By Alois Vinga
ZIMBABWE’s Gross Domestic Product (GDP) grew by a rate of 6,5% to reach ZWL225,9 billion in a space of just twelve months anchored on the impact of top performing industrial sectors.
GDP growth rate otherwise known as the economic growth rate measures economic growth, as expressed by gross domestic product (GDP), from one period to another, adjusted for inflation or deflation.
It reveals changes in the value of all goods and services produced by an economy, the economic output of a country while accounting for price fluctuations.
Accordingly, latest data from the Zimbabwe National Statistics Agency (Zimstat) shows a significant increase of the growth rate over a year’s period.
“The 2022 GDP at constant prices is estimated at ZWL225.9 billion, representing a growth rate of 6, 5% from the 2021 estimate of ZWL212,1 billion.
The annual average rate of change of the GDP at market prices based on constant local currency, for a given national economy, during a specified period of time.
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The statistics agency says the top five contributors to the GDP growth during the period were: Accommodation and Food Services at 23,7% , Finance and Insurance at 15,6% , Information and Communication at 14,1% ,Mining and Quarrying at 10,5% ,Transport and storage, 6.6% and Agriculture at 6.2%.
Gross capital formation for 2022 was estimated at ZWL1,815 trillion with the private sector injecting the most which accounted for 50,6%.
Government gross fixed capital formation was estimated at ZWL484,3 billion, contributing 22,7%.
“Final consumption expenditure was estimated at ZWL11,6 trillion with government final consumption accounting for 17,6% while private households expenditure was estimated at ZWL8.758 trillion, or 74.6% of the final consumption expenditure.
“Compensation of employees was estimated at ZWL5,16 trillion with Gross operating surplus estimated at ZWL3,.696 trillion,” added Zimstat.
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