.29 billion worth of market capitalization.
This reflected a 13.47% decline, from US$9.58
billion as at end of December 2017 to US$8.29
billion as at 29th March 2018. The All Share
Index (ASI) declined by 13.02%, over the period
January to March 2018.


The value of transactions processed through the
National Payment Systems (NPS) decreased by
9%, to US$28.87 billion in the first quarter
ending 31st March 2018, from US$31.7 billion
recorded in the quarter ending 31st December
2017. Similarly, NPS volumes decreased by 4%,
to 377.5 million in the first quarter ending 31st
March 2018, from 391.6 million recorded in the
quarter ending 31st December 2017.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic activity is projected to increase
by 3.9% in both 2018 and 2019, from 3.8%
recorded in 2017. The positive growth trajectory
is attributed, in part, to supportive conditions in
the form of low global financial volatility,
accommodative monetary policies in advanced
economies and continued expansionary fiscal
policy in the United States. The recent threat of a
global trade war, however, poses a significant
downside risk to an otherwise optimistic outlook.
Other potential downside risks include a shift
toward trade protectionist policies and a
deterioration of geopolitical tensions and strife.
Furthermore, climate change and cybersecurity
breaches also pose additional threats to the
medium term global economic outlook.
Table 1 shows global economic growth
developments for selected regions and countries.

Sub-Saharan Africa

Economic growth in sub-Saharan Africa stood at
2.8% in 2017, up from 1.4% recorded in 2016.
Growth is expected to further increase to 3.4% in
2018 and 3.7% in 2019, while varying
significantly across countries. Current account
deficits are narrowing in most sub-Saharan
African countries, partly reflecting a slight
rebound in commodity prices. There are, however,
increasing exposures in the region, notably, rising
public debt, financial sector strains and low
external buffers. Public debt is high not only in oil
exporting countries but in many fast-growing
economies as well.


Table 1: Global Economic Growth &
Outlook (%)

Est

Proj

Proj
World Output

Advanced
Economies

US

Euro Area

Japan

Emerging Market
&
Developing
Economies

China

India

Sub-Saharan
Africa

Latin America &
the Caribbean

Source: IMF (World Economic Outlook Update
(April 2018))

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International commodity prices for precious
metals, base metals and crude oil generally
firmed in the first four months of 2018. In
particular, crude oil prices recorded notable
increases on account of supply constraints, the
extension of an agreement by the Organization of
the Petroleum Exporting Countries (OPEC) to
scale down production, and higher demand
following
stronger-than-expected
global
economic growth. Table 2 shows developments
in international prices for selected commodities,
during the first quarter of 2018.

Table 2: International Commodity Prices


Gold
Platinum
Copper
Brent
Crude
Oil

us$/oz
us$/oz
us$/tonne
us$/barrel
2017 Q4
Average

Jan-18

Feb-18

Mar-18

2018 Q1
Average

Quarter
on
Quarter
growth

Source: Bloomberg, BBC, Kitco 2018

Brent Crude Oil
Crude oil firmed by 9.2%, from a quarterly
average of US$61.43/barrel in the last quarter of
2017 to an average of US$67.08/barrel recorded
in the first quarter of 2018. Figure 1 shows the
monthly evolution of crude oil prices for the
period from January 2017 to March 2018.

Crude oil prices firmed during the period under
analysis, mainly on the backdrop of the
agreement by OPEC to extend production cuts to
the end of 2018. Furthermore, Russia and other
non-OPEC countries also agreed to stick to
current production levels. In addition to the
OPEC deal, unplanned outages, including on the
US Gulf Coast and Venezuela, reduced global
supply and supported oil prices.
Figure 1: Brent Crude Oil Prices (US$/Barrel)
January to March 2018

Source: Bloomberg, 2018

Base Metals
Base metals rallied on the back of a weaker U.S.
dollar, tight supplies and strong global demand,
particularly in China. In addition, falling base
metal inventories also supported prices, during
the period under review. Resultantly, copper and
nickel prices gained by 3.6% and 14.4% to
quarterly averages of US$7,081.21/tonne and
US$13,299.81/tonne, respectively. Figure 2
shows developments in base metal prices for the
period from January 2017 to March 2018.

Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18

Figure 2: Base Metal Prices (US$/tonne) January
2017 to March 2018

Source: Bloomberg, 2018

Precious Metals
During the first quarter of 2018, precious metal
prices firmed, buoyed by a weaker U.S. dollar
and the decision by the Federal Reserve to keep
interest rates unchanged till mid-2018. These
developments bolstered the appeal of precious
metals as safe haven assets. Gold and platinum
rose by 4.3% and 6.5% to monthly averages of
US$1,330.41/ounce
and
US$981.54/ounce,
respectively.
Figure 3 shows developments in gold and
platinum prices for the period from January 2017
to March 2018.


2 Zimstat is yet to publish merchandise export and import
figures for December 2017 and January 2018. This report
was compiled using Exchange Control export shipments
figures for December 2017 and January 2018. The January
Figure 3: Precious Minerals Prices: January
2017 to March 2018

Source: Bloomberg, 2018

MERCHANDISE
TRADE
DEVELOPMENTS2
Total
merchandise
trade
amounted
to
US$2,556.4 million, during the first quarter of
2018,
representing
20.6%
increase
from
US$2,119.1
million
recorded
in
the
corresponding quarter in 2017. On a quarter-onquarter basis, however, total merchandise trade,
eased by 6.5%, from US$2,733.4 million in the
fourth quarter of 2017, to US$2,556.4 million in
the first quarter of 2018.


and December import figures for the period from 20102016 were averaged to come up with estimates for
December 2017 and January 2018 import figures.


Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
Copper
Nickel (RHS)

Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
Gold
Platinum (RHS)

Figure 4: Total Quarterly Merchandise
Trade (US$ m)


Source: RBZ computations, ZIMSTAT, 2018

Merchandise Export Developments
Over the period from January to March 2018,
merchandise exports increased by 4.5%, from
US$848.0 million realized in 2017 to US$886.1
million in 2018. The increase in exports was
mainly driven by improved gold deliveries to
Fidelity Printers and Refineries, and hence higher
gold export volumes.
Compared to the fourth quarter of 2017, exports
declined by 27.9% in the first quarter of 2018,
largely on account of declines in tobacco and
nickel exports.


Figure 5: Quarterly Merchandise Exports
(US$ m)


Source: Zimstat, 2016 & RBZ calculations, 2018


Gold, ferrochrome, flue-cured tobacco, nickel
and platinum dominated the country’s exports,
contributing about 81.4% of export earnings
during the first quarter of 2018, as shown in
Table 3.


2119.1
2556.4

Jan-Mar 2017
Jan-Mar 2018

Jan-Mar 2017
Jan- Mar 2018

Table 3: Share of Total Merchandise Exports
(January-March 2018)

Commodity
1st Quarter of 2018
Share of Total (%)
Semi-manufactured
gold
29.3
Nickel mattes
14.7
Nickel
ores
and
concentrates
11.5
Ferro-chrome
7.4
Flue-cured tobacco
14.5
Chromium ores and
concentrates
2.6
Unwrought Platinum
1.4
Black tea
1.0
Black Granite
0.8
Other
16.9
Total
100.0
Source: Zimstat, 2016 & RBZ calculations, 2018

Major Merchandise Export Destinations
The country’s exports for the first quarter of 2018
were mainly destined for South Africa,
Mozambique, United Arab Emirates, Zambia and
Botswana, as shown in Table 4.
Table 4: Merchandise Export Shares (%)
Country

Share of Exports (%)
South Africa
53.1
United
Arab
Emirates
15.5
Mozambique
10.2
Zambia
2.1
Botswana
0.8
Malawi
0.3
Netherlands
0.3
Other
17.8
Total
100.0

Source: Zimstat & RBZ computations, 2018
Notably, South Africa absorbed 53.1% of the
country’s total merchandise exports during the
first quarter of 2018, followed by the United
Arab Emirates, at 15.5%. The country’s major
exports to South Africa included platinum group
of metals (PGMs), gold and nickel, among
others.


Merchandise Import Developments
Total
merchandise
imports
amounted
to
US$1,670.3 million, during the first quarter of
2018, a 31.4% increase from US$1,271.1 million
realized over the comparative period in 2017, as
shown in Figure 6.
Figure 6: Merchandise Imports (US$ m)

Source: Zimstat, 2016 & RBZ calculations, 2018
The country’s import bill was mainly composed
of energy imports (diesel, petrol, aviation spirit
and electricity), food, medicines and fertilizers.
1,271.1
1,670.3


Jan-Mar 2017
Jan-Mar 2018

On a quarter-on-quarter basis, merchandise
imports increased by 11.1% to US$1,670.3
million during the first quarter of 2018, from
US$1,503.7 million recorded in the fourth
quarter of 2017. The increase was largely due to
higher imports of fertilizer, unleaded petrol, rice
and wheat. The country’s major imports during
the period from January to March 2018 mainly
consisted of cereals (maize, rice, and wheat),
energy (diesel, petrol and electricity), medicines
and fertilizers.
Major Import Sources
The country’s imports for the period under
review were mainly sourced from South Africa
(45.2%), Singapore (19.1%), China (5.0%),
Japan (3.6%), India (2.4%) and Mauritius
(2.9%), as shown in Figure 7.
Figure 7: Major Merchandise Import Sources
(% Share)
Source: ZIMSTAT & RBZ Computations, 2018

Trade balance
The merchandise trade developments resulted in
a trade deficit of US$784.3 million during the
first quarter of 2018, compared to a trade deficit
of US$274.0 million recorded during the fourth
quarter of 2017, as shown in in Figure 8.
Figure 8: Trade Balance for 2017 Q4 and 2018
Q1 (US$m)

Source: ZIMSTAT & RBZ Computations, 2018
The trade balance also worsened by 85.3%, on a
year on year basis, from a deficit of US$423.1
million in the first quarter of 2017, to a deficit of
US$784.3 million in the first quarter of 2018.
The recurrent trade deficits pose significant
challenges as the country continues to rely on
export revenues to generate liquidity to support
domestic economic activity. In this regard, the
need to attract both domestic and foreign
investment
to
rejuvenate
industry,
make
significant competitiveness gains and generate
adequate foreign exchange buffers to cushion the
economy from external vulnerabilities, remains
integral to economic revival efforts.

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


1,000
1,500
2,000
2017 Q4
2018 Q1
Exports

3. DOMESTIC ECONOMIC
DEVELOPMENTS
REAL SECTOR DEVELOPMENTS
The economy is projected to grow by 4.5% in
2018,
premised
on
anticipated
strong
performance in agriculture and mining. The
agriculture and mining sectors are projected to
grow by 10.7% and 6.1%, respectively in 2018.
AGRICULTURE
The agriculture sector is projected to grow by
10.7% in 2018, underpinned by anticipated
increase in tobacco and maize output. The erratic
rainfall patterns in the 2017/18 season, could,
however, pose a risk to the growth projection.

The season was characterized by the late onset of
rains, with most areas receiving enough rains for
planting by late November 2017. The southern
and south eastern parts of the country, however,
experienced a dry spell soon after receiving the
first rains. Rainfall distribution was erratic during
the first half of the season, with a long dry spell
experienced between mid-December 2017 and
end of January 2018. The prolonged dry spells,
largely in the low lying areas, led to the writing
off of some significant areas with early planted
crops. The write-off area totalled about 179 986
hectares.

Significant rains were, however, received across
the country starting from the end of January 2018
up to mid-March 2018, sustaining most of the
late planted crops to maturity.

Due to the late onset of the season, the area
planted for most of the crops declined in the
2017/18 season, with the exception of soya bean
and groundnuts, which recorded slight increases
in the area planted, compared to the previous
year. Table 5 shows the area under different
crops in the two comparable seasons.

Table 5: Area planted to selected key crops
(Ha)
Crop
2016/17
20017/18
Change
(%)
Maize
1 875 297
1 656 665
-12
Sorghum
321 490
154 177
-52
Pearl Millet
206 300
144 990
-30
Finger Millet
24 107
23 416
-3
Soya bean
35 996
41 925

Tobacco
110 518
104 397
-5
Cotton
207 786
198 063
-5
Groundnuts
241 687
259 537

Sunflower
16 321

-58
Cowpea
79 831
45 971
-42
Sugar bean
26 257
15 356
-42
Sweet Potato
50 262
27 895
-45
Bambara nuts
127 147
116 743
-8
Rice
3 946
1 118
-72
Source: Ministry of Agriculture, 2018

Tobacco
Tobacco output is projected at 200 million kg in
2018, 5% higher than the 192 million kg
produced in 2017. During the growing season,
however, the crop was negatively affected by the
dry spells that caused massive false and forced
ripening for the irrigated crop. The incidence of
the viral diseases such as Potato Mosaic Virus
and high prevalence of aphids also affected the
crop quality of the crop.
The 2018 tobacco selling season started on the
21st March 2018, at all the three licensed auction
floors, namely; Boka Tobacco Auction Floors,
Tobacco Sales Floor and Premier Tobacco
Auction Floors.

Cumulative tobacco sales as at 29th March 2018
amounted to 5.26 million kilograms, 34.4%
lower than the 8.02 million kilograms delivered
in the comparable period in 2017. Total sales
amounted to US$14.53 million, compared to the
US$18.93 million realised during the same
period in the last season.
The average price, at US$2.76 per kilogram, was
significantly higher than the US$2.36 per
kilogram realised in the 2017 season.
Table 6: Cumulative First Quarter Tobacco
Sales for 2017 and 2018

Variance
(%)
Total
Quantity
Sold (million Kgs)
8.02
5.26
-34.47
Total Value (US$
million)
18.93 14.54
-23.21
Average
Price
(US$)/Kg
2.36
2.76
17.19
Source: TIMB, 2018
Maize
Initial projections put maize output at 2.2 million
tonnes in 2018, under the assumption of a normal
rainfall season supported by adequate financing
from
Government,
under
the
Command
Agriculture initiative and the Presidential Input
Programme, as well as private contractors.
The reduction in area under the crop, erratic rains
and fall armyworm attack that occurred during
the season may, however, pose a risk to the
expected output. The area put under maize
declined from 1.87 million hectares in 2016/17
season, to 1.66 million hectares in the 2017/18
season.

Small Grains
The total area under small grains in the 2017/18
season fell drastically, by about 42%, compared
to the previous season, with sorghum being the
most affected crop.
Table 7: Area under small grains

2016/17
2017/18 % change
Sorghum
321 490 154 177
-52
Pearl Millet
206 300 144 990
-30
Finger Millet
24 107
23 416
-3
Source: Ministry of Lands, Agriculture and Rural
Resettlement, 2018
Cotton
The area under cotton crop, at 198 063 hectares
in the 2017/18 season, registered a decrease from
the 207 786 hectares planted in the previous
season. The cotton crop continues to benefit from
free inputs from Government. The free inputs are
aimed at resuscitating the production of the crop,
after output fell below 30 000 tonnes in 2016,
from the potential of over 350 000 tonnes realised
in 2012.

Soyabeans
The area under soya beans in the 2017/18 season
is estimated at 41 925 hectares, 16% up from the
35 996 hectares planted in the previous season.
The increase in area under the crop could be
attributed to the input support under the
Command Agriculture programme and private
contractors,
who
include
oil
expressing
companies. Soyabean output is expected to
increase to 72 000 tonnes, double the output
realised in the previous season. This, however,
remains far below the country’s annual
requirement of about 220 000 tonnes for food,
stockfeed and industrial use.

Livestock
According to the First Round Crop and Livestock
Assessment Report of 2018, the condition of all
livestock classes was fair to good, due to the
availability of good grazing and water, following
consistent rains since February 2018.
The report also indicated that livestock numbers
generally increased in 2018 compared to 2017,
with the exception of pigs, as restocking by
farmers bore fruit.
Table 8: Number of Livestock

2016/17
2017/18
Cattle
5 489 720
5 582 341
Sheep
378 919
481 159
Goats
3 405 382
3 707 357
Pigs
311 916
294 213
Source: Ministry of Lands, Agriculture and Rural
Resettlement, 2018
Cattle
The number of cattle slaughtered in the formal
sector stood at 66 573, an increase of 10% from
the slaughters during the same period in 2017.
The slaughters were also 1.6% higher than those
in the fourth quarter of 2017.

Table 9 shows the total number of cattle
slaughtered and meat produced in the first and
fourth quarters of 2017 and the first quarter of
2018.
Table 9: Cattle slaughtered in the formal
sector.

Cattle

Slaughters
Meat (ton)
Q1:2017
60 768
8 532.8
Q4:2017
65 549
11 297.6
Q1:2018
66 573
9 716.5
Source: Ministry of Lands, Agriculture and Rural
Resettlement, 2018

The share of Cold Storage Company in the
slaughter continued to be marginal, at 3.5% of
total slaughters, declining from 5.8% in the
previous quarter.

Pigs
Pig slaughters declined during the first quarter of
2018, compared to both the previous quarter, and
first quarter of 2017. The subsector is still
recovering from the forced destocking in 2016
that was due to drought as well as viability
concerns. Table 10 compares pig slaughters in
2017 and 2018.

Table 10: Pork Production in 2017 and 2018

Pigs Slaughters

Slaughters
Meat (ton)
Q1:2017
38 002
4 321.7
Q4:2017
39 826
2 874.2
Q1:2018
35 942
2 844.8
Source: Ministry of Lands, Agriculture and Rural
Resettlement, 2018

The quarterly performance of Colcom relative to
other abattoirs in the four quarters of 2017 and
first quarter of 2018, as shown in Figure 9.

Figure 9: Quarterly Pig Slaughters in 2017
and 18


Source: Ministry of Lands, Agriculture and Rural
Resettlement, 2018

Dairy

Milk output is estimated at 17.01 million litres
for the first quarter of 2018, 9.1% up from the
15.59 million litres produced in the comparable
period in 2017. The recovery in milk output can
be attributed to improved health of the dairy
cattle, compared to the same period last year,
when disease outbreaks affected the dairy cattle
in the aftermath of excessive rains. The 2018 first
quarter milk output was, however, lower than the
17.81 million litres produced in the fourth quarter
of 2017, due to seasonal variations. Table 11
shows quarterly milk output in 2017 and 2018.

Table 11: Quarterly Milk Output (million
litres) in 2017 and 2018
Month
Q1

Q1

Variance
%
Jan
5.54
6.07
9.9
Feb
4.39
5.26
19.8
March
5.66
5.66
0.0
Total
15.59
17.01
9.1
Source: Dairy Services, 2018

MINING
During the first quarter of 2018, most key minerals
registered strong positive performance, compared
to the same period in 2017. Table 12 shows the
output of selected minerals during the period under
review.

Table 12: Quarterly Production Statistics for
Selected Minerals

Q1

Q4

Q1

Q1
Variance
Gold (kg)

5,044

8,163

7,741

Chrome (ton)

329,232

452,978

411,446

Coal (ton)

362,965

549,929

880,477

Nickel (tons)

4,010

4,142

4,747

Platinum (kg)

3,552

4,132

3,744

Palladium (kg)

2,948

3,460

3,087

Diamonds
(Carats)

567,285

491,580

897,660

Source: Ministry of Mines and Mining Development,
Chamber of Mines, MMCZ, 2018

Gold

Cumulative gold output stood at 7 741 kg in Q1
of 2018, up by 53.5% from 5 044 kg that were
produced in the comparable period in 2017.

Q1:2017 Q2:2017 Q3:2017 Q4:2017 Q1:2018
Thousands
Colcom
Other

Figure 10: Quarterly Gold Output and
Average
International
Prices
(2017 vs 2018)
Source: Ministry of Mines and Mining Development;
FPR, 2018
The increase in output was mainly driven by
small scale miners who contributed 55% of total
output, benefiting from the utilization of
financial support facilities from the Central
Bank. Large scale and secondary producers
contributed 40% and 5%, respectively, as shown
in Figure 11.

Figure 11: Sectoral Contributions to Gold
Output in Q1 2018


Source: Ministry of Mines and Mining Development,
FPR, 2018


Platinum

Platinum output stood at 3 744 kg in Q1 of 2018,
about 5.4% above the 3 552 kg that were
produced in the same period in 2017. This
followed increased milling across all producers.
Figure 12 shows the quarterly trends in platinum
output in 2017 and 2018.

Figure 12: Quarterly Trends in Platinum
output and Average International
Prices

Source: Chamber of Mines of Zimbabwe, 2018

Platinum production was also supported by
improvements in the international platinum
prices, which have been firming since last quarter
of 2017. Reduced output from South Africa,
following some mine closures in 2017 and lower
production in Russia supported the rise in
platinum prices.

Another prominent mineral in the PGMs,
palladium, registered a 4.7% growth in output, up
from the 2 948 kg recorded in the first quarter of
2017, to end the first quarter of 2018 at 3 087 kg,
as shown in Figure 13.

10000
Q1

Q2

Q3

Q4

Q1

US$/OUNCE
KG
Large Scale
Small Scale
Total Gold
Average Price
Large
scale
40%
Small
scale
55%
PGMs
5%

Q1

Q2

Q3

Q4

Q1

US$/ounce
kg
Platinum (Kg)
Average Price (US$/Ounce)

Figure 13: Quarterly Trends in Palladium
Output

Source: Chamber of Mines, 2018

Nickel

Nickel output in the first quarter of 2018, at 4
747 tonnes, was 18% higher than the 4 010
tonnes produced in the same period in 2017.
Output from both the primary and secondary
producers
increased.
Primary
producers
increased throughput by 43%, compared to the
same period in 2017, due to improved plant and
equipment availability. Primary production
contributed about 41.7% of output in the first
quarter of 2018. Secondary producers increased
output by an average of 4%, compared to same
period in 2017, and contributed 58.3% of the total
output during the period under review.

Nickel production benefitted from improved
international prices of the commodity, which
have been firming since the second quarter of
2017.

Figure 14 shows quarterly trends in average
international prices and production for nickel in
2017 and 2018.

Figure 14: Trends in Nickel and International
Prices

Source: Chamber of Mines of Zimbabwe, 2018


Chrome
Chrome output increased by 25% to 411 446
tonnes in Q1 2018, from 329 232 tonnes realised
in the same period in 2017. This was on account
of increases in ore volumes exported as
producers pushed volumes to offset the negative
impact of declining prices. HCF exports declined
by 6% in Q1 2018, compared to same period in
2017, in line with declining prices, as shown in
Figure 15.

Figure 15: Quarterly Trends in Chrome ore
Output and International Prices

Source: Chamber of Mines of Zimbabwe, 2018

Q1

Q2

Q3

Q4

Q1

US$/ ounce
Kg
Palladium
Average prices

10000
12000
14000

Q1

Q2

Q3

Q4

Q1

US$/tonne
tonnes
Nickel (tonnes)
Average Price (US$/tonne)


Q1

Q2

Q3

Q4

Q1

US$/tonne
tonnes
Chrome ore
Average Price (US$/tonne)

Figure 16: Quarterly Trends in HCF Output
and International Prices

Source: Chamber of Mines of Zimbabwe, 2018

Coal
Coal output amounted at 880 477 tonnes in Q1 of
2018, was 143% above the output of 362 965
tonnes produced during the same period in 2017.
Figure 17 indicates the quarterly production
trends in coal output for 2017 and 2018.

Figure 17: Quarterly Coal Output (tonnes)
and International Average Prices:
2017 & 2018
Source: Ministry of Mines and Mining Development,

Diamond
Cumulative diamond output stood at 897 660
carats in Q1 of 2018, up 58.2% from 567 285
carats produced in Q1 of 2017. The increase was
accounted for by the ramping up of production by
ZCDC, following the installation of additional
mining equipment and machinery that saw the
company increasing milling capacity, during the
period under review.

MANUFACTURING

The manufacturing sector is projected to grow by
2.1% in 2018. This follows improved agro
processing value chains in foodstuffs, drinks, and
ginning, amid Government supportive measures.

ELECTRICITY
Electricity energy sent out decreased from
2 376 GWh during the first quarter of 2017, to
2 359 GWh in the first quarter of 2018, largely
weighed down by lower than anticipated
throughput from Kariba.

Table 13 shows electricity production in MWh at
Kariba Hydro Plant, Hwange Thermal Power
station, Small Thermal stations as well as
Independent Power Producers (IPPs), during
comparable periods in 2017 and 2018.


Q1

Q2

Q3

Q4

Q1

US$/tonne
tonnes
HCF
Average Price (US$/tonne)

q1 2017
Q2

Q3

Q4

Q1

Coal (tonnes)
Average Price (US$/tonne)

Table
13:
Power
Generation
(GWh)
(Q1 2017 and Q1 2018)

Q1

Q1

%
Change
Kariba
1,366
1,148
-15.96
Hwange

1,087
31.28
Small Thermals
& IPPs

-31.87
Total
2,376
2,359
-0.72
Source: ZERA, May 2018

Despite an increase in the water levels at Kariba,
electricity generation declined largely due to the
maintenance of a generator transformer, during
the first quarter of 2018. There was, however, an
increase in electricity generation at Hwange
Power Station during the first quarter of 2018,
following the resumption of Unit 6, which was
undergoing a major overhaul the whole of 2017.
Electricity generation levels at IPPs were erratic,
on account of fluctuations in water supplies and
ethanol output.

The power gap realised during the first quarter of
2018 was partially offset by imports from HCB
of Mozambique and ESKOM of South Africa, as
well as additional supplies from Southern
African Power Pool (SAPP) members, through
Zimbabwe`s participation in the Day Ahead
Market (DAM).


INFLATION DEVELOPMENTS

Annual headline inflation, decreased to 2.68% in
March 2018 from 3.46% in December 2017, due
to declines in both food inflation and non-food
inflation. Figure 18 shows the annual inflation
profile for the period from March 2015 to March
2018.
Figure 18: Annual Inflation Profile (%)

Source: Zimstat, 2018

Annual Food Inflation

The year-on-year food inflation decelerated to
4.5% in March 2017, from 6.6% in December
2017. This followed decreases in the prices of
bread and cereals; meat; and oils and fats.

Annual Non-Food Inflation

Annual non-food inflation also decreased to
1.8% in March 2018, from 2.0% in December
2017. This was on account of increases in
furniture,
household
equipment
and
maintenance; clothing and footwear; recreation
and culture; as well as miscellaneous goods and
services and communication prices.

-6
-4
-2

Mar 2016
May 2016
Jul 2016
Sep 2016
Nov 2016
Jan 2017
Mar 2017
May 2017
Jul 2017
Sep 2017
Nov 2017
Jan 2018
Mar 2018
Food
Non-Food
Headline

Regional Inflation Developments

Zimbabwe’s annual inflation rate at 2.68%
remained among the lowest in the SADC region,
as shown in Table 14.

Table 14: Regional Inflation Comparisons


2017 Sep
2017 Dec
2018 Mar
Zimbabwe
0.78
3.5
2.7
South Africa
5.1
4.5
3.8
Botswana
3.2
3.2
2.8
Mozambique
10.8
5.7
3.1
Tanzania
5.3
4.0
3.9
Zambia
6.6
6.2
7.1
Malawi
8.4
7.1
9.9
USA
2.2
2.1
2.4
Source: Country Central Bank Websites, 2018


Inflation Outlook

External factors such as the further strengthening
of the South African rand against the US dollar;
and the surge in oil prices, may continue to put
pressure on domestic prices in the short to
medium term.


3 Provisional monetary statistics
4. MONETARY
DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS3

Broad money recorded a decline of 1.49% to $7
987.53 million, during the first quarter of 2018,
from $8 106.03 million recorded in the fourth
quarter of 2017. The decrease was on the back of
a 3.60% decline in transferable deposits. Partially
offsetting the decrease, were quarterly increases
of 12.64%, 6.37% and 2.61% in negotiable
certificates of deposits, time deposits and bond
notes and coins in circulation, respectively.
Figure 19 shows annual broad money supply in
nominal terms as well as growth rates.

Figure 19: Annual broad money supply
growth rates and levels

Source: RBZ, 2018

Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
ANNUAL GROWTH %
US$ BILLION
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation
Growth

The decline in money supply growth reflected a
quarter-on-quarter decline in reserve money of
12.99%, from $2 668.16 million in December
2017 to $2 321.70 million in March 2018.
Reserve money fell, largely due to mopping of
excess liquidity through the issuance of the
Savings Bonds.

Credit to the Private Sector

Outstanding credit to the private sector was
distributed as follows: households, 23.40%;
agriculture,
18.16%;
services,
13.62%;
distribution, 12.91%; manufacturing, 11.38%;
financial organisations and investments, 10.84%;
mining, 4.29%; construction, 2.43%; transport
and communications, 1.64%; and other, 0.74%;
as shown in Figure 20.

Figure 20: Sectoral distribution of credit

Source: Reserve Bank of Zimbabwe, 2018

Private sector credit was utilised for inventory
build-up, 27.56%; consumer durables, 17.91%;
fixed capital investment, 12.86%; and pre and
post shipment financing, 1.11%. Amounts
channelled towards other recurrent expenditures
constituted 40.56% of the total outstanding loans
and advances.

Interest Rates
During the quarter under review, nominal
lending rates quoted by most banks ranged
between 6% and 12%. Average maximum
interest rates for 60-day and 90-day deposits
declined from 3.85% and 4.28%, to 3.37% and
3.74%, respectively. The decline in deposit rates
reflected the quest by banks to reduce their cost
of funds.


5. STOCK MARKET DEVELOPMENTS

During the first quarter of 2018, the Zimbabwe
Stock Exchange (ZSE) was characterized by
subdued trading activity, compared to the last
quarter of 2017 which was punctuated by
significant trading activity. Resultantly, the ZSE
lost
US$1.29
billion
worth
of
market
capitalization. This reflected a 13.47% decline,
from US$9.58 billion as at end of December
2017 to US$8.29 billion as at 29th March 2018.
Cumulatively, over the year to March 2018, the
ZSE,
gained
US$4.42
billion
worth
of
capitalization, as shown in Figure 21.


Households,
23.99%
Agriculture,
18.16%
Manufacturing,
11.38%
Services,
13.62%
Distribution,
12.91%
Financial
Organisations,
10.84%
Mining,
4.29%
Transport and
Communication,
1.64%
Construction,
2.43%
Other,
0.74%

Figure 21: Market Capitalization

Source: Zimbabwe Stock Exchange, 2018


All Share and Top 10 Indices

On 1st January 2018, the ZSE introduced the All
Share Index (ASI) and Top 10 index. As a
benchmark for the ZSE going forward, the ASI is
intended to capture the average price movement
of all the listed counters, hence giving a broader
picture of the whole market.
Over the period January to March 2018, the ASI
declined by 13.02%. The sustained decline
largely reflected subdued trading and price
correction after the bubble of the second half of
2017.


Figure 22: ZSE All share and Top 10 Indices

Source: Zimbabwe Stock Exchange, 2018

Industrial and Mining Indices

During the quarter under review, the industrial
index declined by 42.02 points, from 333.02
points at 29th December 2017 to 291.0 points as
at 29th March 2018. The mining index stood at
125.09 points as at 29th March 2018, down by
17.31 points from 142.40 as at 29th December
2017. On a year on year basis, however, the
industrial and mining indices, grew by 152.04
points and 66.53 points, respectively. This is
shown in Figure 23.


30-Mar-17
25-Apr-17
21-May-17
16-Jun-17
12-Jul-17
7-Aug-17
2-Sep-17
28-Sep-17
24-Oct-17
19-Nov-17
15-Dec-17
10-Jan-18
5-Feb-18
3-Mar-18
29-Mar-18
US$ Millions

3-Jan-18
8-Jan-18
13-Jan-18
18-Jan-18
23-Jan-18
28-Jan-18
2-Feb-18
7-Feb-18
12-Feb-18
17-Feb-18
22-Feb-18
27-Feb-18
4-Mar-18
9-Mar-18
14-Mar-18
19-Mar-18
24-Mar-18
29-Mar-18
All Share Index
Top 10 Index

Figure 23: Zimbabwe Stock Exchange Indices

Source: Zimbabwe Stock Exchange, 2018

Market Turnover
In line with the subdued trading activity which
normally characterize the local bourse during the
first quarter of the year, the volume and value of
shares traded declined by 85.24% and 70% to
302.17 million shares and $135.47 million,
respectively.
There
was,
however,
an
improvement in foreign investor interest, with a
net inflow of US$11.05 million recorded in the
first quarter of 2018, compared to a net outflow
of US$46.29 million, registered in the quarter
ending 29th December 2017.


Figure 24: Market Turnover Value

Source: Zimbabwe Stock Exchange, 2018


6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the first quarter
ending 31st March 2018 decreased by 9%, to
US$28.87 billion from US$31.7 billion recorded
in the quarter ending 31st December 2017. NPS
volumes decreased by 4%, to 377.5 million from
391.6 million during the same period.

RTGS, POS, cheque and mobile payment
streams recorded decreases in both values and
volumes for the current quarter, whilst internet
values and cash volumes registered increases,
compared to the quarter ending 31st December
2017.

Table 15 shows the statistical information on
various payment streams for the fourth quarter of
2017 and first quarter of 2018.

Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Mar-18
Mining
Industrial
Industrial Index
Mining Index

30-Mar-17
25-Apr-17
21-May-17
16-Jun-17
12-Jul-17
07-Aug-17
02-Sep-17
28-Sep-17
24-Oct-17
19-Nov-17
15-Dec-17
10-Jan-18
05-Feb-18
03-Mar-18
29-Mar-18
US$ Millions

Table 15: Consolidated Transaction Activities

Payment Stream
Q4 2017
Q1 2018
Change
Proportion

VALUES IN US$ Million

RTGS

CASH

-3%
2.25%
CHEQUE

-0.40%
0.05%
POS

ATMS

-7%
0.17%
MOBILE

INTERNET

TOTAL


VOLUMES

RTGS

CASH

CHEQUE

POS
73,292,390
61,847,10

-16%
16.38%
ATMs

MOBILE
308,684,67

306,298,1

-1%
81.14%
INTERNET

TOTAL
391,612,35

377,509,0

-4%
100%
Source: RBZ, 2018

Large Value Payments
Zimbabwe
Electronic
Transfer
and
Settlement System

The value of transactions processed through the
RTGS system decreased by 9% to US$16.56
billion, for the first quarter ending 31st March
2018, from US$18.13 billion recorded in quarter
ending 31st December 2017. The volume of
transactions stood at 1,550,492 during the first
quarter ending 31st March 2018, down from
1,709,109 recorded in the quarter ending 31st
December 2017, as shown in Figure 25.

Figure 25 : RTGS Values and Volumes

Source: RBZ, 2018


SWIFT Foreign Currency Transactions

SWIFT foreign currency payments increased by
6%, to US$0.97 billion during the quarter ending
31st March 2018, from US$0.92 billion in the
quarter ending 31st December 2017. SWIFT
foreign currency receipts also increased by 25%
to US$1.17 billion as at 31st March 2018, from
US$0.93 billion as at 31st December 2017, as
shown in Figure 29.
Net foreign currency inflows amounted to
US$192.4 million for the quarter ending 31st


2016 Q3
2016Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
RTGS Values in Billions
RTGS Volumes in Thousamds
Values

March 2018, up from a net inflow of US$10.43
million recorded in fourth quarter ending 31st
December 2017. Figure 26 shows trends in
SWIFT foreign currency transactions.

Figure 26: SWIFT Cross Border Transactions

Source: RBZ, 2018

Over the Counter Cash Withdrawals

The value of cash withdrawals decreased by 3%,
from US$0.67 billion in the quarter ending 31st
December 2017 to US$0.65 billion in the quarter
ending 31st March 2018. The corresponding
volumes increased by 1%, to US$5.26 million in
quarter ending 31st March 2018, from US$5.21
million in the quarter ending 31st December
2017, as shown in Figure 27.


Figure
27:
Over
the
Counter
Cash
Withdrawals

Source: RBZ, 2018

Retail Payments

Retail payment volumes decreased by 3%, to
US$375.9 million during the quarter ending 31st
March 2018, from US$389.9.5 million reported
in the quarter ending 31st December 2017, as
shown in Figure 28. Concomitantly, the value of
retail transactions also decreased by 3%, to
US$13.09 billion in the quarter ending 31st
March 2018, from US$13.51 billion recorded in
the quarter ending 31st December 2017, as shown
in Figure 29.


2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

Q4

Q1

Q2

Q3

Q4

Q1


US$ BILLIONS
MILLIONS
Volumes
Values

Figure 28: Volumes of Retail Transactions

Source: RBZ, 2018


4The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation settlement
systems.
Figure 29 : Values of Retail Transactions

Source: RBZ, 2018

Collateral4

The value of collateral increased to US$99.07
million in the first quarter ending 31st March
2018, from US$91.41 million recorded in the
quarter ending 31st December 2017, as shown in
Figure 30.


Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Mobile in Billions
Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE


Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Figure 30: Total Collateral


Source: RBZ, 2018

Access Points and Devices

Mobile banking agents increased to 48,812 in the
first quarter ending 31st March 2018, from 47,838
reported in the fourth quarter ending 31st
December 2017. The POS population increased
to 70,960 in the first quarter of 2018, from 59
939 in the fourth quarter of 2017, in line with
the Reserve Bank of Zimbabwe’s new thrust of
promoting electronic means of payment.

During the quarter under review, 4.91 million
active mobile financial services subscribers were
registered, up from 4.61 million registered in the
previous quarter. Table 16 gives statistical
information on payment access points and
devices and active mobile financial services
subscribers.


Table 16: Payment Systems Access Points and
Devices
PAYMENT SYSTEMS ACCESS POINTS

Q3 2017
Q4 2017
Q1 2018
Mobile Banking
Agents
44,793
47,838
48,812
ATMs

POS
50,418
59,939
70,960
PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards
4,186,957
4,281,683
4,471,819
Credit Cards
17,806
17,411
17,268
Prepaid Cards
62,517
63,987
68,180
Active Mobile
Banking
Subscribers
3,821,865
4,611,608
4,907,500
Internet Banking
Subscribers
250,681
277,674
286,222
Source: RBZ, 2018

Q1

Q2

Q3

Q4

Q1

Q2

MILLIONS

7. FISCAL DEVELOPMENTS

Fiscal developments during the first quarter of

culminated
in
cumulative
revenue
collections of US$1 159.6 million, against total
expenditure outlays of US$1 385.0 million,
resulting in a budget deficit of US$225.4 million,
as shown in Figure 31.

Figure 31: First Quarter Fiscal Out-turn
(2016-2018)

Source: Ministry of Finance and Economic
Development, 2018.


Government Revenue

Cumulative
Government
revenues
inflows
during the first quarter of 2018 amounted to
US$1 159.6 million, 8% above the target of US$1
082 million. All tax heads performed above

5Net VAT = Gross VAT less VAT refunds
target during the first quarter 2018, as shown in
Figure 32.
Figure 32: Quarterly Revenue Collections
(US$ m - Target vs Actual)

Source: Ministry of Finance and Economic
Development, 2018.

Tax Revenue Structure
The economy remained heavily dependent on
Value Added Taxes5 (VAT) and taxes on income
and profits, which contributed 35% and 34%, to
total revenue, respectively, during the first
quarter of 2018. Figure 33 shows the percentage
contributions of all tax heads to total revenue.


-400
-200

Q1 2016
Q1 2017
Q1 2018
Total Revenue
Total expenditure and net lending
Deficit

Income Taxes
PAYE
Corporate Taxes
Customs Duties
Excise Duties
VAT on Domestic Goods
VaT on Imports
Other Indirect Taxes
Non Tax-Revenue
Actual
Target

Figure 33: Composition of Tax Revenues


(Q1 2018)

*Other Taxes include other income taxes, tobacco excise duties
and vehicle carbon taxes.
Source: Ministry of Finance and Economic
Development, 2018.

EXPENDITURE DEVELOPMENTS
Government
expenditure
amounted
to
US$1 385.0 billion during the first quarter of
2018, surpassing the target of US$1 111.7
million by US$273.3 million. Employment costs
accounted for the largest proportion of total
expenditure, constituting 60.4%, followed by
capital expenditure and net lending at 20.4%;
operations and maintenance, 15.8%; and interest
payments, 3.4%.
Figure 34 shows the expenditure performance
per head for the first quarters of 2017 and 2018.


Figure 34: Expenditure Head Performance
(Q1 2017 and Q1 2018)

Source: Ministry of Finance and Economic
Development, 2018.

Budget Deficit and Financing

The budget deficit was largely financed through
domestic sources, particularly issuance of
Treasury Bills.


RESERVE BANK OF ZIMBABWE
JUNE 2018


Personal
Income Tax
19%
Corporate
Income Tax
13%
Royalties
2%
Excise on
Beer
2%
Other Taxes*
3%
Excise on
Fuels
17%
Airtime(
including
Health levy)
3%
VAT on
Domestic
Goods
23%
VAT on
Imports
12%
Other
indirect taxes


Total Expenditures
Employment Costs
Operations &
Maintenance
Interest
Capital Expenditures
Q1 2017
Q1 2018
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: Assets


S4

4.2.Reserve Bank: liabilities 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-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
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

Central Bank

ODCs

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

Deposits and Securities Excluded from Base Mo

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbabwe 2018
Notes:
(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.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)


S2


Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
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

Loans

Loans and Advances

Legacy Debt

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Bas

Monetary Base Incl. foreign currency
clearing balances
Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

Source: Reserve Bank of Zimbabwe 2018
TABLE 2: CENTRAL BANK SURVEY (US$'000)


S3


Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
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)
5,709,300.08

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

6,804,652.82

7,083,536.41

7,220,331.96

7,501,636.53

7,576,382.51

7,277,787.26

7,268,207.34

7,406,393.02

Domestic Claims
5,146,513.06

5,166,270.84

5,256,547.58

5,399,799.92

5,318,218.47

5,539,090.73

5,732,954.31

5,889,257.98

6,058,686.31

6,286,090.74

6,093,709.37

6,083,253.81

6,276,203.84

Net Claims on Central Government
1,527,497.74

1,596,904.80

1,611,970.31

1,688,140.84

1,647,948.26

1,750,215.27

1,916,341.54

2,041,284.38

2,194,286.98

2,331,967.01

2,255,580.79

2,236,617.24

2,339,300.34

Claims on Central Government
1,614,398.84

1,673,138.81

1,687,074.29

1,761,855.63

1,726,007.68

1,838,546.24

1,971,537.77

2,084,380.00

2,229,035.44

2,426,572.26

2,362,910.40

2,337,855.00

2,453,993.46

Securities
1,598,695.64

1,657,317.09

1,670,327.43

1,713,932.99

1,680,825.17

1,797,227.42

1,930,046.62

2,049,535.06

2,196,782.06

2,397,156.98

2,336,591.08

2,313,568.98

2,434,830.12

Loans
15,703.20

15,821.72

16,746.86

47,922.65

45,182.51

41,318.82

41,491.15

34,844.95

32,253.38

29,415.28

26,319.33

24,286.02

19,163.34

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

101,237.76

114,693.11

Of which: Deposits
86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

101,237.76

114,693.11

Other

Claims on Other Sectors
3,619,015.32

3,569,366.04

3,644,577.26

3,711,659.09

3,670,270.21

3,788,875.46

3,816,612.76

3,847,973.60

3,864,399.32

3,954,123.73

3,838,128.58

3,846,636.57

3,936,903.50

Other Financial Corporations
28,798.81

30,480.82

33,050.68

87,624.43

35,875.21

29,252.04

30,507.19

29,078.55

31,791.66

45,379.41

41,523.69

50,193.58

56,371.67

State and Local Government
34,312.18

34,732.93

36,595.52

35,573.02

34,059.17

34,223.63

31,707.35

33,198.40

38,416.75

46,177.22

55,046.17

54,613.41

48,750.40

Public Non Financial Corporations
86,380.62

90,267.74

88,656.44

98,878.45

142,891.35

171,759.70

142,254.70

124,030.93

130,803.39

168,917.77

178,716.82

168,887.22

150,967.31

Private Sector
3,469,523.72

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

3,553,640.10

3,612,143.52

3,661,665.72

3,663,387.53

3,693,649.33

3,562,841.90

3,572,942.36

3,680,814.12

Claims on the Central Bank
1,734,347.30

1,843,336.43

1,856,234.16

2,034,646.02

2,168,966.56

2,440,107.43

2,495,688.75

2,525,633.85

2,671,576.69

2,604,575.55

2,552,269.94

2,536,746.52

2,474,283.08

Currency
12,559.660

10,691.409

13,438.609

7,361.926

7,148.374

12,310.361

11,999.682

8,696.697

9,788.767

12,577.130

23,415.822

19,969.614

16,635.710

Other Claims including Reserves
1,721,787.64

1,832,645.02

1,842,795.55

2,027,284.09

2,161,818.18

2,427,797.07

2,483,689.07

2,516,937.16

2,661,787.92

2,591,998.42

2,528,854.12

2,516,776.90

2,457,647.37

Liabilities to the Central Bank
43,486.92

42,006.71

42,321.73

44,233.20

32,516.41

20,544.52

20,550.87

32,863.80

51,156.39

113,727.10

115,100.80

111,232.81

140,468.21

Other Items(Net)
1,128,073.36

1,091,826.28

1,117,493.91

1,109,235.47

1,156,189.82

1,154,000.82

1,124,555.78

1,161,696.08

1,177,470.09

1,200,556.69

1,253,091.25

1,240,560.18

1,203,625.70

Shares and Other Equity
1,301,867.36

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

1,342,135.53

1,356,314.17

1,398,886.31

1,422,958.60

1,530,397.97

1,506,334.56

1,528,541.79

1,556,019.80

Liabilities to other ressident sectors
151.35

-115.98
-77.72
2,369.41

3,063.52

2,286.29

11,565.72

9,175.78

9,031.56

6,152.75

2,600.12

2,920.26

6,906.82

Other Items(Net)


(290,901.87)

(359,300.93)

Deposits and Securities Included in Broad
Money
5,734,703.72

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

6,858,037.73

7,177,759.33

7,356,243.13

7,652,130.15

7,738,868.88

7,457,013.27

7,447,898.18

7,602,707.56

Deposits Included in Broad Money
5,674,542.57

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

6,786,983.35

7,121,929.07

7,293,267.77

7,585,647.37

7,670,230.41

7,391,957.08

7,372,543.91

7,525,395.75

Transferable Deposits

Other Deposits
1,529,856.98

1,530,705.58

1,558,418.08

1,538,865.52

1,600,104.76

1,604,901.44

1,571,434.68

1,460,819.34

1,450,191.32

1,401,725.04

1,453,958.89

1,458,797.16

1,490,952.43

Money Market Instruments
60,161.15

63,292.20

61,392.93

65,667.46

66,282.58

71,054.38

55,830.26

62,975.36

66,482.78

68,638.47

65,056.19

75,354.27

77,311.81

Source:Reserve Bank of Zimbabwe,2018
TABLE 2 : 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, 2018
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* issued

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2018
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
US$ Thousands
Deposits
TABLE 4.2: RESERVE BANK - LIABILITIES


S6


Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Notes &
Coin
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Government
Local
Public
Other Institutional Units3
Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Assets

Jan
20.21


Feb
19.30


Mar
12.56


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


Aug
12.31


Sep
12.00


Oct
8.70


Nov
9.79


Dec
12.58


Jan
23.42


Feb
19.97


Mar
16.64


Source:Reserve Bank of Zimbabwe,2018
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 4.1: 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Source:Reserve Bank of Zimbabwe,2018
TABLE 4.2 : 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
Government1
Local Governemt
Public Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
17.72


Feb
16.29


Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Nov
9.04


Dec
11.43


Jan
22.40


Feb
18.34


Mar
14.81


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include 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 5.1: 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Source:Reserve Bank of Zimbabwe,2018
TABLE 5.2 : 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
2.35


Feb
1.19


Mar
1.65


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


Aug
0.44


Sep
0.56


Oct
0.57


Nov
0.75


Dec
1.05


Jan
0.90


Feb
1.52


Mar
1.42


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 6.1: 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Source:Reserve Bank of Zimbabwe,2018
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
US$ millions


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,2018
TABLE 8.1: Sectoral Analysis of Commerical Banks' Loans and Advances
US$ Thousands


S13


AGRICULTURE CONSTRUCTION COMMUNICATION DISTRIBUTION
FINANCIAL
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT INDIVIDUALS CONGLOMERATES
TOTAL
End of

INVESTMENT
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2018
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
4,052.71 7.48
368.71
70.42 495.55 318.91
Jan
350.02 26.67
12,756.29
1,173.56 27,550.09 190.96
Feb
4,246.60 7.00 327.30 58.40 472.30 324.10
Feb
326.30 27.80 8,952.00 953.50 26,820.10 207.00
Mar
4,629.80 7.40
392.20
58.80 671.60 399.70
Mar
414.20 31.00
11,124.00
944.30 35,604.10 244.10
Apr
4,178.80 4.80
466.90
39.30 792.50 337.60
Apr
363.70 21.60
13,595.50
652.90 40,089.00 231.00
May
4,974.00 6.50 557.80 44.70 939.90 618.70
May
531.80 27.80 16,623.40 820.60 47,019.10 323.30
Jun
5,346.45 6.28
558.85
34.63 1,095.55 500.28
Jun
524.99 29.31
17,466.16
696.87 53,738.12 342.14
Jul
4,805.10 5.70
588.40
29.40 1,601.40 586.40
Jul
521.80 30.00
20,013.70
636.10 61,162.40 382.60
Aug
5,325.10 5.18
590.10
24.70 1,776.40 583.30
Aug
541.50 26.60
20,303.00
595.60 70,771.60 419.10
Sep
6,031.37 5.19
651.11
16.11 2,159.26 731.93
Sep
620.00 27.17
20,731.00
478.00 83,303.00 432.00
Oct
5,991.30 5.40
681.90
19.40 2,401.60 779.20
Oct
609.60 27.20
23,764.60
475.10 92,540.60 478.90
Nov
6,259.70 4.90
666.50
15.90 2,561.80 798.30
Nov
575.30 25.60
22,748.60
347.30 97,945.20 473.00
Dec
5,877.20 3.60
778.40
16.30 3,052.70 1,043.30
Dec
524.20 19.20
26,779.10
347.20 118,198.90 524.80
Annual
Total
61,718.13 69.43
6,628.17
428.06 18,020.56 7,021.72
Annual
Total
5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89

Jan
5,548.05 4.89
663.45
21.29 2,318.80 1,006.05
Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb
4,706.60 4.50
594.00
13.90 2,015.11 831.05
Feb
457.19 22.48
18,869.05
292.22 895,843.16 463.78
Mar
6,300.40 4.50
654.20
12.50 2,657.10 864.83
Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Source:Reserve Bank of Zimbabwe,2018
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
4.00-18.00
10.61
6.68
Jan
0.50-6.00
1.00-17.00
Feb
4.00-18.00
10.06
6.52
Feb
0.50-6.00
1.00-17.00
Mar
4.00-18.00
9.12
7.02
Mar
0.50-6.00
1.00-17.00
Apr
4.00-18.00
9.25
7.02
Apr
0.50-6.00
1.00-17.00
May
4.00-18.00
9.17
7.03
May
0.50-6.00
1.00-9.50
Jun
4.00-18.00
9.01
7.05
Jun
0.50-6.00
1.00-12.00
Jul
4.00-18.00
8.94
7.05
Jul
0.50-6.00
1.00-12.00
Aug
4.00-18.00
8.88
6.95
Aug
0.50-6.00
1.00-12.00
Sep
4.45-18.00
8.86
7.01
Sep
0.50-12.00
0.75-8.00
Oct
4.45-18.00
9.66
7.06
Oct
0.50-12.00
0.75-8.00
Nov
4.45-18.00
9.66
7.03
Nov
0.50-12.00
0.75-8.00
Dec
4.45-18.00
9.39

Dec
0.50-12.00
0.75-8.00

Jan
4.45-18.00
9.33
6.99
Jan
0.22-12.00
0.75-8.00
Feb
4.45-18.00
9.57
6.93
Feb
0.22-12.00
0.75-8.00
Mar
4.45-18.00
9.37
7.05
Mar
0.22-12.00
0.75-6.75
Source:Reserve Bank of Zimbabwe,2018
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : 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 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates 3
Commercial Banks
Commercial Banks
End of


S16


End of
Industrial
Mining
Volume of Shares
Market Turnover
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Zimbabwe Stock Exchange (ZSE),2018
Indices
US$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS


S17


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source :ZIMSTATS, 2018
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, 2018
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, 2018
TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)
NON-FOOD INFLATION


S20


End of
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17 Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Merchandise Imports (excl. energy)
213.6

225.3

298.7

259.7

198.6

182.3

202.8

222.5

194.3

208.2

212.5

177.0

238.0

- Consumption Goods
99.1

98.9

128.7

84.7

65.3

65.8

80.7

92.1

79.0

92.3

89.7

66.1

64.7

- Capital Goods
55.5

52.4

73.1

80.7

64.6

61.5

63.6

64.2

71.6

64.2

67.9

69.1

96.1

- Intermediate Goods
59.0

74.0

96.8

94.3

68.8

55.0

58.5

66.2

43.7

51.7

54.8

41.8

77.2

Energy (Fuel & Electricity)
51.4

52.2

75.0

77.8

55.7

72.5

61.6

55.0

55.9

57.5

48.6

40.7

77.6

Service Payments
81.9

69.4

78.2

58.4

58.3

63.6

63.0

63.9

60.5

45.7

46.6

38.3

43.2

- Technical, Professional & consult
36.5

24.8

36.5

20.7

26.1

21.8

17.7

20.6

18.4

17.8

22.7

16.1

14.7

- Software
4.9

4.4

6.3

5.6

2.8

2.1

2.1

4.0

1.7

2.6

3.3

4.6

6.1

- Other (tourism, edu, freight etc)
40.5

40.2

35.4

32.1

29.4

39.6

43.2

39.4

40.3

25.4

20.6

17.6

22.4

Income Payments (Profits, Dividends)
12.0

12.2

17.8

19.4

23.5

7.0

10.9

11.5

9.6

11.2

17.7

21.8

18.1

Capital Remittances (outward)
41.7

44.1

64.0

34.8

21.8

55.1

21.8

44.4

76.3

27.8

20.6

16.9

15.3

- External Loan Repayments
29.9

41.4

61.0

33.3

18.6

54.3

18.8

18.4

75.8

11.8

13.7

9.9

14.5

- Disinvestments
11.7

2.7

2.9

1.3

3.1

0.7

0.6

25.9

0.3

2.8

0.2

6.6

0.8

- Cross Border Investment
0.1

0.0

0.1

0.2

0.0

0.2

2.4

0.1

0.2

13.1

6.7

0.4

Other Payments
0.3

2.0

0.2

0.3

0.0

0.1

0.1

0.1

0.6

0.1

13.6

13.3

13.4

TOTAL
400.9

405.1

533.9

450.3

358.0

380.6

360.2

397.4

397.1

350.5

350.5

350.5

350.5

Source: Reserve Bank of Zimbabwe, 2018
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


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

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Source: Reserve Bank of Zimbabwe, 2018
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

1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2018; & Reserve Bank of Zimbabwe, 2018
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

Public and Publicly Guaranteed Debt

Reserve Bank

Private


Total External Debt

Gross Domestic Product


External Debt / GDP

Source: Ministry of Finance & Economic Development, 2018 ; Reserve Bank of Zimbabwe, 2018
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, 2018
Current Prices
Constant Prices
Constant Prices
Per Capita
TABLE 15.1: REAL GROSS DOMESTIC AND NATIONAL PRODUCT PER CAPITA AT MARKET PRICES


S25


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


Source :ZIMSTAT, 2018
2 . Includes domestic services and allowance for imputed banking service charges .
TABLE 15.2 : GROSS DOMESTIC PRODUCT AT FACTOR COST BY INDUSTRY
US$ Millions
(at current prices )


S26


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


Source :ZIMSTATS, 2018
(at current prices)
US$ Millions
TABLE 15.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT/1

S27

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

S28

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


S29


(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)