GDP expected to rise owing to projected grain prod...

GDP expected to rise owing to projected grain produce

Who Really Is Monica Mutsvangwa? | News of the South

Zim Now Writer

Zimbabwe’s Gross Domestic Product is expected to increase from the current prediction of 4 percent to 6 percent on account of the positive performance of the agricultural sector.

In her post-Cabinet briefing on Wednesday, Information, Publicity, and Broadcasting Services Minister, Monica Mutsvangwa, said the new projections are on account of the positive performance of the agricultural sector.

She reviewed that the country’s maize harvest is expected to increase by 58 percent compared to the 2021-2022 season.

This year’s harvest is lower than the 2 717 171 tonnes produced in the 2020/2021 season, which was the highest in years.

“Traditional grains production is estimated at 280 966 tonnes, a 45 percent increase on the 2021/2022 figure.

“Sorghum production is expected to be 191 125 tonnes, which is 32 percent more than production in the 2021/2022 season; pearl millet production is expected to be 171 221 tonnes, which is 61 percent more than what was produced in 2021/2022 season; and finger millet production is expected to be 18 610 tonnes, which is 250 percent more than what was produced in the 2021/2022 season,” she said.

The total cereal production is 2 579 247 tonnes, against a national cereal requirement of 1 837 742 tonne for human consumption and 450 000 tonnes for livestock, leaving a surplus, according to the Government.

The government’s optimism is contrary to recent forecasts by the International Monetary Fund, which is more pessimistic about Zimbabwe’s economy.

In its World Economic Outlook released last week, the IMF slightly shaved its 2023 growth forecasts for Zimbabwe to 2.5%, slower than the 2.8% it had projected late last year. The IMF says the Zimbabwe economy grew by 3% last year, lower than the government’s estimates of 4%.

Finance Minister Mthuli Ncube estimates that agriculture shrank by 14% last year, weighing down growth, but he had previously forecast the sector to recover by 4%.