Zambia
The macroeconomic prospects for Zambia remain robust despite a backdrop of global malaise and subsequent downside risk to base metals. Underpinning the robust performance is the continued development of the extractive sector and the strong fiscal spending programme geared towards addressing the country’s infrastructure shortfall.
Fledgling recovery in economic growth stalled as a challenging external backdrop and heavier debt burden catapulted business confidence to multi-year lows, while tax changes – in response to fiscal strain – threaten to mothball mining projects. Private sector consumption growth could slow further due to an expected surge in inflation and monetary policy tightening. Growth is now seen at a below-consensus 2.6% this year. (Source: Zambia Annual Country Profile, May 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-6.5 |
|
Consumer Price Index (% change y-o-y, avg) |
7.5 |
|
Current Account Balance (as a % of GDP) |
-0.7 |
|
Real GDP (annual % change) |
3.7 |
|
GDP per Capita, US$ |
1,514.0 |
|
Import Cover (months) |
2.9 |
|
Population, million |
17.6 |
| Total External Debt (as a % of GDP) |
64.0 |