Zimbabwe’s statistical agency says the economy grew by a staggering 8,5 percent last year from a decline of 7,8 percent in the prior year.
The nation experienced a decline from 2019/20, largely due to climate change-induced droughts and the Covid-19 pandemic.
According to the Zimbabwe Statistical Agency (ZimStat) National Accounts 2019-21 Report, the annual gross domestic product at current levels for years 2019 to 2021 is estimated at ZW$212,17 billion, ZW$195,59 and ZW$212,15 for the years 2019 to 2021 respectively.
Real GDP declined by 7.8 percent and grew by 8.5 percent in 2021 in 2021. The report shows that the manufacturing sector, which in 2019 at 14.2 percent was the second-largest contributor to the economy after wholesale and retail trade, has been contributing less since then while other sectors such as agriculture have been improving. Mining and quarrying were listed as the third-largest contributors to real GDP while financial and insurance services were fifth placed.
In 2020, the manufacturing sector, according to ZimStat, contributed 12.6 percent to the economy before further dropping to 11.7 percent. This, experts say may reflect on how uncompetitive the sector is in growing exports both in the region and beyond. – Agencies
