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Zimbabwe leads SADC members in GDP growth

(Xinhua)

15:52, April 09, 2012

HARARE, April 8 (Xinhua) -- Zimbabwe is leading the Southern African Development Community member states in yearly gross domestic product (GDP) rate rankings on the back of stable economic conditions that are restoring investor confidence, state radio reported on Sunday.

According to official data released, Zimbabwe's economic growth rates which have averaged 8 percent in the past two years, have resulted in the nation overtaking regional leading economies such as South Africa, Botswana, Mozambique and Zambia, in terms of yearly GDP levels.

In spite of challenges such as low deposits within the banking sector, weak domestic demand, low disposable incomes, inadequate financial inflows among others, Zimbabwe'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, Desire Sibanda, was quoted by ZBC News as saying the favorable GDP rates being experienced by Zimbabwe is a reflection of the government's commitment to increase productivity and create new jobs.

"We are however optimistic that the trend will continue as we seek to uphold the spirit of economic growth," he said.

Zimbabwe's economy is expected to grow by 9.4 percent this year from a 9.3 percent growth rate last year on the back of an anticipated increase in industrial productivity to 70 percent from 57.2 percent last year, a 5 percent inflation rate target among other key factors.

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