Zimbabwe is leading on the SADC yearly Gross Domestic Product rate rankings on the back of stable economic conditions that are restoring investor confidence.According to official data released to ZBC News, Zimbabweâ€™s economic growth rates which have averaged 8% in the past two years, have resulted in the nation overtaking regional leading economies such as South Africa, Botswana, Mozambique, and Zambia among others in terms of Gross Domestic Product levels, which is a measurement of the total value of goods and services being produced in an economy yearly.
Information from a SADC report on regional economies shows that in spite of challenges such as low deposits within the banking sector, weak domestic demand, low disposable incomes, inadequate financial inflows among others, the countryâ€™s economy is on a rebound due to increased productivity and earnings from agriculture and mining.
The Permanent Secretary in the Ministry of Economic Planning and Investment Promotion, Dr Desire Sibanda says the favourable GDP rates being experienced by Zimbabwe is a reflection of governmentâ€™s commitment to increase productivity and create new jobs.
â€œWe are however optimistic that the trend will continue as we seek to uphold the spirit of economic growth,â€ said Dr Sibanda.
Zimbabweâ€™s economy is expected to grow by 9.4% this year from a 9.3% growth rate last year on the back of an anticipated increase in industrial productivity to 70% from 57.2% last year, a 5% inflation rate target among other key factors.