Tanzania, June 23 -- Arusha. Household spending in the East African Community (EAC) bloc is down by 20 per cent due to Covid-19.
The fall has negatively impacted on the region's manufacturing sector, according to the East African Business Council (EABC).
Globally, the merchandise trade fell by 30 per cent as the global pandemic impacted heavily on industrial production. This emerged during a live web-based video conference (webinar) at the weekend on the impact of the virus to the 2020/2021 EAC budgets."
The 20 per cent reduction in household spending is a result of Covid-19 across the region," the regional business leaders observed. Household spending is the amount of final consumption expenditure made by resident households to meet the...