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*Govt Alters Projected Manufacturing Sector Growth To 1%*

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The Minister of Industry and Commerce, Mangaliso Ndlovu has changed the country’s manufacturing sector growth for 2019 to 1% from the initially projected to 2.5%.

Ndlovu said that the revision was necessitated by several factors which are outside the government’s control, chief among them being two weather extremes experienced last season.

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Speaking to delegates at the state of industry breakfast meeting recently, Ndlovu said:

> We had initially made a projection of 2.5% which has since been revised downwards to 1% obviously because of many factors that have affected our economy and chief among them is the El Nino induced drought and Cyclone Idai’s devastating effects.

> We also encountered several challenges on the currency front and more specifically from accessing the foreign currency needs for our raw materials and retooling needs.

> I have however defended our projected 2 % annual growth rate moving into 2020 and beyond. While others feel it is not ambitious enough, there is a need to note that in 2017 and 2018 where I believe we did well, we only grew by just over 1.3%.

> So realistically, if we have a target of 2%, I believe we would have done well although there will be scope to do more than the projections.

More: NewZimbabwe.com

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