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Zambia Economy

Zambia's economy in numbers:

Nominal GDP of USD 29.1 billion in 2022.

GDP per capita of USD 1,454 compared to the global average of USD 10,589.

Average real GDP growth of 3.6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 50% of overall GDP, manufacturing 9%, other industrial activity 38%, and agriculture 3%. Looking at GDP by expenditure, private consumption accounted for 38% of GDP in 2021, government consumption 15%, fixed investment 32%, and net exports 15%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 10% of total merchandise exports, mineral fuels 2%, food 8%, ores and metals 79% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 77% of total merchandise imports, mineral fuels 10%, food 9%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for -1% of the total. Total exports were worth USD 12 billion in 2022, while total imports were USD 8 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.6% in the decade to 2022. To read more about GDP growth in Zambia, go to our dedicated page.

Fiscal policy:

Zambia's fiscal deficit averaged 7.7% of GDP in the decade to 2022. Find out more on our dedicated page.


The unemployment rate averaged 7.1% in the decade to 2022. For more information on Zambia's unemployment click here.


Inflation averaged 11.0% in the decade to 2022. Go to our Zambia inflation page for extra insight.

Monetary Policy:

Zambia's monetary policy rate ended 2022 at 9.00%, down from 9.25% a decade earlier. See our Zambia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the kwacha weakened by 71.4% vs the U.S. dollar. For more info on the kwacha, click here.
Annual economic growth cooled to 5.1% in Q3 (Q2: +5.7%) according to preliminary estimates. The slowdown was caused by a steeper contraction in agriculture, a fall in energy supply, and softer hospitality and water supply growth. That said, a stronger construction sector supported overall growth. Available data for Q4 is downbeat: Inflation rose to a seven-quarter high in Q4, as the kwacha weakened to an all-time low after the country’s official creditors rejected October’s debt-restructuring deal with Zambia’s Eurobond holders. Additionally, merchandise exports fell at a sharper annual clip in October–November relative to Q3, and the PMI slipped into contractionary terrain in December. In other news, the government announced it aims to conclude debt-restructuring negotiations as early as late March; the deal would improve investor sentiment and support the currency.
Projections out to 2033.

40 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for Zambia in the coming years? FocusEconomics collects projections out to 2033 on 40 economic indicators for Zambia from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Zambia economy. To download a sample report on the Zambia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Zambia Datos económicos

2018 2019 2020 2021 2022
Población (millones) 17.8 18.3 18.9 19.5 20.0
PIB (en millones de dólares) 27.0 23.3 18.1 22.2 -
PIB per cápita (USD) 1,521 1,269 961 1,142 -
PIB (millones de ZMW) 283 300 332 443 -
Crecimiento económico (PIB nominal, var. anual) 15.0 6.1 10.6 33.5 -
Crecimiento económico (PIB, var. anual) 4.0 1.4 -2.8 3.6 -
Saldo fiscal (% del PIB) -8.3 -9.4 -13.8 -8.4 -
Deuda pública (% del PIB) 80.5 99.7 140.2 119.1 -
Dinero (var. anual de M2 %) 15.4 12.2 47.2 6.7 21.0
Inflación (IPC, % var. anual, eop) 7.9 11.7 19.2 16.4 9.9
Inflación (IPC, % var. anual, aop) 7.5 9.2 15.7 22.0 11.0
Tipo de política (%, eop) 9.75 11.50 8.00 9.00 9.00
Tipo de cambio (ZMW por USD, eop) 11.94 14.09 21.17 16.67 18.08
Tipo de cambio (ZMW por USD, aop) 10.48 12.92 18.31 19.96 16.93
Balanza por cuenta corriente (en millones de dólares) -0.3 0.2 2.4 2.7 1.2
Balanza por cuenta corriente (% del PIB) -1.3 0.7 13.0 12.1 -
Balanza comercial de mercancías (en millones de USD) 0.5 0.7 3.2 4.8 3.4
Exportaciones de mercancías (en millones de dólares) 9.0 7.2 8.0 11.2 11.5
Importaciones de mercancías (en millones de dólares) 8.5 6.5 4.8 6.4 8.1
Exportaciones de mercancías (% var. anual) 9.9 -19.8 10.4 40.0 2.7
Importaciones de mercancías (% var. anual) 17.4 -23.6 -26.4 33.4 27.4
Inversión extranjera directa (en millones de dólares) 0.4 0.9 -0.2 -0.5 -
Reservas internacionales (en millones de dólares) 1.6 1.4 1.2 2.8 3.0
Reservas internacionales (meses de importaciones) 2.2 2.7 3.0 5.2 4.4
Deuda externa (en millones de dólares) 23.5 27.3 26.7 24.0 -
Deuda externa (% del PIB) 87.1 117.2 147.1 108.2 -

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