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Survey shows Zim economy 'in intensive care'

Harare - Capacity utilisation for Zimbabwe’s manufacturing sector in 2013 came down significantly to 39.6% from 44.9% in 2012, a recent survey has shown.

According to the Manufacturing Sector Survey 2013 report launched on Wednesday, the country’s pharmaceuticals were the hardest hit with capacity falling to 20% from 58% in 2012.

Food, dairy and beverages manufacturers also registered a decline in capacity to 42% from 58.2% last year.

Of the 15 sectors covered by the survey, only four registered improved capacity utilisation while the balance recorded declines.

Bakers, grain millers, textiles and timber processors were the only sectors that recorded growth.

Speaking at the launch of the report, Confederation of Zimbabwe Industries president Charles Msipa said the economy was in intensive care.

The survey showed that the manufacturing industry experienced varied constraints ranging from lack of working capital and low local demand to competition from imports.

The survey is a true reflection of corporate results that are being released by listed companies on the Zimbabwe Stock Exchange.

Most companies that reported results for the half-year ended June 30 2013 showed subdued revenue growth as well as losses.

 - Fin24
 
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