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EconomyEconomy - overview
Zambia's economy has experienced strong growth in recent years, with real GDP growth in 2005-11 more than 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 increased copper mining output and profitability to 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 US$6 billion in debt relief. Poverty remains a significant problem in Zambia, despite a stronger economy. Zambia's dependency on copper makes it vulnerable to depressed commodity prices, but record high copper prices and a bumper maize crop in 2010 helped Zambia rebound quickly from the world economic slowdown that began in 2008. A high birth rate, relatively high HIV/AIDS burden, and market distorting agricultural policies have meant that Zambia's economic growth has not dramatically decreased the stubbornly high poverty rates. Gdp (purchasing power parity) World Ranking: 124
$22.16 billion (2011 est.)
$20.8 billion (2010 est.) $19.32 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$19.21 billion (2011 est.)
Gdp - real growth rate World Ranking: 37
6.6% (2011 est.)
7.6% (2010 est.) 6.4% (2009 est.) Gdp - per capita (ppp) World Ranking: 198
$1,600 (2011 est.)
$1,600 (2010 est.) $1,500 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 21.4%
Industry 35.1% Services 43.5% (2011 est.) Labor force World Ranking: 69
5.576 million (2011 est.)
Labor force - by occupation
Agriculture 85%
Industry 6% Services 9% (2004) Unemployment rate World Ranking: 141
14% (2006 est.)
50% (2000 est.) Population below poverty line
64% (2006)
Household income or consumption by percentage share
Lowest 10% 1.2%
Highest 10% 38.8% (2004) Distribution of family income - gini index World Ranking: 20
50.8 (2004)
52.6 (1998) Investment (gross fixed) World Ranking: 89
20.7% of GDP (2011 est.)
Budget
Revenues $3.62 billion
Expenditures $4.396 billion (2011 est.) Taxes and other revenues World Ranking: 176
18.8% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 127
-4% of GDP (2011 est.)
Public debt World Ranking: 111
27.6% of GDP (2011 est.)
27% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 183
8.7% (2011 est.)
8.5% (2010 est.) Central bank discount rate World Ranking: 14
8.39% (31 December 2009)
14.49% (31 December 2008) Commercial bank prime lending rate World Ranking: 18
18.84% (31 December 2011 est.)
20.92% (31 December 2010 est.) Stock of narrow money World Ranking: 118
$2.8 billion (31 December 2011 est.) $1.455 billion (31 December 2010 est.) Stock of broad money World Ranking: 130
$4.261 billion (31 December 2011 est.) $3.77 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 122
$3.691 billion (31 December 2011 est.) $3.061 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 91
$4.009 billion (31 December 2011) $2.817 billion (31 December 2010) $2.804 billion (31 December 2009) Agriculture - products
Corn, sorghum, rice, peanuts, sunflower seed, vegetables, flowers, tobacco, cotton, sugarcane, cassava (tapioca), coffee; cattle, goats, pigs, poultry, milk, eggs, hides Industries
Copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture Industrial production growth rate World Ranking: 21
8.8% (2011 est.)
Electricity - production World Ranking: 93
9.597 billion kWh (2008 est.)
Electricity - consumption World Ranking: 97
7.614 billion kWh (2008 est.)
Electricity - exports
96 million kWh (2008)
Electricity - imports
279 million kWh (2008 est.)
Oil - production World Ranking: 115
190.3 bbl/day (2010 est.)
Oil - consumption World Ranking: 138
16,000 bbl/day (2010 est.)
Oil - exports World Ranking: 125
360 bbl/day (2009 est.)
Oil - imports World Ranking: 119
17,570 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 208
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 144
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 145
0 cu m (2009 est.)
Natural gas - exports World Ranking: 207
0 cu m (2009 est.)
Natural gas - imports World Ranking: 78
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 143
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 56
$88 million (2011 est.)
$615 million (2010 est.) Exports World Ranking: 97
$9.201 billion (2011 est.)
$7.414 billion (2010 est.) Exports - commodities
Copper/cobalt 64%, cobalt, electricity; tobacco, flowers, cotton Exports - partners
China 34.8%, Switzerland 18.3%, South Africa 11.7%, Democratic Republic of the Congo 5.4%, South Korea 4.4% (2011) Imports World Ranking: 116
$6.359 billion (2011 est.)
$4.71 billion (2010 est.) Imports - commodities
Machinery, transportation equipment, petroleum products, electricity, fertilizer, foodstuffs, clothing Imports - partners
South Africa 33.4%, Democratic Republic of the Congo 21.9%, China 10.6%, Kuwait 6.3% (2011) Reserves of foreign exchange and gold World Ranking: 115
$2.324 billion (31 December 2011 est.) $2.094 billion (31 December 2010 est.) Debt - external World Ranking: 127
$3.962 billion (31 December 2011 est.) $3.433 billion (31 December 2010 est.) Stock of direct foreign investment - at home
$NA
Stock of direct foreign investment - abroad
$NA
Exchange rates
Zambian kwacha (ZMK) per US dollar - 4,860.7 (2011 est.)4,797.1 (2010 est.) 5,046.1 (2009) 3,512.9 (2008) 3,990.2 (2007) Fiscal year
Calendar year
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Zambia (Lusaka):
 
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The territory of Northern Rhodesia was administered by the [British] South Africa Company from 1891 until it was taken over by the UK in 1923. During the 1920s and 1930s, advances in mining spurred development and immigration. The name was changed to Zambia upon independence in 1964. In the 1980s and 1990s, declining copper prices, economic mismanagement and a prolonged drought hurt the economy. Elections in 1991 brought an end to one-party rule, but the subsequent vote in 1996 saw blatant harassment of opposition parties. The election in 2001 was marked by administrative problems with three parties filing a legal petition challenging the election of ruling party candidate Levy MWANAWASA. MWANAWASA was reelected in 2006 in an election that was deemed free and fair. Upon his abrupt death in August 2008, he was succeeded by his Vice President Rupiah BANDA, who subsequently won a special presidential by-election in October 2008. Michael SATA was elected President in September 2011.