Economy in Zambia

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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

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