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The Zimbabwean economy has been going through a tumultuous period characterized by currency distortions, high inflation rates and an unstable monetary policy. On 6 April 2023 the Confederation of Zimbabwe Industries (CZI) launched the 2022 Annual Manufacturing survey which provides a detailed insight into the performance of the manufacturing sector in 2022. CZI has a long standing partnership with KAS in the area of economic dialogue.
Speaking at the presentation of the survey in the Zimbabwean capital of Harare, CZI President Kurai Matsheza said the manufacturing sector is the pivot of Zimbabwe's industrial transformation, and is central to the country's goal of becoming an upper middle-income economy by 2030. Furthermore, Matsheza said the performance of the sector during the periods of stability shows that stability is a good thing for the sector. "Sustaining stability is, therefore, one of the elusive targets which need to be achieved in order to sustain growth. Retiring our recurring problems of currency instability and unstable power supply are going to be key as we move forward."
According to the survey results in 2022, industrial capacity utilization stood at 56.1 percent, up from 52.2 percent the previous year. In terms of employment, 40.2 percent of firms registered growth, while retrenchment was at 16.8 percent. Out of the captured 409 firms from the survey, 19 percent are into exports, and they exported 24.5 percent of their output. The survey showed that investment was still significant in 2022 despite the operating challenges, with about 40 percent of the sample having invested in 2022, up from 38 percent in 2021. About 101 million U.S. dollars was invested in 2022, a decrease from 147 million dollars the previous year by local companies. However, manufacturers said load shedding, particularly in the fourth quarter of 2022, high inflation, tight liquidity conditions introduced in August 2022, delayed payment of contractors, and the introduction of 200 percent interest rates in July were some of the factors that hindered the growth of the local manufacturing sector.The Zimbabwean economy has been going through a tumultuous period characterized by currency distortions, high inflation rates and an unstable monetary policy. On 6 April 2023 the Confederation of Zimbabwe Industries (CZI) launched the 2022 Annual Manufacturing survey which provide a detailed insight into the performance of the manufacturing sector in 2022. CZI has a long standing partnership with KAS in the area of economic dialogue.
Speaking at the presentation of the survey in the Zimbabwean capital of Harare, CZI President Kurai Matsheza said the manufacturing sector is the pivot of Zimbabwe's industrial transformation, and is central to the country's goal of becoming an upper middle-income economy by 2030. Furthermore, Matsheza said the performance of the sector during the periods of stability shows that stability is a good thing for the sector. "Sustaining stability is, therefore, one of the elusive targets which need to be achieved in order to sustain growth. Retiring our recurring problems of currency instability and unstable power supply are going to be key as we move forward."
According to the survey results in 2022, industrial capacity utilization stood at 56.1 percent, up from 52.2 percent the previous year. In terms of employment, 40.2 percent of firms registered growth, while retrenchment was at 16.8 percent. Out of the captured 409 firms from the survey, 19 percent are into exports, and they exported 24.5 percent of their output. The survey showed that investment was still significant in 2022 despite the operating challenges, with about 40 percent of the sample having invested in 2022, up from 38 percent in 2021. About 101 million U.S. dollars was invested in 2022, a decrease from 147 million dollars the previous year by local companies. However, manufacturers said load shedding, particularly in the fourth quarter of 2022, high inflation, tight liquidity conditions introduced in August 2022, delayed payment of contractors, and the introduction of 200 percent interest rates in July were some of the factors that hindered the growth of the local manufacturing sector.
