HARARE, July 30 (Xinhua) -- Zimbabwe is confident of achieving its 5 percent growth target for 2026 on the back of macroeconomic stability and increased local value addition of minerals, Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube said Thursday.
Presenting the 2026 mid-term budget review statement in Parliament, Ncube said the domestic economy continued to show remarkable resilience during the first half of the year, underpinned by strong fiscal revenue performance and currency stability, despite global economic volatility.
After recording an annualized quarterly gross domestic product growth rate of 6.8 percent during the first quarter of 2026, Zimbabwe remains on course to meet its 5 percent growth target for the year, Ncube said.
He noted that the economic growth in 2026 will be anchored on buoyant mineral commodity prices, a favorable agriculture season, and the positive impact of ease-of-doing-business reforms.
Ncube said mining is becoming one of the fastest-growing sectors in Zimbabwe's economy, with gold production anticipated to reach 55.6 tonnes in 2026, while export earnings from lithium products grew substantially during the first half of the year.
Inflation averaged 4.2 percent during the first seven months of the year, marking the first time in over three decades that Zimbabwe has attained single-digit inflation, the minister noted.
Ncube also ruled out a supplementary budget for 2026, noting that budget utilization reached around 42.5 percent during the first half of the year, which reassures that the approved budget remains adequate through the year's close.
In 2027, Ncube said, the economy is projected to grow by a further 5 percent despite the risk of an El Nino-induced drought, driven by increased mineral beneficiation, greater value addition in the manufacturing sector, and continued structural reform. ■