#UPDATES By Veneranda Langa and Silence Mugadzaweta Finance Minister Mthuli Ncube has announced a $929 billion supplementary budget of which 53% ($492.8 billion) will be gobbled by employment costs.
- A surplus of 300 million dollars as of the first half of 2022
- As at end of June 2022, the public and publicly guaranteed debt stood at ZWL$1.3 trillion
- Public Debt continues at US$13.2 billion, comprised of domestic and external debt, respectively
- Revenue collections to year-end are now projected at ZW$1.7 trillion
- Expenditures are now estimated at ZWL$1.9 trillion, against the approved Budget of ZWL$968.3 billion, entailing additional spending of ZWL$929 billion
- Development plans contributed USD 190 million dollars
The economy is now projected to grow by 4.6% during 2022, a downward revision from the original 5.5% projection, and follows an estimated 7.8% positive growth trajectory for 2021. This positive 2022 growth projection is supported by increased activity in all the productive sectors except agriculture that was weighed down by the unfavourable 2021/22 rainfall season and high input costs.
![]()
-
Domestic headline inflation steadily accelerated from 60.7% in January to 191% in June 2022, partly due to external factors which impacted negatively on import prices of raw materials, food, fertilizers and liquid fuels.
Sectoral Developments
- the agriculture sector is now projected to contract by -5%, from the initially projected expansion of 5.1%.
- the mining sector is now expected to grow faster at 9.5% in 2022, largely driven by increased output in gold, Platinum Group Metals (PGMs), chrome, nickel, diamonds and coal, as well as record high international commodity prices and increased investments in the sector.
- The accommodation and food services sector is expected to continue to grow in 2022, with bed occupancy rate projected at 20.6%, benefiting from recovery in international tourism and lifting of mandatory quarantine requirements worldwide.
- The information and communication sector, on the other hand, is projected to grow by 5.3%, driven by demand for mobile voice traffic and internet data.
Employment 31. The 2022 First Quarter Labour Force Survey by ZIMSTAT indicates a 1.4% increase in employment levels when compared to the 2021 fourth quarter level.
