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First Quarter 2011 Treasury Bulletin
Minister of Finance - Government of Zimbabwe
March 31, 2011

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Introduction

The 2011 First Quarter Treasury Bulletin provides update on the Budget performance and related economic developments for the first three months of the year.

The quarterly outturn is measured against the 2011 National Budget projections and targets underpinned by the Macroeconomic Framework outlined below:

  2009 2010 2011
Real Sector and Inflation      
GDP level in US$ Million 5623 6716 8073
GDP growth (%) 5.7 8.1 9.3
Annual Inflation (average) (%) -7.7 4.0 4.5
External Sector      
Exports of goods and services (US$ millions 2006.4 2540.0 2790.2
% of GDP 28.3 31.1 29.2
Imports of goods and services (US$ millions) 3659.8 4043.6 4042.5
% of GDP 57.1 52.9 43.9
Overall Balance of Payments (US$ millions) -1767 -463 -388
Central Government      
Total Revenue Central Government (including grants)
(US$ millions)
 973.0 2200.0 2746.0
% of GDP 17 33 34

Economic Overview

Overall economic performance in the first quarter of 2011 shows improved performance for most sectors of the economy that includes agriculture, mining, manufacturing, tourism and electricity.

Agriculture

Agriculture is projected to grow by 19.3% in 2011, with tobacco output now estimated to record 200 million kgs from the original projection of 150 million kgs.

The 2011 tobacco marketing season opened on 8 February 2011 with Tobacco Sales Floor, BOKA Auction Floors and Millennium Tobacco Auction Floors, licenced to buy tobacco from the farmers.

As of 31 March 2011, a total of 26.95 million kgs worth US$82 million had been sold. Over the same period in 2010, a total of 21.6 million kgs was sold for US$71.2 million.

However, the average price of US$3.04 recorded for the first quarter is lower than the US$3.26 that prevailed in the first quarter of 2010.

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