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Zimbabwe - Monthly Economic Review - June 2011
Following the cumulative decline in economic activity over the period 2000-2008 estimated at about 40%, the Zimbabwean economy rebounded in 2009 to register a growth of 5.7%. The economy, which further grew by 8.1% in 2010, is projected by the African Development Bank’s African Economic Outlook to grow by 7.8% in 2011. Sustained macroeconomic stability that is the result of the multiple currency and cash budgeting framework, coupled with resuscitation in economic activity in the key sectors of the economy, provided substantial growth impetus to the Zimbabwean economy. The growth momentum in 2010 was underpinned by a 47% growth in the mining sector, and 34% growth in the agricultural sector. The mining sector benefited from favourable international commodity prices, while agricultural production was spurred by increased tobacco (38.4%), maize (12.6%), sugar (14.3%), and cotton (2.3%) production. Frequent power outages, persistent liquidity shortages, limited access to offshore lines of credit, lack of fiscal space and uncertainty emanating from the economic empowerment and indigenization program as well as national elections proposed for this year, however, continue to pose downside risks to economic recovery.