Finance and Economic Development Minister, Mthuli Ncube said the Government is satisfied with the performance of different sectors of the economy including mining, manufacturing, construction and tourism.
Ncube said the economy remains on track to achieve the projected 5.5 per cent growth rate in spite of low rainfall which has negatively impacted agriculture and rising fuel prices triggered by Russia’s invasion of Ukraine.
Speaking to journalists on the sidelines of the Zimbabwe Metal Casting Summit held in Harare on Friday, Ncube said:
At the moment we are following the rainfall pattern and currently, we have completed the first crop assessment and we are waiting for the second assessment so that we get a clearer picture from particularly the agriculture sector, which is a key sector in the economic growth matrix and its link with other sectors.
But so far we are very pleased with the performance of other sectors such as mining, manufacturing, construction supported by the opening up of the economy with tourism picking up again largely driven by domestic tourism.
Ncube also said the Government has been running a fuel subsidy for the last five months by reducing the fuel levy from 12.47 cents per litre to 8.7 cents per litre. He said:
If you notice since about October last year, the fuel price has been largely stable and we will keep it going for as long as we can afford it, but it is necessary to cushion consumers.