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25 percent of Zambian firms report sharp decline in recent months: survey

Xinhua, June 21, 2016 Adjust font size:

A survey conducted by a local think tank revealed on Monday that the Zambian economy has performed badly in the last few months.

"What our study has found out is that 25 percent of the firms reported at least 50 percent decline in profits and that is really quite a big number because a quarter of the firms had at least half the profits wiped out,"Shebo Nalishebo, researcher of the Zambia Institute for Policy Analysis and Research said.

The survey conducted in April entitled "The Eyes in the Storm, the Impact of the Economic Slowdown on the Labor Market" cited the depreciating local currency and frequent power cuts as main factors to the country's economic slowdown.

Other factors included the high inflation rate as well as soaring commercial bank lending rates which average 40 percent.

According to the survey, small businesses, which mostly employ not more than 50 people, were the hardest hit.

The survey shows that 78 percent of the small firms were hit hard compared to 37 percent of the large firms. Endit