- Zimbabwe's economy was valued at ZWG 1.55 trillion (approximately US$59.7 billion) in 2025, compared to ZWG 822.9 billion (approximately US$31.9 billion) in 2024.
- ZIMSTAT has rebased GDP from 2023 to 2025, making 2025 the new reference year for measuring economic activity and growth.
- At constant 2025 prices, the economy recorded 8.3% real growth in 2025, reflecting strong performance in agriculture, mining, transport, accommodation services and electricity generation.
Harare- The Zimbabwe National Statistics Agency (ZIMSTAT) released the country's annual Gross Domestic Product (GDP) estimates for 2025 and, in doing so, has undertaken an important statistical exercise known as GDP rebasing.
GDP represents the total value of goods and services produced within an economy during a given year. It is the most widely used measure of economic performance and provides insight into the size, structure and growth of the economy.
For 2025, Zimbabwe's GDP at current market prices was estimated at ZWG 1.55 trillion, equivalent to approximately US$59.7 billion using the end-of-year exchange rate of US$1 = ZWG 25.9807.
By comparison, GDP in 2024 stood at ZWG 822.9 billion, equivalent to approximately US$31.9 billion using the end-of-year exchange rate of US$1 = ZWG 25.7985.
While these figures show a substantial increase in the nominal value of economic output, understanding the significance of the numbers requires an appreciation of the GDP rebasing exercise undertaken by ZIMSTAT.
What Is GDP Rebasing?
GDP rebasing is the process of updating the reference year used to measure economic activity and price changes within an economy.
Prior to the latest release, Zimbabwe's national accounts were referenced to 2023. Following the compilation of the 2025 annual GDP estimates, ZIMSTAT revised the base year to 2025.
A base year serves as the benchmark against which economic production, industry weights and price structures are measured. Over time, economies evolve, new industries emerge, consumer spending patterns change and production structures shift. Rebasing ensures that GDP statistics accurately reflect these developments.
According to ZIMSTAT, 2025 was selected as the new base year because it was considered a relatively stable year characterised by:
- Lower inflationary pressures;
- A favourable agricultural season;
- Strong mining sector performance; and
- Firm international mineral prices, particularly for gold.
By updating the base year to 2025, Zimbabwe's national accounts better reflect the current structure of the economy and provide a more accurate foundation for future economic analysis.
Nominal GDP Versus Real GDP
When analysing GDP data, it is important to distinguish between GDP at current prices and GDP at constant prices.
GDP at current prices, often called nominal GDP, measures production using prices prevailing during the year under review. These figures therefore reflect both changes in production volumes and changes in prices.
GDP at constant prices removes the effect of price changes by valuing production using prices from a specific base year. This allows economists to measure the actual growth in economic activity.
Using the new 2025 base year, Zimbabwe's GDP at constant prices was:
- ZWG 1.432 trillion in 2024; and
- ZWG 1.551 trillion in 2025.
This resulted in a real GDP growth rate of 8.3% in 2025, indicating that the economy expanded significantly in volume terms rather than merely reflecting changes in prices.
Which Sectors Drove the Economy in 2025?
The rebased GDP figures reveal the industries that contributed most to Zimbabwe's economic output.
The five largest contributors to GDP in 2025 were:
- Manufacturing – 16.8%
- Mining and Quarrying – 15.9%
- Agriculture, Forestry and Fishing – 11.1%
- Wholesale and Retail Trade – 11.0%
- Financial and Insurance Activities – 6.3%
Together, these sectors accounted for more than 60% of total economic activity, highlighting the continued importance of productive industries, commerce and financial services.
Manufacturing remained the single largest contributor to GDP, reflecting its central role in value addition and industrial production. Mining continued to benefit from strong mineral output and favourable commodity prices, while agriculture recovered strongly following a productive farming season.
Fastest Growing Industries in 2025
Beyond overall contribution to GDP, several industries recorded particularly strong growth during 2025.
The fastest-growing sectors were:
- Agriculture, Forestry and Fishing – 27.9%
- Electricity Supply – 14.9%
- Accommodation and Food Services – 12.8%
- Transport and Storage – 10.4%
- Mining and Quarrying – 10.4%
Agriculture emerged as the standout performer, recording growth of nearly 28%, supported by favourable weather conditions and improved agricultural output. The strong expansion of electricity generation also provided critical support to productive sectors across the economy.
Growth in accommodation, food services and transport suggests continued recovery in tourism-related activities and increased movement of goods and services throughout the economy.
How Was Economic Activity Distributed?
The expenditure approach provides another perspective on economic performance by examining how GDP is spent.
In 2025:
- Household consumption expenditure amounted to ZWG 1.208 trillion (approximately US$46.5 billion);
- Gross capital formation reached ZWG 116.5 billion (approximately US$4.5 billion);
- Net exports stood at negative ZWG 14.8 billion (approximately negative US$0.6 billion).
Household consumption accounted for 77.9% of GDP, underscoring the importance of consumer spending as the primary driver of economic activity.
Government consumption represented 12.8% of GDP, while investment expenditure accounted for 7.5%.
Income Generated by the Economy
The income approach measures GDP by examining the income earned during the production process.
For 2025:
- Compensation of employees reached ZWG 668.3 billion (approximately US$25.7 billion);
- Gross operating surplus amounted to ZWG 517.9 billion (approximately US$19.9 billion);
- Mixed income totalled ZWG 278.2 billion (approximately US$10.7 billion);
- Net taxes on products contributed ZWG 86.2 billion (approximately US$3.3 billion).
The figures indicate that wages and salaries represented the largest share of income generated within the economy, accounting for 43.1% of GDP.
What Do the New GDP Figures Tell Us?
The rebased GDP estimates provide a clearer and more accurate picture of Zimbabwe's economic structure and performance.
The move from a 2023 base year to a 2025 base year ensures that national accounts better capture current production patterns, sectoral contributions and expenditure behaviour. It also improves the reliability of future growth comparisons.
The data show an economy that benefited from strong agricultural performance, robust mining activity and improving infrastructure-related sectors. Real economic growth of 8.3% in 2025 points to broad-based expansion across several productive industries.
With GDP reaching approximately US$59.7 billion at current prices, the latest estimates provide an updated benchmark for policymakers, investors, businesses and development partners seeking to understand the size and trajectory of Zimbabwe's economy.
As the new base year, 2025 will now serve as the reference point for measuring future economic growth, enabling more accurate tracking of Zimbabwe's economic progress in the years ahead.
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