| 1. | Much of the information in this section was derived from unpublished research papers compiled for Zimbabwe’s national biodiversity strategy and action plan. |
| 2. | This figure is significantly higher than previous estimates published by the World Bank, World Resources Institute and FAO. The reason is that in recently released national statistics by the Central Statistical Office, estimates of GDP from the informal sector were included. This has increased official GDP per capital figures by almost 60 percent over values in older publications. |
| 3. | ZD = Zimbabwe Dollars |
| 4. | This is in fact a generalisation of the original El Serafy method (El Serafy (1989) |
| 5. | For derivations see Vincent (1996) |
| 6. | i.e. from this, Hotelling Rent = Total Rent x 0.96 |
| 7. | Here and elsewhere, the physical depreciation rate d is assumed to be the same as the financial rate business owner’s use in calculating depreciation reserves. This identity of two conceptually distinct rates is not always observed, especially under inflation. |
| 8. | Note that we do not adjust for changes in human capital, so that the estimates of net investment are only partial ones. |
| 9. | If we also take physical capital depreciation into account, the adjustments are about 17 percent, or roughly equivalent to the entire share of agriculture in GDP. |
