The freefall of the Zimbabwean dollar continued with the local currency plunging to about $4 000 to the greenback by the end of July.
Although inflation and remittances from Zimbabweans abroad will continue to fuel consumptive buying, this will not be able to counteract the now severe economic contraction.
Retail group OK Zimbabwe saw its sales for the year ending March almost treble from $16.3 billion to $47.7 billion but it says the increase in sales was largely inflationary as volumes were actually down.
Despite the shortages of electricity, cement, coal, fuel and other utilities which have become a daily challenge, PG Industries says it has so far been able to read the Zimbabwe economy accurately.
Although its domestic sugar business made a staggering loss of $826.4 million, ZSR Corporation, still managed to make a net profit of $4.1 billion, nearly ten times the profit of $437.7 million it made last year.