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Zambia: Economy

Economy Zambia
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. However, low mineral prices have slowed the benefits of privatizing the mines and have reduced incentives for further private investment in the sector. Cooperation continues with international bodies on programs to reduce poverty.
GDP:
purchasing power parity - $8.24 billion (2002 est.)
GDP - real growth rate:
2.3% (2002 est.)
GDP - per capita:
purchasing power parity - $800 (2002 est.)
GDP - composition by sector:
agriculture: 22%
industry: 26%
services: 52% (2001)
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% (2002 est.)
Labor force:
4.29 million (2000)
Labor force - by occupation:
agriculture 85%, industry 6%, services 9%
Unemployment rate:
50% (2000 est.)
Budget:
revenues: $1.2 billion
expenditures: $1.25 billion, including capital expenditures of $NA (2001 est.)
Industries:
copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
Industrial production growth rate:
5.1% (2001 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)
Agriculture - products:
corn, sorghum, rice, peanuts, sunflower seed, vegetables, flowers, tobacco, cotton, sugarcane, cassava (tapioca); cattle, goats, pigs, poultry, milk, eggs, hides; coffee
Exports:
$709 million f.o.b. (2001)
Exports - commodities:
copper 55%, cobalt, electricity, tobacco, flowers, cotton
Exports - partners:
Malawi 10.3%, Thailand 9.2%, Japan 9.1%, Saint Pierre and Miquelon 9.1%, Taiwan 8.5%, South Africa 7.8%, Egypt 6.4%, China 6.3%, Netherlands 5.5%, Tanzania 4.5% (2002)
Imports:
$1.123 billion f.o.b. (2001)
Imports - commodities:
machinery, transportation equipment, petroleum products, electricity, fertilizer; foodstuffs, clothing
Imports - partners:
South Africa 64.4%, US 3.7%, China 3.6% (2002)
Debt - external:
$5.8 billion (2001)
Economic aid - recipient:
$651 million (2000 est.)
Currency:
Zambian kwacha (ZMK)
Currency code:
ZMK
Exchange rates:
Zambian kwacha per US dollar - NA (2002), 3,610.93 (2001), 3,110.84 (2000), 2,388.02 (1999), 1,862.07 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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