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*Industry Capacity Utilisation Falls To 53.2% - CZI* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?su Capacity utilisation in Zimbabwe’s manufacturing sector fell by 2.9%, to 53.2% in 2023 from 56.1% in 2022. According to a report by the Confederation of Zimbabwe Industries (CZI), this development is attributable to forex shortages, crippling power crisis, exchange rate volatility and currency crisis, among other factors. ---------- Latest itel S24 available on Pindula: 128GB storage, 4GB RAM $119 USD WhatsApp: +263715068543 Calls: 0772464000 Buy Online: https://www.pindula.co.zw/market/itel-s24-128gb-22-20240426142756795795/?s=wanews ---------- Presenting the 2023 CZI Manufacturing Sector Survey on Friday in the capital Harare, CZI chief economist, Cornelius Dube, said (via Business Times): > Capacity utilisation, which measures roughly how productive a factory is, is down to 53.2% in 2023 from 56.1% in 2022 and 56.3% in 2021. Dube further revealed that the manufacturing sector’s contribution to GDP fell to 9% in 2023 from 14.8% in 2018. He said: > In 2018, the manufacturing sector’s contribution to GDP was 14.8%. It has since fallen to just 9% in 2023. > This is about half of what manufacturing was contributing to GDP in the 1980s and 1990s. Between 1980 and 1989, manufacturing contributed 23% to GDP on average. Zimbabwe’s manufacturing industry includes sectors such as food processing, textiles, and metal production among others. According to the CZI survey, 47% of manufacturers thought that the economy would improve between 2023 and 2024, while 30% thought that it would deteriorate. More: Pindula News _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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