Zambia Economy

Is Zambia a wealthy 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?

Currency Name and Code Zambian Kwacha (ZMW)
GDP - Gross Domestic Product (PPP) $60,120,000,000 (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
Exchange Rate per US Dollar 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

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe