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Zambia Economy 1996

Overview:

Prior to 1993 the economy had been in decline for more than a decade with falling imports and growing foreign debt. Economic difficulties stemmed largely from a chronically depressed level of copper production and weak copper prices, generally ineffective economic policies, and high inflation. An annual population growth of 3% brought a decline in per capita GDP of 50% over the decade. However, economic reforms enacted since 1992 have helped reduce inflation, have begun to strengthen the social safety net, and have been accompanied by GDP growth at an estimated 6.8% in 1993 and 4% in 1994. The huge external debt remains a key problem.

National product:

GDP - purchasing power parity - $7.9 billion (1994 est.)

National product real growth rate:

4% (1994 est.)

National product per capita:

$860 (1994 est.)

Inflation rate (consumer prices):

89% (1994 est.)

Unemployment rate:

NA%

Budget:

revenues:

$665 million

expenditures:

$767 million, including capital expenditures of $300 million (1991 est.)

Exports:

$1.01 billion (f.o.b., 1993 est.)

commodities:

copper, zinc, cobalt, lead, tobacco

partners:

EC countries, Japan, South Africa, US, India

Imports:

$1.13 billion (c.i.f., 1993 est.)

commodities:

machinery, transportation equipment, foodstuffs, fuels, manufactures

partners:

EC countries, Japan, Saudi Arabia, South Africa, US

External debt:

$7.3 billion (1993)

Industrial production:

growth rate -1% (1992); accounts for 42% of GDP

Electricity:

capacity:

2,440,000 kW

production:

7.8 billion kWh

consumption per capita:

650 kWh (1993)

Industries:

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

Agriculture:

accounts for 12% of GDP and 85% of labor force; crops - corn (food staple), sorghum, rice, peanuts, sunflower, tobacco, cotton, sugarcane, cassava; cattle, goats, beef, eggs

Illicit drugs:

increasingly a regional transshipment center for methaqualone and heroin

Economic aid:

recipient:

US commitments, including Ex-Im (1970-89), $4.8 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $4.8 billion; OPEC bilateral aid (1979-89), $60 million; Communist countries (1970-89), $533 million

Currency:

1 Zambian kwacha (ZK) = 100 ngwee

Exchange rates:

Zambian kwacha (ZK) per US$1 - 672.8 (September 1994), 434.78 (1993), 156.25 (1992), 61.7284 (1991), 28.9855 (1990)

Fiscal year:

calendar year

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