unbekannter Gast

Zambia: Economy#

Zambia's economy has experienced strong growth in recent years, with real GDP growth in 2005-13 more than 6% per year. Privatization of government-owned copper mines in the 1990s relieved the government from covering mammoth losses generated by the industry and greatly increased copper mining output and profitability to spur economic growth. Copper output has increased steadily since 2004, due to higher copper prices and foreign investment. Zambia's dependency on copper makes it vulnerable to depressed commodity prices, but record high copper prices and a bumper maize crop in 2010 helped Zambia rebound quickly from the world economic slowdown that began in 2008. Zambia has made some strides to improve the ease of doing business. Regulatory changes by the current government in 2012-2013 included Statutory Instruments (SI) Number 33 (mandating use of the kwacha for domestic transactions) and SI Number 55 (monitoring foreign exchange transactions). Along with problems of fiscal management and weakening global copper prices, these SI's were perceived as undermining confidence in Zambia's economy and currency, leading to sharp depreciation of the kwacha in March 2014. In response, the Minister of Finance revoked SI 33 and 55 in late March 2014. Despite a strong economy, poverty remains a significant problem in Zambia, made worse by a high birth rate, relatively high HIV/AIDS burden, and by market distorting agricultural policies.

Economic Facts#

GDP (purchasing power parity)$25.47 billion (2013 est.)
$24.01 billion (2012 est.)
$22.39 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate6% (2013 est.)
7.2% (2012 est.)
6.8% (2011 est.)
GDP - per capita (PPP)$1,800 (2013 est.)
$1,700 (2012 est.)
$1,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 19.8%
industry: 33.8%
services: 46.5% (2013 est.)
Population below poverty line60.5% (2010)
Household income or consumption by percentage sharelowest 10%: 1.5%
highest 10%: 47.4% (2010)
Labor force - by occupationagriculture: 85%
industry: 6%
services: 9% (2004)
Exports - commoditiescopper/cobalt, cobalt, electricity; tobacco, flowers, cotton
Exports - partnersChina 43.4%, South Africa 7.2%, Democratic Republic of the Congo 6.7%, South Korea 5.4%, India 4.7%, UAE 4.3%, Egypt 4.1% (2012)
Agriculture - productscorn, sorghum, rice, peanuts, sunflower seeds, vegetables, flowers, tobacco, cotton, sugarcane, cassava (manioc, tapioca), coffee; cattle, goats, pigs, poultry, milk, eggs, hides
Budgetrevenues: $4.814 billion
expenditures: $6.687 billion (2013 est.)
Imports - commoditiesmachinery, transportation equipment, petroleum products, electricity, fertilizer, foodstuffs, clothing
Imports - partnersSouth Africa 36.7%, Democratic Republic of the Congo 19.8%, China 10.4%, Kuwait 6% (2012)
Exchange ratesZambian kwacha (ZMK) per US dollar -
5.3 (2013 est.)
5.1 (2012 est.)
4,797.1 (2010 est.)
5,046.1 (2009)
3,512.9 (2008)
Exports$8.547 billion (2013 est.)
$9.414 billion (2012 est.)
Debt - external$5.985 billion (31 December 2013 est.)
$5.618 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$8.216 billion (2013 est.)
$7.961 billion (2012 est.)
Industrial production growth rate8% (2013 est.)
Industriescopper mining and processing, emerald mining, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
Inflation rate (consumer prices)7.1% (2013 est.)
6.6% (2012 est.)
Labor force6.275 million (2013 est.)
Unemployment rate15% (2008 est.)
50% (2000 est.)
Distribution of family income - Gini index57.5 (2010)
50.8 (2004)
Public debt31.8% of GDP (2013 est.)
29.5% of GDP (2012 est.)
Current account balance-$1.25 billion (2013 est.)
-$189.9 million (2012 est.)
Reserves of foreign exchange and gold$2.833 billion (31 December 2013 est.)
$3.042 billion (31 December 2012 est.)
GDP (official exchange rate)$22.24 billion (2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$3.004 billion (31 December 2012 est.)
$4.009 billion (31 December 2011)
$NA (31 December 2010 est.)
Central bank discount rate8.39% (31 December 2009)
14.49% (31 December 2008)
Commercial bank prime lending rate10.4% (31 December 2013 est.)
12.15% (31 December 2012 est.)
Stock of domestic credit$5.458 billion (31 December 2013 est.)
$3.833 billion (31 December 2012 est.)
Stock of narrow money$2.299 billion (31 December 2013 est.)
$2.185 billion (31 December 2012 est.)
Stock of broad money$5.047 billion (31 December 2013 est.)
$4.86 billion (31 December 2012 est.)
Taxes and other revenues21.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-8.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 60%
government consumption: 26.5%
investment in fixed capital: 19.1%
investment in inventories: 1%
exports of goods and services: 36.2%
imports of goods and services: -42.9%
(2013 est.)
Gross national saving14.5% of GDP (2013 est.)
19.4% of GDP (2012 est.)
23.7% of GDP (2011 est.)