{"id":71817,"date":"2023-01-01T14:26:51","date_gmt":"2023-01-01T12:26:51","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fitch-solutions-says-zimbabwe-will-most-likely-record-a-current-account-surplus-this-year"},"modified":"2023-01-01T18:16:05","modified_gmt":"2023-01-01T16:16:05","slug":"fitch-solutions-says-zimbabwe-will-most-likely-record-a-current-account-surplus-this-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/fitch-solutions-says-zimbabwe-will-most-likely-record-a-current-account-surplus-this-year","title":{"rendered":"Fitch Solutions Says Zimbabwe Will Most Likely Record A Current Account Surplus This Year"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>New York-headquartered global rating firm Fitch Solutions says Zimbabwe will most likely record a surplus for a \u201cthird consecutive current account surplus\u201d this year for the first time since 2009.<\/p>\n

A current account surplus means that a country has more exports and incoming payments than imports and outgoing payments to other countries. It is generally deemed a positive because the current account surplus adds to a country\u2019s reserves.<\/p>\n

The Sunday Mail reported citing Fitch Solutions\u2019s recent report. Reads part of the report:<\/p>\n

At Fitch Solutions, we anticipate that Zimbabwe will realise a current account surplus, although it will narrow from 3 percent of GDP in 2022 to 2,2 percent of GDP in 2023.<\/p>\n

This is testament to the fact that there is something positive happening in the country, and since the Minister of Finance (Professor Mthuli Ncube<\/b>) came into office, prudent economic policies have been put in place. We, however, need to look at ways to further increase the gap in the positive direction, as it translates to more domestic production, which also means more jobs and a bigger local market.<\/p>\n

Fitch Solutions believes the surplus would narrow owing to a combination of strong import demand in the run-up to this year\u2019s harmonised elections and weak global commodity prices.<\/p>\n

However, consumer spending is expected to remain strong which will keep import demand robust and lead to a narrower current account surplus.<\/p>\n

Zimbabwe\u2019s import bill is expected to reduce as average crude oil prices are projected to drop by 6.9 per cent over the course of 2023. The prices rose sharply in 2022 following Russia\u2019s invasion of Ukraine on 24 February<\/b>.<\/p>\n

Fuel accounted for 15.6 per cent of imports into Zimbabwe in 2021.<\/p>\n

Fitch Solutions believes that the Zimbabwean export sector will be dealt a heavy blow by stagnant gold prices and receding nickel prices, resulting in less revenue.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. New York-headquartered global rating firm Fitch Solutions says Zimbabwe will most likely record a surplus for a \u201cthird consecutive current account surplus\u201d this year for the first time since 2009. A current account surplus means that a country has more exports and incoming payments than imports and outgoing payments to other countries. 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