LATEST data from the Zimbabwe National Statistics Agency indicates positive growth in the manufacturing sector during the fourth quarter of 2023.
The volume of the manufacturing index was 143,15, showcasing a significant year-on-year increase of 12,26 percent. This also comes as the government has approved a US$25 million cable manufacturing plant in Harare.
Analysts attribute the sector’s improvement to a focus on value preservation strategies brought on by a challenging foreign currency market.
“Businesses are recognising the need to grow their domestic balance sheets due to limited access to foreign currency for imports,” said Zimbabwe National Chamber of Commerce CEO Chris Mugaga.