Economy of Zambia

Economy of Zambia
	Lusaka is the capital and largest financial district in Zambia.
Currency	Zambian kwacha (ZMW)
Fiscal year	calendar years
Trade organisations	AU, AfCFTA (signed), WTO, SADC, COMESA
Country group	Developing/Emerging; Low income economy;
Statistics
Population	(2021 est.)19,473,125
GDP	$31.832 billion (nominal, 2025 est.); $96.136 billion (PPP, 2025 est.);
GDP growth	6.2% (2022) 5.3% (2023); 2.3% (2024) 6.6% (2025e);
GDP per capita	$1,466 (nominal, 2025 est.); $4,428 (PPP, 2025 est.);
GDP by sector	agriculture: 8.6%; industry: 31.3%; services: 60%; (2015 est.);
Inflation (CPI)	16.8% (February 2025 est.)
Population below poverty line	60.5% (2010)
Human Development Index	0.595 medium (2025) (154th); 0.361 low IHDI (2025);
Labour force	6.906 million(2015)
Labour force by occupation	agriculture: 54.8%, industry: 9.9%, services: 35.3% (2017)
Unemployment	5.9% (2023)
Main industries	copper, nickel, cobalt, manganese & gold mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture
External
Exports	$11.197 billion (2024 est)
Export goods	copper, nickel, cobalt, gold, electricity, gemstones, fertilizer, tobacco, flowers, cotton, raw sugar, soyabean meal
Main export partners	Switzerland 42.5%; China 21.0%; DR Congo 10.7%; United Arab Emirates 3.5%; Zimbabwe 3.3%; Canada 2.3%; (2024);
Imports	$11.194 billion (2024 est)
Import goods	machinery, transportation equipment, petroleum products, electricity; foodstuffs, clothing
Main import partners	South Africa 25.7%; China 17.0%; United Arab Emirates 5.4%; India 5.1%; Singapore 4.4%; Tanzania 4.4%; (2024);
Public finances
Government debt	$17.00 billion (December 2021)
Foreign reserves	$4.5 billion \| ≈ZMW 121.6 bn (23 May 2025 est.)
Revenues	ZMW 150 billion (2024)
Expenses	ZMW 192 billion (2024)
Credit rating	Standard & Poor's:; B+ (Domestic); B+ (Foreign); B+ (T&C Assessment);
	All values, unless otherwise stated, are in US dollars.

Zambia is a developing country, and it achieved middle-income status in 2011. Through the first decade of the 21st century, the economy of Zambia was one of the fastest-growing economies in Africa, and its capital, Lusaka, the fastest-growing city in the Southern African Development Community (SADC). Zambia's economic performance has stalled in recent years due to declining copper prices, significant fiscal deficits, and energy shortages. The economy has been reliant on mineral extraction since the 1920s, in particular copper.

Upon achieving independence, Zambia had a higher GDP per capita than almost all sub-Saharan African countries. Over the subsequent decades, Zambia's economy contracted, in part due to declining copper prices. Since the 2000s, Zambia's economy has been growing. As of 2019, Zambia's GDP per capita (current international dollars) stands at $1,305.00.

Zambia is one of Sub-Saharan Africa's most urbanized countries. About one-half of the country's 16 million people are concentrated in a few urban zones strung along the major transportation corridors, while rural areas are under-populated.

Copper and cobalt are among Zambia's main exports, while non-traditional exports include cotton, coffee, fresh flowers, burley tobacco, gemstones and maize (corn). Zambia is eligible to export duty-free goods to the United States under the African Growth and Opportunity Act (AGOA); the Act allows eligible countries from sub-Saharan Africa to export over 6,400 goods to the United States.

Copper output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was again good in 2005, helping boost GDP and agricultural exports. Cooperation continues with international bodies on programs to reduce poverty, including a new lending arrangement with the IMF in the second quarter of 2004.