Zambia Economy - 2024

Economic overview

lower middle-income Sub-Saharan economy; major copper exporter; high public debt is held mostly by China; systemic corruption; one of youngest and fastest growing labor forces; regional hydroelectricity exporter; extreme rural poverty

Real GDP (purchasing power parity)

$63.03 billion (2021 est.)
$60.259 billion (2020 est.)
$61.986 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.6% (2021 est.)
-2.79% (2020 est.)
1.44% (2019 est.)

Real GDP per capita

$3,200 (2021 est.)
$3,200 (2020 est.)
$3,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$25.71 billion (2017 est.)

Inflation rate (consumer prices)

22.02% (2021 est.)
15.73% (2020 est.)
9.15% (2019 est.)

Credit ratings

Fitch rating: RD (2020)

Moody's rating: Ca (2020)

Standard & Poors rating: SD (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7.5% (2017 est.)

industry: 35.3% (2017 est.)

services: 57% (2017 est.)

GDP - composition, by end use

household consumption: 52.6% (2017 est.)

government consumption: 21% (2017 est.)

investment in fixed capital: 27.1% (2017 est.)

investment in inventories: 1.2% (2017 est.)

exports of goods and services: 43% (2017 est.)

imports of goods and services: -44.9% (2017 est.)

Agricultural products

sugar cane, cassava, maize, milk, vegetables, soybeans, beef, tobacco, wheat, groundnuts

Industries

copper mining and processing, emerald mining, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture

Industrial production growth rate

4.18% (2021 est.)

Labor force

8.113 million (2021 est.)

Unemployment rate

13.03% (2021 est.)
12.85% (2020 est.)
12.52% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 26.1% (2021 est.)

male: 26.7%

female: 25.4%

Population below poverty line

54.4% (2015 est.)

Gini Index coefficient - distribution of family income

57.1 (2015 est.)

Household income or consumption by percentage share

lowest 10%: 1.5%

highest 10%: 47.4% (2010)

Remittances

1.09% of GDP (2021 est.)
0.74% of GDP (2020 est.)
0.42% of GDP (2019 est.)

Budget

revenues: $4.758 billion (2019 est.)

expenditures: $7.044 billion (2019 est.)

Budget surplus (+) or deficit (-)

-7.3% (of GDP) (2017 est.)

Public debt

103.7% of GDP (2020 est.)
61.93% of GDP (2019 est.)
59.71% of GDP (2018 est.)

Taxes and other revenues

16.44% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$2.531 billion (2021 est.)
$961.821 million (2020 est.)
$140.712 million (2019 est.)

Exports

$11.716 billion (2021 est.) note: data are in current year dollars
$8.558 billion (2020 est.) note: data are in current year dollars
$8.258 billion (2019 est.) note: data are in current year dollars

Exports - partners

Switzerland 32%, China 14%, Namibia 12%, Democratic Republic of the Congo 9%, Singapore 8% (2020)

Exports - commodities

copper, gold, gemstones, tobacco, cement (2020)

Imports

$7.701 billion (2021 est.) note: data are in current year dollars
$7.049 billion (2020 est.) note: data are in current year dollars
$8.036 billion (2019 est.) note: data are in current year dollars

Imports - partners

South Africa 31%, China 16%, United Arab Emirates 9%, Democratic Republic of the Congo 6%, India 5% (2020)

Imports - commodities

copper, petroleum, fertilizers, packaged medicines, delivery trucks (2020)

Reserves of foreign exchange and gold

$2.754 billion (31 December 2021 est.)
$1.203 billion (31 December 2020 est.)
$1.449 billion (31 December 2019 est.)

Debt - external

$11.66 billion (31 December 2017 est.)
$9.562 billion (31 December 2016 est.)

Exchange rates

Zambian kwacha (ZMK) per US dollar -

Exchange rates:
20.018 (2021 est.)
18.344 (2020 est.)
12.89 (2019 est.)
10.458 (2018 est.)
9.518 (2017 est.)