Economy of Zambia

Economy of Zambia

Lusaka is the capital and largest financial district in Zambia
Currency	Zambian kwacha (ZMW)
Fiscal year	calendar year
Trade organisations	WTO, SADC, COMESA
Statistics
GDP	$64.65 billion (2015 est.)
GDP rank	105th (nominal) / 120th (PPP)
GDP growth	4.3% (2015)
GDP per capita	$4,300 (2015)
GDP by sector	agriculture: 8.6%, industry: 31.3%, services: 60% (2015 est.)
Inflation (CPI)	12.5% (2016)
Population below poverty line	60.5% (2010)
Labour force	6.906 million(2015)
Labour force by occupation	agriculture: 85%, industry: 6%, services: 9% (2004)
Unemployment	15% (2008)
Main industries	copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
Ease-of-doing-business rank	98th (2017)
External
Exports	$6.316 billion (2015 est)
Export goods	copper/cobalt 64%, cobalt, electricity; tobacco, flowers, cotton
Main export partners	China 25.5%  DR Congo 13%  South Africa 6.4%  South Korea 4.9%  India 4.3% (2015)
Imports	$6.798 billion (2015 est)
Import goods	machinery, transportation equipment, petroleum products, electricity, fertilizer; foodstuffs, clothing
Main import partners	South Africa 34.5%  DR Congo 18.2%  Kenya 9.7%  China 7.2%  India 4.4% (2015)
Public finances
Public debt	$6.73 billion (2014)
Revenues	$3.643 billion (2015)
Expenses	$5.189 billion (2015)
Economic aid	recipient: $640.6 million (2002)
Credit rating	B+ (Domestic) B+ (Foreign) B+ (T&C Assessment) (Standard & Poor's)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Zambia is one of Sub-Saharan Africa's most highly urbanized countries. 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. Unemployment and underemployment are serious problems. National GDP has actually doubled since independence, but due in large part to high birth rates and AIDS per capita annual incomes are currently at about two-thirds of their levels at independence. As of 2015 the GDP per capita stands at $4,300.Zambia is one of the fastest growing economies in Africa and its capital, Lusaka is the fastest growing city in the SADC.

For the first time since 1989 Zambia's economic growth reached the 6%-7% mark (in 2007) needed to reduce poverty significantly. Copper output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was again good in 2005, helping boost GDP and agricultural exports. Cooperation continues with international bodies on programs to reduce poverty, including a new lending arrangement with the IMF in the second quarter of 2004. A tighter monetary policy will help cut inflation, but Zambia still has a serious problem with high public debt.

Zambia was ranked the 127th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.

The British South Africa Company (BSAC, originally set up by the British imperialist Cecil Rhodes) retained commercial assets and mineral rights that it acquired from a concession signed with the Litunga of Barotseland in 1892 (the Lochner Concession). Only by threatening to expropriate the BSAC, on the eve of independence, did the incoming Zambian government manage to get the BSAC to relinquish the mineral rights. The Federation's government assigned roles to each of the three territories: Southern Rhodesia was assigned the responsibility of providing managerial and administrative skills; Northern Rhodesia provided copper revenues; and Nyasaland provided the Black labour.