Thus, first-quarter numbers showed a contrast between the fall in construction sectors and business and real estate services on one side, and growth in trade and the recovery of manufacturing lines that produce consumer goods on the other (figure 4). The improvement in investment in machinery and equipment—excluding uncommon transport equipment—is also worth noting, which, like durable consumer goods, has benefited from the need to replenish stocks after several years of low growth and exchange rate elements (figure 5). Finally, the greater execution of public spending contributed to increase government consumption, which also had a positive impact on activity. The increased stability in consumption occurs in a context where consumer expectations, although still in pessimistic territory, have improved somewhat. The labor market continues to adjust as expected, with the unemployment rate low by historic standards, but with salaried employment still weak and still decelerating wages. The downturn of salaried employment has been echoed by a rise in self-employment. As we show in a box in the MP Report, considering workers of equal experience and skills, a person that is self-employed or works in the informal sector, earns around 20% less per hour than a salaried employee. If we consider that the informal and self-employed work fewer hours per week, their income ends up being 30% to 40% less. Although the share of non-salaried employment in total employment has risen in the past few months, it has not diverted far from its historic indicators.
Denny H Kalyalya: Zambian financial sector – responding to the needs of business Speech by Dr Denny H Kalyalya, Deputy Governor-Operations of the Bank of Zambia; at the opening of Standard Chartered Bank Zambia Solwezi Branch, Solwezi, 10 December 2008. *  *  *  The Minister of Commerce, Trade and Industry, Hon. Felix Mutati The Minister, North-Western Province, Hon. Joseph Mulyata The Chairman of the Board of Standard Chartered Bank Zambia, Mr. George Sokota His Worship the mayor of Solwezi The Managing Director of Standard Chartered Bank, Mrs. Mizinga Melu Distinguished guests Members of the press Ladies and Gentlemen I am pleased to be here at the official opening of the new Solwezi Branch of Standard Chartered Bank Zambia Limited. Ladies and Gentlemen, recent times have shown a proliferation of commercial bank branches in areas which had previously been considered unattractive for business. Rural areas had even experienced closures where banks felt that they were unable to establish a case for business. The economic environment that the Government created through the reforms instituted in the early 1990’s has given new confidence to investors and has provided an opportunity for businesses to grow, thereby attracting banks to the areas which were deprived of basic financial services. The opening of this branch today, in a town which has attracted major investments, is a demonstration that the financial sector is indeed, now responding to the needs of business.