Revue mensuelle économique


Zimbabwe - Monthly Bulletin - February 2019

The Zimbabwe economy continues to be characterized by challenges at a time when government is trying to develop appropriate policy responses. Inflation continues to be the highest in the region, as the inflation rate for January 2019, which was at 56.9 percent, was the highest in Africa. At the global level, Gold and platinum prices, which are the two main mineral export products for Zimbabwe, declined by 3.0 percent and 18.5 percent respectively in January 2019 compared to January 2018, imposing negative pressures on foreign currency earning potential as well as government revenues from...

Zimbabwe - Monthly Bulletin - October 2018

The Government of Zimbabwe (GOZ) rebased the GDP at the end of September 2018, thereby raising the 2017 GDP at market prices to USD 22.04 billion from USD 18 billion (rising by 22.5%). With the rebasing, per capita GDP for 2017 rose from USD 1235 to USD 1511. The Government also launched the Transitional Stabilization Programme (Oct 2018 – Dec 2020) aimed at launching the reform process, to transition the economy to an upper middle-income status by the year 2030.

Zimbabwe - Monthly Bulletin - November 2018

The Government of Zimbabwe (GOZ) released the 2019 budget on 22nd November 2018, meant to buttress the initiatives in the Transitional Stabilization Programme (October 2018 – December 2020). The key highlights of the budget were: Growth: The minister acknowledged that the prevailing weak macro-economic fundamentals will subdue growth in 2018, which has been downgraded to 4.0%. Growth is expected to reach 3.1% in 2019 and 7.5% in 2020, mainly driven by agricultural, tourism and mining activities. In terms of Fiscal policy, the government acknowledged the high fiscal deficit over the last...

Zimbabwe - Monthly Bulletin - December 2018

The Zimbabwe economy remained volatile in November 2018, with the key challenges experienced in October remaining binding. Inflation, which continued to rise in October worsened, gaining about 10.2 percentage points to 31.01 percent, which is the highest among some select Southern African Development Community (SADC) countries. The price of gold and platinum declined at the international level, which negatively affected revenue inflows, given that Zimbabwe is mineral dependent for export revenue. The decline of the wheat price, however, was a welcome development, given that Zimbabwe is a net...

Zimbabwe - Monthly Bulletin - January 2019

The year 2019 started with Government intensifying efforts to lure more investors into the country in line with the ‘Zimbabwe is open for business mantra’. Senior Government officials visited European countries including Russia in an effort to lure investors to the country. Government also continued exploring a number of options to repay about USD2.2 billion owed to the African Development Bank and the World Bank, which translates to about 29.7 percent of the external debt, currently estimated at USD7.4 billion.

Zimbabwe - Monthly Economic Review - December 2014

Zimbabwe continued to operate under a diffi cult economic environment in December 2014. In particular, key sectors of the economy failed to perform as expected given the country’s economic potential. The mining index gained 56.61 percent while the industrial index was the worst performer, losing 19.41 percent. Zimbabwe continued to record the lowest infl ation rate at -0.80 percent within the SADC region. However, the low infl ation is not induced by high levels of supply but is mainly a result of effects of depressed demand due to liquidity constraints facing the economy.

Zimbabwe - Monthly Economic Review - February 2014

The year 2014 commenced with the prices of precious metals on a slow recovery path, marked with low volatility. The price of gold increased by 5.1 percent from United States (US) dollar (USD) 1,223 in December 2013 to an average of USD 1,242 in January 2014, while the price of platinum increased by 4.5 percent from USD 1, 357 to an average USD 1,420 during the same period (Figure 1). The poor performance of the equity markets, which often serve as alternative investments to precious metals, infl uenced the increase in gold and platinum prices in January 2014.

Zimbabwe - Monthly Economic Review - April 2014

The precious metals traded at lower prices in March 2014, compared to the same period in 2013. The gold price lost 19.63 percent of its March 2013 value to average USD1,336. 71 per ounce in March 2014, whilst the platinum price declined by 9.36 percent to average USD1,451.11 per ounce over the same period (Figure 1). The softening of precious metals prices can be attributed to the decrease in demand due to easing of speculative activities following improvement in global economic growth, estimated at 3.6 percent in 2013, which is also estimated by the International Monetary Fund (IMF) to...

Zimbabwe - Monthly Economic Review - May 2014

Average gold prices declined by 12.6 percent from USD 1,486.05 per ounce in April 2013 to USD 1,298.80 per ounce in April 2014.The price of platinum declined by 3.8 percent from an average of USD 1,487.94 per ounce to USD 1,431.40 per ounce over the same period (Figure 1). Precious metals prices in April 2013 were supressed by the reduced demand from leading buyers like India due to government import restrictions on gold and China due to the economic slowdown. Furthermore, the selling off of precious metals by investors opting for alternative investment markets yielding higher returns has...

Zimbabwe - Monthly Economic Review - June 2014

The gold price declined by 4.78 percent year-on-year from an average of USD1,342.66 in June 2013 to USD1,278.49 in June 2014, while platinum price strengthened by 1.5 percent from an average of USD1,430.98 per ounce to USD1,452.60 over the same period (Figure 1).

Zimbabwe - Monthly Economic Review - July 2014

On a year on year basis the prices of precious metals registered gains in the month of July 2014. The average gold price increased by 1.83 percent from USD1,287 per ounce in July 2013 to reach USD1,310.8 in July 2014, while the platinum price firmed up by 5.36 percent from USD1,399 to USD1,474 per ounce over the same period (Figure1).

Zimbabwe - Monthly Economic Review - August 2014

The gold price strengthened by 1.08 percent on annual basis to reach USD1, 362.8 supported by ongoing geopolitical tensions in the Middle East and Ukraine. Conversely, the platinum price softened by 3.32 percent to average USD 1,444.9 per ounce in August, underpinned by weak economic data from Europe and decline in the Chinese Purchasing Manager Index. Brent crude oil price plunged by 6.1 percent amid abundant market supplies and weak demand. Wheat continued to be subdued in August 2014, owing to larger than expected production in Russia, European Union and China as a result of the excellent...

Zimbabwe - Monthly Economic Review - September 2014

The Zimbabwean economy remains challenged. Despite recording the least regional infl ation rate of 0.09 percent in September 2014, the economy continues to face signifi cant head winds to growth. These are mainly refl ected through lower-than-expected mining sector growth necessitating a revision of the sector’s initial growth projection from 10.7 percent to -1.9 percent, on account of weakening international prices of gold and platinum, which declined by 8.04 and 6.68 percent to average USD1,240.26 and USD1,364.91 respectively in September 2014 compared to the same period in 2013....

Zimbabwe - Monthly Economic Review - October 2014

Zimbabwe has been experiencing growth in gold production mainly driven by small scale miners despite the fall in gold prices on the international market. Gold mining fi rms have been able to increase output because of incentives offered by government through reduction in royalty fees and presumptive taxes for small scale operators. Cumulative gold deliveries to October 2014 reached 11.11 tonnes which surpassed the 10 tonnes required for the country to be reaccredited into the London Bullion Market Association compared to 10.55 tonnes in October 2013. The readmission into the London Bullion...

Zimbabwe - Monthly Economic Review - November 2014

Zimbabwe continues to experience growth in gold production driven by small scale miners despite a fall in gold prices on the international market. Cumulative gold deliveries for January to November 2014 increased by 6.36 percent to 12.32 tonnes compared to the same period in 2013. On a year by year basis, total gold deliveries increased by 17.15 percent to 1205.37 kg in November 2014, with deliveries by primary producers declining by 5.26 percent to 784.54 kg in November 2014, whilst deliveries by small-scale producers increased by 109.63 percent to 420.83 kg in November 2014. Cumulative...

Egypt - Monthly Economic Review - March 2014

Business activity continues to underperform according to the HSBC Egypt Purchasing Managers Index (PMI). HSBC’s March 2014 poll indicates that economic activity in Egypt remains weak in the non-oil private sector. The PMI that stood at 50 in February contracted marginally to 49.8 indicating deterioration in business conditions. The rate of new order placements slowed, and there were higher job losses in March. However, the pace of job destruction slowed in March, for the first time since September 2012. While 16% of those polled indicated that economic activity had contracted, 18% reported...

Angola - Monthly Economic Review - January 2013

The African Development Bank has Executive Director (ED) for Angola, Mozambique, Zimbabwe and Namibia; Dr. Pedro Tombwele visited Angola from 26th November to 4th December, 2012 as part of his annual agenda. This was the second official mission of ED to Angola since assuming duties for his term that is expected to end in June, 2013.

Zimbabwe - Monthly Economic Review - November 2013

The softening of gold and platinum prices in October was driven by the depreciation of several currencies such as the Canadian and the Australian dollar against the United States dollar, as well as the recovery of US equity markets that serve as an alternative investment for gold and platinum. As far as gold was concerned, the depreciation of the Indian rupee might have dragged down the gold price as India is among the leading importers of gold.

Zimbabwe - Monthly Economic Review - December 2013

On a year-on-year basis, the prices of precious metals suffered signifi cant declines. In November 2013, platinum prices dropped by 10 percent from the USD 1,576.64 per ounce recorded in November 2012, while gold prices dropped by 26 percent to USD 1,276.61 per ounce over the same period (Figure 1). This huge drop in the prices of precious metals is largely driven by a decline in speculative behavior as world economic performance improves. According to the World Bank, economic growth in developing countries is recovering and is projected to accelerate to 5.1 percent in 2013.

Zimbabwe - Monthly Economic Review - January 2014

On a year-on-year basis, the average monthly platinum price declined by 15 percent from USD 1,588 in December 2012 to USD 1,357 in December 2013, while that of gold fell by 27.6 percent to USD 1,223 (Figure 1). On a month-on-month basis, the average platinum price fell by 4.5 percent in December 2013 from USD 1,421 in November 2013 while gold declined by 4.2 percent from USD 1,277 (Figure 1). The fall in gold and platinum prices can be attributed to the decision by the Federal Reserve in December 2013 to taper the third phase of Quantitative Easing (QE3) by USD 10 billion, beginning January...