The economy grew higher than expected in 2018, Finance Minister Mthuli Ncube told Parliament.
HARARE - Zimbabwe’s Finance Minister announced the rebasing of the economy on Wednesday, following the adoption of a new currency earlier this year, and said growth would be slowed this year by a drought and a cyclone that hit eastern regions.
Rebasing the economy broadly means changing the reference points used to calculate the country’s gross domestic product. Ncube said the economy had grown by 6.2% in 2018 compared to an initial forecast of 3.1% but he saw growth being throttled this year by “severe economic shocks”, including a drought that has wilted crops and a cyclone that hit western parts of Zimbabwe in March.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zimbabwe set to rebase economy after adopting new currency | IOL NewsZimbabwe’s Finance Minister announced the rebasing of the economy, following the adoption of a new currency earlier this year.
Read more »
New energy minister for Zimbabwe as load shedding continuesZimbabwe started implementing load shedding on Monday, given low water levels at the Kariba Dam's hydroelectric power plant, generation constraints at local power stations and limited foreign imports.
Read more »
Be patient, urges Zim finance minister as inflation continues to climbArresting inflation has proven to be an impossible task for Zimbabwe’s finance minister, professor Mthuli Ncube. He says he needs another year to yield positive results.
Read more »
OUR BURNING PLANET: Financing new coal is the quick road to financial and environmental ruinNew investments in coal-fired power infrastructure will hinder efforts towards a progressive, just energy transition to renewable energy with potentially huge losses for South Africa’s public finances. We have a window of opportunity to stop this environmental suicide.
Read more »
Ramaphosa says new administration will repair economy | IOL Business ReportThe president was on a charm offensive a day as pressure mounted on him to improve SA's competitiveness and turn state-owned entities around following last week's elections. busrep
Read more »
RON DERBY: Global currency war puts emerging markets at riskHigher tariffs are missiles in the battle because the US central bank has little ammunition left to weaken the dollar, which would boost growth by making exports cheaper
Read more »
Newsdeck: Farm Assets Owned by Zimbabwe’s Ousted Mugabe Go Under HammerScores of vehicles ranging from bulldozers to Ford Rangers from a dairy farm owned by Zimbabwe’s former President Robert Mugabe and his wife Grace, will be auctioned at the weekend, according to an advertisement placed in newspapers by Ruby Auctions.
Read more »
Zimbabwe gets 10-hour electricity cuts as drought hits hydropowerZimbabwe has implemented 10-hour daily power cuts countrywide to avert the risk of running out of electricity within four months.
Read more »
Tharisa seeks to tap Zimbabwe's battery minerals potential'On the ground, things are efficient and effective and we are pleasantly surprised,' he said, when asked about political instability in Zimbabwe.
Read more »