Grey Freight Continental

Grey Freight Continental

Freight and custom clearance services locally, regionally and internationally. We offer freight services at strategic Southern African ports and borders.

Open
HomeBusiness

ZIMSTAT Says The Economy Of Zimbabwe Contracted In 2nd Quarter

1 year agoThu, 21 Dec 2023 08:39:02 GMT
Share on FacebookShare on TwitterShare on LinkedIn
ZIMSTAT Says The Economy Of Zimbabwe Contracted In 2nd Quarter

The economy of Zimbabwe contracted in the second quarter of the year. Gross domestic product (GDP) at market prices nearly halved to US$3.28 billion from the previous period, mainly due to the depreciation of the local currency. In the first quarter, GDP at market prices was ZWL$6.65 trillion or US$7.15 billion, NewsDay reported citing the latest data by ZimStat. However, GDP rebounded in the third quarter to ZWL$41.35 trillion or US$7.56 billion, following measures implemented by fiscal and monetary authorities to halt the currency depreciation.

During the presentation of the third-quarter GDP estimates, Tapiwa Gumbo, the national accounts and analysis manager at ZimStat, mentioned that the International Monetary Fund (IMF) had inspected their methodology and agreed with the findings. Gumbo said:

People sometimes have what they think is normal and should be done, which probably ideally is not what is provided in the manual. So, we try to follow the manual so that our statistics are accurate, are comparable with other countries. So, this is what we try to do and publish because we were presenting a national GDP.  

So, what we do here is publish the quarterly annual GDP numbers. So, they (IMF) are checking on our methodology, and data, are we following the systems of national accounts? They scrutinised, provided a second eye to the statistics and reviewed the methodology. We showed them the system, the national accounts database system that we normally use and we agreed.

However, just two days earlier, the IMF had expressed concern over the competencies and methodology used by ZimStat in determining key economic metrics.

Buy Samsung, itel, Redmi smartphones in Zimbabwe

WhatsApp: +263715068543

Concerns have been raised by the British-based economic researcher, World Economics, and the World Bank regarding the government’s data collection methods to determine key economic metrics.

More Pindula News

Tags

4 Comments

pisapisa · 1 year ago
In Zim there is a wrong impression that only a certain tribe can produce a president and we are said to be the most intelligent country.Unless we unshell ourself from that dandahead and elect an ideal person to govern us then we will liberate ourselves not this tribe is a total failure
smith · 1 year ago
zim economy has been contracting since 1980
Big Dhara Munhu Mukuru · 1 year ago
🤔🤔🤔 If Zanu Pf continues to govern Zimbabwe under ED I think by 2030 this country will be a Crime Haven and also Prostitution will be legalized just like it is in Brazil. Vanhu vachasvika pakufumuka. People are going to churches hoping they will get financial blessings and yet the problem is ED and his corrupt government. Imagine a government teacher achiita tithing with the little he has and yet salary yatogara iri fixed and it gets texted.
Kufumuka kwenyu hakunei na President · 1 year ago
Kune dzimwe nyika dzakaita sana Uganda dzisina kufumuka

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback