Zimbabwe's growth outlook up to 5.3 pct in 2023

Despite the recent exchange rate fluctuations, Zimbabwe's domestic economic outlook remains robust, with projected growth for 2023 upgraded to 5.3 percent from the initial forecast of 3.8 percent, said John Mangudya, governor of the country's central bank, on Wednesday.

"This growth is on account of better performance by agriculture, mining, ICT and tourism, supported by expected improvements in electricity generation in the second half of the year," said Mangudya in the 2023 mid-term monetary policy statement.

The positive trend in foreign currency receipts continued through the first half of 2023, with total receipts increasing to 5.595 billion U.S. dollars, compared to 5.405 billion dollars during the same period in 2022, said Mangudya.

He said that foreign currency inflows totaled 5.6 billion dollars in the first half of 2023, while foreign payments stood at 4.4 billion dollars, resulting in net foreign currency inflows of 1.2 billion dollars.

He added that these factors, coupled with prudent monetary policies, underscore the resilience of the economy's external and monetary foundations, which are expected to sustain favorable exchange rates and inflation dynamics in the short and medium term.