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Zambia’s economy grew 5.0% in Q2, 2023 but shrank 0.9% compared to Q2, 2022 —ZamStats


Zambia’s economy grew by 5.0 percent in the second quarter of this year, the latest Gross Domestic Product (GDP) estimates have revealed.

According to the latest statistics issued in Lusaka on Thursday at a media briefing by the Zambia Statistics Agency (ZamStats) Statistician General, Mulenga Musepa, showed that the economy shrank in 2023 compared to 2022 GDP estimates of the same period.

Read more: Investments into Zambia’s economy reportedly reach $37 billion in two years

Musepa said that GDP estimates for the second quarter of 2023 showed the economy grew by 5.0 percent compared to 5.9 percent in the second quarter of 2022.

He stated that these estimates were based on the year-on-year comparisons of GDP at constant 2010 prices.

Musepa pointed out the growth was mainly attributed to the positive contributions from industries such as information and communication with 2.4 percentage points followed by education at 1.7 percentage points and transport and storage at 0.9 percentage points.

He further indicated that financial and insurance activities was at 0.7 percentage points and construction at 0.5 percentage points.

Other industries recorded negative contributions. Musepa said these were wholesale and retail trade, agriculture, forestry and fishing, mining and quarrying and administrative and support services.

In terms of industry growth, Musepa named information and communication with the highest growth at 25.6 percent.

He said education recorded 24.5 percent, accommodation and food services at 21.9 percent, art, entertainment and recreation at 20.2 percent, human health and social work activities at 17.3 percent.

Interestingly, agriculture, forestry and fishing recorded negative growth rates of -7.0 percent, while mining and quarrying stood at -3.6 percent.

“The Gross Domestic Product at current prices in the second quarter of 2023 was estimated at K133.186 million compared to K121,977 million recorded in the same quarter of 2022,” Musepa said.

He said out of K133.186 million, the industry with biggest share was wholesale and retail trade at 17.3 percent followed by mining and quarrying at 13.7 percent, construction at 12.5 percent and transport and storage at 11.8 percent.

Musepa said arts, entertainment recreation had the lowest share of GDP with 0.2 percent.

Giving a highlight of previous statistics, Musepa said the 2022 final annual GDP estimates at constant 2010 prices showed that the economy grew by 5.2 percent in 2022 compared to 6.2 percent recorded in 2021.

“The growth was mainly attributed to the performance of five industries which posted positive contributions to this growth. These were Information & communication (3.2 percentage points), education (1.2 percentage points), transportation & storage (1.2 percentage points) and accommodation & food service activities (0.9 percentage points) to the growth,” he said.

Musepa said the final 2022 GDP at current prices had been estimated at K493,964 million compared to K442,337 million in 2021.

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