Capacity utilisation in the manufacturing sector is expected to drop by 18% in 2019 to 30% as the economic turmoil bites, The Chronicle reports. This was revealed by CZI Matabeleland Chamber President Mr Robert Chawira who said the manufacturing industry this year suffered a number of constraints which have eroded the previous year’s gains.
Said Mr Chawira:
We are this year forecasting at around 30 percent, which is down from about 48 to 50 percent, which was last measured in January.We also have a challenge of unnecessary importation of goods and services consuming 82 percent of our import expenditure.
With these factors there is no doubt that our industry is faced with many challenges as our country is in a deep economic decline. These factors, while they are many, they differ in a way they have affected business.
Many businesses lamented the exchange rate woes that saw some losing billions of dollars at the back of policy changes by the government among other factors.
More; The Chronicle
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