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Zim creates fewer formal jobs

25 August 2014, 08:40 Malcom Sharara, Fin24’s correspondent in Zimbabwe

Harare - The Zimbabwean economy added only 13 173 new jobs in the six months to June 2014, adding to evidence that the country's economic situation has continued to worsen.

This is a massive decline from 37 827 new jobs that had been created during the same period in the previous.

According to figures from the National Social Security Authority (NSSA), Zimbabwe’s statutory corporate body responsible for all formal employees, most of the jobs totaling 2 990, were created in the retail, wholesale and commodity broking sector. This indicates the economic model currently operational in Zimbabwe.

With most manufacturing companies closing shop, Zimbabwe has resorted to importing the bulk of its groceries from other countries with the bulk coming from South Africa.

At least 60% of groceries sold in Zimbabwean supermarkets are imported.

A total 1 700  new companies were registered, down from 4 071 that were registered for the same period last year.

The bulk of the companies, totaling 621, were also in the retail, wholesale, and commodity broking sectors.

The banking, finance and insurance sectors also created a fair share of new companies with 168 companies having been created.

In a statement accompanying the figures NSSA said: “Although on the surface, the total number of new company registrations may be encouraging, an insight into the specific sectors however reveals an unfortunate scenario where small companies with an average of four employees are coming on board, while big companies with capacity for high employment levels are either retrenching or at the worst exiting the labour market altogether”.

As such, said NSSA said the total sum of all these changes could be a net decline in employment levels.

Zimbabwe’s unemployment levels are said to be above 80%.

 - Fin24



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