Zimbabwe’s economy grew by 2.9% in 2024, with the Gross Domestic Product (GDP) reaching US$45.7 billion, up from US$44.4 billion in 2023, according to Zimbabwe Statistics Agency (ZimStat) figures.
Top contributors:• Manufacturing-15.6% of GDP. • Mining – 14.3%, led with 12.9% growth. • Retail trade – 11.8%.
However, agriculture shrank 18.1%, hit hard by El Niño-induced drought, and tourism declined by 6.4%.
Analysts urge investment in:
• Climate-smart agriculture & irrigation.
• Power & forex access for manufacturers. • Support for the informal economy.
Despite setbacks, gains in industry signal resilience. Policymakers are encouraged to sustain momentum while reinforcing lagging sectors.
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.
GDP is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries.
GDP is often used to measure the economic activity of a country or region. The major components of GDP are consumption, government spending, net exports (exports minus imports), and investment.
Changing any of these factors can increase the size of the economy. For example, population growth through mass immigration can raise consumption and demand for public services, thereby contributing to GDP growth.
However, GDP is not a measure of overall standard of living or well-being, as it does not account for how income is distributed among the population.
A country may rank high in GDP but still experience jobless growth depending on its planned economic structure and strategies.
Dividing total GDP by the population gives a rough measure of GDP per capita.
Zwnews
