Zambia - Economy
How is the economy of Zambia? Based on the information we have, Zambia has a
lower-middle-income sub-Saharan economy; regional hydroelectricity producer; trade ties and infrastructure investments from China; IMF assistance to restructure debt burden; one of youngest and fastest-growing labor forces; systemic corruption; extreme rural poverty
. Key agricultural products in this country include: sugarcane, cassava, maize, soybeans, milk, vegetables, wheat, groundnuts, sweet potatoes, beef (2023).More about the economy of Zambia
| Labor force | 7.407 million (2024 est.) |
|---|---|
| Industrial production growth rate | 3.5% (2024 est.) |
| Industries | copper mining and processing, emerald mining, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture |
| Population below poverty line | 60% (2022 est.) |
| Taxes and other revenues | 16.8% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Zambian kwacha (ZMK) per US dollar - |
| Exchange rates 2024 | 26.166 (2024 est.) |
| Exchange rates 2023 | 20.212 (2023 est.) |
| Exchange rates 2022 | 16.938 (2022 est.) |
| Exchange rates 2021 | 20.018 (2021 est.) |
| Exchange rates 2020 | 18.344 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $16.597 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $3.173 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.968 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.754 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$582.715 million (2023 est.) |
| Current account balance 2022 | $1.093 billion (2022 est.) |
| Current account balance 2021 | $2.63 billion (2021 est.) |
| Public debt | |
| Public debt 2021 | 71.4% of GDP (2021 est.) |
| Budget | |
| Revenues | $5.388 billion (2021 est.) |
| Expenditures | $6.19 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.9% of GDP (2023 est.) |
| Remittances 2022 | 0.8% of GDP (2022 est.) |
| Remittances 2021 | 1.1% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.5% (2022 est.) |
| Highest 10% | 39.1% (2022 est.) |
| Imports | |
| Imports 2023 | $10.854 billion (2023 est.) |
| Imports 2022 | $10.022 billion (2022 est.) |
| Imports 2021 | $7.691 billion (2021 est.) |
| Imports (partners) | South Africa 25%, China 15%, UAE 10%, India 5%, Japan 5% (2023) |
| Comodities Imports force | refined petroleum, fertilizers, trucks, sulphur, tractors (2023) |
| Exports | |
| Imports 2023 | $10.854 billion (2023 est.) |
| Imports 2022 | $10.022 billion (2022 est.) |
| Imports 2021 | $7.691 billion (2021 est.) |
| Exports (partners) | Switzerland 27%, China 15%, India 13%, UAE 12%, DRC 10% (2023) |
| Comodities Exports force | raw copper, refined copper, gold, precious stones, electricity (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $79.207 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $76.129 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $72.251 billion (2022 est.) |
| GDP (official exchange rate) | $26.326 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $3,700 (2024 est.) |
| Real GDP per capita 2023 | $3,700 (2023 est.) |
| Real GDP per capita 2022 | $3,600 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.8% (2024 est.) |
| Industry | 37.5% (2024 est.) |
| Services | 55.1% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 47.1% (2023 est.) |
| Government consumption | 13.3% (2023 est.) |
| Investment in fixed capital | 26.4% (2023 est.) |
| Investment in inventories | 5% (2023 est.) |
| Exports of goods and services | 40.8% (2023 est.) |
| Imports of goods and services | -37.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 6% (2024 est.) |
| Unemployment rate 2023 | 6% (2023 est.) |
| Unemployment rate 2022 | 6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.9% (2024 est.) |
| Male | 10.1% (2024 est.) |
| Female | 9.6% (2024 est.) |
All Important Facts about Zambia
Want to know more about Zambia? Check all different factbooks for Zambia below.
