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Zambia’s economy grew by 5.8% in 2023, ZamStats claims


Zambia’s economy is estimated to have grown by 5.8 percent in 2023, compared to 5.2 percent the previous year.

The above figures are based on the preliminary Gross Domestic Product (GDP) estimates at constant 2010 prices for the year 2023.

Read more: Zambia’s economy shows resilience despite challenges, says IMF

Statistics showed that information and communication industry had the highest positive contribution at 2.6 percent, while agriculture, forestry and fishing industry negatively impacted GDP growth at -0.6 percent.

In giving the estimates on Zambia’s GDP, Zambia Statistical Agency (ZamStats) Acting Statistician General, Chola Daka, told journalists in Lusaka that arts, entertainment and recreation had the highest growth rates at 39.2 percent.

Daka said this was followed by information and communication activities at 28.8 percent and accommodation and food service activities at 25.7 percent.

She mentioned that industries such as agriculture, forestry and fishing had negative growth posting a -9.1 percent, with mining and quarry at -5.8 percent.

Daka further stated that administration and support service activities shrunk, recording a -5.7 percent.

“The preliminary GDP at current prices in 2023 was estimated at K569,223.5 million compared to K493,964.3 million in 2022,” she said.

Daka explained that of the total K569,223.5 million the wholesale and retail trade, mining and quarrying, construction and transportation and storage industries were the main contributors collectively accounting for 56.5 percent.

Water supply, she said had the lowest share of 0.3 percent.

Giving updates on the quarterly estimates, Daka said the economy grew by 8.0 percent in the fourth quarter of 2023 from 4.6 percent the corresponding quarter in 2022.

This, she said, represented 3.4 percentage points increase in growth compared to the same quarter in 2022.

Daka said these estimates were based on the year-on-year comparison of GDP at constant 2010 prices

“The growth was mainly attributed to the performance of the following industries: Information and communication at 4.9 percent, construction at 1.5 percent, wholesale and retail trade at 1.3 percent, financial and insurance services at 0.6 percent.

“Manufacturing at 0.3 percent and transportation and storage at 0.3 percent,“ she said.

Daka pointed out that agriculture, forestry and fishing had negative growth at -0.9 percent along with mining and quarrying at -0.9 percent.

She further said electricity supply registered a -0.1 percent and administrative and support service activities at -0.3 percent, which had negative impacts on GDP growth.

At industry level, Daka said the biggest growth rates were recorded in information and communications ar 39.2 percent, accommodation and food services at 25.8 percent.

She said construction stood at 17.1 percent, arts, entertainment and recreation at 15.4 percent, financial and insurance at 14.3 percent, wholesale and retail trade 6.96 percent and transportation and storage at 6.6 percent.

“On the other hand, negative growth rates were recorded in the following industries; Administrative and support service activities at -27.5 percent, agriculture, forestry and fishing -16.3 percent, mining and quarrying -9.6 percent and electricity at -4.5 percent,” Daka said.

She explained that preliminary annual GDP estimates were derived as the sum of the four quarters, the final GDP estimates for the year 2023 would be presented in the September 2024 monthly bulletin.

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