Business experienced slowdown in 4th quarter of 2018 –  ZACCI

By Staff Reporter

 

The Zambian Chamber of Commerce and Industry (ZACCI) says the performance of business worsened in the fourth quarter of 2018 compared to the third quarter of the same year.

ZACCI president Michael Nyirenda has attributed the slowdown to delayed payments by government for goods and services rendered and stiff competition from foreign companies.

“The fluctuating of the kwacha against major convertible currencies and low crop prices in the agriculture sector also had a negative impact on the businesses,” he said.

Nyirenda said that the survey further revealed that only few businesses employed more staff in the fourth quarter of 2018.

He said that most businesses experienced increased demand for their products in the same period.

The ZACCI president further said that the survey also revealed that policy inconsistence affected the performance of business, adding that local tax made business uncompetitive in the region during the period of 2018.