|
Economy - overview: |
Despite progress in privatization and budgetary
reform, Zambia's economic growth remains below the 5% to 7% necessary
to reduce poverty significantly. Privatization of government-owned
copper mines relieved the government from covering mammoth losses
generated by the industry and greatly improved the chances for copper
mining to return to profitability and spur economic growth. Copper
output increased in 2003 and is expected to increase again in 2004,
due to higher copper prices. The maize harvest doubled in 2003,
helping boost GDP by 4.0%. Cooperation continues with international
bodies on programs to reduce poverty, including a new lending
arrangement with the IMF expected in the second quarter, 2004. A
tighter monetary policy will help cut inflation, but Zambia still has
a serious problem with fiscal discipline. |
|
GDP: |
purchasing power parity - $8.596 billion (2003
est.) |
|
GDP - real growth
rate: |
4% (2003 est.) |
|
GDP - per capita: |
purchasing power parity - $800 (2003 est.) |
|
GDP - composition by
sector: |
agriculture: 15.3%
industry: 27.9%
services: 56.9% (2003) |
|
Investment (gross
fixed): |
45.2% of GDP (2003) |
|
Population below
poverty line: |
86% (1993) |
|
Household income or
consumption by percentage share: |
lowest 10%: 1.1%
highest 10%: 41% (1998) |
|
Distribution of family
income - Gini index: |
52.6 (1998) |
|
Inflation rate
(consumer prices): |
21.4% (2003 est.) |
|
Labor force: |
4.59 million (2003) |
|
Labor force - by
occupation: |
agriculture 85%, industry 6%, services 9% |
|
Unemployment rate: |
50% (2000 est.) |
|
Budget: |
revenues: $896.7 million
expenditures: $1.142 billion, including capital expenditures of
NA (2003 est.) |
|
Public debt: |
133.6% of GDP (2003) |
|
Agriculture -
products: |
corn, sorghum, rice, peanuts, sunflower seed,
vegetables, flowers, tobacco, cotton, sugarcane, cassava (tapioca);
cattle, goats, pigs, poultry, milk, eggs, hides; coffee |
|
Industries: |
copper mining and processing, construction,
foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
|
|
Industrial production
growth rate: |
4% (2003 est.) |
|
Electricity -
production: |
7.751 billion kWh (2001) |
|
Electricity -
production by source: |
fossil fuel: 0.5%
hydro: 99.5%
other: 0% (2001)
nuclear: 0% |
|
Electricity -
consumption: |
5.458 billion kWh (2001) |
|
Electricity - exports: |
1.75 billion kWh (2001) |
|
Electricity - imports: |
0 kWh (2001) |
|
Oil - production: |
0 bbl/day (2001 est.) |
|
Oil - consumption: |
11,000 bbl/day (2001 est.) |
|
Oil - exports: |
NA (2001) |
|
Oil - imports: |
NA (2001) |
|
Current account
balance: |
$-340 million (2003) |
|
Exports: |
$1.039 billion f.o.b. (2003 est.) |
|
Exports - commodities: |
copper 55%, cobalt, electricity, tobacco,
flowers, cotton |
|
Exports - partners: |
South Africa 28.3%, Malawi 8.7%, Saint Pierre and
Miquelon 7.6%, Japan 6.2%, Egypt 5.3%, UK 5.2%, Thailand 4.8%, China
4.4%, Netherlands 4.1% (2003 est.) |
|
Imports: |
$1.128 billion f.o.b. (2003 est.) |
|
Imports - commodities: |
machinery, transportation equipment, petroleum
products, electricity, fertilizer; foodstuffs, clothing |
|
Imports - partners: |
South Africa 71.3%, China 2.8%, UK 2.8% (2003
est.) |
|
Reserves of foreign
exchange & gold: |
$247.7 million (2003) |
|
Debt - external: |
$5.281 billion (2003) |
|
Economic aid -
recipient: |
$651 million (2000 est.) |
|
Currency: |
Zambian kwacha (ZMK) |
|
Currency code: |
ZMK |
|
Exchange rates: |
Zambian kwacha per US dollar - 4,733.77 (2003),
4,398.59 (2002), 3,610.93 (2001), 3,110.84 (2000), 2,388.02 (1999)
|
|
Fiscal year: |
calendar year |