Economy - overview Despite progress in privatization and budgetary reform, Zambia's economy has a long way to go. Inflation, while slowing somewhat, continues to be a major concern to the CHILUBA government. Zambia's copper mining sector, which accounts for over 80% of the nation's foreign currency intake, is struggling. Production rates are down as are world copper prices. Aid cuts by Zambia's donors, arising out of concern for the November 1996 flawed election, will severely damage Zambia's economic prospects. Urged by the World Bank, Zambia has embarked on a privatization program which is to include the all-important copper industry.

GDP purchasing power parity - $8.8 billion (1997 est.)

GDP - real growth rate 3.5% (1997 est.)

GDP - per capita purchasing power parity - $950 (1997 est.)

GDP - composition by sector
agriculture: 23%
industry: 40%
services: 37% (1997 est.)

Inflation rate - consumer price index 43.9% (1996)

Labor force
total: 3.4 million
by occupation: agriculture 85%, mining, manufacturing, and construction 6%, transport and services 9%

Unemployment rate 22% (1991)

Budget
revenues: $888 million
expenditures: $835 million, including capital expenditures of $110 million (1995 est.)

Industries copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer

Industrial production growth rate 3.5% (1996)

Electricity - capacity 2.436 million kW (1995)

Electricity - production 7.79 billion kWh (1995)

Electricity - consumption per capita 668 kWh (1995)

Agriculture - products corn, sorghum, rice, peanuts, sunflower seed, tobacco, cotton, sugarcane, cassava (tapioca); cattle, goats, pigs, poultry, beef, pork, poultry meat, milk, eggs, hides

Exports
total value: $975 million (f.o.b., 1996 est.)
commodities: copper, zinc, cobalt, lead, tobacco
partners: EU countries, Japan, South Africa, US, Saudi Arabia, India, Thailand, Malaysia

Imports
total value: $990 million (f.o.b., 1996 est.)
commodities: machinery, transportation equipment, foodstuffs, fuels, petroleum products, electricity, miscellaneous manufactured goods
partners: South Africa, EU countries, Japan, Saudi Arabia, US

Debt - external $7.2 billion (1996 est.)

Economic aid
recipient: ODA, $2 billion (1995 est.)

Currency 1 Zambian kwacha (ZK) = 100 ngwee

Exchange rates Zambian kwacha (ZK) per US$1 - 1,351.,35 (October 1997), 1,203.71 (1996), 857.23 (1995), 669.37 (1994), 452.76 (1993)

Fiscal year calendar year

NOTE: The information regarding Zambia on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Zambia Economy 1998 information contained here. All suggestions for corrections of any errors about Zambia Economy 1998 should be addressed to the CIA.