Zimbabwe’s economic growth in the third quarter of 2023 was hit by a shortage of cement, according to local news source, Chronicle. The country’s economy grew by just 1.3 per cent over the three-month period, reports the Zimbabwe National Statistics Agency, driven by a 36.7 per cent slowdown in construction activity, which was reportedly due to a lack of cement supplies.
Plant breakdowns and scheduled maintenance meant that local producers, including PPC Zimbabwe, Khaya Cement and Sino Zimbabwe Cement, were unable to meet demand. The three-month period also saw cement prices increase by 100 per cent, prompting the Zimbabwean government to issue import licences to manage the supply deficit.
Zimbabwe’s economy is forecast to expand by 3.5 per cent in 2024, compared to 5.5 per cent in 2023, due to an anticipated drought caused by El Niño.
