Categories: Stories

The 2017 Budget Review highlights

The highlights from Finance Minister, Patrick Chinamasa’s Budget Review and Outlook.

  • Economy grew 0.7 percent in 2016 against a target of 2.7 percent due to ElNino induced drought
  • Household consumption fell by 11,8 percent in 2016.
  • Agriculture is expected to grow by 21,6 percent in 2017
  • Mining sector contributed 2,2 percent to fiscus in 2016 and is seen growing by 5,1 percent in 2017
  • Mineral exports amounted to $2,2 billion in 2016 from $2,1 billion in 2015; gold and platinum being major contributors
  • Diamond output during the first half of 2017 stood at 1,1 million carats compared to 690,000 carats in the previous year
  • Manufacturing sector grew 0,3 percent in 2016 compared to 0,2 percent in the previous year
  • Construction industry registered a 3,5 percent growth in 2016 on the back of housing construction
  • Economy to grow 3,7 percent in 2017 driven by agriculture, mining, and electricity and water.
  • 2017 full year revenue is seen at $3,7 billion
  • Wage expenditures in 2016 accounted for 65,5 percent and 91,7 percent of budget expenditure and revenue
  • Health Levy Fund of 5 cents for every dollar of mobile airtime and data introduced in 2017 has to date mobilised $8,5 million
  • Government channelled $403 million towards infrastructure development projects in 2016
  • Treasury bills amounting to $2,1 billion were issued in 2016 to honour $1,7 billion legacy debt and to finance the previous year’s $356 million budget deficit
  • Total debt estimated at $11,3 billion as at December 2016
  • Total banking sector deposits increased by 15,8 percent to  $6,5 billion in 2016
  • Individual lending rates went down to 9 percent in the first half of 2017 from 12 percent in 2016
  • Non-Performing Loans declined to 7,87 percent in 2016 from 10,82 percent in 2015
  • Agriculture exports in 2017 seen increasing by 6,7 percent to $1,16 billion
  • Manufactured exports seen at $363 million in 2017 from $320 million in the previous year
  • Total exports seen at $3,9 billion in 2017 versus imports of $5,4 billion

(138 VIEWS)

This post was last modified on %s = human-readable time difference 4:48 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024