Economy of Zambia

Economy of Zambia
Lusaka is the capital and largest financial district in Zambia.
CurrencyZambian kwacha (ZMW)
calendar years
Trade organisations
AU, AfCFTA (signed), WTO, SADC, COMESA
Country group
Statistics
Population(2021 est.)Increase19,473,125[3][4][5]
GDP
  • Increase $29.425 billion (nominal, 2023 est.)[6]
  • Increase $76.325 billion (PPP, 2022 est.)[6]
GDP growth
  • 1.4% (2019) -2.8% (2020e)
  • 4.3% (2021e) 3.1% (2022e)[6]
GDP per capita
  • Increase $1,348 (nominal, 2022 est.)[6]
  • Increase $3,808 (PPP, 2022 est.)[6]
GDP by sector
12.5% (2022 est.)[6]
Population below poverty line
60.5% (2010)
  • Decrease 0.565 medium (2021)[8] (154th)
  • Decrease 0.390 low IHDI (2021)[9]
Labour force
6.906 million(2015)
Labour force by occupation
agriculture: 54.8%, industry: 9.9%, services: 35.3% (2017)
Unemployment7.2% (2018)[10]
Main industries
copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
External
Exports$11.111 billion (2021 est)[11]
Export goods
copper/cobalt 64%, cobalt, gold, electricity, gemstones tobacco, flowers, cotton, raw sugar
Main export partners
Imports$6.899 billion (2021 est)[13]
Import goods
machinery, transportation equipment, petroleum products, electricity, fertilizer; foodstuffs, clothing
Main import partners
Public finances
$17.00 billion (December 2021)[15]
Revenues$4.94 billion (2021)
Expenses$6.74 billion (2021)
Increase $3.000 billion (2 July 2022 est.) [17]
All values, unless otherwise stated, are in US dollars.
Zambian exports in 2006

Zambia is a developing country, and it achieved middle-income status in 2011. Through the first decade of the 21st century, the economy of Zambia was one of the fastest-growing economies in Africa, and its capital, Lusaka, the fastest-growing city in the Southern African Development Community (SADC).[18] Zambia's economic performance has stalled in recent years due to declining copper prices, significant fiscal deficits, and energy shortages.[19][20] The economy has been reliant on mineral extraction since the 1920s, in particular copper.[21][22]

Upon achieving independence, Zambia had a higher GDP per capita than almost all sub-Saharan African countries.[22] Over the subsequent decades, Zambia's economy contracted, in part due to declining copper prices.[22] Since the 2000s, Zambia's economy has been growing.[22] As of 2019, Zambia's GDP per capita (current international dollars) stands at $1,305.00.

Zambia is one of Sub-Saharan Africa's most urbanized countries. About one-half of the country's 16 million people are concentrated in a few urban zones strung along the major transportation corridors, while rural areas are under-populated.

Copper and cobalt are among Zambia's main exports, while non-traditional exports include cotton, coffee, fresh flowers, burley tobacco, gemstones and maize (corn). Zambia is eligible to export duty-free goods to the United States under the African Growth and Opportunity Act (AGOA); the Act allows eligible countries from sub-Saharan Africa to export over 6,400 goods to the United States.[23]

Copper output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was again good in 2005, helping boost GDP and agricultural exports. Cooperation continues with international bodies on programs to reduce poverty, including a new lending arrangement with the IMF in the second quarter of 2004.[23]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved July 17, 2022.
  4. ^ "World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved July 17, 2022.
  5. ^ "Population, total - Zambia". data.worldbank.org. World Bank. Retrieved 20 April 2020.
  6. ^ a b c d e f "World Economic Outlook database: April 2022 IMF Zambia - Country Data". IMF.org. International Monetary Fund. Retrieved 23 April 2022.
  7. ^ The World Factbook
  8. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 November 2022.
  9. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 November 2022.
  10. ^ Unemployment, total (% of total labor force) (modelled ILO estimate) [Data file]. (2019)."World Bank, World Development Indicators". Retrieved from https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?locations=ZM&view=chart
  11. ^ "Exports of goods, services and primary income, BoP, current US$ - Zambia". WorldBank. 23 April 2022. Retrieved 23 April 2022.
  12. ^ "Export Partners of Zambia". CIA World Factbook. 2015. Archived from the original on June 13, 2007. Retrieved 26 July 2016.
  13. ^ "Imports of goods, services and primary income, BoP, current US$ - Zambia". World Bank. 8 April 2022. Retrieved 23 April 2022.
  14. ^ "Import Partners of Zambia". CIA World Factbook. 2015. Archived from the original on June 13, 2007. Retrieved 26 July 2016.
  15. ^ "zambias-new-dawn-might-just-be-a-lasting-new-dawn". engineeringnews.co.za. engineeringnews. Retrieved 21 October 2022.
  16. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  17. ^ "foreign-reserves-sitting-at-us-3-billion-boz". lusakatimes.com. Lusaka_Times. 2 July 2022. Retrieved 30 July 2022.
  18. ^ "SADC Country Profile Zambia".
  19. ^ African Development Bank, African Development Fund (2016). "Zambia Country Profile" (PDF). African Development Bank. Retrieved 5 November 2020.
  20. ^ "Overview". World Bank. Retrieved 2020-11-05.
  21. ^ Chitonge, Horman; Marewo, Malvern; Kabinga, Mundia; Fundanga, Caleb M.; Songwe, Vera (2024), "The Zambian Economy", The Oxford Handbook of the Zambian Economy, Oxford University Press, pp. 1–12, ISBN 978-0-19-286422-2
  22. ^ a b c d Seekings, Jeremy; Tembo, Alfred (2024), "The Economic History of Zambia", The Oxford Handbook of the Zambian Economy, Oxford University Press, pp. 37–57, ISBN 978-0-19-286422-2
  23. ^ a b "Overview". Zambia n Embassy. Retrieved 2021-05-24.