Large domestic payment arrears have also accumulated (9.7% in 2019). Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.
These risks reflect longstanding reliance on a narrow economic and export base driven by copper mining.
In tourism, the aim is to diversify and make it a job creator by rehabilitating infrastructure to and within tourist sites.Risks from the drought call for public programs that enhance agricultural resilience and diversify the sources of energy production.
The Gross Domestic Product (GDP) in Zambia expanded 0.20 percent in the fourth quarter of 2019 over the same quarter of the previous year. Measures outlined in the 2020 budget to build agricultural resilience can mitigate this to some extent, but requires sustained implementation.To reduce risks associated with debt requires a major and sustained fiscal adjustment—ranking public investment projects, postponing new nonconcessional debt, ceasing to accumulate domestic arrears, strategizing to reduce them, and mobilizing more revenue. 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. It identifies infrastructure, access to markets, and information and communication technology as growth enablers.In agriculture, the 7NDP plans an integrated information system to support agribusinesses, farmer expansion, and extension services. Economic Overview. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. GDP Annual Growth Rate in Zambia averaged 3.63 percent from 1961 until 2019, reaching an all time high of 16.70 percent in the fourth quarter of 1965 and a record low of -8.60 percent in the fourth quarter of 1994. Severe electricity rationing followed, and long periods of electricity load shedding dampened activity in almost all economic sectors.
Unemployment and underemployment are serious problems. Bloomberg Editor in Chief, Mathew Winkler, disclosed that foreign direct investment from China and others countries helped the rapid and consistent economic growth of both Zambia and Ethiopia.
Zambia also faces slower mining, with reduced output and lower copper prices. Macroeconomic performance and outlook Real GDP growth slowed to an estimated 2% in 2019, down from 4.0% in 2018. It will improve delivery of the Farmer Input Support Program to raise farmer productivity and promote livestock and fishery development to diversify agriculture.In mining, the 7NDP focuses on mining gemstones and industrial minerals to diversify beyond copper. Moreover, growth will contract by 3.8% in 2020 as the commodity price shock from the coronavirus pandemic depresses copper exports and public health measures disrupt the domestic economy. Zambia Economic Growth The 2020 outlook remains grim at the outset of Q3 as Covid-19 is set to extinguish both domestic activity and foreign demand. The rapidly increasing public debt (80% of GDP at the end of 2019, up from 35% at the end of 2014) places Zambia at a high risk of debt distress.Inflation rose from 7.5% in 2018 to 9.2% in 2019 and is expected to remain at 9% in 2020–21, pushed by large exchange rate depreciations and food price increases. In recent years, Zambia’s economy has been growing rapidly due to expansion of copper mining industry and agriculture diversification. Zambia is Africa’s second-largest copper producer which achieved middle-income country status in 2011, during a decade (2004-2014) of impressive economic growth, averaging 7.4% per year. Zambia itself is one of Sub-Saharan Africa's most highly urbanized countries.
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