This page has economic forecasts for zambia including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the zambia economy. During the second half of 2017, the bank of zambia will continue to strengthen the forward looking monetary policy framework, anchored on the policy rate as the key signal for the monetary. In october 1991 the people of zambia, discontent with the performance of the reforms thus far, elected the movement for multiparty democracy mmd government. National financial sector development policy 2017 iii foreword worldwide, the financial sector is recognised as a facilitator of economic growth and development.
Zambias threeyear average score of the country policy and institutional assessment cpia for 201416 was 3. Mutati, mp minister of finance delivered to the national assembly on friday, 11th november, 2016 1. Boz further notes that inflation outcomes are expected to range from a minimum of. This requires all of us to work even harder for the benefit of the zambian people. The zambian economy has grown at an average of 7 per cent over the past decade, one of the fastest in subsaharan africa. The state of the zambian economy the zambian economy has continued its recovery in 2017, following subdued economic activity when economic growth fell to 2. Zambia economy gdp, inflation, cpi and interest rate.
Malawi, mozambique and zambia synthesis report by firmino g. Partnerships for development enhancing minings contribution to the zambian economy and society 3 emmanuel b. The economy of zambia is one of the fastest growing economies in africa and its capital, lusaka is the fastest growing city in the southern african development community sadc. Zambia ranks among the countries with highest level of inequality globally. With a 100% participation rate from the 17 banks in zambia, we believe our survey provides comprehensive insight into matters affecting the sector. Zambia had one of the worlds fastest growing economies for the ten years up to 2014, with real gdp growth averaging roughly 6. The agricultural sector continues to be the backbone of the zambian economy as it contributes to the growth of the economy and also to exports. Zambia launch zambia plus economic recovery program. Preliminary estimates indicate that real gross domestic product growth was 4. Agricultural output in zambia increased from 18 percent of the gross domestic product gdp in 2008 to about 20 percent of gdp in 2009.
Mwanakatwe, led by improved performance in the mining, construction, manufacturing, and wholesale and retail trade, and supported by a more reliable energy supply. Report enhancing minings contribution to the zambian economy. Accumulated average rate from january to july, 2017. Zambia is well endowed with mineral resources and the country derives most of its foreign earnings from the export of minerals. Table 1 2018 cpi inflation has risen above the upper a b. Child malnutrition, infant and under5 mortality, and the maternal mortality rate have decreased. Joseph chilaizya says zambia will foster economic diplomacy with the. Positive trends in economic indicators coupled with actions by the bank of zambia to ease the tight monetary policy environment provided an opportunity for financial institutions to achieve positive growth and strong financial performance. Compared to many other southern african countries, zambia has relatively abundant land and water. However the country took a three decadeslong socialist turn, nationalizing its economy. The good news is that 2017 was a better year than 2016 for both the zambian economy. The bank of zambia says the risk of global growth remains tilted downwards. Economy profile of zambia doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company dealing with construction permits procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety.
The higher cost of imports translated into higher local prices. Poverty reduction through wealth and employment creation speaks in particular to sdg 9 which aims to promote inclusive and sustainable industrialisation and foster innovation. The 2016 zambia human development report zhdr entitled, industrialisation and human development. This summary report, in turn, presents key findings from four technical papers that are listed below. Access the latest politics analysis and economic growth summary through 2011 for zambia from the economist intelligence unit zambia economy, politics and gdp growth summary the economist intelligence unit. Pdf the political economy of policy failure in zambia.
With elevated fiscal and public debt pressures, there is an urgent need for fiscal adjustment. Knowing the context of tobacco farming will better equip policymakers to address the issue of generating viable alternatives to tobacco farming compelled by this article. During the earlier period, exogenous shocks and lax policy in the lead up to general elections led to a poor performing economy. Cobalt oxides and hydroxides, copper concentrates, petroleum oils and oils obtained from bituminous minerals, mineral or chemical fertilizers, nitrogenous, gas oils. The business landscape, which looks at the environment in which zambian businesses operate. This brochure is extracted from the zambia business survey zbs main summary report, the profile and productivity of zambian businesses.
Zambia country report the economist intelligence unit. Minister of finance felix mutati described theupgrade as anendorsement of. On a continent especially vulnerable to the effects of climate change, zambia s rapid fall shows how the phenomenon threatens economic development. The government of the republic of zambia united nations. The latest jctr 2001 monthly food basket survey shows that it is becoming more and more. About onehalf of the countrys 16 million people are concentrated in a few urban zones. For example, since 2007, many health indicators have progressed. Zambian economy on its way to hit rock bottom, warns tembo. Zambia s threeyear average score of the country policy and institutional assessment cpia for 201416 was 3. The agricultural sector is the backbone of the zambian economy as it contributes to the growth of the economy and also to exports, even though it contributes the. The mining industry, which is dominated by copper and a few other minerals, namely, zinc, silver, gold and cobalt, has been the most important driving force of economic development in zambia for over 70 years. In agriculture, the production of most crops increased in 2017. The program is designed to help zambia restore its gdp growth, currently standing at 3%, which is below the 7% levels required to reduce poverty and to drive zambia s development.
Agriculture, fishery and forestry, which account for 20 per cent of zambian gdp, shrunk by 2. Speaker, the economic environment in which the 2017 budget will be implemented will be challenging. However, recent economic data shows that the largest percentage share of the gdp is the wholesale and retail trade industry betw. Zambia economy, politics and gdp growth summary the. Climate change hits hard in zambia, an african success. However, it is now one of the worlds poorest nations. The most urgent issue for the zambian economy is thus a further reduction of its dependency on copper and the encouragement of private sector investment. Enhancing minings contribution to the zambian economy and society.
Learn more about the zambia economy, including the population of zambia, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. The program is designed to help zambia restore its gdp growth, currently standing at 3%, which is below the 7% levels required to reduce poverty and to drive zambias development. The eius flagship service examines and explains the important political and economic trends in zambia. Inflation is above the authorities target since may. All sectors will contribute positively to growth in 2017. Macroeconomics of zambia,august 2017 gdp by sector 2015. Zambia s charge daffaires at the embassy in washington d. Though agriculture makes a relatively small contribution to the countrys gross domestic product gdp, it employs the preponderance of people. The government of the republic of zambia the united nations conference on sustainable development june. The zambian economy continued to improve in 2017 largely because of good performance in agriculture, energy, nonmining industries, and services. Determining factor productivity could be crucial to helping policy makers and government design evidencebased sectoral policy that requires data from both physical and social sciences. Lusaka, june 29, 2017 the zambian economy has continued its recovery in 2017, but the stronger growth and better macroeconomic indicators have not resulted in an improvement in the fiscal indicators, says a new world bank economic brief reaping richer returns from public expenditures in agriculture pdf released today.
The wdi contains over 900 indicators per country and covers topics including bop, business, demographics, external debt, education, tourism, tax, etc. The zambian government officially launched its economic recovery program on october 20th, 2016. True contribution of agriculture to economic growth and. Data in this publication are current as of their publishing date or in some casesprojected date. The domestic and international financing should be used to catalyze and leverage private sector investment in addressing climate change. The current account has deteriorated, international reserves have fallen, and the exchange rate has been under downward pressure. An overview of zambias economic and poverty situation. Apr 30, 2019 over the past 6 years the zambian economy has been on a continuous downward spiral, sean tembo has observed. Zambia has a wide range of renewable energy sources solar. Severe drought conditions continued to restrain output at hydropower dams, weighing on the agricultural harvest and seemingly undercutting household spending growth in turn.
Access the latest politics analysis and economic growth summary through 2011 for zambia from the economist intelligence unit. By its nature a country study is essentiailya summary of the available. Mucavele 1 1 phd agricultural economics and natural resources, professor, director for academic reform and regional integration, universidade eduardo mondlane, and fanrpan steering committee member, mozambique node. Zambia itself is one of subsaharan africas most highly urbanized countries. The seventh national development plan 7ndp for the period 2017 2021 is the successor to the revised sixth national development plan, 202016 r. Oct 25, 2014 the liberalization of the zambian economy since its independence in 1964, zambia has experienced a rare political stability in africa, with no war, conflict or political turmoil to report. Each of our country reports contain indepth and ongoing analysis and forecasts of political, policy and economic conditions in zambia, to help you understand what is happening now and to gain a picture of how zambia will look in the future. Economic growth has been accompanied by much better development outcomes in health and education. It is a social crisis with the majority of people denied a minimum decent living standard. Their study does not reveal factor productivity of the zambian economy or any of the broad economic sectors i. Page last updated on january 27, 2020 economy overview. With access to raw materials such as copper and land, zambia seemed to have all it needed to succeed in the global economy.
In zambia the growth in public expenditure has become a topical issue in the light of escalating debt levels and widening budget deficit. The zambian economy has continued its recovery in 2017, but the. Mining companies do provide audited financial statements upon request, but these will likely not include detailed financial records since they are considered confidential gi 2017. The economy likely remained in a dire situation in h2 2019, after growth slumped to a threeandahalfyear low in q2 2019. The imf expects that the zambian economy will grow by 4% in 2017 and 4. Economic recovery in zambia has been subdued in 2017, despite a bumper harvest, improvements in the generation of electricity, and an easing of monetary policy. The kwacha depreciated by 50% against the dollar in 2015, making imported goods more expensive. However, in the last two years, the zambian economy has been facing strong headwinds from large fiscal imbalances, lower copper prices, and policy uncertainties. Zambia s envoy to the usa seeks economic diplomacy. An overview of zambia s economic and poverty situation introduction poverty is the most profound challenge that zambia faces today. Economy and globalization in zambia mit opencourseware.
The human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. The slight increase in growth reflects strong performance of services in particular wholesale and retails, pensions, and information and communication. Despite the increase in per capita economic growth, zambias national poverty. Zambia economic outlook real gdp growth slowed to an estimated 2% in 2019, down from 4. Chibamba kanyama, zambian economist small firms in the manufacturing sector are involved in. Economy and globalization in zambia at the time of independence, zambia was expected to become of the wealthiest nations in africa. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Zambia s economy was hit by drought in the south and west that lowered 201819 agricultural production and hydropower electricity generation considerably. Imf, world bank call for a halt to debt servicing as covid19 drives african economies into recession. Speaker, i beg to move that the house do now resolve into committee of supply on the estimates of revenue and expenditure for the year 1st january 2017 to 31st december 2017, presented to. Returns from public expenditures in agriculture pdf released today.
198 250 1211 400 1413 174 713 1089 133 1054 259 1242 569 147 1603 1335 1548 172 1496 726 1199 1180 1471 340 13 152 463 1356 92 1093 756 1459 1380 464 332 1364 161 1312