Manufacturing Sector was the best-performing in 2022

By Phiwa Sikhondze

The 2023 Company Survey Report, released by the Ministry of Economic Planning and Development in collaboration with the Central Bank of Eswatini, has revealed that the manufacturing sector was the best-performing sector in terms of revenue growth and employment in 2022.

The report covered 121 companies from different sectors of the economy and showed that the manufacturing sector was part of the main drivers of revenue growth and employment in the country, despite the challenges posed by the COVID-19 pandemic and its aftermath.

According to the report, the manufacturing sector was among the top sectors that engaged in capital investment in 2022, mainly on equipment and machinery, buildings, and software.

“Data collected from the surveyed entities reflected that investment increased significantly in 2022 relative to 2021, surging by 51.2 percent year-on-year to E2.5 billion, mainly buoyed by sizable investment undertaken by entities in the manufacturing and utility sectors,” the report notes.

The manufacturing sector also contributed the most to the overall country’s employment growth of 4.1 percent.

“The manufacturing sector recorded a growth of 9.1 percent, creating more than 9,000 jobs in 2022. This growth is attributed to the developments in the food and beverage and textile and wearing apparel subsectors growing by 9.4 percent and 9.0 percent, respectively, the manufacturing sector recorded employment growth.”

The 2023 Company Survey Report is an annual report that aims to provide information on the performance, investment, employment, and challenges of different sectors of the economy, as well as an inference on the future trajectory of the companies. The report covers both private and public sector entities, including local government, sector regulators, and marketing boards.

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