Zambia - Economy
How is the economy of Zambia? Based on the information we have, Zambia has a 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. Key agricultural products in this country include: sugarcane, cassava, maize, milk, soybeans, vegetables, wheat, groundnuts, beef, sweet potatoes (2022).
More about the economy of Zambia
| Labor force | 7.051 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.73% (2023 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 | 16.78% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Zambian kwacha (ZMK) per US dollar - |
| 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.) |
| Exchange rates 2019 | 12.89 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $2.968 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.754 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $1.203 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | $1.093 billion (2022 est.) |
| Current account balance 2021 | $2.63 billion (2021 est.) |
| Current account balance 2020 | $2.139 billion (2020 est.) |
| Public debt | |
| Public debt 2021 | 71.41% of GDP (2021 est.) |
| Budget | |
| Revenues | $5.388 billion (2021 est.) |
| Expenditures | $5.554 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.89% of GDP (2023 est.) |
| Remittances 2022 | 0.83% of GDP (2022 est.) |
| Remittances 2021 | 1.08% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.4% (2022 est.) |
| Highest 10% | 39.1% (2022 est.) |
| Imports | |
| Imports 2022 | $10.022 billion (2022 est.) |
| Imports 2021 | $7.691 billion (2021 est.) |
| Imports 2020 | $5.866 billion (2020 est.) |
| Imports (partners) | South Africa 26%, Equatorial Guinea 18%, China 14%, UAE 7%, Democratic Republic of the Congo 6% (2022) |
| Comodities Imports force | fertilizers, refined petroleum, trucks, copper ore, packaged medicine (2022) |
| Exports | |
| Imports 2022 | $10.022 billion (2022 est.) |
| Imports 2021 | $7.691 billion (2021 est.) |
| Imports 2020 | $5.866 billion (2020 est.) |
| Exports (partners) | Switzerland 30%, China 18%, Democratic Republic of the Congo 10%, Pitcairn Islands 10%, UAE 7% (2022) |
| Comodities Exports force | raw copper, refined copper, gold, precious stones, iron alloys (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $76.493 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $72.277 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $68.672 billion (2021 est.) |
| GDP (official exchange rate) | $28.163 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,700 (2023 est.) |
| Real GDP per capita 2022 | $3,600 (2022 est.) |
| Real GDP per capita 2021 | $3,500 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.8% (2023 est.) |
| Industry | 36.1% (2023 est.) |
| Services | 54.9% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 35.6% (2022 est.) |
| Government consumption | 14.3% (2022 est.) |
| Investment in fixed capital | 25.1% (2022 est.) |
| Investment in inventories | 1.9% (2022 est.) |
| Exports of goods and services | 40.8% (2023 est.) |
| Imports of goods and services | -39.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.91% (2023 est.) |
| Unemployment rate 2022 | 5.99% (2022 est.) |
| Unemployment rate 2021 | 5.2% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.8% (2023 est.) |
| Male | 9.7% (2023 est.) |
| Female | 9.8% (2023 est.) |
All Important Facts about Zambia
Want to know more about Zambia? Check all different factbooks for Zambia below.
