WASHINGTON DC —
A survey released Wednesday by the Confederation of Zimbabwe Industries (CZI) says capacity utilization in the country’s manufacturing sector this year came down significantly from 44.9 percent to 39 percent.
The survey shows that of the 15 sectors evaluated, only four registered improved capacity utilization namely - bakers, grain millers, textiles and timber.
Speaking at the launch of the survey findings in Harare on Tuesday, CZI president Charles Msipa said the economy 'is in the intensive care".
He said, “The survey is a true reflection of corporate results that are being released by listed companies on the Zimbabwe Stock Exchange.”
However, commentator Rejoice Ngwenya said the figures are grossly exaggerated because companies continue shutting down while the milling industry has been affected by drought.
“That is a gross exaggeration because we cannot have such figures when we can see clearly that the economy is going down. I can say the manufacturing industry has gone down by at least 25 percent," said Ngwenya.
The survey shows that of the 15 sectors evaluated, only four registered improved capacity utilization namely - bakers, grain millers, textiles and timber.
Speaking at the launch of the survey findings in Harare on Tuesday, CZI president Charles Msipa said the economy 'is in the intensive care".
He said, “The survey is a true reflection of corporate results that are being released by listed companies on the Zimbabwe Stock Exchange.”
However, commentator Rejoice Ngwenya said the figures are grossly exaggerated because companies continue shutting down while the milling industry has been affected by drought.
“That is a gross exaggeration because we cannot have such figures when we can see clearly that the economy is going down. I can say the manufacturing industry has gone down by at least 25 percent," said Ngwenya.
