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National Accounts

237

GDP at KP

(ZGW-Bil) 2023

5.38 %

GDP Growth

Annual 2023.

National accounts are a comprehensive framework that provides a detailed and systematic record of a country’s economic activity over a specific period, typically a year or quarter. They serve as a vital tool for measuring and analyzing the performance of an economy, capturing production, income, consumption, investment, and savings at the national level.

Rooted in internationally recognized standards, such as the System of National Accounts (SNA), this framework ensures consistency and comparability across countries and time periods. National accounts offer critical insights into economic structure and trends, forming the basis for key indicators such as Gross Domestic Product (GDP), Gross National Income (GNI), and national savings rates.


Zimbabwe 2024 First Quarter and Second GDP at Constant Q1 2024 Prices 

Zimbabwe National Statistics Agency released the First Quarter and Second Quarter Gross Domestic Product (GDP) 2024 in ZIG at constant Q1 2024 prices. The quarter-to-quarter growth rate is the change in value-added for succeeding quarters. The second Quarter of 2024 recorded a 1.6 percent decline in value added. The quarterly GDP estimate for the first quarter of 2024 was ZWG103.5 billion while the second quarter GDP in 2024 was ZWG 101.8 billion.


ANNUAL GROSS DOMESTIC PRODUCT (GDP) FIGURES IN ZIMBABWE
DOLLARS FOR THE PERIOD 2019 TO 2023

a)      In 2023, GDP at current prices was estimated at ZWL133.703 trillion.

b)      GDP at current prices is also known as nominal GDP as the figures are not adjusted for inflation.

c)       Constant prices GDP figures are adjusted for inflation

d)      In 2023, GDP at constant prices was estimated at ZWL137.2 billion

e)      This represents a growth rate of 5.3 percent from the 2022 figure of  ZWL225.2 billion.

f)        The base year for GDP at constant prices was 2019. The base year was changed from 2012 to 2019 following the introduction of the Zimbabwe dollar as the national currency.  

GDP Annual Growth Rates

Methodology

·        Compilation of Quarterly GDP figures is guided by the 2008 Systems of National Accounts (SNA).

·        The production approach was used to estimate quarterly GDP at current and constant prices using the Proportional Benchmarking Method.

·        The estimated quarterly GDP will be de-seasonalised after having a series of more than 5 years in line with international best practices.

·        Quarterly GDP figures are based on both leading and lagging indicators of economic activity for various industries of the economy.

 

Source of data:

·        Surveys conducted by ZIMSTAT.

·        Administrative data.

·        Industry specific Indices computed by ZIMSTAT.