Zambia Economy

Is Zambia a rich country?

Zambia had one of the world’s fastest growing economies for the ten years up to 2014, with real GDP growth averaging roughly 6.7% per annum, though growth slowed during the period 2015 to 2017, due to falling copper prices, reduced power generation, and depreciation of the kwacha. Zambia’s lack of economic diversification and dependency on copper as its sole major export makes it vulnerable to fluctuations in the world commodities market and prices turned downward in 2015 due to declining demand from China; Zambia was overtaken by the Democratic Republic of Congo as Africa’s largest copper producer. GDP growth picked up in 2017 as mineral prices rose.

Despite recent strong economic growth and its status as a lower middle-income country, widespread and extreme rural poverty and high unemployment levels remain significant problems, made worse by a high birth rate, a relatively high HIV/AIDS burden, by market-distorting agricultural and energy policies, and growing government debt. Zambia raised $7 billion from international investors by issuing separate sovereign bonds in 2012, 2014, and 2015. Concurrently, it issued over $4 billion in domestic debt and agreed to Chinese-financed infrastructure projects, significantly increasing the country’s public debt burden to more than 60% of GDP. The government has considered refinancing $3 billion worth of Eurobonds and significant Chinese loans to cut debt servicing costs.

Zambia Economy Data

What is the GDP of Zambia?

GDP - Gross Domestic Product (PPP) $61,390,000,000 (USD)
GDP - official exchange rate $24,470,000,000 (USD)
GDP - real growth rate 4.3%
GDP Per Capita $4,300.00 (USD)
GDP by Sector- agriculture 8.6%
GDP by Sector- Industry 31.3%
GDP by Sector- services 60%
GDP - composition, by end use household consumption: 52.6%

government consumption: 20.9%

investment in fixed capital: 25.3%

investment in inventories: 1.1%

exports of goods and services: 40.7%

imports of goods and services: -40.6%
Population Below Poverty Line 64%
Inflation Rate 8.5%
Labor Force 5,524,000
Labor Force By Occupation- agriculture 85%
Labor Force By Occupation- industry 6%
Labor Force By Occupation- services 9%
Unemployment Rate 14%
Fiscal Year calendar year
Annual Budget $3,200,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -8.4%
Public Debt (% of GDP) 104.2%
Taxes and other revenues - percent of GDP 21.6%
Major Industries copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
Industrial Growth Rate 12.1%
Agriculture Products corn, sorghum, rice, peanuts, sunflower seed, vegetables, flowers, tobacco, cotton, sugarcane, cassava (tapioca); cattle, goats, pigs, poultry, milk, eggs, hides; coffee
Currency Code Zambian kwacha (ZMK)
Child Labor - % of children ages 5-14 41%
Child Labor - # of children ages 5-14 1,000,850
Child Labor - note note: data represents children ages 7-14
Commercial Bank Prime Lending Rate 10.4%

Labor Force by Occupation- As reported by Zambia

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