| Economy | Zambia |
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Economy - overview:
|
Zambia's economy has experienced strong growth in recent years, with real GDP growth in 2005-08 about 6% per year. Privatization of government-owned copper mines in the 1990s 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 foreign investment. In 2005, Zambia qualified for debt relief under the Highly Indebted Poor Country Initiative, consisting of approximately USD 6 billion in debt relief. Zambia experienced a bumper harvest in 2007, which helped to boost GDP and agricultural exports and contain inflation. Although poverty continues to be significant problem in Zambia, its economy has strengthened, featuring single-digit inflation, a relatively stable currency, decreasing interest rates, and increasing levels of trade. The decline in world commodity prices and demand will hurt GDP growth in 2009, and elections and campaign promises are likely to weaken Zambia's improved fiscal stance. |
GDP (purchasing power parity):
|
$17.39 billion (2008 est.)
$16.43 billion (2007)
$15.55 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$1,500 (2008 est.)
$1,400 (2007 est.)
$1,400 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$15.23 billion (2008 est.) |
GDP - real growth rate:
|
5.8% (2008 est.)
5.7% (2007 est.)
6.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 16.7%
industry: 26%
services: 57.3% (2008 est.) |
Investment (gross fixed):
|
26% of GDP (2008 est.) |
Population below poverty line:
|
86% (1993) |
Household income or consumption by percentage share:
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lowest 10%: 1.2%
highest 10%: 38.8% (2004) |
Distribution of family income - Gini index:
|
50.8 (2004) |
Inflation rate (consumer prices):
|
11.8% (2008 est.) |
Central bank discount rate:
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11.73% (31 December 2007) |
Commercial bank prime lending rate:
|
18.89% (31 December 2007) |
Stock of money:
|
$995.8 million (31 December 2007) |
Stock of money - per capita:
|
84 USD per capita |
Stock of quasi money:
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$1.709 billion (31 December 2007) |
Stock of quasi money - per capita:
|
145 USD per capita |
Stock of domestic credit:
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$1.968 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
166 USD per capita |
Labor force:
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5.093 million (2008 est.) |
Labor force participation rate:
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42.93 % of population |
Labor force - by occupation:
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agriculture: 85%
industry: 6%
services: 9% (2004) |
Unemployment rate:
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50% (2000 est.) |
Budget:
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revenues: $3.777 billion
expenditures: $4.104 billion (2008 est.) |
Budget revenues per capita:
|
319 USD per capita |
Public debt:
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25.7% of GDP (2008 est.) |
Industries:
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copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture |
Industrial production growth rate:
|
7% (2008 est.) |
Electricity - production:
|
9.289 billion kWh (2006 est.) |
Electricity - production per capita:
|
784 kWh per capita |
Electricity - consumption:
|
8.625 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
728 kWh per capita |
Electricity - exports:
|
255 million kWh (2006) |
Electricity - imports:
|
68 million kWh (2007 est.) |
Oil - production:
|
150 bbl/day (2007 est.) |
Oil - production per capita:
|
13 bbl/day per capita |
Oil - consumption:
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14,760 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
0.45 bbl/year per capita |
Oil - exports:
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190.6 bbl/day (2005) |
Oil - imports:
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13,810 bbl/day (2005) |
Oil - proved reserves:
|
NA bbl |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 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 |
Current account balance:
|
-$478 million (2008 est.) |
Current account balance - per capita:
|
-40 USD per capita |
Exports:
|
$5.632 billion f.o.b. (2008 est.) |
Exports per capita:
|
475 USD per capita |
Exports - commodities:
|
copper/cobalt 64%, cobalt, electricity; tobacco, flowers, cotton |
Exports - partners:
|
Switzerland 41.8%, South Africa 12%, Thailand 5.9%, Democratic Republic of the Congo 5.3%, Egypt 5%, Saudi Arabia 4.7%, China 4.1% (2007) |
Imports:
|
$4.423 billion f.o.b. (2008 est.) |
Imports per capita:
|
373 USD per capita |
Imports - commodities:
|
machinery, transportation equipment, petroleum products, electricity, fertilizer; foodstuffs, clothing |
Imports - partners:
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South Africa 47.4%, UAE 6.3%, China 6%, India 4.1%, UK 4% (2007) |
Reserves of foreign exchange and gold:
|
$1.35 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
114 USD per capita |
Debt - external:
|
$2.913 billion (31 December 2008 est.) |
Debt - external - per capita:
|
246 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$2.346 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
198 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$504 million (2007) |
Economic aid - recipient per capita:
|
43 USD per capita |
Currency (code):
|
Zambian kwacha (ZMK) |
Exchange rates:
|
Zambian kwacha (ZMK) per US dollar - 3,512.9 (2008 est.), 3,990.2 (2007), 3,601.5 (2006), 4,463.5 (2005), 4,778.9 (2004) |
Fiscal year:
|
calendar year |
|
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