Story by Stanley James, Business Editor
ZIMBABWE’S manufacturing sector has emerged as the leading contributor to the country’s economic output in 2024, accounting for more than 15 percent of the Gross Domestic Product (GDP).
According to the annual Gross Domestic Product (GDP) figures released by the Zimbabwe National Statistics Agency (ZIMSTAT) this Saturday, a rebound in the manufacturing sector output created favourable conditions for the growth of the sector in terms of earnings, tax contributions and employment creation during the year under review.
The mining and quarrying industries contributed over 14 percent to the overall economic output, ranking second.
The wholesale, retail, and trade sector accounted for over 11 percent, driven by the expansion of shopping malls and new shops.
However, the agriculture sector’s contribution to national economic output slowed to 9 percent in 2024 due to the El Nino-induced drought.
Other sectors, including banking, finance, construction, energy and infrastructure, also made significant contributions.
The manufacturing sector’s growth is attributed to new investments, value addition strategies, and increased exports.”
“A lot needs to be done to sustain overall growth, and while current trends indicate a promising growth trajectory, addressing industry challenges is crucial. Indeed, the government and private sector should do more to drive the growth and development of manufacturing companies in Zimbabwe,” Economist, Mr Shepherd Kembo said.
The government is introducing several incentives aimed at increasing production to sustain overall macroeconomic prosperity.
