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Zimbabwe's decline . . . surrounded by successes
US Department of State
Extracted from News & Views from the World Volume 6; IMF Press Release No. 06/09 of January 11, 2006.
February 2005 / March 2006

ZAMBIA ECONOMIC INDICATORS

• Estimated Real GDP growth in 2005 was 4.3%. Inflation in 2005 was 15.9% - lowest in 10 years.
• General International Reserves in 2005 was 1.8 months import cover.
• Domestic Borrowing in 2005 was 1.9% of GDP.
• GDP per capita in 2004 was US$548 and in 2005 was US$681.
• Overall balance of payments in percentage of GDP was -6.1 in 2004, -4.0 in 2005.
• Current Account Balance as % of GDP was 4.8% in 2004 and reduced to 4.4% in 2005.
• Goods and Services Exports % of GDP was 21.6% in 2004 and increased to 23.6% in 2005.
• Agriculture Grew by 2.8% in 2005.
• Budget deficit declined from 6.6% in 2004 to 1.7% in 2005.

MOZAMBIQUE ECONOMIC INDICATORS

• GDP per Capita was 277US$ in 2004 and increased to 343US$ in 2005.
• Real GDP growth was 7.2% in 2004 and increased to 7.7% in 2005.
• Inflation year on year declined from 11.1% in 2004 to 6.5% in 2005.
• Current Account Balance was -336 million in 2004.
• Gross International Reserves was 4.7% months import cover in 2005.
• Gross Domestic Investment in percentage terms of GDP increased from 20.1% in 2004 to 21.3% of GDP.
• Gross Domestic Savings excluding grants in % terms of GDP increased from 6.2% in 2004 to 7.4% in 2005.

IMF Reports . . .

Zambia:

"After more than two decades of economic stagnation, the Zambian economy has, since 2000,achieved sustained robust growth."

"The flexible exchange rate policy has served Zambia well."

"Since 2003, the exchange rate of the kwacha is determined in the interbank market."

IMF Feb. 2006 Article IV report

Mozambique:

"Mozambique has made impressive progress in terms of economic growth (around 8% from 1994-2004) and poverty reduction (from 69% in 1996/97 to 54% in 2002/03) through implementation of prudent macroeconomic policies, structural reform and substantial donor assistance. Growth has been "pro-poor."

Macroeconomic performance has remained strong in 2005 despite a drought that has affected parts of the country, real GDP growth is expected to remain at around 7.5% while headline inflation has continued to decline."

"The outlook for 2006 is favourable. Real GDP growth is expected to increase to nearly 8%."

IMF review of the Poverty Reduction and Growth Facility of Feb. 2006

South Africa:

"Economic progress since democratisation has been remarkable."

"Significant progress has been made with Broad Based Black Economic Empowerment."

"South Africa has made significant macroeconomic gains over the past decade …Growth has increased, inflation has been brought under control. The public finances have been strengthened and net international reserves have risen."

IMF Sept. 2005 Article IV consultation

Botswana:

"The authorities are strengthening their structural reform agenda and moving ahead with sector-specific development programs (e.g. in tourism, agriculture, and mining outside the diamond enclave) with a view to sustain annual growth in the 5-6% range."

Feb. 2005 IMF 2005 Article IV consultation

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