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Economy of Zambia

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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]

History

[edit]

Economic policies soon after independence (1964–1967)

[edit]
GDP per capita development of Zambia, since 1950

The British South Africa Company (BSAC, originally set up by the British imperialist Cecil Rhodes) retained commercial assets and mineral rights that it acquired from a concession signed with the Litunga of Barotseland in 1892 (the Lochner Concession). Only by threatening to expropriate the BSAC, on the eve of independence, did the incoming Zambian government manage to get the BSAC to relinquish the mineral rights. The Federation's government assigned roles to each of the three territories: Southern Rhodesia was assigned the responsibility of providing managerial and administrative skills; Northern Rhodesia provided copper revenues; and Nyasaland provided the Black labour.

After independence, Zambia instituted a program of national development plans, under the direction of a National Commission for Development Planning: the Transitional Development Plan (1964–66) was followed by the First National Development Plan (1966–71). These two plans, which provided for major investment in infrastructure and manufacturing, were largely implemented and were generally successful. This was not true for subsequent plans.

The Mulungushi Economic Reforms (1968)

[edit]

A major switch in the structure of Zambia's economy came with the Mulungushi Reforms of April 1968: the government declared its intention to acquire equity holdings (usually 51% or more) in a number of key foreign-owned firms, to be controlled by a parastatal conglomerate named the Industrial Development Corporation (INDECO).[24] By January 1970, Zambia had acquired majority holding in the Zambian operations of the two major foreign mining corporations, the Anglo American Corporation and the Rhodesia Selection Trust (RST); the two became the Nchanga Consolidated Copper Mines (NCCM) and Roan Consolidated Mines (RCM), respectively. The Zambian government then created a new parastatal body, the Mining Development Corporation (MINDECO). The Finance and Development Corporation (FINDECO) allowed the Zambian government to gain control of insurance companies and building societies. However, foreign-owned banks (such as Barclays, Standard Chartered and Grindlays) successfully resisted takeover. In 1971, INDECO, MINDECO, and FINDECO were brought together under an omnibus parastatal, the Zambia Industrial and Mining Corporation (ZIMCO), to create one of the largest companies in sub-Saharan Africa, with the country's president, Kenneth Kaunda as chairman of the board. The management contracts under which day-to-day operations of the mines had been carried out by Anglo American and RST were ended in 1973. In 1982 NCCM and RCM were merged into the giant Zambia Consolidated Copper Mines Ltd (ZCCM).

In 1973 a massive increase in the price of oil was followed by a slump in copper prices in 1975, resulting in a diminution of export earnings. In 1973 the price of copper accounted for 95% of all export earnings; this halved in value on the world market in 1975. By 1976 Zambia had a balance-of-payments crisis, and rapidly became massively indebted to the International Monetary Fund (IMF). The Third National Development Plan (1978–83) had to be abandoned as crisis management replaced long-term planning.

By the mid-1980s Zambia was one of the most indebted nations in the world, relative to its gross domestic product (GDP). The IMF was insisting that the Zambian government should introduce programs aimed at stabilizing the economy and restructuring it to reduce dependence on copper. The proposed measures included: the ending of price controls; devaluation of the kwacha (Zambia's currency); cut-backs in government expenditure; cancellation of subsidies on food and fertilizer; and increased prices for farm produce. Kaunda's removal of food subsidies caused massive increases in the prices of basic foodstuffs; the country's urbanized population rioted in protest. In desperation, Kaunda broke with the IMF in May 1987 and introduced a New Economic Recovery Programme in 1988. However, this did not help him and he eventually moved toward a new understanding with the IMF in 1989. In 1990 Kaunda was forced to make a major policy volteface: he announced the intention to partially privatize the parastatals. Time, however, was running out for him. Like many African independence leaders Kaunda tried to hang on to power but unlike many he called multiparty elections and lost them to the Movement for Multiparty Democracy (MMD) and abided by the results. Kaunda left office with the inauguration of MMD leader Frederick Chiluba as president on 2 November 1991.

Chiluba's economic reforms (1991–2000)

[edit]

Zambia's Economic System of Government is Unitary because of that the Frederick Chiluba government (1991–2001), which came to power after democratic multi-party elections in November 1991, was committed to extensive economic reform.[25][page needed]

Zambia's economic transformation into a free market system began toward the end of 1991 following a change of government. To tackle a serious economic crisis, the government agreed to introduce substantial economic reforms to secure much-needed loans from the World Bank and IMF.[26]

One of the greatest challenges was the privatization of the country's copper mines, Zambia's prime export earner. The government privatised many state industries, and maintained positive real interest rates. Exchange controls were eliminated and free market principles endorsed. It remains to be seen whether the Mwanawasa government will follow a similar path of implementing economic reform and undertaking further privatization. Zambia has yet to address issues such as reducing the size of the public sector, which still represents 44% of total formal employment, and improving Zambia's social sector delivery systems.

After the government privatized the giant parastatal mining company Zambian Consolidated Copper Mines (ZCCM), donors resumed balance-of-payment support. The final transfer of ZCCM's assets occurred on March 31, 2000. Although balance-of-payment payments are not the answer to Zambia's long-term debt problems, it will in the short term provide the government some breathing room to implement further economic reforms. The government has, however, spent much of its foreign exchange reserves to intervene in the exchange rate mechanism. To continue to do so, however, would jeopardize Zambia's debt relief. Zambia qualified for HIPC debt relief in 2000, contingent upon the country meeting certain performance criteria, and this should offer a long-term solution to Zambia's debt situation.

2001–2010

[edit]

On 2 January 2002, MMD's Levy Mwanawasa won the presidential election which many observers claimed had actually been won by the opposition.[27] In January 2003, the Zambian Government informed the International Monetary Fund and World Bank that it wished to renegotiate some of the agreed performance criteria calling for privatization of the Zambia National Commercial Bank and the national telephone and electricity utilities.

Foreign investors liked Mwanawasa, owing partly to his anti-corruption drive. During his presidency, Zambia received foreign investment.[28] The main driver of economic growth was minerals. Mwanawasa's policies helped to lower inflation to single digits in 2006, a record the country had not seen in over 25 years, and spread some benefits to the poor.[28][29] Tourists and white farmers diverted from Zimbabwe and helped the Zambian economy.[28] The policies turned the Zambian town of Livingstone, near Victoria Falls, into a tourist hub.[30] Zambia received a relatively large amount of aid and debt relief because of liberalisation and Mwanawasa's efforts.[28] Overall, economic growth increased to about 6% per year.[28]

After Mwanawasa suffered a stroke while attending an African Union summit in Egypt on 29 June 2008, Rupiah Banda became acting president and subsequently President.[31] With divisions within the MMD, Banda promised to "unite the party and the entire nation" and to "continue implementing [Mwanawasa's] programs".[32] Though, after taking office, Banda dismantled much of the anti-corruption effort put into place by his predecessor, Mwanawasa.[33] This, compounded with the effects of the Great Recession led to a sustained period of increased inflation.[29]

2011–2020

[edit]

In September 2011, the social democrat, Michael Sata led the Patriotic Front (PF) to victory with a vow to improve conditions for their Zambian employees.[34] Though known to previously oppose Chinese investment, he declared his change in perspective prior to his election victory.[35] Sata died on 28 October 2014 and was succeeded by Edgar Lungu. The period, saw an infrastructure boom with the development of the Kafue Gorge Lower Power Station, two multi-purpose stadiums, Levy Mwanawasa Stadium and National Heroes Stadium, expansions of the Kenneth Kaunda International Airport, the Harry Mwanga Nkumbula International Airport and the Simon Mwansa Kapwepwe International Airport, and the Pave Zambia 2000 project[36] intended to create and repair major urban roads countrywide.

Unfortunately this came at a huge debt cost that slowed the economy and compounded by corruption and the COVID-19 pandemic resulted in weak GDP growth and a recession in 2019 and 2020 respectively. Zambia's GDP had shrunk from US$29 billion to US$19 billion and its debt grew from 16% to 140% of GDP from 2010 through 2020.[37][29] In November 2020, Zambia became Africa's first coronavirus-era default when it opted to bow out of a US$42.5 million eurobond repayment.[38]

From 2021

[edit]

In August 2021, the Zambian populace ushered in a new government with a promise for jobs growth.[39] Hakainde Hichilema's United Party for National Development (UPND) government delivered an ambitious budget that included an increase in the Constituency Development Fund (CDF) from ZMW 1.6 million (US$91 thousand) to ZMW 25.7 million (US$1.5 million) for each of Zambia's 156 constituencies and its decentralization in release to these constituencies.[40] The expectation is that this will generate jobs growth in addition to the government's targeted employment of 30,000 new teachers[41] and 11,200 health workers.[42] In mid July 2022, the government recruited 30,496 Teachers.[43] At the end of July 2022, 11,276 health workers, being doctors, nurses and ancillary staff such as drivers were recruited by the government.[44]

With a push for Zambia to be able to produce 3 million tonnes of Copper per annum within the next 10 years, the government reintroduced the deductibility of mineral royalty for corporate income tax assessment purposes.[45][46][47][48] The results of these policy changes are yet to be seen.

At the 2022 IMF-World Bank Spring Meetings, the World Bank announced it would fund projects worth US$560 million in Zambia in 2022.[49][50]

In July 2022, to address its debt challenges, the Zambian government engaged creditors of undisbursed loans to facilitate the formal cancellation of loans estimated to be about US$2.0 billion. Projects that were already ongoing would now be financed through government revenues.[51][52]

In early August 2022, the Zambia Development Agency, a quasi-government institution under the Ministry of Commerce, Trade and Industry reported that it had recorded numerous investment pledges worth US$3.8 billion in the first half to 2022 targeting the agriculture, tourism, construction and mining sectors with a potential job market of 19,000.[53]

In October 2021, to spur economic development, Zambia took measures to promote local development in its ambitious 2022 national budget. The Government announced an unprecedented constituency development fund (CDF) increment from ZMW 1.6 million (U$91,000) to ZMW 25.7 million (U$1.5million) for each constituency taking the total development fund injection into the local communities from ZMW 250 million (U$14.2 million) to ZMW 4 billion (U$228.4 million).[54][55] After winning a crucial Staff-Level IMF Deal, in early December 2021, Zambia went on to cut fuel subsidies later that month as a key step in seeking U$1.4 billion from the IMF.[56]

At the end of July 2022, the Official Creditor Committee co-chaired by China and France, and vice chaired by South Africa agreed to provide the financing assurances under the G20 Common Framework for debt treatment that Zambia had been waiting for to secure final approval from the International Monetary Fund for a US$1.4 billion bailout under the Extended Credit Facility.[57][58][59] In early August 2022, at the symposium on the midyear budget and economic performance and the 2023 to 2025 medium term budget plan, Zambia's Minister of Finance and National Planning, Dr. Situmbeko Musokotwane said the IMF board was expected to meet at the end of August 2022 to approve the loan programme.[60]

On 31 August 2022, the International Monetary Fund (IMF) board approved a US$1.3 billion extended credit facility to help Zambia restore fiscal stability.[61][62]

In June 2023, Zambia reached an agreement in principle to restructure US$6.3 billion of debt with bilateral lenders.[63][64][65][66] In October 2023, Zambia agreed a memorandum of understanding (MoU) with its bilateral creditors on restructuring about $6.3 billion of debt. Following the signing of the MoU, the terms would be implemented through bilateral agreements with each member of the OCC (Official Creditor Committee).[67][68][69]

In March 2024, Zambia struck an 76.5 billion kwacha (US$3.0 billion) restructuring deal with bondholders.[70][71][72] The agreement included important concessions from the Bondholders, while providing the required debt relief to the Government.[73] Under the agreement, Bondholders would forego approximately 21.4 billion kwacha (US$840 million) of their claims, and provide cash flow relief of approximately 63.8 billion kwacha (US$2.5 billion) during the IMF programme period.[73][74][75]

Public-Private Dialogue Forum (PPDF)

[edit]

In April 2022, Zambia launched a mechanism aimed at unlocking the potential of the private sector as a driver of economic development and job creation. The Public-Private Dialogue Forum (PPDF) is meant to act as a structured mechanism for interactions between the public and the private sector in tackling bottlenecks that have hindered the growth of the private sector.[76]

European Union (EU)–Zambia Economic Forum

[edit]

In May 2022, the inaugural European Union (EU)-Zambia Economic Forum was launched in Lusaka by President Hakainde Hichilema under the theme ‘Economic transformation through green growth’.[77] It was a high-level event that brought together entrepreneurs, experts, financial institutions, innovators, and policy decision-makers from Zambia, the EU and representatives of its 27 member states.[77][78] Additional special guests included the EU Commissioner for Agriculture Janusz Wojciechowski and the commissioner for Trade and Industry of the African Union Commission, Albert M. Muchanga.[79] The forum was launched as a platform with a view to promoting employment, value addition and increased trade through business-to-business (B2B) and business-to-government (B2G) collaboration and economic synergies for EU and Zambian businesses.[77]

UK–Zambia Green Growth Compact

[edit]

In November 2021, the Zambian and British government signed the UK-Zambia Green Growth Compact, an agreement expected to boost the United Kingdom's investment into Zambia by £ 1.0 billion (US$1.26 billion) with a focus on job creation and green energy production.[80] In May 2022, the British High Commissioner to Zambia Nicholas Woolley, indicated that the British government had set aside the £ 1.0 billion to be spent over the next 5 years with £ 100.0 million (US$126.0 million) targeted for funding Small Medium Entrepreneurs (SMEs) and £ 500.0 million (US$629.9 million) for investment in renewable energy.[81]

World Bank Support

[edit]

In July 2022, the World Bank approved US$155.0 million in International Development Assistance for Social Cash Transfer to mitigate the high cost of living pressures in Zambia and a further US$27.0 million credit facility to support the government's development programs.[82]

In July 2022, the World Bank approved a further US$665.0 million to fund projects in Zambia to spur economic recovery and growth and also lighten the debt burden.[83] Through 2032, the World Bank plans to support Zambia with new financing of over US$2.0 billion in the form of concessional loans.[59]

In late October 2022, the World Bank approved US$275.0 million concessional loan targeted at fiscal stabilization and accelerated economic programs. Financing was provided by the World Bank's International Development Association (IDA).[84]

African Export-Import Bank (Afreximbank) Support

[edit]

In July 2022, the African Export-Import Bank President Benedict Oramah, whilst in Lusaka Zambia, announced that the bank would put up an investment of about US$250 million for Zambia's first-ever Battery Electric Vehicle (BEV) manufacturing plant.[85]

EAC-SADC-COMESA Free Trade Area

[edit]

In July 2022, during the 4th Mid-Year Coordination Meeting of the African Union, Regional Economic Communities and Regional Mechanisms in Lusaka, Zambia, the three regional blocs, East African Community (EAC), Southern African Development Community (SADC), and Common Market for Eastern and Southern Africa (COMESA) agreed to have a tripartite ministers' summit to fast track the finalization of the border control-free travel and free movement of goods and services area by the end of 2022.[86][87]

Zambia-China Trade and Investment Forum

[edit]

In September 2022, Zambia and China launched the inaugural trade and investment forum aimed at unlocking trade and investment potential between the two countries. The event also saw the signing of an Exchange Letter of the Duty Free Treatment for Zambian products corresponding to 98-percent of the tariff lines by Finance Minister Situmbeko Musokotwane and Chinese Ambassador to Zambia Du Xiao.[88][89]

Zambia-China bilateral trade growth

[edit]

In mid-September 2023, President Hakainde Hichilema met with The President of The Peoples Republic of China, Xi Jinping in Beijing where they witnessed the signing of over 15 MOUs amounting to a potential investment of about ZMW 62.3 billion kwacha (US$3.0 billion) by China into Zambia and the leaders also agreed to increase the use of local currencies in trade between the two countries.[90][91] One of the MOUs signed during Mr. Hichilema's visit to China was with the international telecoms manufacturer ZTE to construct and open a smartphone manufacturing plant in Zambia.[92][93] In late-September 2023, China Nonferrous Metal Mining Group (CNMC) unveiled plans to inject an additional ZMW 27.0 billion kwacha (US $1.3 billion) into Zambia from 2023 through 2028, spanning the mining, energy, education and technology economic sectors.[94]

U.S.-Zambia Business Summit

[edit]

In October 2022, more than 50 United States and Zambian business and government leaders gathered in Lusaka for the two-day inaugural U.S.-Zambia Business Summit at the Intercontinental Hotel. Representatives from the U.S. Trade and Development Agency, U.S. International Development Finance Corporation also attended the Summit. The Summit focused on promoting Zambia as one of the most attractive business environments for investment on the African continent.[95]

Sectors

[edit]

Mining

[edit]

In 2019, the country was the world's 7th largest producer of copper.[96]

The Zambian economy has historically been based on the copper-mining industry. The industrialization of the copper industry is owed partly to Frederick Russell Burnham, the famous American scout who worked for Cecil Rhodes.[97] By 1998, however, output of copper had fallen to a low of 228,000 tonnes, continuing a 30-year decline in output due to lack of investment, and until recently, low copper prices and uncertainty over privatization. In 2001, the first full year of a privatized industry, Zambia recorded its first year of increased productivity since 1973. The future of the copper industry in Zambia was thrown into doubt in January 2002, when investors in Zambia's largest copper mine announced their intention to withdraw their investment. However, surging copper prices from 2004 to the present day rapidly rekindled international interest in Zambia's copper sector with a new buyer found for KCCM and massive investments in expanding capacity launched. China has become a major investor in the Zambian copper industry, and in February 2007, the two countries announced the creation of a Chinese-Zambian economic partnership zone around the Chambishi copper mine.[98]

Today copper mining is central to the economic prospects for Zambia and covers 85% of all the country's exports, but concerns remain that the economy is not diversified enough to cope with a collapse in international copper prices.

Production of Mineral Raw Materials 2016-2023[99][100][101][102][103][104][105][106]
Year Copper (MT) % Growth of Cu Cobalt (MT) Gold (kg) Nickel (MT) Manganese (MT) Coal(MT) Emeralds(kg) Beryllium (kg) Sulfur (elemental & industrial) (MT)
2016 Increase774,290 Increase8.82% Increase5,276 Increase4.610 0 Increase27,500 Increase129,470 Increase74,742 Increase5,000 Increase363,000
2017 Increase799,329 Increase3.23% Decrease2,649 Decrease4,373 0 Increase39,900 Increase208,608 Decrease65,243 Decrease4,000 Increase679,500
2018 Increase861,946 Increase7.83% Decrease1,766 Decrease4,044 0 Increase37,800 Increase344,717 Decrease18,869 Increase7,000 Increase947,800
2019 Decrease796,430 Decrease-7.60% Decrease1,271 Increase4.522 Increase1,110 Decrease15,904 Increase361,648 Increase23,705 Steady7,000 Increase960,300
2020 Increase882,061 Increase10.75% Decrease 367 Decrease3,994 Increase3,226 Increase46,515 Increase446,153 Decrease7,653 Decrease2,000 Decrease917,300
2021 Decrease802,967 Decrease-8.97% Decrease 247 Decrease2,432 Increase3,834 Increase132,241 Increase663,345 Increase12,871
2022 Decrease763,287 Decrease-4.94% Increase 251 Decrease1,515 Increase4,059 Increase161,611 Increase781,466 Increase20,703
2023 Decrease682,431 Decrease-10.59% Increase 1,467 Increase 1,945 Increase6,169 Increase915,187 Decrease14,814

In January 2013, the Zambia Environmental Management Agency (ZEMA) approved 27 mining and exploration licences, with more rumoured to be confirmed.[107]

Zambia is the world's second biggest producer of emeralds, with its Kafubu River area deposits (Kagem Mines) about 45 km (28 mi) southwest of Kitwe responsible for 20% of the world's production of gem-quality stones in 2004.[108] In the first half of 2011, the Kagem Mines produced 3.74 tons of emeralds.[109] In April 2022, Gemfields, the majority owner in the mine, recorded a record U$42.3 million at a sold out March/April auction and since 2009, Kagem-sourced gemstones (emerald and beryl) have netted Gemfields revenue totaling U$792 million with the proceeds fully repatriated to Kagem in Zambia, with all royalties due to the Zambian government paid on the full sales prices achieved at auctions.[110]

Kagem Mines Performance[111][112]
Year Premium Emerald

(carats)

Emerald and Beryl

('000 carats)

2019 Increase204,600 Increase36,300
2020 Decrease133,900 Decrease9,400
2021 Increase230,500 Increase32,000
2022 Increase259,500 Increase37,241

Rich deposits of Uranium have been discovered in some parts of Zambia. In 2007, the Zambian government sought scrutiny and guidance from the International Atomic Energy Agency (IAEA) on its developed guidelines to regulate the mining of uranium in the country.[113] In 2008, deposits were found in Kaputa District, Northern Province.[113][114] Albidon Zambia Limited also confirmed the presence of high-grade uranium mineralisation at its Njame east project near Chirundu.[113] In the Southern Province, 31 km North of Siavonga, and north of Lake Kariba, there are 5 main Uranium Deposits: Mutanga, Dibwe, Dibwe East, Njame, and Gwabe explored under The Mutanga Uranium Project. The Canadian Toronto Stock Exchange (TSX) listed GoviEx Uranium Inc acquired 100% of the Mutanga Project also known as the Kariba Uranium Project in 2016. In March 2022, GoviEx announced that the Project is forecast to start production in 2027 and could be the lowest capital intensive uranium project in Africa.[115]

Lumwana Mining Company Limited (LMC) who had embarked on uranium exploration in 2007 in Solwezi District[116] are currently stock piling uranium that the firm is getting as a by-product of Copper from its operations as they are yet to obtain a uranium license.[117][118] The mining of uranium in Zambia is monitored by the Zambia Environmental Management Agency (ZEMA).[117]

See Also:

Agriculture

[edit]

The agriculture sector represented 2.7% GDP in 2019.[121] Agriculture accounted for 85% of total employment (formal and informal) for 2000. Maize (corn) is the principal cash crop as well as the staple food. Other important crops include soybean, cotton, sugar, sunflower seeds, wheat, sorghum, pearl millet, cassava, tobacco and various vegetable and fruit crops. Floriculture is a growth sector, and agricultural non-traditional exports now rival the mining industry in foreign exchange receipts. Zambia has the potential for significantly increasing its agricultural output; currently, less than 20% of its arable land is cultivated. In the past, the agriculture sector suffered from low producer prices, difficulties in availability and distribution of credit and inputs, and the shortage of foreign exchange.

Major Crop Production Statistics and Growth[122][123][124][125][126][127][106]
Year Maize (MT) Cassava (MT) Sugarcane (MT) Wheat (MT) Soya Beans (MT) Sweet Potato(MT) Cotton (MT) Groundnuts (MT) Millet(MT) Vegetables (MT) Tobacco(US$)
2010 Increase2,800,000 Increase1,151,000 Increase3,700,000 Decrease172,256 Decrease111,887 Increase252,867 Increase107,000 Increase164,602 Increase47,997 Increase364,326 Increase147,201,182
2011 Increase3,020,000 Decrease1,132,150 Increase4,200,000 Increase237,332 Increase116,539 Decrease146,614 Increase131,298 Increase279,000 Decrease41,602 Decrease335,000 Increase153,242,976
2012 Decrease2,850,000 Decrease1,107,954 Increase4,300,000 Increase253,522 Increase203,038 Increase163,484 Increase269,501 Decrease113,026 Decrease28,445 Increase350,000 Increase163,890,992
2013 Decrease2,533,000 Increase1,114,583 Increase4,600,000 Increase273,584 Increase262,063 Increase187,774 Increase139,583 Decrease106,792 Decrease23,942 Steady350,000 Increase169,418,496
2014 Increase3,351,000 Decrease 919,497 Steady4,600,000 Decrease201,504 Decrease214,179 Decrease149,355 Increase120,314 Increase143,591 Increase30,504 Increase353,586 Increase179,120,836
2015 Decrease2,618,000 Increase 952,770 Decrease4,155,000 Increase309,100 Increase226,323 Decrease117,215 Decrease103,889 Decrease111,429 Increase31,967 Increase374,208 Increase188,823,176
2016 Increase2,873,000 Increase2,222,844 Decrease4,083,000 Decrease221,644 Increase267,490 Increase230,248 Increase111,902 Increase131,562 Decrease29,972 Decrease369,542 Increase198,525,516
2017 Increase3,607,000 Increase3,695,182 Increase4,365,965 Increase279,329 Increase351,416 Decrease205,834 Decrease 89,293 Increase168,699 Increase32,566 Decrease365,779 Increase205,936,998
2018 Decrease2,395,000 Increase4,102,300 Increase4,630,000 Decrease171,424 Decrease302,720 Decrease183,280 Decrease 88,219 Increase181,772 Decrease32,278 Increase369,843 Increase213,838,216
2019 Decrease2,004,389 Decrease4,036,584 Increase4,682,000 Decrease151,850 Decrease281,389 Decrease109,336 Decrease 66,315 Decrease130,825 Decrease24,843 Decrease368,338 Increase221,581,410
2020 Increase3,387,469 Decrease3,931,915 Decrease4,827,104 Increase191,620 Increase296,866 Increase144,706 Decrease 41.441 Decrease127,172 Increase45,005 Decrease368,003 Decrease185,000,000
2021 Increase3,620,244 Decrease3,800,153 Increase5,102,118 Increase205,881 Increase411,115 Increase213,566 Decrease 31,859 Increase175,329 Decrease34,702 Increase445,625 Decrease114,184,304
2022 Increase2,653,805 Decrease3,315,611 Increase277,586 Increase438,679 Decrease162,614 Decrease 19,375 Increase180,256 Decrease24,224 N/A
Cut flowers and flower buds[128] suitable for bouquets or for ornamental purposes, fresh, dried, dyed, bleached, impregnated or otherwise prepared
Year Exports (US$) Export Growth% Imports (US$)
2010 Decrease 333,520 Decrease -62.05% Positive decrease7,140
2011 Increase17,364,392 Increase 5,106.40% Positive decrease4,574
2012 Increase23,820,333 Increase 37.17% Positive decrease3,369
2013 Increase32,150,400 Increase 34.97% Negative increase12,039
2014 Decrease13,623,771 Decrease -57.64% Positive decrease6,645
2015 Decrease12,326,666 Decrease -9.52% Negative increase20,330
2016 Decrease10,371,243 Decrease -15.86% Negative increase31,849
2017 Increase10,531,349 Increase 1.54% Positive decrease3,065
2018 Decrease 9,371,243 Decrease -6.99% Negative increase15,623
2019 Decrease 8,068,641 Decrease -17.61% Negative increase17,302
2020 Decrease 7,051,388 Decrease -12.60% Negative increase32,755

In 2019 Zambia produced:[129][130][verification needed]

  • 4.7 million tons of sugarcane;
  • 4 million tons of cassava (18th largest producer in the world);
  • 2 million tons of maize;
  • 281 thousand tons of soy;
  • 153 thousand tons of tobacco (6th largest producer in the world);
  • 151 thousand tons of wheat;
  • 130 thousand tons of peanut;
  • 109 thousand tons of sweet potato;
  • 72 thousand tons of cotton;
  • 6,900 tons of coffee;

In addition to other productions of other agricultural products.[129]

Due to high demand for flour in neighboring Democratic Republic of the Congo DRC, Zambia increased Wheat production from 205,000 tonnes in 2020 to 400,000 tonnes 2021.[131]

In July 2022, Zambia and China sealed a memorandum of understanding on soya bean meal and stevia export from Zambia to China.[132]

Fisheries and Livestock

[edit]

The Fisheries and Livestock sub-sector in Zambia contributes to employment creation, food and nutrition security, and economic growth.

Capture Fishery and Aquaculture Production[122][123][106]
Year Capture Fishery (MT) % Growth of Capture Fishery Aquaculture (MT) % Growth of Aquaculture
2005 65,927 5,125
2006 Decrease60,236 Decrease -8.63% Steady5,125 Steady 0.00%
2007 Increase73,542 Increase 22.09% Decrease5,120 Decrease -0.10%
2008 Increase79,403 Increase 7.97% Increase5,876 Increase 14.77%
2009 Increase84,716 Increase 6.69% Decrease5,640 Decrease -4.02%
2010 Decrease76,396 Decrease -9.82% Increase9,535 Increase 69.06%
2011 Decrease69,364 Decrease -9.20% Increase10,291 Increase 7.93%
2012 Increase80,638 Increase 16.25% Increase12,988 Increase 26.21%
2013 Decrease75,187 Decrease -6.76% Increase20,271 Increase 56.07%
2014 Increase80,826 Increase 7.50% Increase19,281 Decrease -4.88%
2015 Increase83,719 Increase 3.58% Increase22,753 Increase 18.01%
2016 Increase83,918 Increase 0.24% Increase28,669 Increase 26.00%
2017 Increase88,075 Increase 4.95% Increase21,567 Decrease -24.77%
2018 Increase89,195 Increase 1.27% Increase29,565 Increase 37.08%
2019 Increase91,342 Increase 2.41% Increase38,480 Increase 30.15%
2020 Increase94,943 Increase 3.94% Increase45,670 Increase 18.69%
2021 Increase95,625 Increase 0.72% Increase59,679 Increase 30.67%
2022 Increase99, 928 Increase 4.50% Increase75,647 Increase 26.70%
Livestock population 2017-2021[122][124][106][133]
Year Cattle Sheep Goats Pigs Chickens
2017 3,714,667 170,262 3,583,696 1,082,765 39,147,000
2018 Increase3,927,432 Increase185,105 Increase4,008,197 Increase1,292,287 Decrease39,008,000
2019 Decrease3,814,438 Decrease165,236 Decrease3,948,861 Increase1,331,576 Increase39,690,000
2020 Increase3,885,336 Increase174,001 Increase3,957,252 Increase1,166,924 Increase40,438,000
2021 Increase4,371,801 Increase190,876 Increase4,117,674 Decrease1,146,276 Increase41,230,000
2022 Increase4,698,972 Increase260,560 Increase4,455,860 Increase1,160,842 Decrease30,586,024
Livestock products 2018-2019[122][124][106]
Year Milk (MT) Eggs (000) Hides (MT) Beef (MT) Pork (MT) Poultry (MT)
2018 1,686,400 1,642,693 345,549 6,103,281 555,270 5,111,098
2019 Increase2,045,603 Increase1,744,047 Increase369,357 Increase6,763,045 Increase595,472 Increase5,537,874

In livestock, Zambia produced, in 2019: 191 thousand tons of beef; 50 thousand tons of chicken meat; 34 thousand tons of pork; 453 million liters of cow's milk, among others.[134]

Energy

[edit]

Energy in Zambia is the production of energy and electricity, for consumption or export. The Energy Regulation Board (ERB) has the mandate to balance and safeguard the interests of all energy stakeholders. The Energy policy is as guided by the Energy Regulation Act No. 12 of 2019, the Electricity Act No. 11 of 2019 and the Rural Electrification Act No.20 of 2003.[135]

Electricity

[edit]
Electricity Generation in Zambia (2000-2021)[136][137][106]
Year Total Generation

(GWh)

Hydropower (GWh) Coal Power (GWh) Solar Power (GWh) Oil (GWh) Other Renewables

(bioelectricity) (GWh)

2000 7,760 7,670 - - 70 20
2001 Increase7,900 Increase7,810 - - Steady70 Increase20
2002 Increase8,110 Increase8,020 - - Increase80 Decrease10
2003 Increase8,260 Increase8,170 - - Steady80 Steady10
2004 Increase8,460 Increase8,380 - - Decrease70 Steady10
2005 Increase8,880 Increase8,790 - - Increase80 Steady10
2006 Increase9,660 Increase9,570 - - Steady80 Steady10
2007 Decrease9,600 Decrease9,530 - - Decrease60 Steady10
2008 Decrease9,490 Decrease9,430 - - Decrease40 Increase20
2009 Increase9,860 Increase9,780 - - Increase50 Increase30
2010 Increase10,410 Increase10.330 - - Steady50 Steady30
2011 Increase11,450 Increase11,370 - - Steady50 Steady30
2012 Increase12,310 Increase12,230 - - Steady50 Steady30
2013 Increase13,230 Increase13,150 - - Steady50 Steady30
2014 Increase14,350 Increase13,900 - - Increase340 Increase110
2015 Decrease14,000 Decrease12,910 Increase 290 - Increase700 Decrease100
2016 Decrease11,610 Decrease10,910 Increase 460 - Decrease180 Decrease60
2017 Increase14,320 Increase12,370 Increase1,140 - Increase660 Increase150
2018 Decrease15,980 Increase13,560 Increase1,420 - Increase820 Increase180
2019 Increase16,010 Increase13,670 Decrease1,300 Increase120 Increase750 Decrease170
2020 Decrease15,980 Increase13,670 Decrease1,270 Increase150 Decrease730 Decrease160
2021 Increase17,584
2022 Increase19,399
Electrical Energy Export Earnings[138]
Month ZMW Month ZMW Month ZMW Month ZMW
Jan-21 Increase259,900,000 Jan-22 Decrease- Jan-23 Increase590,300,000 Jan-24 Increase877,700,000
Fbe-21 Decrease- Feb-22 Steady- Feb-23 Decrease551,600,000 Feb-24 Decrease748,000,000
Mar-21 Increase299,900,000 Mar-22 Increase299,900,000 Mar-23 Increase638.600,000 Mar-24 Increase802,600,000
Apr-21 Decrease294,100,000 Apr-22 Decrease- Apr-23 Decrease600,400,000 Apr-24 Decrease668,400,000
May-21 Increase384,400,000 May-22 Steady- May-23 Increase622,800,000 May-24 Decrease623,100,000
Jun-21 Decrease- Jun-22 Steady- Jun-23 Decrease587,700,000 Jun-24 Increase625,500,000
Jul-21 Increase210,600,000 Jul-22 Steady- Jul-23 Increase668.800,000 Jul-24 Decrease538,200,000
Aug-21 Increase290,500,000 Aug-22 Steady- Aug-23 Increase698.400,000 Aug-24 Increase621,700,000
Sep-21 Decrease- Sep-22 Increase696,800,000 Sep-23 Decrease678,800,000
Oct-21 Steady- Oct-22 Decrease560,200,000 Oct-23 Decrease664,000,000
Nov-21 Steady- Nov-22 Increase642,100,000 Nov-23 Increase901,300,000
Dec-21 Increase223,100,000 Dec-22 Decrease583,900,000 Dec-23 Decrease826,500,000

In 2019, Zambia generated a total of 15,013GWh of Energy. 12,427GWh was Renewable and 2,586 GWh was non-renewable. Over 99% of the Renewable energy component was Hydro electricity.[139]

With a view to diversifying the power generation profile, Zambia increased its Solar Power generation Capacity in 2019.[139]

In March 2019, the 54MW Bangweulu Solar Power Station was commissioned.[140]

In May 2019, the 34MW Ngonye Solar Power Station was commissioned.[141]

In July 2022, the local National utility ZESCO, announced it had achieved an electricity generation surplus of about 1,156 MW. Zambia's national generation capacity stands at 3,456.8 MW versus a peak national demand of 2,300 MW. The surplus power is to be directed to service the power supply agreements for the export of 180 MW to Namibia and 100 MW to Zimbabwe.[142] The exportation of 100MW electricity to Zimbabwe which is set to commence in August 2022 is under a five-year contract with a condition precedent that ZESCO earns monthly income of US$6.3 million prior exporting to Zimbabwe.[143]

The close of 2022 brought in some serious challenges to the Zambian economy, when low water levels at the Kariba Dam significantly impacted the 1080MW Kariba Hydro Power plant's output capacity and resulted in load shedding for businesses and residents across the country. This was compounded by the maintenance that was being carried out at the 300MW Maamba Coilleries Coal Fired Power Plant.[144][145]

In January 2023, Zambia signed a US$2 billion dollar MOU and Joint Development Agreement (JDA) with the United Arab Emirates for the development of 2000MW of Solar Power Projects.[146]

In April 2023, Zambia, through its state owned utility company ZESCO Limited, signed a ZMW 67 Billion (US$3.4 Billion) Power Purchase Agreement with Integrated Clean Energy Power Company of China to produce 2,400 Mega Watts of renewable energy. Implementation of the project is expected to be done in a phased manner with the first phase producing 600MW of solar energy distributed as one 300MW power plant in Central Province and another 300MW Power plant in Southern Province. The two 300MW solar power plants of phase one are expected to be connected to the National Grid by the end of 2024.[147]

Petroleum

[edit]

Zambia is a net importer of petroleum and in 2019, Oil & Mineral Fuels ranked top amongst the country's trade imports at a value of U$1.26 billion.[148]

In January 2022, the ERB migrated from a Quarterly pricing cycle to a monthly pricing cycle to enable the local price of fuel to be more responsive to the market fundamentals namely: international oil prices and the Kwacha/US Dollar exchange rate prevailing in the month preceding the pricing decision.[149] Further, following the UPND governments' policy decision to place INDENI Petroleum Refinery on care and maintenance, the nation moved to one type of Diesel sold on the market, and that is the imported Low Sulphur Gasoil/Diesel.[150]

Monthly Pricing Cycle Trend (in ZMW)
Date Revised Petrol Low

Sulphur

Diesel

Source Date Revised Petrol Low

Sulphur

Diesel

Source
16 December 2021 21.16* 22.29* [149] 31 December 2022 Positive decrease24.49 Positive decrease26.44 [151]
31 January 2022 Positive decrease19.84 Positive decrease18.93 [152] 31 January 2023 Negative increase27.22 Negative increase29.25 [153]
28 February 2022 Negative increase21.96 Negative increase21.54 [154] 1 March 2023 Negative increase28.52 Steady29.25 [155]
31 March 2022 Negative increase26.50 Negative increase26.22 [156] 31 March 2023 Positive decrease27.59 Positive decrease26.28 [157]
30 April 2022 Positive decrease24.15 Positive decrease25.64 [158] 30 April 2022 Steady27.59 Positive decrease24.64 [157]
31 May 2022 Negative increase24.95 Steady25.64 [159] 31 May 2023 Positive decrease24.45 Positive decrease21.87 [160]
30 June 2022 Negative increase26.75 Negative increase28.01 [161] 30 June 2023 Negative increase24.93 Steady21.87 [162]
31 July 2022 Positive decrease23.19 Positive decrease24.87 [163] 31 July 2023 Negative increase25.57 Negative increase23.36 [164]
31 August 2022 Positive decrease21.54 Positive decrease23.12 [165] 31 August 2023 Negative increase29.42 Negative increase26.88 [166]
30 September 2022 Negative increase22.74 Negative increase26.16 [167]** 30 September 2023 Negative increase29.98 Negative increase29.96 [168]
31 October 2022 Negative increase24.31 Negative increase27.38 [169] 31 October 2023 Steady29.98 Steady29.96 [170]
1 December 2022 Negative increase25.89 Steady27.38 [171] 1 December 2023 Steady29.98 Steady29.96 [172]

*Final rate on quarterly price cycle.

**Excise Duty and VAT Restored.

Bulk Fuel Depots in Zambia are listed below:

Bulk Fuel Depots
Location Capacity

(million litres)

Cost

US $ (ZMW Annual Average Spot Conversion)

Commissioned Source
Chipata 7.0 US$40.0 million (ZMW 692.0 million) 2022 [173]
Lusaka 25.0 US$24.7 million (ZMW 132.0 million) 2013 [174]
Mansa 6.5 2021 [175]
Mongu 6.5 US$27.4 million (ZMW 282.0 million) 2016 [176]
Mpika 6.5 US$8.1 million (ZMW 50.0 million) 2014 [177][178]
Ndola 110 N/A 1973 [179]
Solwezi 15.5 US$7.0 million (ZMW 60.5 million) 2015 [180][181]
Total 177
Oil and Gas Pipelines (Existing and Planned Projects)
Length JV Partners Project

Construction Start

Project

Completion

Cost Source Note(s)
Tazama Pipeline 1,710 km 1966 (January) 1968 See Notes [182][183][184]
  • 54 Years Old as of 2022.
  • Runs from the port of Dar-es-Salaam, Tanzania, to the Indeni Energy Company in Ndola, Zambia.
  • Funded by Mediobanca. In 1967, Zambia and Italy credited the consortium GBP 11,070,000.00 and Tanzania and Italy credited the consortium GBP 5,542,407.00. Terms 6% paid in 15 equal annual installments paid from earnings.
Namibia-Zambia Multi-Product Petroleum and Natural Gas Pipelines Project (NAZOP) TBA TBA TBA TBA [185]
  • In October 2022, Zambia and Namibia signed a memorandum of understanding (MoU) to build an oil and gas pipeline connecting the two countries.
  • The MoU set the intention of the two Governments to support and facilitate the implementation of the private sector-led Namibia- Zambia Multi–Product Petroleum and Natural Gas Pipelines Project (NAZOP) that is envisioned to supply 100,000 to 120,000 barrels per day.
Lobito–Lusaka Oil Products Pipeline 1,400 km
  • Sonangol
  • IDC Zambia Limited
  • Strategic Investor(s)
TBA Expected 2026 US$5.0 billion [186][187][188]
  • Feasibility assessments are a work in progress

See also: Tazama Pipeline, Indeni Petroleum Refinery and Lobito–Lusaka Oil Products Pipeline.[189]

In January 2023, Zambia announced plans to acquire a stake in its neighbor Angola's Lobito Oil Refinery located in Benguela Province along the Atlantic Coast. The Lobito refinery, that is set to be completed in 2026, will have the capacity to produce 200,000 barrels per day. Under the current proposal, private investors, including Zambia, will own 70% shares in the refinery, while Angola's state oil firm, Sonangol Group, will hold 30% ownership.[190]

In September 2023, TAZAMA began constructing a 3 km pipeline to tie the Tazama Pipeline to the 6.5 million litre Mpika fuel storage depot at a cost of ZMW 31.26 million kwacha (US$1.5 million).[191] When commissioned the pipeline is planned to divert a portion of the low sulfur diesel imported via the pipeline to the storage depot to service the Northern circuit of Zambia with long term benefits of lower fuel costs in the region.[191] This tie-in pipeline is the first of a planned network of distribution pipelines to the other fuel storage depots in Zambia.[191]

Tourism

[edit]

Zambia's tourism revenue has been generally raised from local and international tourists visiting the Victoria Falls in Livingstone, and its associated attractions such as the Livingstone Museum and the Mosi-oa-Tunya National Park. In July 2020, the Livingstone Tourism Association reported that during the Heroes and Unity holidays the holiday site received a record number of visitors.[192] Celebrities such as Will Smith and some Entrepreneur[who?][193] have visited the tourist site with the latter celebrating her £3 million nuptials in a picturesque ceremony at The Royal Livingstone Hotel by the banks of the Zambezi River.[194][195]

To advance home grown tourism, in March 2021, African Eagle Hotels, a multi-national company, stated that a 2 Star and 5 Star Hotel each costing U$20 million and U$30 million would be constructed and opened at the Kasaba Bay Resort located in the Nsumbu National Park and open by 2023.[196] In October 2021, through its national budget, the government also allocated ZMW 150 million (U$8.6 million) to further the development of Kasaba Bay, to spur tourism in the Northern Circuit of Zambia.[197]

Tourism Statistics 1995–2020[198][199][106]
Year Number of Tourists % Growth of Tourists Receipts ('000 US$) % of GNP
1995 163,000 -- --
1996 Increase264,000 Increase62.0% -- --
1997 Increase341,000 Increase29.2% 29,000 0.67%
1998 Increase362,000 Increase 6.2% Increase40,000 Increase1.1%
1999 Increase404,000 Increase11.6% Increase53,000 Increase1.6%
2000 Increase457,000 Increase13.1% Increase67,000 Increase1.9%
2001 Increase492,000 Increase 7.6% Increase80,000 Increase2.0%
2002 Increase565,000 Increase14.8% Decrease64,000 Decrease1.5%
2003 Decrease413,000 Decrease-26.9% Increase88,000 Increase1.8%
2004 Increase515,000 Increase24.7% Increase92,000 Decrease1.5%
2005 Increase669,000 Increase29.9% Increase447,000 Increase5.4%
2006 Increase757,000 Increase13.2% Increase506,000 Decrease4.0%
2007 Increase897,000 Increase18.5% Increase599,000 Increase4.3%
2008 Decrease812,000 Decrease -9.5% Decrease542,000 Decrease3.0%
2009 Decrease710,000 Decrease-12.6% Decrease474,000 Increase3.1%
2010 Increase815,000 Increase14.8% Increase492,000 Decrease2.4%
2011 Increase920,000 Increase12.9% Increase555,000 Steady2.4%
2012 Decrease859,000 Decrease -6.6% Decrease518,000 Decrease2.0%
2013 Increase915,000 Increase 6.5% Increase552,000 Steady2.0%
2014 Increase947,000 Increase 3.5% Increase642,000 Increase2.4%
2015 Decrease932,000 Decrease -1.6% Increase660,000 Increase3.1%
2016 Increase956,000 Increase 2.6% Increase683,000 Increase3.3%
2017 Increase1,010,000 Increase 5.6% Decrease653,000 Decrease2.5%
2018 Increase1,070,000 Increase 5.9% Increase742,000 Increase2.8%
2019 Increase1,270,000 Increase18.7% Increase820,000 Increase3.5%
2020 Decrease502,000 Decrease-60.5% N/A N/A
2021 Increase554,200 Decrease -0.4% N/A N/A
2022 Increase1,060,788 Increase91.4% N/A N/A

Manufacturing

[edit]
Manufacturing GDP at Current Prices (ZMW' million) 2020 Q1- 2023 Q2[200]
Quarter Q1 Q2 Q3 Q4
2020 Increase5,293 Increase5,556 Increase7,179 Increase7,605
2021 Increase9,200 Increase11,654 Decrease10,717 Increase10,211
2022 Increase10,677 Decrease9,463 Increase9,600 Increase11,019
2023 Decrease10,814 Decrease9,918 Increase12,892 Increase13,733.59
Companies that Manufacture in Zambia
Company Name Product(s) Source
African Explosives Zambia Explosives [201]
Chilanga Cement Cement [202]
Dangote Cement Cement [203]
Kafue Steel Plant Steel [204]
Kalene Hills Fruit Factory Fruit Processing [205]
Kawambwa Tea Industries Limited Tea [206]
Larfarge Cement [203]
Metal Fabricators of Zambia (ZAMEFA) Electric Power Cables [207]
Mpande Limestone Limestone [203]
Mununshi Fruit Company Limited (MFCL) Bananas [208]
Naipu Mining Machinery (Zambia) Company Limited Mining Equipment [209]
Ndola Lime Company Limited (NLC) Limestone [210]
Nitrogen Chemicals Of Zambia (NCZ) Fertilizers [211]
Northern Coffee Company Limited (NCCL) Coffee [212]
Powerful Diligent Veracious (PDV) Metal Steel Steel [213]
Sunbird Energy Cassava Ethanol [214]
Trade Kings Zambia Limited FMCG, Steel [215]
United Capital Fertilizer (UCF) Zambia Limited Fertilizers [216][217]
Zambeef Products Meat, dairy, eggs, animal feed, leather [218]
Zambian Breweries Alcoholic Beverages [219]
Zambia Forestry and Forest Industries Corporation Plc (ZAFFICO) Wood and Wood & Paper Products [220]
Zambia Sugar Plc Sugar and Molasses ethanol [221]
Zambia National Service (ZNS) Chingola Milling Plant Mealie Meal 3

Below is a table for the Composite Purchasing Managers' Index (PMI) Manufacturing Pulse in Zambia. 50 sets the benchmark, for expansion ->50 and expansion -<50.

Composite Purchasing Managers' Index (PMI)
Month /

Year

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source
2021 Decrease47.70 Decrease47.10 Decrease49.70 Increase50.10 Decrease49.70 Decrease49.30 Decrease49.80 Decrease49.80 Increase50.30 Increase51.20 Increase51.80 Increase51.50 [222][223][224][225]
2022 Decrease49.90 Increase50.30 Decrease49.60 Increase50.50 Decrease49.80 Decrease49.90 Increase50.50 Steady50.00 Increase50.50 Decrease49.00 Decrease49.10 Decrease48.30 [226][227][228][229][230][231][232]
2023 Increase50.60 Increase51.30 Decrease46.90 Decrease48.70 Increase51.40 Increase51.20 Increase51.00 Decrease49.20 Decrease48.10 Increase50.60 Increase50.10 Decrease49.60 [233][234][235][236][237][238][239][240][241][242][243][244]
Annual Cement Production[106]
Year Production (MT)
2020 Increase 2,127,832
2021 Increase 2,732,013
2022 Decrease 2,369,193

Education

[edit]

As of 2022, Zambia runs a free education policy at public early childhood and secondary schools.[245]

Finance and Banking Services

[edit]
Monetary Policy[246][247](Tightening: Red. Easing: Green)
Date Policy Rate Monetary Policy Committee Statement
5 November 2015 Negative increase15.50% Policy Rate adjusted upward by 300 basis points to 15.50%
19 February 2016 Steady15.50% Policy Rate maintained at 15.50%
20 May 2016 Steady15.50% Policy Rate maintained at 15.50%
19 August 2016 Steady15.50% Policy Rate maintained at 15.50%
16 November 2016 Steady15.50% Policy Rate maintained at 15.50%
22 February 2017 Positive decrease14.00% Policy Rate Reduced by 150 basis points 14.00%,

the Overnight Lending Facility (PLF) Rate reduced to 600 basis points above the Policy Rate, and the Statutory Reserve Ratio reduced by 250 basis points to 15.50%

17 May 2017 Positive decrease12.50% Policy Rate Reduced by 150 basis points 12.50%
10 August 2017 Positive decrease11.00% Policy Rate lowered to 11.00% and Statutory Reserve Ratio reduced to 9.50%
22 November 2017 Positive decrease10.25% Policy Rate lowered to 10.25% and Statutory Reserve Ratio reduced to 8.00%
16 February 2018 Positive decrease9.75% Policy Rate cut by 50 Basis Points to 9.75%
16 May 2018 Steady9.75% Policy Rate maintained at 9.75%
22 August 2018 Steady9.75% Policy Rate maintained at 9.75%
21 November 2018 Steady9.75% Policy Rate maintained at 9.75%
20 February 2019 Steady9.75% Policy Rate maintained at 9.75%
22 May 2019 Negative increase10.25% Policy Rate adjusted upwards by 50 basis points to 10.25%
21 August 2019 Steady10.25% Policy Rate maintained at 10.25%
20 November 2019 Negative increase11.50% Policy Rate adjusted upward by 125 basis points to 11.50%
19 February 2020 Steady11.50% Policy Rate maintained at 11.25%
20 May 2020 Positive decrease9.25% Policy Rate cut by 225 Basis Points to 9.25%
19 August 2020 Positive decrease8.00% Policy Rate cut by a further 125 Basis Points to 8.00%
18 November 2020 Steady8.00% Policy Rate held at 8.0%
17 February 2021 Negative increase8.50% Policy Rate adjusted upwards by 50 basis points to 8.50%
19 May 2021 Steady8.50% Policy Rate held at 8.50%
1 September 2021 Steady8.50% Policy Rate held at 8.50%
24 November 2021 Negative increase9.00% Policy Rate adjusted upwards by 50 basis points to 9.00%
17 February 2022 Steady9.00% Policy Rate maintained at 9.00%
18 May 2022 Steady9.00% Policy Rate maintained at 9.00%[247]
17 August 2022 Steady9.00% Policy Rate maintained at 9.00%[248][249]
23 November 2022 Steady9.00% Policy Rate maintained at 9.00%
15 February 2023 Negative increase9.25% Policy Rate adjusted upwards by 25 basis points to 9.25%[250]

On 2 February the Statutory Reserve Ratiowas increased to 11.50% from 9.00%[251]

17 May 2023 Negative increase9.50% Policy Rate adjusted upwards by 25 basis points to 9.50%[252]
23 August 2023 Negative increase10.00% Policy Rate adjusted upwards by 50 basis points to 10.00%[253]
22 November 2023 Negative increase11.00% On 6 November the Statutory Reserve Ratio was increased by 300 basis points to 14.50%[254] Policy Rate adjusted upwards by 100 basis points to 11.00%[255]

On 27 November the Statutory Reserve Ratio was increased by 250 basis points to 17.00%[256]

2 February 2024 On 2 February the Statutory Reserve Ratio was increased by 900 basis points to 26.00%[257]

BOZ purchases gold locally from Kansanshi Copper Mine and the Zambia Gold Company for its reserves.[258]

Year Cummulative Gold Reserves US$ Source Notes Cumulative refined gold reserves (kg)
2021 43,000,000 [258][259]
2022 83,000,000 [259][260][261] target for 2022 is US$100 million in Gold [259] 1,438 kilograms
Commercial Banks’ Average Lending Rates
Year 2016 2017 2018 2019 2020 2021 2022
Rate 29.20% Positive decrease24.90% Positive decrease23.60% Negative increase25.63% Negative increase26.57% Positive decrease25.90% Positive decrease25.22%
Source [262] [263] [263] [264] [264] [265] [266]

Media

[edit]

Infrastructure

[edit]

There are many forms of transport in Zambia. Zambia is highly dependent on road transport.

Growth

[edit]

There are, however, positive macroeconomic signs, rooted in reforms implemented in the early and mid-1990s. Zambia's floating exchange rate and open capital markets have provided useful discipline on the government, while at the same time allowing continued diversification of Zambia's export sector, growth in the tourist industry, and procurement of inputs for growing businesses. Some parts of the Copper Belt have experienced a significant revival as spin-off effects from the massive capital reinvestment are experienced.

Export Diversification

[edit]

As Zambia continued on its path to diversifying from dependence on Copper with an emphasis on growth in agriculture, in April 2022, the country's Ministry of Agriculture through the Plant Quarantine and Phytosanitary Service (PQPS) approved the first consignment of over 37 metric tons of Zambian grown avocados for export to countries in the European Union.[267]

The Multi-Facility Economic Zones (MFEZ)

[edit]

In 2005, the Japanese Government through Japan International Corporation Agency (JICA) aided the Zambia government to introduce the Multi- Facility Economic Zone (MFEZ) programme.[268] The aim is to  create a platform for Zambia to achieve economic development by attracting significant domestic and foreign direct investment (FDI) through a strengthened policy and legislative environment.[268] The MFEZs are, special industrial zones for both export-oriented and domestic-oriented industries. The zones are expected to have well appointed infrastructure in place in order to attract and facilitate establishment of world-class enterprises in the zone (s).[268]

Among the MFEZ investment incentives offered for companies operating under the MFEZ/Priority Sector include:

MFEZ Incentives[269]
Category Tax Rate Duration Conditions
Corporate Tax 0% 5 years from the year of first declaration of dividends
Tax on Profits 30% 5 years from 6 to 8 years only 50% of the profits to be taxed

for years 9 and 10, 75% of profits to be taxed

Import Duty 0% 5 years on raw materials, capital goods, machinery including trucks and specialised motor vehicles
Value Added Tax Deferred - on machinery and equipment including trucks and specialised motor vehicles imported

Currently there are numerous MFEZs in Zambia:[268][270]

The Lusaka South Multi-Facility Economic Zone (LS-MFEZ)

[edit]

Established in June 2012, the zone prioritizes agribusiness, packaging and printing, palm oil processing, pulp and packaging boards, pharmaceuticals, electrical and electronic appliances, ICTs, education and skills training, R&D, professional, medical, scientific and measuring services.[268]

In 2020, the LS-MFEZ realised US$100.6 million worth of investments bringing the accumulated investments to about US$567.6 million and generating about 7,100 jobs since commencing operations in 2012.[271]

In 2021, the LS-MFEZ realised a record US$309.4 million worth of investments bringing the accumulated investments to about US$877.4 million with permanent jobs at about 9,360 and total jobs including construction workers at 11,560.[272][273]

The Lusaka East Multi-Facility Economic Zone

[edit]

This zone is also known as the Zambia-China Economic & Trade Cooperation Zone (ZCCZ).[268]

The zone prioritizes agriculture (circular and tourism agricultures), agro-processing, brewery, pharmaceuticals, building materials, logistics (storage) and international commerce.[268]

Roma Industrial and Commercial Park

[edit]

Launched in 2011, is expected to generate more than 4,000 permanent jobs once fully developed and is focused on real estate and residential developments.[274]

Chambishi Multi-Facility Economic Zone (CMFEZ)

[edit]

Opened in 2007, prioritizes mining, engineering equipment assembly, construction materials, fertilizers, agriculture, and service sectors such as banking and hospitals.[268]

By 2016, the CMFEZ had already received investment of about US$800 million from 14 enterprises.[275]

Chembe Multi-Facility Economic Zone

[edit]

In 2016, the government launched the development of the Chembe Multi-Facility Economic Zone in Chembe, Luapula Province.[270]

Chibombo Multi-Facility Economic Zone

[edit]

Located in Chibombo District, Central Province, Zambia, the ground breaking for this zone was held in November 2018 and is also known as the Jiangxi Multi-Facility Economic Zone.[272]

In October 2021, the Chibombo MFEZ signed six project agreements worth US$160 million projected to create over 1,000 jobs.[276]

Lumwana Multi-Facility Economic Zone

[edit]

In November 2009, the government of Zambia announced a plan for a US$1.2 billion investment into the declared Lumwana Multi-Facility Economic Zone.[277]

Sub-Saharan Gemstones Exchange Industrial Park

[edit]

This Multi-Facility Economic Zone (MFEZ) is located in Ndola, Copperbelt Province.[278][279]

By October 2011, over US$10 million had been invested in the infrastructure in the MFEZ.[280]

Kalumbila Multi-Facility Economic Zone (MFEZ)

[edit]

Located in North-Western Province, this MFEZ received approval by the Ministry of Commerce, Trade and Industry in September 2022.[281][282]

The expected initial investment was approximately US$100 million.[281][282]

The facility was intended to offer local vendors an industrial base to set up a local supply chain for the growing Kalumbila copper mine, upcoming Enterprise nickel mine, and other businesses around the First Quantum Minerals (FQM) sites.[281][282]

Actualized Investments

[edit]
Multi-Facility Economic Zones (MFEZ) and Industrial Parks (IPs) Actualized Investments
Year Actualized Value (USD) Actualized Value (ZMW)[283] Number of Jobs created Source
2019 US$1.90 billion ZMW 24.53 billion 14,775 [264]
2020 IncreaseUS$2.18 billion IncreaseZMW 39.92 billion Increase25,795 [265]
2021 IncreaseUS$2.74 billion IncreaseZMW 53.95 billion Increase35,794 [265]
2022 IncreaseUS$4.40 billion IncreaseZMW 74.36 billion Increase19,528 [284]

Fintech

[edit]

Zambia has a relatively quiet startup and venture capital space; however, the trend seems to be shifting as in August 2021 fintech company Union54 led the way by being the first Zambian startup accepted into Y Combinator's summer batch of YC 2021.[285][286] In October 2021, American investment firm Tiger Global led a U$3 million seed round in Union54.[287] And in April 2022, the Zambian company raised an additional U$12 million in a seed extension round also led by Tiger Global.[288]

Salaula

[edit]

Standard economic theory and empirical data indicates that second-hand clothing import can have positive effects in a country like Zambia (one of the least developed countries in the world). The salaula market reduces the proportion of income that a family has to spend on clothing. It also helps to keep employments like repairs and alterations in business and forces tailors to proceed into more specialize production of styled garments.[289]

There is a downside to such imports, however; the massive importation of used clothing from the developed world has resulted in a near-total collapse of the Zambian indigenous textile industry. In the face of cheap used clothing, tailors' specialized production may be irrelevant - customers will buy the least expensive clothing available, irrespective of style. Those who might otherwise work at textile mills or clothing factories are left jobless, or else make significantly less money in the salaula resale business.

Electric Battery Value Chain

[edit]

Zambia and Democratic Republic of the Congo (DRC), two countries, that have more than 70% of the world's Cobalt reserves and an abundance of Copper, Nickel and Manganese have resolved to set up a Zambia-DRC-Executive Battery Council to oversee the implementation of the cooperating agreement for the electric vehicle battery value chain. The Executive Council's executive committee will be composed of President Hakainde Hichilema, his DRC counterpart Felix Tshisekedi, the Deputy Secretary General of the African Economic Community for the United Nations, as well as the President of AFREXIM Bank, as a financial partner. Also issued was a communiqué by the two heads of state that indicated that the two countries will also harmonize policies for the initiative. Zambia and the DRC signed the MOU in Lusaka Zambia on 29 April 2022.[290][291][292][293]

In July 2022, the African Export-Import Bank President Benedict Oramah, whilst in Lusaka Zambia, announced that a pool of investors had earmarked more than US$500.0 million to set up an industrial park for the purposes of adding value to the copper, cobalt, and manganese mined in Zambia. The investors will set up plants to process cobalt, copper, and lithium that are in Zambia and neighboring countries and establish a US$250 million Battery Electric Vehicle (BEV) manufacturing plant.[85]

In July 2022, at the 94th Agricultural and Commercial Show in Lusaka, the managing director of the National Utility ZESCO, Victor Mapani announced that the company plans to deploy Electric Vehicle EV charging stations across the country in an effort to accelerate and promote the transition to EVs and enhance carbon emission reduction.[294]

In December 2022, on the sidelines of the ongoing US-Africa summit in Washington DC, Zambia, the Democratic Republic of the Congo (DRC) and the United States of America signed an MOU toward the actualization of the electric vehicle battery value chain. Different US institutions and agencies such as USAID, the US Department of Commerce, the Trade and Development Agency, are exploring technical assistance for the Zambia-DRC EV supply chain. Additionally, the Export-Import Bank of the United States, the Development Finance Corporation, will be exploring financing and support mechanisms for investment in African electric vehicle value chains.[295]

In April 2023, The African Export-Import Bank (Afreximbank) and the United Nations Economic Commission for Africa (ECA) signed a framework agreement with Zambia and the Democratic Republic of Congo for the establishment of special economic zones for the production of electric vehicles and batteries.[296] Afreximbank and ECA will lead the establishment of an operating company in consortium with public and private investors and Afreximbank's impact fund subsidiary, the Fund for Export Development in Africa. The new company will develop special economic zones (SEZs) dedicated to the production of battery precursors, batteries, and electric vehicles, in both nations.[297]

In October 2023, the Chinese company Better Technology Group announced that procurement of electric vehicle battery, energy storage battery and Uninterruptiple Supply battery manufacturing equipment was under underway and will be delivered in Zambia by December 2023.[298] This equipment will be part of the EV battery manufacturing facility to be set up in Zambia's Chibomba- Jiangxi Multi Facility Economic Zone in Central Province with construction set to be completed by March 2024.[298] The Group President also announced that the company has budgeted to invest ZMW 2.18 billion kwacha (US$100 million) in the Venture through 2026.[298]

Telecommunications

[edit]

In June 2023, a license to offer internet services in Zambia was granted to Elon Musk's Starlink by the Zambian Government through the Electronic Government Division – SMART Zambia, following the completion of many prosperous trial projects throughout the nation.[299][300][301]

Inflation

[edit]
GDP per capita (current), compared to neighbouring countries (world average = 100)

Lack of balance-of-payment support meant the Zambian government did not have resources for capital investment and periodically had to issue bonds or otherwise expand the money supply to try to meet its spending and debt obligations. The government continued these activities even after balance-of-payment support resumed. This has kept interest rates at levels that are too high for local business, fuelled inflation, burdened the budget with domestic debt payments, while still falling short of meeting the public payroll and other needs, such as infrastructure rehabilitation. The government was forced to draw down foreign exchange reserves sharply in 1998 to meet foreign debt obligations, putting further pressure on the kwacha and inflation. Inflation held at 32% in 2000; consequently, the kwacha lost the same value against the dollar over the same period. In mid- to late 2001, Zambia's fiscal management became more conservative. As a result, 2001 year-end inflation was below 20%, its best result in decades. In 2002 inflation rose to 26.7%. However, in 2007 inflation hit 8%, the first time in 30 years that Zambia had seen single digit inflation.

On January 27, 2011, it was reported by the Central Statistical Office that inflation rose to 9%.[302] in 2012

Between April 2019 and April 2020 Zambia' s Annual inflation rate rose to 15.7% from 14% in March 2020. The rise of prices in food and other non- food items led to the increase in the Annual inflation rate.[303]

However, it is significant that inflation often peaks in election years, hitting a recent high of 17.9% in 2016. This suggests that a further peak is likely approaching during the 2021 general elections. The value of the kwacha against the dollar has been relatively consistent for the past two years and has yet to return to the recent high of almost 0.2 kwacha to the dollar in 2013. Nonetheless, the real effective exchange rate of the kwacha against a weighted average of foreign currencies improved from 88.5 in 2016 to 96.4 in 2017. The kwacha lost value against the dollar in September 2018 but has remained fairly consistent at 0.08 to the dollar in November to December, though further instability remains likely due to both political and economic uncertainty.[26]

Economic Statistics

[edit]
Main Economic Indicators 1980–2020 (with IMF staff estimates in 2021–2022)[29][304][305] Inflation below 10% is in green.
Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth %

(real)

Inflation rate

(in Percent)

Unemployment

(in percent)[306][303]

Government debt

(in % of GDP)

1980 Increase7.806 Increase1,321.44 Increase4.246 Increase718.80 Increase3.85% Negative increase11.73% N/A N/A
1981 Increase9.111 Increase1,493.25 Increase4.385 Decrease718.74 Increase6.63% Negative increase14.00% N/A N/A
1982 Increase9.392 Decrease1,491.45 Decrease4.232 Decrease672.01 Decrease-2.91% Negative increase12.50% N/A N/A
1983 Increase9.648 Decrease1,485.51 Decrease3.653 Decrease562.44 Decrease-1.15% Negative increase19.69% N/A N/A
1984 Increase9.825 Decrease1,467.55 Decrease3.003 Decrease448.53 Decrease-1.72% Negative increase20.02% N/A N/A
1985 Increase10.261 Increase1,487.63 Decrease2.848 Decrease448.53 Increase1.24% Negative increase37.43% N/A N/A
1986 Increase10.645 Increase1,498.40 Decrease1.962 Decrease276.15 Increase1.70% Negative increase47.99% N/A N/A
1987 Increase11.071 Increase1,513.02 Increase2.431 Increase332.27 Increase1.49% Negative increase43.04% N/A N/A
1988 Increase12.524 Increase1,661.46 Increase4.095 Increase543.32 Increase9.27% Negative increase45.82% N/A N/A
1989 Increase12.539 Decrease1,613.97 Increase4.365 Increase561.83 Increase-3.66% Negative increase113.16% N/A N/A
1990 Increase12.933 Decrease1,613.94 Decrease4.085 Decrease509.75 Increase-0.58% Negative increase93.87% N/A N/A
1991 Increase13.281 Decrease1,608.16 Decrease3.690 Decrease446.78 Decrease-0.67% Negative increase85.28% N/A N/A
1992 Increase13.863 Increase1,629.97 Decrease3.614 Decrease424.95 Decrease2.05% Negative increase146.71% N/A N/A
1993 Increase14.180 Decrease1,620.32 Decrease3.549 Decrease405.59 Decrease-0.08% Negative increase158.40% N/A N/A
1994 Decrease12.556 Decrease1,392.28 Increase3.657 Decrease405.54 Decrease-13.31% Negative increase46.07% N/A N/A
1995 Increase13.190 Increase1,425.36 Increase3.799 Increase410.54 Increase2.90% Negative increase31.46% N/A N/A
1996 Increase14.267 Increase1,501.48 Decrease3.599 Decrease378.71 Increase6.22% Negative increase38.38% N/A N/A
1997 Increase15.067 Increase1,543.08 Increase4.303 Increase440.70 Increase3.81% Negative increase21.42% N/A N/A
1998 Increase15.177 Decrease1,512.60 Decrease3.538 Decrease352.63 Decrease-0.39% Negative increase22.66% N/A N/A
1999 Increase16.107 Increase1,562.42 Decrease3.405 Decrease330.28 Increase4.65% Negative increase23.86% N/A N/A
2000 Increase17.114 Increase1,616.81 Increase3.601 Increase340.16 Increase3.90% Negative increase24.09% 12.93% Positive decrease28.89%
2001 Increase18.430 Increase1,696.89 Increase3.870 Increase356.32 Increase5.32% Negative increase21.36% Negative increase13.51% Positive decrease21.89%
2002 Increase19.561 Increase1,755.88 Increase4.194 Increase376.47 Increase4.51% Negative increase22.24% Negative increase14.12% Positive decrease21.74%
2003 Increase21.332 Increase1,866.96 Increase4.902 Increase429.01 Increase6.95% Negative increase21.40% Negative increase14.70% Negative increase23.92%
2004 Increase23.445 Increase1,999.40 Increase6.221 Increase530.54 Increase7.03% Negative increase17.97% Negative increase15.30% Positive decrease19.26%
2005 Increase25.930 Increase2,152.92 Increase8.329 Increase691.55 Increase7.24% Negative increase18.33% Negative increase15.90% Positive decrease13.09%
2006 Increase28.842 Increase2,329.39 Increase12.762 Increase1,030.69 Increase7.90% Positive decrease9.02% Positive decrease13.25% Negative increase21.61%
2007 Increase32.096 Increase2,519.51 Increase14.060 Increase1,103.69 Increase8.35% Negative increase10.66% Positive decrease10.59% Positive decrease17.59%
2008 Increase35.255 Increase2,688.11 Increase17.914 Increase1,365.93 Increase7.77% Negative increase12.45% Positive decrease7.93% Positive decrease16.28%
2009 Increase38.752 Increase2,868.81 Decrease15.332 Decrease1,135.01 Increase9.22% Negative increase13.39% Negative increase10.56% Negative increase16.47%
2010 Increase43.256 Increase3,108.17 Increase20.264 Increase1,456.05 Increase10.30% Positive decrease8.50% Negative increase13.19% Positive decrease15.95%
2011 Increase46.612 Increase3,249.60 Increase23.455 Increase1,635.17 Increase5.57% Positive decrease8.66% Positive decrease10.55% Negative increase16.42%
2012 Increase49.509 Increase3,348.12 Increase25.502 Increase1,724.63 Increase7.60% Positive decrease6.58% Positive decrease7.85% Negative increase20.07%
2013 Increase53.420 Increase3,503.86 Increase28.042 Increase1,839.33 Increase5.06% Positive decrease6.98% Negative increase8.61% Negative increase22.43%
2014 Increase54.506 Decrease3,467.10 Decrease27.145 Decrease1,726.65 Increase4.70% Positive decrease7.81% Negative increase9.36% Negative increase31.91%
2015 Decrease54.473 Decrease3,360.02 Decrease21.245 Decrease1,310.46 Increase2.92% Negative increase10.12% Negative increase10.13% Negative increase61.94%
2016 Increase55.712 Decrease3,332.67 Decrease20.965 Decrease1,254.12 Increase3.78% Negative increase17.87% Negative increase10.87% Positive decrease58.32%
2017 Increase58.735 Increase3,407.31 Increase25.874 Increase1,500.96 Increase3.50% Positive decrease6.58% Negative increase11.63% Negative increase63.46%
2018 Increase62.565 Increase3,520.21 Increase26.312 Decrease1,480.42 Increase4.04% Positive decrease6.99% Negative increase12.01% Negative increase77.96%
2019 Increase64.602 Increase3,526.11 Decrease23.309 Decrease1,272.24 Increase1.44% Positive decrease9.15% Negative increase12.52% Negative increase97.39%
2020 Decrease63.559 Decrease3,366.14 Decrease18.111 Decrease959.15 Decrease-2.79% Negative increase15.73% Negative increase12.85% Negative increase140.21%
2021 Increase69.245 Increase3,559.05 Increase21.313 Decrease1,095.47 Increase4.60% Negative increase22.02% Positive decrease12.50% Positive decrease119.41%
2022 Increase76.325 Increase3,808.05 Increase27.025 Increase1,348.36 Increase2.91% Negative increase12.53% N/A Positive decrease71.10%
2023 Increase85.951 Increase4,178.52 Increase28.406 Increase1,380.97 Increase5.80% Positive decrease10.95% N/A Negative increase115.23%

Trade

[edit]
Table Below shows Imports and Exports of Goods, Services and Primary Income (BoP)
Year Imports

(current millions US$)

[307][308]

Exports

(current millions US$)

[309][308]

Trade Balance

(current millions US$)

Total Trade(current millions US$) % Growth in Trade
1997 Negative increase1,633 Increase1,269 Decrease-364 2,902
1998 Positive decrease1,507 Decrease961 Decrease-546 2,468 Decrease -14.96%
1999 Negative increase1,353 Decrease923 Decrease-430 2,276 Decrease -7.78%
2000 Negative increase1,567 Decrease891 Decrease-676 2,458 Increase 8.00%
2001 Negative increase1,824 Increase1,076 Decrease-748 2,900 Increase 17.98%
2002 Negative increase1,885 Increase1,146 Decrease-739 2,961 Increase 2.10%
2003 Negative increase1,994 Increase1,283 Decrease-711 3,277 Increase 10.67%
2004 Negative increase2,582 Increase2,108 Decrease-474 4,690 Increase 30.13%
2005 Negative increase3,181 Increase2,842 Decrease-339 6,023 Increase 28.42%
2006 Negative increase4,337 Increase4,567 Increase230 8,904 Increase 47.83%
2007 Negative increase5,967 Increase5,262 Decrease-705 11,229 Increase 26.11%
2008 Negative increase6,818 Increase5,661 Decrease-1,157 12,479 Increase 10.02%
2009 Positive decrease4,509 Decrease4,906 Increase397 9,415 Decrease -24.55%
2010 Negative increase6,969 Increase8,063 Increase1,094 15,032 Increase 59.66%
2011 Negative increase8,715 Increase9,430 Increase715 18,145 Increase 20.71%
2012 Negative increase9,603 Increase10,521 Increase918 20,124 Increase 9.83%
2013 Negative increase12,170 Increase11,607 Decrease-563 23,777 Increase 20.71%
2014 Positive decrease11,762 Decrease11,077 Decrease-685 22,839 Decrease -3.94%
2015 Positive decrease9,226 Decrease8,232 Decrease-994 17,458 Decrease -23.56%
2016 Positive decrease8,656 Decrease7,490 Decrease-1,166 16,146 Decrease -7.52%
2017 Negative increase9,947 Increase9,154 Decrease-793 19,101 Increase 18.30%
2018 Negative increase10,628 Increase10,010 Decrease-618 20,638 Increase 8.05%
2019 Positive decrease8,485 Decrease8,303 Decrease-182 16,788 Decrease -18.65%
2020 Positive decrease6,382 Increase8,594 Increase2,212 14,976 Decrease -10.79%
2021 Negative increase6,899 Increase11,111 Increase4,212 18,010 Increase 20.26%
2022 Negative increase9,047 Increase11,651 Increase2,604 20,698 Increase 14.93%
2023 Negative increase9,324 Decrease9,652 Increase328 18,976 Decrease -8.32%
Export Earnings from Minerals[310][308][311]
Year Copper (millions US$) NTEs (millions US$) Cobalt (millions US$) Gold (millions US$) Nickel (millions ZMW)
2014 Increase7,619 Increase2,272 Increase123.9 Increase152.2
2015 Decrease5,234 Decrease1,849 Decrease 70.7 Increase152.8
2016 Decrease4,399 Decrease1,749 Increase112.9 Increase191.2
2017 Increase6,039 Increase1,780 Increase138.4 Decrease154.1
2018 Increase6,658 Increase2,036 Decrease116.7 Decrease148.2
2019 Decrease4,995 Decrease1,919 Decrease 42.7 Increase196.4
2020 Increase5,867 Decrease1,869 Decrease 10.6 Increase220.5
2021 Increase8,345 Increase2,508 Decrease 5.0 Decrease209.2 Increase1,642.4
2022 Decrease8,136 Increase3,179 Decrease 0.0 Decrease187.3 Increase1,951.0
2023 Decrease6,613 Increase3,766 Steady 0.0 Decrease127.5 Increase2,679.1

Major trade enhancing infrastructure projects carried out in Zambia's history:

  • TAZARA Railway commissioned in 1975 for a cost of US $406 million (the equivalent of US $3.19 billion in 2022 USD rate).[312][313]
  • Kazungula Bridge, commissioned in May 2021 for a cost of US$259.3 million.[314]
  • Levy Mwanawasa (Chembe) Bridge, commissioned in October 2008 for a cost of US$1.5 million.[315]
  • Chinsali-Nakonde road is being constructed using grant funds from the African Development Bank.[316][317] The 210 km stretch is valued at 6.3 billion kwacha (US$255.76 million).[316] The road which is being constructed constructed in two lots by China State Engineering Corporation and China Railway 7 group is expected to be completed in December 2026.[316][317]

Major exhibitions

[edit]

Notable Companies

[edit]

Public Private Partnerships (PPP)

[edit]

In December 2021, Zambia's UPND Government set up the Public-Private Partnership (PPP) Council of Ministers composed of the Minister of Finance and National Planning (Dr. Situmbeko Musokotwane) as the Chairperson and the Ministers of Infrastructure (Charles Milupi), Commerce, Trade, and Industry (Chipoka Mulenga), Transport and Logistics (Frank Tayali), and Technology and Science (Felix Mutati). The focus of the council is to have public-private partnerships become the primary avenue for infrastructure development as opposed to the solely government funded path.[321]

Major Public Private Partnership (PPP) Projects
Project Length Tender Bidding

Process

Expected Impact JV Partners Project

Construction Start

Project

Completion

Source
Lusaka-Ndola Dual Carriageway 327 km Closed Key connection of the Trans-African Highway network in particular the Trans-African Highway 4 (TAH 4) and the Trans-African Highway 9 (TAH 9)

$650 million concession agreement.

25-yr deal with 3-yrs construction and 22-yrs operate toll gates and maintain road.

Deal includes 45 km of the Luanshya-Fisenge-Masangano Road

Macro-Ocean Investment Consortium

Government of Zambia

Q3 2023

(August)

Expected 2026 [322][323][324]
Mufulira-Mokambo road 15 km Closed Improved Trade with the Democratic Republic of the Congo

PPP was signed in November 2024 $56.7 million concession agreement 22-yr deal with 2-yrs construction and 20-yrs operate toll gate and maintain road. Deal includes construction of border post facilities at Mokambo.

Jasworld Ports Limited

Government of Zambia

Expected Q1 2025 Expected 2027 [325][326][327][328]
Ndola-Sakania-Mufulira road 70 km Closed Improved Trade with the Democratic Republic of the Congo

Improved Trade for Local Markets

ZMW 1.64 billion kwacha (US$76.1 million) concession agreement to develop the 61 kilometers of the Mufulira-Sakania-Ndola road

The concession is contracted to run for a period of 22 years, inclusive of the three years for construction

Jaswin Ports Limited

Government of Zambia

2024 Expected 2026 [325][326][329][330]
Chingola - Kasumbalesa road 35 km Closed Improved Trade with the Democratic Republic of the Congo

Improved Trade for Local Markets

Improved Trade for the SADC Region

Expected cost ZMW 558 million kwacha (U$31 million)

Turbo Ka-Chin Investment Consortia

Government of Zambia

Q2 2022

(May)

December 2023 [326][331][332]
Katete-Chanida Border Post 55 km Closed Improved Trade with Mozambique

PPP signing was in October 2023

The 25 year Concession agreement worth ZMW 1.7 billion kwacha (US$79.8 million) was signed in October 2023.

The concession duration included 2 years for construction and 23 years for operation and maintenance.

Lutembwe Consulting Company

Government of Zambia

Q1 2024 Expected Q4 2025 [326][333]
Lumwana-Kambimba Border Post 45 km Closed The road will connect Lumwana with Kolwezi in Democratic Republic of the Congo

Improved Trade for the SADC Region

Concession agreement signed Q3 2023 (September)

Sandstone Consortium

Government of Zambia

Q4 2024 TBA [326]
Kasomeno-Kasenga-Chalwe-Kabila-Mwenda Road and Luapula River Bridge 182 km Closed Also known as the Kasomeno-Mwendo Toll Road (KMTR) Project is a critical trade link between Luapula province in Zambia and Lubumbashi in the DRC

Will be a key connection into the Trans-African Highway network in particular the Trans-African Highway 4 (TAH 4) to Dar es Salaam, Tanzania

GED Africa

Agence Congolaise des Grands Travaux (ACGT)

Zambia Road Development Agency (RDA)

Q3 2023 (October) TBA [334][335]
Chingola-Solwezi-Mutanda road 205 km Closed The 30 year Concession agreement worth US$250 million was signed in 2021. Bert Pave and Maintenance Limited

Government of Zambia

Q1 2022 TBA [336][337][338]

Constituency Development Funds Performance

[edit]

Decentralized funds directed at enhancing public service delivery and targeted at local communities to spur economic development at ward and constituency level.[54]

Table below tracks the reported absorption of disbursed funds into the local communities Below 50% is red. Above 50% is green
Year Allocation Disbursed Absorption

Rate

Absorption Value Reporting Period Source
2022 ZMW 4.0 billion (US$228.4 million) ZMW 4.0 billion (US$228.4 million) 55.0% ZMW 2.2 billion 1 January 2022 - 31 December 2022 [54][339]
2023 ZMW 4.4 billion (US$278.7 million) ZMW 2.7 billion 60.0% ZMW 1.3 billion 1 January 2023 - 31 December 2023 [340][341][342]
2024 ZMW 4.8 billion (US$228.1 million) N/A N/A N/A N/A [343][344]
2025 ZMW 5.6 billion (US$212.1 million) N/A N/A N/A N/A

Private Wealth

[edit]

In 2021, the total estimated value of private wealth in Zambia was US$14 billion (ZMW 238 billion)[345]

See also

[edit]

References

[edit]
  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.
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  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.
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  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.
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