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Zimbabwe Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
14,030,368 (July 2018 est.)GDP (PPP)
$34.27 billion (2017 est.)Zimbabwe's economy depends heavily on its mining and agriculture sectors.
GDP growth rate
3.7% (2017 est.)Following a contraction from 1998 to 2008, the economy recorded real growth of more than 10% per year in the period 2010-13, before falling below 3% in the period 2014-17, due to poor harvests, low diamond revenues, and decreased investment.
GDP (PPP) per capita
$2,300 (2017 est.)Lower mineral prices, infrastructure and regulatory deficiencies, a poor investment climate, a large public and external debt burden, and extremely high government wage expenses impede the country’s economic performance.
Local currency
Zimbabwean dollar (ZWD)The dollar was adopted as a legal currency in 2009; since then the Zimbabwean dollar has experienced hyperinflation and is essentially worthless.
Financial stability (Public debt)
82.3% of GDP (2017 est.)Zimbabwe’s government entered a second Staff Monitored Program with the IMF in 2014 and undertook other measures to reengage with international financial institutions. Zimbabwe repaid roughly $108 million in arrears to the IMF in October 2016, but financial observers note that Zimbabwe is unlikely to gain new financing because the government has not disclosed how it plans to repay more than $1.7 billion in arrears to the World Bank and African Development Bank.
Inflation
0.9% (2017 est.)Until early 2009, the Reserve Bank of Zimbabwe (RBZ) routinely printed money to fund the budget deficit, causing hyperinflation. Adoption of a multi-currency basket in early 2009 - which allowed currencies such as the Botswana pula, the South Africa rand, and the US dollar to be used locally - reduced inflation below 10% per year.
Language
Shona (official; most widely spoken), Ndebele (official, second most widely spoken), English (official)English is traditionally used for official business. There are other 13 minority languages.
Corruption perception index (Source: Transparency International)
160/180Extremely high level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
15%Import VAT is payable on the import value plus the applicable customs duty.
Corporate Tax
25.75%The rate includes a base rate of 25% plus a 3% AIDS levy.
Duties
25%Zimbabwe is a member of the Southern African Development Community (SADC) as well as the Common Market for Eastern and Southern Africa (COMESA).
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