Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
Zimbabwe’s economy is firmly on the path to recovery and sustainable growth following a drought-induced slowdown in 2024, with fresh projections pointing to accelerated momentum driven by key productive sectors, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has said.
Addressing delegates at the Zimbabwe Economic Development Conference (ZEDCON) in Bulawayothis morning, Prof Ncube said the economy is now poised for a significant turnaround, underpinned by strong performances in agriculture, mining, and manufacturing. the pillars of the country’s economic transformation agenda.
“The Zimbabwe National Statistics Agency (ZIMSTAT) recently shared the results of the comprehensive Economic Census,” said Prof Ncube.
“This census has revealed robust economic activities taking place throughout the country. Notably, the Economic Census shows that the country’s Gross Domestic Product stood at US$45.7 billion in 2024, reflecting positive momentum in our national economy.
“It is imperative that we sustain this growth momentum, while ensuring that the benefits of growth accrue and reach every citizen of Zimbabwe.”
Prof Ncube said the Economic Census yielded insights of strategic importance, particularly concerning the resurgence of the manufacturing sector long seen as a sleeping giant in Zimbabwe’s economic matrix.
“Contrary to earlier perceptions, the sector’s contribution has exceeded expectations, underscoring the tangible progress towards economic transformation that we are witnessing,” he said.
“The growth in manufacturing is a clear testament to the effectiveness of our policies aimed at industrial revitalisation, beneficiation and value addition.
“We must stay the course for the structural transformation of our economy and inclusive growth.”
The Finance Minister underscored the Government’s unwavering commitment to sound macroeconomic management and sectoral reforms, which he said were crucial to anchoring long-term recovery and resilience.
“The implementation of sound macroeconomic policies, combined with focused sectoral reforms is essential to economic recovery and transformation.”
Building on the gains already recorded, Prof Ncube revealed that growth prospects for 2025 have been revised upwards, indicating renewed confidence in Zimbabwe’s economic trajectory.
“Building on this foundation, economic growth for 2025 is now projected above the original projection of 6 percent to around 6.6 percent, with an expected nominal GDP of approximately US$52.3 billion.
“The higher projection is on account of more-than-anticipated output in the agricultural sector, particularly tobacco following favourable climatic conditions, and mining sector growth buoyed by high commodity prices, notably gold,” he said.
As the economy continues to show resilience in the face of external shocks and climate variability, Prof Ncube stressed the importance of deepening reforms and maintaining fiscal discipline to ensure that the gains being made are sustained and broad-based.
