Zimbabwe’s Biti Says Size of GDP Understated, Newsday Reports

The size of Zimbabwe’s economy is understated and if revised nominal gross domestic product would probably reach $8 billion next year, Newsday reported, citing Finance Minister Tendai Biti.

That would be three years ahead of the forecast in the country’s Medium-Term Plan announced this year, the Harare-based newspaper said on its website, citing Biti. Newsday said GDP is currently measured at a little more than $5 billion, according to the International Monetary Fund.

A recovery in taxes, high credit demand and a large informal sector show the size of the economy is understated, it said.

To contact the reporter on this story: Gordon Bell in Johannesburg at gbell16@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg atasguazzin@bloomberg.net.