QUARTERLY
ECONOMIC
REVIEW


SEPTEMBER 2018

RESERVE BANK OF ZIMBABWE

CONTENTS
4. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL

List of Figures

List of Tables


1. OVERVIEW

Global economic activity is projected at 3.7% in
2018 and 2019, down from the April 2018
forecast of 3.9%, for both years. The revision
was necessitated by the lower than anticipated
growth in global trade and the marked decline in
industrial production.
Growth in the domestic economy was revised
downwards by 0.5 percentage points to 4%,
reflecting rising downside risks affecting key
economic sectors such as mining, manufacturing
and tourism. High foreign exchange premiums
also pose a major risk to economic growth
prospects.
Mining continued on a positive growth trajectory
in the third quarter of 2018, despite persistent
downside risks. The growth was supported by
investments in new mining developments and
technologies. The manufacturing sector was,
however, weighed down by foreign currency
challenges, during the quarter under review.
Annual headline inflation accelerated from
2.91% in June 2018, to 5.39% in September in
2018, driven by both food inflation and non-food
inflation. The surge in inflation was partially
attributable to speculative pricing by retailers,
who benchmarked prices to parallel market
premiums. International oil prices also increased,
pushing up prices through the pass- through
effect to domestic prices.
Total merchandise trade increased by 6.9%, from
US$2,672.7 million in the second quarter of
2018 to US$2,856.7 million in the third quarter.
This followed increases in both merchandise
exports and imports.
Merchandise exports increased by 16.5%, from
US$981.4 million in the preceding quarter to
US$1,143.0 million, during the third quarter of
2018. Total merchandise imports posted a lower
growth of 1.3%, from US$1,691.3 million in the
second quarter of 2018 to US$1,713.7 million in
the third quarter. The merchandise trade
developments resulted in an improvement in the
trade balance, from a deficit of US$709.7 million
in the second quarter of 2018, to a deficit of
US$570.7 million in the third quarter.
Broad money (M3) growth was slower at
10.73% in the third quarter of 2018, compared to
14.44% in the second quarter. In levels, broad
money ended the third quarter of 2018 at US$10
122.00 million, from US$9 140.89 million in the
second quarter.
The third quarter of 2018 saw increased trading
activities on the Zimbabwe Stock Exchange,
with the All Share Index increasing by a 12.75%
to 115.12 points, from 102.10 points registered
in the second quarter. Similarly, the industrial
and mining indices registered gains of 12.89%
and 1.54% to 386.97 points and 163.79 points,
respectively, in the third quarter of 2018.

The value of transactions processed through the
National Payment Systems in the quarter ending
30th September 2018 increased by 17% to
US$43.83 billion, from US$37.33 billion
recorded in the second quarter. Similarly, NPS
transaction volumes increased by 19% to 580.6
million in the third quarter of 2018, from 489.0
million in the second quarter.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

In its October 2018 World Economic Outlook
(WEO) update, the International Monetary Fund
projects global economic activity to plateau at
3.7% in 2018 and 2019, down from the April
2018 forecast of 3.9%, for both years.
Table 1 summarizes global economic growth
developments and forecasts for selected regions
and countries.
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

Zimbabwe

Latin America &
the Caribbean

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

The economic growth momentum for the United
States remains robust, as fiscal stimuli continues
to increase business investment and consumption
expenditure. The growth forecast for 2019 was,
however, revised downwards due to recently
announced trade measures, including the tariffs
imposed on US imports from China. Growth in
the major advanced economies became less
synchronised with weaker momentum in the
euro area.
Growth
projections
were
also
revised
downwards, for the Euro area and the United
Kingdom, following the lower than anticipated
growth in global trade and a marked decline in
industrial production.
Growth prospects for many energy exporting
emerging market and developing economies
have been lifted by higher oil prices. However,
for China and a number of Asian economies,
weaker growth prospects are envisaged in 2019,
in the aftermath of the recently announced trade
restriction measures. In addition, growth rates
were revised downwards for Argentina, Brazil,
Iran, and Turkey, among others, reflecting
country-specific
factors,
tighter
financial
conditions, geopolitical tensions, and higher oil
import prices.
In Sub-Saharan Africa growth is recovering, and
is projected to rise to 3.1% in 2018 and 3.8% in
2019. The acceleration in growth reflects a more
supportive external environment, including
stronger global growth, higher commodity prices
and improved capital market access.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
International commodity prices for precious and
base metals retreated, while those for crude oil
firmed during the third quarter of 2018.
Precious Metals
The sluggish safe haven demand for precious
metals, amid a strengthened dollar, exerted
downward pressure on prices, during the third
quarter of 2018. Resultantly, gold and platinum
prices declined by 7.1% and 10.1%, to quarterly
averages
of
US$1,212.77/
ounce
and
US$813.74/ounce, respectively, as shown in
Figure 1.

Figure 1: Precious Mineral Prices (US$/oz.):
January 2017 to September 2018

Source: Bloomberg, 2018

Base Metals
Base metal prices retreated during the third
quarter of 2018, on account of sluggish global
demand, as investors feared that the escalating
trade tensions between the US and China would
hurt economic growth. Copper prices were also
impacted negatively by easing supply concerns
in Chile, following wage agreements that ended
a
strike
that
was
disrupting
supply.
Consequently, copper and nickel prices declined
by 11.1% and 8.1% to US$6,134.84/tonne and
US$13,363.55/tonne in the third quarter,
respectively, as shown in Figure 2.
Figure 2: Base Metal Prices (US$/tonne) January
2017 to September 2018
Source: Bloomberg, 2018
Brent Crude Oil
Brent crude oil prices firmed, as expectations to
slash production amongst the Organization of
Petroleum Exporting Countries and other
producers heightened.
In line with these developments, crude oil price
rose by 1.4%, from US$74.95/barrel in the
previous quarter to US$76.03/barrel in the third
quarter of 2018.
Figure 3 shows the monthly evolution of crude
oil prices for the period from January 2017 to
September 2018.

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


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

Figure 3: Brent Crude Oil Prices (US$/Barrel)
January 2017 to September 2018
Source: Bloomberg, 2018

MERCHANDISE TRADE
DEVELOPMENTS1
Total merchandise trade for the third quarter of

amounted
to
US$2,856.7
million,
representing a 23.5% increase from US$2,313.3
million recorded in the corresponding quarter in
2017.
On a quarter-on-quarter basis, total merchandise
trade rose by 6.9%, from US$2,672.7 million in
the second quarter of 2018 to US$2,856.7
million in the third quarter.

Merchandise Export Developments
During the third quarter of 2018, merchandise
exports increased by 16.5%, from US$981.4
million realized in the preceding quarter to
US$1,143.0 million, as shown in Figure 4.
Increased export revenues from flue-cured
tobacco
and
semi-manufactured
gold,

1 Zimstat did not publish merchandise export and import
figures for December 2017 and January 2018. In compiling
this report, the January and December import figures for
underpinned the increase in export proceeds for
the quarter under review.
Figure 4: Quarterly Merchandise Exports
(US $m)
Source: Zimstat, 2018

Primary commodities, in particular gold, fluecured tobacco, nickel mattes, nickel ores and
concentrates, ferrochrome and chromium ores
and concentrates dominated the country’s
exports, contributing about 80% of export
earnings for the period July to September 2018,
as shown in Table 2.


period 2010-2016 were averaged, to come up with
estimates for December 2017 and January 2018.

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

2018 Q2
2018 Q3

Table 2: Quarterly Merchandise Exports By
Commodity (US$ m)
Commodity
2nd
Quarter

(US$m)
3rd
Quarter

(US$m)
3rd
Quarter

Share of
Total (%)
Semimanufactured
gold

35.6
Flue-cured
tobacco

14.6
Nickel mattes

12.4
Nickel ores and
concentrates

9.2
Ferro-chromium

6.0
Chromium ores
and concentrates

2.2
Articles of
jewellery

1.8
Industrial
diamonds

1.8
Cane sugar

1.5
Unwrought**
Platinum

0.9
Other

14.1
Total
981.4
1,143
100.0
Source: Zimstat, & Reserve Bank of Zimbabwe calculations,

** Unwrought platinum excludes the platinum group of metals
(PGMs)
Major Merchandise Export Destinations
South Africa absorbed about 44.6% of the
country’s exports, during the third quarter of
2018. The country’s other exports were destined
for the SADC region and the U.A.E., during the
same quarter, as shown in Table 3.
Table 3: Merchandise Export Shares (%)
Country

Share of Exports (%)
South Africa
44.6
U.A.E
25.4
Mozambique
8.5
China
2.7
Zambia
1.4
Botswana
0.9
Kenya
0.9
Belgium
0.8
Namibia
0.2
Malawi
0.1
Other
14.5
Total
100.0
Source: Zimstat & Reserve Bank of Zimbabwe computations,

Merchandise Import Developments
Total merchandise imports for the third quarter
of 2018 amounted to US$1,713.7 million, a
25.1% increase from US$1,370.1.3 million
realized over the comparative period in 2017, as
shown in Figure 5. The country’s import bill was
mainly composed of energy imports (diesel,
petrol, aviation spirit and electricity); food;
medicines; and machinery.
On a quarter-on-quarter basis, merchandise
imports for the third quarter of 2018 were 1.3%
higher at US$1,713.7 million, compared to
US$1,691.1 million realized in the second
quarter of 2018, as shown in Figure 5. The
increase was largely due to higher diesel imports,
during the period under review.

Figure 5: Quarterly Merchandise Imports for Q2
and Q3 2018

Source: Reserve Bank of Zimbabwe computations, Zimstat, 2018


Major Import Sources
The country’s imports for the third quarter of
2018 were mainly sourced from South Africa
(37.2%; Singapore (20.2%); China (5.9%); UK
(5.8%); India (4.0%); Japan (3.6%); Mauritius
(3.3%); and Zambia (2.6%), as shown in Figure
6.
Figure 6: Major Merchandise Import Sources
(% Share)

Source: Zimstat & Reserve Bank of Zimbabwe computations,

Trade balance
The
aforementioned
developments
in
merchandise trade resulted in an improvement in
the country’s trade balance, from a deficit of
US$709.7 million registered during the second
quarter of 2018, to a deficit of US$570.7 million
in the third quarter, as shown in Figure 8.


Figure 7: Merchandise Trade Balance
(US$ m)

Source: Zimstat, 2017 & Reserve Bank of Zimbabwe
computations, 2018
The trade balance, however, worsened by 3.7%
on a year-on-year basis, from a deficit of
US$426.9 million in the third quarter of 2017, to
a deficit of US$570.7 million in the third quarter
of 2018.


1,691.1
1,713.7
2 0 1 8 Q2
2 0 1 8 Q3

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

2 ND QUART E R 2 0 1 8
3 RD QUART E R 2 0 1 8
Exports
Imports
Trade Balance

3. DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
The economy is now expected to grow by 4%,
down from the initial projected growth of 4.5%.
This is largely on account of revised projections
in the mining and manufacturing sectors,
following adverse developments in the economy
during the second half of 2018.
Figure 8 shows developments in real GDP for the
period 2009 to 2018.

Figure 8: Real GDP Growth (%): 2009-2017 and
2018 Projection

Source:
Zimstat,
Ministry
of
Finance
and
Economic
Development and Reserve Bank of Zimbabwe, 2018
AGRICULTURE

The tobacco marketing season ended with
tobacco output at 252.5 million kg, up from the
188.9 million kg produced in 2017. The growth
in tobacco output was attributed to the increase
in the area under production. Table 4 shows the
final tobacco output statistics for the 2017 and
2018 selling seasons.
Table 4: Tobacco Sales in 2017 and 2018

% Variance
Quantity sold (ton)
188.64
252.51
33..86
Value (US$ million)
558.64
737.22
31.97
Price US$/kg
2.96
2.92
-1.41
Source: Tobacco Industry and Marketing Board, 2018

Similarly, seed cotton output closed the year at
142 761 tonnes, 95% up from the 73 086 tonnes
realised in 2017. Cotton production benefitted
from the free input scheme implemented by
Government, through Cottco. as well as higher
producer prices. The producer price of cotton
was increased from $0.45 per kg in the previous
season to $0.53 per kg, during the 2018 season.

Livestock Slaughters
Meat supply from formal abattoirs improved
over the nine months to September 2018,
compared to the same period in 2017. Table 5
shows the cumulative slaughter statistics for
cattle, pigs, sheep and goats in 2017 and 2018.

Table 5: Cumulative livestock slaughters as at
30th September 2018

Cattle
Pigs
Sheep &
Goats

197 457
113 770
17 143

208 057
124 968
19 402
% change
5.4%
9.8%
13.2%
Source: Ministry of Lands Agriculture Water, Climate and Rural
Resettlement, 2018


Cattle
Third quarter cattle slaughters at formal abattoirs
increased to 71 290 head, from 70 194 head in
the second quarter. This performance also
surpassed the third quarter slaughters for 2017 by
4%, as shown in Figure 9.
Figure 9: Quarterly Cattle Slaughters

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


Pigs
Pig slaughters at 44 831 during the third quarter
of 2018, were 24.7% more than in the
comparable
period
in
2017.
The
better
performance
was
attributed
to
improved
availability of feedstock as maize supply
stabilised during the past two agricultural
seasons.


Figure 10: Quarterly Pig Slaughters

Source: Ministry of Lands Agriculture Water, Climate and Rural
Resettlement, 2018, 2018
Milk Production
Milk output increased to 19.64 million litres in
the third quarter of 2018, from 17.76 million
litres produced in the second quarter, as shown
in Figure 11. This was also 13% higher than the
performance during the same period in 2017.
Cumulatively, milk output amounted to 54.41
million litres as at end September 2018,
compared to 48.57 million litres produced in
2017. The increase in milk output was on
account of increased availability of stock feeds
and an improvement in the national dairy herd
over the years.
Figure 11: Quarterly Fresh Milk Output

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


Q1
Q2
Q3


Q1
Q2
Q3

Q1
Q2
Q3
Litres Millions

2018/2019 Rainfall Forecast

The SADC region is expected to experience an
El-Niño induced drought, characterised by
insufficient rains to meet agricultural and power
generation needs. According to the Zimbabwe
Meteorological
Services
Department,
the
country is expected to receive normal rainfall,
with a bias towards below normal, for the period
spanning from October 2018 to March 2019.

To increase the incidence of rain, the
Meteorological
Services
Department
recommended
increased
cloud
seeding
programmes for the coming season.
MINING
The mining sector continued on a positive
growth path in the third quarter of 2018, with
strong performance in PGMs, gold, diamond and
nickel, largely benefiting from investments in
new mine developments and technologies, the
acquisition of plant and equipment by mining
houses. Chrome ore and coal, however, under
performed as shown in Table 6.

Table 6: Mineral Production: Q3 2017 and 2018

Cumulative
Jan-Sept

Q3

Q3 2017
Variance
Q3 2017
vs Q3

(%)
Gold (kg)
29 525
11 412

52.1
Chrome
(tonnes)

Coal
(tonnes)
2 972 897
1 051

1 106 020
-4.9
Nickel
(tonnes)

Platinum
(kg)

Palladium
(kg)

Diamonds
(Carats)

Source: Ministry of Mines and Chamber of Mines, 2018

Gold
Gold output stood at 11.412 tonnes in the third
quarter of 2018, compared to 7.504 tonnes in the
same period in 2017. The continued surveillance,
monitoring and auditing of producers by the
Gold Mobilisation Technical Committee, to plug
leakages, coupled with the increased utilisation
of the Gold Support Facility resulted in increased
gold output.
Figure 12: Quarterly Trends in Gold Output by
Sector: 2017 vs 2018
Source: Fidelity Printers and Refinery, Ministry of Mines, 2018
Small scale and artisanal producers remained the
major contributors to total gold, contributing
about 72%, during the third quarter of 2018.
Large scale miners contributed 24% of the total
output, during the same period.

PGMs
The production of PGMs benefitted from the
completion of the re-development of the Bimha
Mine at Zimplats and the concomitant switch to
the mine at the end of the second quarter of the
year. Resultantly, platinum output increased
significantly to 3 814 kg in third quarter of 2018,
from about 3 428 kg in the second quarter and

Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018
Large scale
Small Scale
PGM
Average Prices (US$/ounce)

was also 32.4% above output realised in the
comparable period in 2017. Similarly, palladium
output amounted to 3 132 kg in the third quarter
of 2018, about 32.3% more than the 2 367 kg
produced in the same period in 2017.
As shown in Figure 13, the sustained decline in
prices of platinum and palladium, as a result of a
global market surplus, continued to adversely
impact on the profitability of mining houses.

Figure 13: Quarterly Trends in Platinum Output
and Prices: 2017-2018

Source: Ministry of Mines and Mining Development, 2018
Diamond
Diamond output stood at 647 120 carats in the
third quarter of 2018, about 3% above the output
of 628 245 carats produced in the same period in
2017. Diamond production benefitted from
capitalisation of ZCDC, which invested in a
crushing plant, earthmoving equipment and
other
exploration
equipment
that
were
commissioned during the first nine months of the
year.


Nickel
Nickel output stood at 4 586 tonnes in the third
quarter of 2018, about 17.2% more than the
output realised in the same period in 2017.
Nickel production benefitted from increased
PGM mining activities as well as primary
production.
Chrome
Chrome ore production fell to 456 241 tonnes in
the third quarter of 2018, from about 503 879 in
the second quarter. Chrome ore mining was
weighed down by reduced demand from the key
consumer, China, due to large inventories in the
country. The on-going trade war between China
and USA has affected the price of chrome and
steel related products.

MANUFACTURING
The manufacturing sector continued to be
weighed down by foreign currency challenges
that worsened during the second half of 2018.
This was evidenced by periodic stock-outs for
some products. In addition, the rise in prices
since the second half of 2018, is likely to result
in the reduction in consumer spending, with
adverse effects on the manufacturing sector.

Q1

Q2

Q3

Q4

Q1

Q2

Q3

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

ELECTRICITY
Electricity output amounted to 2 652.8 GWh,
during the third quarter of 2018. This was
significantly higher than the 2 240.8 GWh,
produced in the second quarter. The increase in
electricity generation in 2018 was attributed to
improved production at Kariba Hydro Power
Station, following the increased water allocation
and commissioning of the Kariba South
Extension in March 2018.

Table

shows
the
quarterly
electricity
generation statistics from the major power
stations and Independent Power Producers
(IPPs) in 2018.
Table 7: Electricity output (GWh) - 2018 Q3
Power
Station
Q1
Q2
Q3
Kariba
829.3
1,254.4
1,597.9
Hwange
784.1
820.0
862.3
Bulawayo
7.6
33.1
21.6
Munyati
12.0
37.2
19.5
Harare
16.8
26.7
20.3
IPPs
55.2
69.4
131.3
Total
1,704.9
2,240.8
2,652.8
Source: Zimbabwe Power Company, Zimbabwe Energy
Regulatory Authority, 2018
The seasonal input from the sugar cane millers
also saw power output from Independent Power
Producers (IPPs) increasing significantly in the
third quarter of 2018.
Cumulatively, electric power produced in the
nine months to September 2018 amounted to 6
342.7 GWh, surpassing the 5 590.62 GWh
produced during the same period in 2017.
Figure

compares
quarterly
electricity
generation statistics from the Zimbabwe Power
Company installations and the IPPs in 2017 and
2018.

Figure 14: Quarterly Electrical energy sent out
(GWh): 2017-2018

Source: Zimbabwe Power Company, Zimbabwe Energy
Regulatory Authority, 2018

INFLATION
The annual headline inflation rate accelerated
from 2.91% in June 2018, to 5.39% in September
in 2018, driven by both food inflation and nonfood inflation.
The surge in inflation was partially attributable
to the rise in premiums on the parallel market for
foreign exchange, which led to intensified
speculative price increases. The increase in
international oil prices also pushed up prices,
through the pass-through effect to domestic
prices. Figure 15 shows the annual inflation
outturn since January 2017.

Q1
Q2
Q3

Figure 15: Annual Inflation Profile (%)

Source: Zimstat, 2018
Food Inflation
The annual food inflation accelerated from
5.12% in June 2018 to 7.3% in September 2018.
The rise in food inflation during the third quarter
of 2018 was attributed to increases in all the food
subcategories, except fish and sea food and
vegetables.

Non-Food Inflation
Non-food inflation also increased from 1.88% in
June 2018 to 4.2% in September 2018, largely
driven by increases in the furniture, household
equipment and maintenance; health; transport;
and clothing and footwear categories. Partially
offsetting the increases were declines in
recreation and culture.
Regional Inflation Developments
Zimbabwe’s annual inflation rate at 5.4% in
September 2018, though within the SADC
inflation target range of 3-7%, surpassed that of
other regional peers such as Botswana,
Mozambique, South Africa and Tanzania, as
shown in Table 8.
Table 8: Regional Annual Inflation Trends

Sep-

Dec-

Mar-

Jun-

Sep-

Zimbabwe

SA

Botswana

Mozambique

Tanzania
5.3

3.9
3.4
3.4
Zambia

Malawi

USA

Source: Zimstat, 2018


Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Food Inflation
Non-Food Inflation
All Items

4. MONETARY
DEVELOPMENTS,
INTEREST RATES AND FINANCIAL
MARKETS

The growth in broad money growth slowed down
in the third quarter of the year, from 14.44% in
the second quarter of 2018 to 10.73%. In nominal
terms, broad money ended the third quarter at
US$10 122.00 million from, US$9 140.89
million in the second quarter. Figure 16 shows
annual broad money supply in nominal terms as
well as growth rates.

Figure 16: Annual Broad Money Supply Growth
Rates and Levels
Source: Reserve Bank of Zimbabwe, 2018
The growth in money supply emanated from
expansions in currency in circulation2, 29.45%;
demand deposits, 11.80%; and time deposits,
2.05%. Negotiable certificates of deposits,

2 Currency in circulation includes Bond notes and coins
outside the banking system
however, recorded a quarter-on-quarter decline
of 21.58%.
On an annual basis, money supply grew by
35.68% in September 2018, compared to 41.31%
recorded in September 2017.
Domestic Credit
Net domestic credit grew by 14.07% to US$14
168.090 million, during the quarter under
review, from US$12 421.06 million in the
second quarter. The growth in domestic credit
continued to be largely driven by net claims on
Government, which recorded a quarter-onquarter increase of 21.61%, compared to 16.46%
in the second quarter. Notably, credit to the
private sector recorded a quarter-on-quarter
decline of 0.54%, compared to a growth of
5.80% recorded in the second quarter.

Credit to the private sector recorded an annual
growth of 6.98%, from US$3 636.26 million in
September 2017 to US$3 890.14 million in
September 2018.

On a sectoral basis, households received 26.54%
of total domestic credit, followed by agriculture,
17.97%; distribution, 13.60%; services, 12.76%;
manufacturing, 10.50%; financial organisations
and investments, 6.36%; mining, 4.48%;
construction,
3.51%;
and
transport
and
communications, 2.07%, during the quarter
under review.


Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
ANNUAL GROWTH %
US$ BILLION
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation
Growth

Figure 17: Sectoral Distribution of Credit

Source: Reserve Bank of Zimbabwe, 2018
Private sector credit was utilised for inventory
build-up, 25.02%; consumer durables, 21.25%;
fixed capital investment, 11.68%; and pre and
post shipment financing, 1.77%. Other recurrent
expenditures accounted for 40.28% of the total
outstanding loans and advances, during the third
quarter of 2018.

Interest Rates
During the third quarter of 2018, nominal
lending rates quoted by most banks ranged from
4% to 18%. Average maximum interest rates for
savings and 90-day time deposits decreased from
4.35% and 3.94% in the previous quarter, to
4.00% and 3.88%, respectively. The 60-day
deposit rates, however, remained unchanged at
3.58%, during the same period.


5. STOCK MARKET DEVELOPMENTS

The third quarter of 2018 saw increased trading
activities on the Zimbabwe Stock Exchange
(ZSE). This resulted in a 12.75% increase in the
All Share Index (ASI) to 115.12 points, from
102.10 points registered in the second quarter.
Concomitantly, market capitalization increased
by 25.26% to $12.27 billion, as at end of
September 2018, from $9.79 billion as at end of
June 2018, as shown in Figure 18.

Figure 18: Market Capitalization

Source: Zimbabwe Stock Exchange, 2018


All Share and Top 10 Indices

The Top 10 Index, gained 13.83% to 117.60
points, from 103.31 points registered in the
previous quarter.


Households,
26.54%
Agriculture,
17.97%
Manufacturing,
10.50%
Services,
12.76%
Distribution,
13.60%
Financial
Organisations,
6.36%
Mining,
4.48%
Transport and
Communication,
2.07%
Construction,
3.15%
Other,

30-Sep-17
31-Oct-17
30-Nov-17
31-Dec-17
31-Jan-18
28-Feb-18
31-Mar-18
30-Apr-18
31-May-18
30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
US$ Millions

Figure 19: ZSE All share and Top 10 Indices

Source: Zimbabwe Stock Exchange, 2018

Industrial and Mining Indices

The industrial index rose by 12.89%, from
342.79 points as at end June 2018 to 386.97
points by the end of September 2018. Similarly,
the mining index also increased by 1.54% to
163.76 points, as at the end of the third quarter of
2018, from 161.28 points in the second quarter.

Figure 20: Zimbabwe Stock Exchange Indices

Source: Zimbabwe Stock Exchange, 2018

Market Turnover
Trading activity on the local bourse was driven
mostly by profit taking and portfolio rebalancing, during the quarter ending September
2018.

ZSE market turnover increased as a result of
increases in both the volumes and prices of
shares traded. Turnover volume increased by
74.09% to 992.91 million shares in the third
quarter of 2018. Similarly, the value of shares
traded increased by 28.21% to $226.54 million.


Figure 21: Market Turnover Value
Source: Zimbabwe Stock Exchange, 2018

Foreign investor participation on the ZSE
declined during the third quarter of 2018, as
reflected by the decrease in the net foreign
position. The net foreign position stood at
US$6.74 million as at the end of September
2018, down from US$13.15 million registered in
the previous quarter.


11-Jan-18
24-Jan-18
6-Feb-18
19-Feb-18
4-Mar-18
17-Mar-18
30-Mar-18
12-Apr-18
25-Apr-18
8-May-18
21-May-18
3-Jun-18
16-Jun-18
29-Jun-18
12-Jul-18
25-Jul-18
7-Aug-18
20-Aug-18
2-Sep-18
15-Sep-18
28-Sep-18
All Share Index
Top 10 Index

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

30-Sep-17
28-Oct-17
25-Nov-17
23-Dec-17
20-Jan-18
17-Feb-18
17-Mar-18
14-Apr-18
12-May-18
09-Jun-18
07-Jul-18
04-Aug-18
01-Sep-18
29-Sep-18
US$ Millions

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems (NPS) increased by
17% to US$43.83 billion, in the quarter ending
30th September 2018, from US$37.33 billion
recorded in the second quarter. Similarly,
transaction volumes increased by 19% to 580.6
million in September 2018, from 489 million in
June 2018.

During the third quarter of 2018, increases in the
value of transactions were registered as follows:
Internet banking, 34%; ATMs, 33%; Mobile
banking, 31%; RTGS, 10%; and POS, 9%.
On a volume basis, increases were registered for
Cash, 6%; Internet, 9%; POS, 10%; Mobile,
20%; and ATMs, 31%. Declines were, however,
recorded for RTGS, 1%; and Cheque, 11%
transactions, compared to the second quarter of
2018.

Table 9 provides the statistical information on
various payment streams for the third quarter
ending 30th September 2018.


Table 9: Consolidated Transaction Activities
Source: Reserve Bank of Zimbabwe, 2018

Large Value Payments

Zimbabwe
Electronic
Transfer
and
Settlement System

The value of transactions processed through the
RTGS system increased by 10% to US$23.21
billion, in the quarter ending 30th September
2018, from US$21.08 billion recorded in quarter
ending 30th June 2018. The volume of
transactions, however, declined by 1% to
1,656,113 in September 2018, from 1,670,230 in
June 2018, as shown in Figure 22.


Payment
Stream
Q2 2018
Q3 2018
Change
Proportion

VALUES IN USD
RTGS

CASH

-2%
1.7%
CHEQUE

-12%
0.0%
POS

ATMS

40,
33%
0.1%
MOBILE

INTERNET

TOTAL


VOLUMES
RTGS

CASH

CHEQUE

POS

ATMs

MOBILE

INTERNET

TOTAL


Figure 22 : RTGS Values and Volumes

Source: Reserve Bank of Zimbabwe, 2018

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments stood at
US$0.83 billion, during the third quarter 2018,
down from US$1.25 billion in the second
quarter. During the same period, SWIFT foreign
currency receipts decreased by 28.14% to
US$0.81 billion in September 2018, from
US$1.13 billion in June 2018, as shown in Figure
23.
The net foreign currency outflow amounted to
US$18.12 million in the third quarter 2018,
down from a net outflow of US$122.66 million
recorded in the second quarter.


Figure 23: SWIFT Cross Border Transactions

Source: Reserve Bank of Zimbabwe, 2018

Over the Counter Cash Withdrawals

The value of cash withdrawals decreased by 2%,
from US$0.77 billion in the quarter ending 30th
June 2018, to US$0.75 billion recorded in the
quarter ending 30th September 2018. Cash
withdrawal volumes, however, increased by 6%
from 5.33 million in the second quarter, to 5.63
million in the third quarter, as shown in Figure
24.


2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
RTGS Values in US$ Billions
RTGS Volumes in Thousands
Volumes
Values


Q4 2016
Q1 2017
Q2 2017
Q 3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Volumes in Thousands
Value in US$ Billions
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

Figure 24: Over the Counter Cash Withdrawals

Source: Reserve Bank of Zimbabwe, 2018

Retail Payments

Total retail payments in values increased by
26.88% to $20.6 billion in the third quarter 2018,
from $16.3 billion recorded in the second quarter
of 2018. Similarly, retail payment volumes
increased by 18.80% to 578.99 million during
the third quarter of 2018, from 487.37 million in
the quarter ending 30th June 2018, as shown in
Figure 26.


Figure 25 : Values of Retail Transactions
Source: Reserve Bank of Zimbabwe, 2018

Figure 26: Volumes of Retail Transactions

Source: Reserve Bank of Zimbabwe, 2018


2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3

US$ BILLIONS
MILLIONS
Volumes
Values

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


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

Collateral3

The value of collateral increased to US$102.70
million in the quarter ending 30th September
2018, from US$99.48 million recorded in the
quarter ending 30th June 2018, as shown in
Figure 27.

Figure 27: Total Collateral

Source: Reserve Bank of Zimbabwe, 2018

Access Points and Devices

The total number of mobile banking agents
increased to 50,022 in the quarter ending 30th
September 2018, from 49,663 in the quarter
ending 30th June 2018.

Similarly, the POS population increased to
90,541 in the third quarter of 2018, from 82,447
in the second quarter. This was in line with the
promotion of electronic means of payment.

3The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation settlement
systems.
Total
active
mobile
financial
services
subscribers registered in the period under review
stood at 6.01 million, up from 5.48 million
registered subscribers recorded in the second
quarter of 2018.

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

Quarter
ending
March

Quarter
ending
June 2018
Quarter
ending
September

Mobile
Banking
Agents
48,812
49,663
50,022
ATMs

POS
70,960
82,447
90,541
PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards
4,471,819
4,455,825
4,581,256
Credit Cards
17,268
16,810
16,607
Prepaid
Cards
68,180
71,813
84,175
Mobile
Banking
Subscribers
4,907,500
5,476,208
6,010,602
Internet
Banking
Subscribers
286,222
326,184
334,505
Source: Reserve Bank of Zimbabwe, 2018

Q2

Q3

Q4

Q1

Q2

Q3

MILLIONS
Cheque
Zimswitch
CDC

7. FISCAL DEVELOPMENTS

Fiscal developments during the third quarter of
2018 resulted in revenue inflows of US$1.288
billion, against expenditures of US$2.586
billion. This culminated in a quarterly deficit of
US$1.298 billion, which was largely financed
through domestic bank sources.

Government Revenue
Total government revenue in the third quarter of
2018 was 12.4% above the target of US$1.272
billion. All revenue heads surpassed the
quarterly targets, as shown in Figure 28.
Figure 28: Revenue Head Performance:
(Actual vs Target)
Source: Ministry of Finance and Economic Development, 2018


4Net VAT = Gross VAT less VAT refunds
Composition of Revenue in Q3 2018
Tax revenue accounted for 94% of total revenue,
while the remaining 6% was non-tax revenue in
the third quarter of 2018. The largest
contribution to tax revenue was from tax on
income and profits at 36%, followed by
Value Added Tax4, 28%; excise duty, 17% and
customs duties, 9%. Figure 29 shows the
percentage contributions of tax heads to total
revenue in the third quarter of 2018.
Figure 29: Government Revenue Structure
Q3 2018
Source: Ministry of Finance and Economic Development, 2018
Government Expenditures
On a cumulative basis, fiscal expenditures
amounted to US$2.586 billion in the third
quarter of 2018, exceeding the quarterly target of
US$1.470 billion by US$1.12 billion. As shown
in Figure 30, all expenditure heads exceeded
budgeted targets, resulting in an overall
expenditure overrun.
Employment
costs
at
US$737.0
million
exceeded the target of US$535.5 million by
about 38%. This was due to additional costs
associated with pension, medical and salary

Income and profits
Customs
Excise
VAT
Other indirect taxes
Non-tax Revenue
Q3 2018 Actual
Q3 2018 Target
Customs
duties
9%
Excise
duties
17%
Value
Added
Tax
(VAT)
28%
Other indirect taxes
4%
Non-tax
Revenue
6%
Tax on
Income
and
profits
36%

arrears
payments
for
some
grant-aided
institutions, incurred during the quarter under
review.
Capital expenditures at US$1.221 billion, were,
however, above target. The expenditures were
mainly in relation to transfers for agriculture
subsidies and grain payments.
Figure 30: Expenditure Head Performance,
Actual vs Target

Source: Ministry of Finance and Economic Development, 2018
During the quarter under review, the ratio of
employment costs to total expenditures declined
to 39%, from 42.3% in the second quarter. Figure

shows
the
structure
of
Government
expenditures in third quarter of 2018.


Figure
31:
Structure
of
Government
Expenditures: Q3 2018

Source: Ministry of Finance and Economic Development, 2018


RESERVE BANK OF ZIMBABWE
DECEMBER 2018

Employment
Costs
Operations &
Maintenance
Interest
Capital
Expenditures
& Net
Lending
Q3 2018
Q3 2018 Target
Q3 2017
Q2 2018
Employment
Costs
39%
Operations
&
Maintenanc
e
9%
Interest
4%
Capital
Expenditures
& Net Lending
48%

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


S1

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


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


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

7,535,217.77

7,909,818.92

8,552,766.55

8,939,247.06

9,054,139.11

9,290,797.46

Domestic Claims
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

6,448,817.20

6,756,536.89

7,000,198.46

7,175,527.74

7,335,070.75

7,342,660.71

Net Claims on Central Government
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

2,476,778.04

2,715,985.15

2,783,534.43

3,262,756.31

3,337,486.31

3,106,488.93

Claims on Central Government
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

2,572,350.40

2,823,354.57

2,872,745.05

3,295,887.08

3,369,878.18

3,151,116.56

Securities
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

2,558,912.76

2,814,916.90

2,865,309.79

3,291,375.03

3,362,827.03

3,145,693.06

Loans
41,491.15

34,844.95

32,253.38

29,415.28

26,319.33

24,286.02

19,163.34

13,437.64

8,437.68

7,435.26

4,512.05

7,051.15

5,423.50

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

101,237.76

114,693.11

95,572.36

107,369.43

89,210.62

33,130.77

32,391.88

44,627.63

Of which: Deposits
55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

101,237.76

114,693.11

95,572.36

107,369.43

89,210.62

33,130.77

32,391.88

44,627.63

Other

Claims on Other Sectors
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

3,972,039.15

4,040,551.74

4,216,664.02

3,912,771.43

3,997,584.44

4,236,171.77

Other Financial Corporations
30,507.19

29,078.55

31,791.66

45,379.41

41,523.69

50,193.58

56,371.67

58,369.33

47,985.51

53,341.46

50,534.98

55,868.49

58,169.74

State and Local Government
31,707.35

33,198.40

38,416.75

46,177.22

55,046.17

54,613.41

48,750.40

52,851.54

51,746.27

49,509.94

54,356.85

52,796.97

51,597.49

Public Non Financial Corporations
142,254.70

124,030.93

130,803.39

168,917.77

178,716.82

168,887.22

150,967.31

145,902.98

159,350.37

222,545.56

181,987.35

186,736.20

257,375.31

Private Sector
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

3,714,915.30

3,781,469.60

3,891,267.06

3,625,892.25

3,702,182.78

3,869,029.24

Claims on the Central Bank
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

2,438,242.81

2,557,149.58

3,089,939.84

3,471,170.30

3,498,784.50

3,799,833.82

Currency
11,999.682

8,696.697

9,788.767

12,577.130

23,415.822

19,969.614

16,635.710

14,888.726

14,154.729

8,986.260

20,609.732

23,132.537

18,241.508

Other Claims including Reserves
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

2,423,354.09

2,542,994.86

3,080,953.58

3,450,560.57

3,475,651.96

3,781,592.32

Liabilities to the Central Bank
20,550.87

32,863.80

51,156.39

113,727.10

115,100.80

111,232.81

140,468.21

82,369.89

101,470.93

119,810.71

118,944.97

136,950.59

142,244.29

Other Items(Net)
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

1,269,472.35

1,302,396.63

1,417,561.04

1,588,506.02

1,642,765.55

1,709,452.78

Shares and Other Equity
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

1,542,603.03

1,574,043.84

1,632,378.01

1,758,871.23

1,795,060.19

1,681,574.79

Liabilities to other ressident sectors
11,565.72

9,175.78

9,031.56

6,152.75

2,600.12

2,920.26

6,906.82

16,085.12

119,885.58

121,559.36

132,602.91

133,341.07

146,596.88

Other Items(Net)


(290,901.87)

(359,300.93)

(289,215.79)

(391,532.79)

(336,376.33)

(302,968.13)

(285,635.71)

(118,718.90)

Deposits and Securities Included in Broad
Money
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

7,727,923.21

8,137,945.86

8,748,591.92

9,206,599.35

9,258,354.50

9,544,765.92

Deposits Included in Broad Money
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

7,643,958.30

8,049,930.59

8,681,747.84

9,117,100.01

9,191,870.04

9,492,345.95

Transferable Deposits

Other Deposits
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

1,374,640.48

1,442,460.95

1,459,140.37

1,501,520.77

1,524,244.03

1,488,981.24

Money Market Instruments
55,830.26

62,975.36

66,482.78

68,638.47

65,056.19

75,354.27

77,311.81

83,964.91

88,015.27

66,844.08

89,499.33

66,484.46

52,419.97

Source:Reserve Bank of Zimbabwe,2018
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

Apr

May

Jun

Jul

Aug

Sep

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

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2018
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

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Source:Reserve Bank of Zimbabwe,2018
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
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


Apr
13.47


May
12.85


Jun
7.48


Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe,2018
TABLE 6.1: COMMERCIAL BANKS -ASSETS
US$ millions
Debt Securities
Loans and Advances


S9


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


Apr


May


Jun


Jul


Aug


Sep


Source:Reserve Bank of Zimbabwe,2018
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to
US$ Millions


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


Apr
1.13


May
1.01


Jun
1.21


Jul

Aug

Sep

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 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Source:Reserve Bank of Zimbabwe,2018
Amounts Owing to
TABLE 7.2: 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

Apr

May

Jun

Jul

Aug

Sep

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

Apr

May

Jun

Jul

Aug

Sep

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
Apr
5,786.75 3.28
640.94
11.46 3,002.63 822.58
Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May
7,298.41 4.25
819.74
10.51 3,550.07 968.58
May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun
7,997.28 4.70
779.37
8.29 3,724.31 1,135.49
Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul
8,290.00 3.96
790.00
9.39 4,446.68 1,262.53
Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug
7,762.86 2.88
811.19
13.98 4,558.54 1,254.96
Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep
7,155.04 3.97
842.48
17.01 4,462.40 1,393.08
Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
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
Apr
4.00-18.00
9.32
7.08
Apr
0.22-12.00
0.75-8.00
May
4.00-18.00
9.28
7.09
May
0.22-12.00
0.75-8.00
Jun
4.00-18.00
9.32
7.14
Jun
0.22-12.00
0.75-8.00
Jul
4.00-18.00
9.75
6.97
Jul
0.22-12.00
0.75-8.00
Aug
4.00-18.00
9.87
7.1
Aug
0.22-12.00
0.75-8.00
Sep
4.00-18.00
9.56
7.11
Sep
0.22-12.00
0.75-8.00
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 Rates3
Commercial Banks
Commercial Banks
End of


S16


End of
All Share
Industrial
Mining
Volume of Shares
Market Turnover
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


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

Apr

May

Jun

Jul

Aug

Sep

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

Apr

May

Jun

Jul

Aug

Sep

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

Apr

May

Jun

Jul

Aug

Sep

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


S20


End of
Sep-17
Oct-17 Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Merchandise Imports (excl. energy)
202.8

222.5

194.3

208.2

212.2

176.9

240.5

234.2

324.1

281.3

234.5

213.5

221.6

- Consumption Goods
80.7

92.1

79.0

92.3

89.7

66.0

67.3

62.3

122.0

103.8

79.5

71.2

82.6

- Capital Goods
63.6

64.2

71.6

64.2

67.8

69.2

96.5

71.7

104.6

102.3

86.0

84.9

85.2

- Intermediate Goods
58.5

66.2

43.7

51.7

54.8

41.7

76.7

100.1

97.6

75.1

69.0

57.4

53.8

Energy (Fuel & Electricity)
61.6

55.0

55.9

57.5

48.6

40.7

77.6

94.8

100.7

76.0

68.5

57.2

55.3

Service Payments
63.0

63.9

60.5

45.7

46.6

38.4

43.2

42.6

61.1

40.8

46.1

37.1

42.0

- Technical, Professional & consult
17.7

20.6

18.4

17.8

22.7

16.2

14.7

17.9

28.9

18.2

21.3

16.7

13.2

- Software
2.1

4.0

1.7

2.6

3.3

4.6

6.1

3.9

6.4

5.3

4.4

3.9

5.1

- Other (tourism, edu, freight etc)
43.2

39.4

40.3

25.4

20.6

17.6

22.5

20.8

25.9

17.3

20.4

16.5

23.8

Income Payments (Profits, Dividends)
10.9

11.5

9.6

11.2

17.7

21.8

18.1

10.4

13.8

15.5

12.1

15.9

12.3

Capital Remittances (outward)
21.8

44.4

76.3

27.8

20.6

16.9

15.3

21.7

30.8

14.7

21.1

16.2

30.3

- External Loan Repayments
18.8

18.4

75.8

11.8

13.7

9.9

14.5

21.5

29.8

14.5

20.0

16.2

28.1

- Disinvestments
0.6

25.9

0.3

2.8

0.2

6.6

0.8

0.0

0.9

0.2

0.7

0.1

0.1

- Cross Border Investment
2.4

0.1

0.2

13.1

6.7

0.4

-

0.2

0.1

0.0

0.4

0.0

2.1

Other Payments
0.1

0.1

0.6

0.1

13.6

13.3

13.4

10.1

14.3

11.4

13.7

16.6

9.5

TOTAL
360.2

397.4

397.1

350.5

359.3

308.0

408.0

413.9

544.8

439.7

396.0

356.5

371.1

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2018
Table 13.2: Monthly Cross Border Receipts (US$Millions)


S22


(US$ millions)
End of

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


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


End of
Agiculture,
Hunting and
Fishing and
forestry
Mining and
quarrying
Manufacturing
Electricity,
gas, steam and
air
conditioning
supply
Water supply;
sewerage,
waste
management
and
remediation
activities
Construction
Wholesale and
retail trade;
repair of
motor vehicles
and
motorcycles
Transportatio
n and storage
Accommodatio
n and food
service
activities
Information
and
communicatio
n
Financial and
insurance
activities
Real estate
activities
Professional,
scientific and
technical
activities
Administrative
and support
service
activities
Public
administration
and defence;
compulsory
social security Education
Human health
and social
work activities
Arts,
entertainment
and recreation
Other service
activities
Domestic
Services
Gross
Domestic
Product at
factor cost

1,038.4

560.8

1,066.2

278.5

31.4

136.7

1,856.7

486.1

437.6

594.1

826.4

110.5

101.7

83.2

323.6

301.2

68.6

2.3

95.8

20.5

8,398.1

1,157.2

802.4

1,108.8

358.8

39.6

182.2

2,116.1

511.6

498.8

1,137.0

708.6

126.3

259.9

142.4

540.4

656.8

130.3

3.3

109.1

23.4

10,577.4

1,222.1

1,006.3

1,293.5

436.4

38.3

288.5

2,149.1

612.1

506.5

1,320.1

730.3

193.2

287.7

141.7

910.5

948.3

205.6

5.3

126.8

27.2

12,399.2

1,376.8

1,063.6

2,403.5

448.3

43.7

376.2

2,463.0

615.2

580.5

733.3

1,137.1

302.9

350.6

130.6

1,272.2

1,326.5

279.4

6.5

189.3

40.6

15,072.5

1,364.0

1,186.5

2,466.4

453.1

39.0

398.6

2,936.5

618.3

692.1

1,374.0

1,300.8

340.5

365.3

137.6

1,300.7

1,523.6

313.5

7.1

181.8

43.0

16,966.0

1,704.9

1,157.0

2,454.6

546.5

40.0

426.0

2,963.5

651.4

698.5

1,375.0

950.3

385.0

354.5

133.0

1,447.5

1,684.2

348.2

8.4

183.5

44.7

17,470.7

1,653.8

1,089.4

2,373.3

533.2

41.2

426.3

3,044.0

674.1

717.5

1,412.1

983.6

417.1

356.8

133.7

1,495.5

1,834.5

395.0

9.9

187.8

47.0

17,732.8

1,618.0

1,219.0

2,382.8

460.8

40.0

441.7

3,409.3

678.8

719.3

1,413.0

1,082.5

420.5

382.9

138.1

1,612.9

1,889.5

417.6

10.9

188.8

49.4

18,475.8

1,838.4

1,267.2

2,428.2

480.4

45.0

497.0

3,732.3

732.3

787.5

1,524.3

1,135.7

427.0

384.5

138.7

1,634.6

2,135.2

455.1

12.2

203.0

52.3

19,803.8

Source :ZIMSTAT, 2018
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
domestic
goods and
domestic
End of
expenditure bodies
formation
stocks
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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Source :ZIMSTAT, 2018
1. Other minerals include Ferrosilicon, Iron ore, Iron pyrites 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 ZERA, 2018
Table 15.5: Electricity Energy Produced and Distributed
Interconnected System
Generation Sent Out (GWh)


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:ZIMSTAT ,2018
TABLE 15.6: VOLUME OF MANUFACTURING INDEX (VMI)