Zimbabwe economy: GDP growth estimages, Zimbabwe tobacco production 2010
Zimbabwean GDP growth
Zimbabwe's economy is on track to grow by 8.1 percent this year and close to 10 percent in 2011, the finance minister said on Thursday.
The forecast, made by Tendai Biti of Zimbabwe's coalition government partner the MDC - T, contrasts to the GDP growth estimates of 10% for 2010
made by Grant Flanagan, manager of the Imara Zimbabwe Fund.
The IMF has pencilled in 5.9% for 2010.
Zimbabwean tobacco exports 2010
Zimbabwe’s tobacco exports to the European Union in October registered a 45% growth year on year.
The Tobacco Industry and Marketing Board’s statistics show that seasonal exports to the EU were 23 192 tonnes, which it said was 45% higher than in the same period last year. Exports to the Far East were 12 343 tonnes, 25% firmer than 2009 levels in the corresponding period. China has bought 9 615 tonnes of Zimbabwean tobacco since January 2010, representing a 32% increase from the previous year. Kenya, an emerging market, recorded a seasonal intake of 3 007 tonnes compared to only 79 tonnes in 2009.
However, South Africa remains the largest buyer of local tobacco, accounting for 6 035 tonnes, or 49% of the region’s total purchases.
Other significant volumes went to Sudan and Mozambique. The Middle East recorded a dramatic increase, with the United Arab Emirates becoming the third largest buyer of Zimbabwean golden leaf after the UK and China.
An extra 4.4 mln kgs of tobacco was sold during mop-up sales which ended on October 21, according to figures released by the Tobacco Industry and Marketing Board. The selling season officially ended on September 3 with an output of 119 mln kgs.
This year’s production is 110% more than last year’s production of 56 mln kgs. “The increase in tobacco output was attributed to an increase in small scale growers that constituted 80% of the total registered growers,” TIMB said.