Online Reporter
Business Reporter
ZIMBABWE’S Gross Domestic Product (GDP) rose by 2,9 percent to US$45,7 billion in 2024, from US$44,4 billion in 2023, according to latest figures released by the National Statistics Agency (ZimStat).
While ZimStat did not provide direct US dollar figures, it stipulated an exchange rate of ZiG18 per US$1 for converting the GDP at current prices of ZiG822,94 billion.
For 2023, Zimbabwe’s local currency-denominated GDP stood at ZiG67,5 billion, which translates to US$44,4 billion using the then-provided exchange rate of ZiG1,52 per US$1.
Using the income approach to calculate GDP, compensation of employees emerged as the largest contributor at ZiG344,46 billion, followed by gross operating surplus at ZiG288,23 billion.
The balance was made up of mixed income (ZiG143 billion), net taxes on products (ZiG47 billion), and taxes on products (ZiG48,1 billion).
The manufacturing sector led sectoral contributions to GDP at current prices, accounting for 15,6 percent (up from 15,3 percent) after recording a 1,61 percent growth rate.
The mining and quarrying sector, which experienced the highest growth rate of 12,9 percent during the period, contributed 14,3 percent to the overall GDP.
The wholesale and retail trade sector, previously a dominant contributor to GDP, came third with an 11,8 percent share, following a 2,6 percent growth rate.
However, two key sectors recorded negative growth rates.
The agriculture, forestry, and fishing sector saw an 18,12 percent drop in 2024, primarily due to the impact of the El Niño-induced drought. Consequently, its contribution to GDP dropped to 8,7 percent from 11,5 percent in the prior year.
Similarly, the accommodation and food service activities sector suffered a negative 6,4 percent growth rate, although its contribution to GDP increased to 2,6 percent from 2,2 percent in the prior year.
