THE manufacturing sector says it is on track to achieve the 61 percent capacity utilisation target this year, pinning its hopes on policy consistency, currency stability and the Covid-19 vaccination programme.
The National Development Strategy One identifies the manufacturing sector as a key pillar of economic recovery and growth.
Unpacking findings of the just-released 2020 manufacturing sector study report, Confederation of Zimbabwe Industries chief economist Mrs Tafadzwa Bandama expressed optimism over growth prospects.
“Sustaining the rise in capacity utilisation, therefore, requires consistent policy process, currency stability to address exchange rate stability, inflation reduction, export promotion, buying local and an aggressive vaccination programme,” she said.
According to the report, capacity utilisation recovered from over 36 percent in 2019 to 47 percent last year, with processed foods dominating exports while the sugar industry topped the earnings.
The manufacturing sector report provides a useful overview of how industries are performing. – ZBC
