Economy of Zambia
| Economy - overview: | Despite progress in privatization and budgetary reform, Zambia's economic growth in 2005-06 remained somewhat below the 6-7% per year needed to reduce poverty significantly. Privatization of government-owned copper mines relieved the government from covering mammoth losses generated by the industry and greatly improved the chances for copper mining to return to profitability and spur economic growth. Copper output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was good again in 2005, helping to 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. A tighter monetary policy will help cut inflation, but Zambia still has a serious problem with high public debt. |
| GDP (purchasing power parity): | $11.64 billion (2006 est.) |
| GDP (official exchange rate): | $5.795 billion (2006 est.) |
| GDP - real growth rate: | 5.8% (2006 est.) |
| GDP - per capita (PPP): | $1,000 (2006 est.) |
| GDP - composition by sector: | agriculture: 19.9% industry: 28.9% services: 51.2% (2006 est.) |
| Labor force: | 4.903 million (2006 est.) |
| Labor force - by occupation: | agriculture: 85% industry: 6% services: 9% |
| Unemployment rate: | 50% (2000 est.) |
| Population below poverty line: | 86% (1993) |
| Household income or consumption by percentage share: | lowest 10%: 1.1% highest 10%: 41% (1998) |
| Distribution of family income - Gini index: | 52.6 (1998) |
| Inflation rate (consumer prices): | 8.8% (2006 est.) |
| Investment (gross fixed): | 26.5% of GDP (2006 est.) |
| Budget: | revenues: $2.674 billion expenditures: $2.99 billion; including capital expenditures of $NA (2006 est.) |
| Public debt: | 65.7% of GDP (2006 est.) |
| Agriculture - products: | corn, sorghum, rice, peanuts, sunflower seed, vegetables, flowers, tobacco, cotton, sugarcane, cassava (tapioca), coffee; cattle, goats, pigs, poultry, milk, eggs, hides |
| Industries: | copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture |
| Industrial production growth rate: | 10.1% (2006 est.) |
| Electricity - production: | 9.962 billion kWh (2004) |
| Electricity - production by source: | fossil fuel: 0.5% hydro: 99.5% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 6.692 billion kWh (2004) |
| Electricity - exports: | 2.975 billion kWh (2004) |
| Electricity - imports: | 403 million kWh (2004) |
| Oil - production: | 140 bbl/day (2004 est.) |
| Oil - consumption: | 13,000 bbl/day (2004 est.) |
| Oil - exports: | NA bbl/day |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 0 bbl |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Current account balance: | -$165.4 million (2006 est.) |
| Exports: | $3.928 billion f.o.b. (2006 est.) |
| Exports - commodities: | copper/cobalt 64%, cobalt, electricity; tobacco, flowers, cotton |
| Exports - partners: | Switzerland 24.6%, South Africa 10.8%, Thailand 10.3%, China 9.9%, Italy 9%, Democratic Republic of the Congo 5%, Tanzania 4.7% (2006) |
| Imports: | $3.092 billion f.o.b. (2006 est.) |
| Imports - commodities: | machinery, transportation equipment, petroleum products, electricity, fertilizer; foodstuffs, clothing |
| Imports - partners: | South Africa 50%, Zimbabwe 5.4%, UAE 4.7%, China 4.4% (2006) |
| Reserves of foreign exchange and gold: | $1.05 billion (2006 est.) |
| Debt - external: | $4.397 billion (2006 est.) |
| Economic aid - recipient: | $640.6 million (2002) |
| Currency (code): | Zambian kwacha (ZMK) |
| Currency code: | ZMK |
| Exchange rates: | Zambian kwacha per US dollar - 3,601.5 (2006), 4,463.5 (2005), 4,778.9 (2004), 4,733.3 (2003), 4,398.6 (2002) |
| Fiscal year: | calendar year |