Published: 04 November 2013

ZIMBABWE'S gross domestic product is projected to grow by 6.1 percent next year to $15,5 billion driven by mining, Finance and Economic Development Minister Patrick Chinamasa has said.

Addressing parliamentarians during a pre-budget meeting in Victoria Falls on Saturday, Minister Chinamasa also said he anticipated revenue to increase from $3,7 billion to $4,4 billion.

Treasury expects to spend $4,4 billion as budgeted in line with the cash budgeting principle. Capital expenditure is set to be increased from 14,7 percent in 2013 to 18 percent in 2014.

Current expenditure is expected to maintain pressure on the fiscus at $3,6 billion with $1,9 billion of that amount anticipated to be spent on salaries and wages for civil servants.

Minister Chinamasa said while annual inflation has trended down from 2,51 percent in January to 0,86 percent in September, inflation is expected to rise marginally to 1,5 percent next year.

"In terms of key projections the economy is projected to grow from 3,4 percent to 6,1 percent and a nominal gross domestic product of $15,5 billion," Minister Chinamasa said.

The 2014 national budget will largely be guided by the Zimbabwe Agenda for Socio-Economic Transformation, Government's new economic blueprint covering the period from 2014 to 2018.
- herald

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