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Zambia Economy 1999

    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, also have damaged 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. Until a deal on the copper sector is concluded, perhaps by mid-1999, economic prospects will remain clouded.

    GDP: purchasing power parity—$8.3 billion (1998 est.)

    GDP—real growth rate: -2% (1998 est.)

    GDP—per capita: purchasing power parity—$880 (1998 est.)

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

    Population below poverty line: 86% (1993 est.)

    Household income or consumption by percentage share:
    lowest 10%: 1.5%
    highest 10%: 31.3% (1993)

    Inflation rate (consumer prices): 43.9% (1996)

    Labor force: 3.4 million

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

    Unemployment rate: 22% (1991)

    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—production: 7.84 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 0.51%
    hydro: 99.49%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 6.393 billion kWh (1996)

    Electricity—exports: 1.47 billion kWh (1996)

    Electricity—imports: 23 million kWh (1996)

    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: $905 million (f.o.b., 1998 est.)

    Exports—commodities: copper, cobalt, zinc, lead, tobacco

    Exports—partners: Japan, South Africa, US, Saudi Arabia, India, Thailand, Malaysia (1997)

    Imports: $1.1 billion (f.o.b., 1998 est.)

    Imports—commodities: machinery, transportation equipment, foodstuffs, fuels, petroleum products, electricity, fertilizer

    Imports—partners: South Africa 48%, Saudi Arabia, UK, Zimbabwe (1997)

    Debt—external: $7.1 billion (1997 est.)

    Economic aid—recipient: $1.991 billion (1995)

    Currency: 1 Zambian kwacha (ZK) = 100 ngwee

    Exchange rates: Zambian kwacha (ZK) per US$1—1,428 (October 1998), 1,333.81 (1997), 1,203.71 (1996), 857.23 (1995), 669.37 (1994)

    Fiscal year: calendar year

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    Revised 1-Mar-99
    Copyright © 1999 Photius Coutsoukis (all rights reserved)