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

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This post was last modified on July 20, 2017 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.