Markets Actual Q4 Q1 Q2 Q3 2022
Currency 16.87 17.06 17.24 17.43 17.62 18.01
Government Bond 10y 33.50 34.23 34.98 35.75 36.53 38.15

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Annual Growth Rate (%) 0.70 1.8 1.3 2.3 1.8 2.2
Unemployment Rate (%) 12.20 13 12.6 12.6 12.6 12.6
Inflation Rate (%) 22.10 20 18 16 14 14
Interest Rate (%) 8.50 9 9 9 9 9
Balance of Trade (ZMK Million) 5293.00 -300 5300 5500 4400 6200
Current Account (USD Million) 922.32 680 75 75 150 -140
Current Account to GDP (% of GDP) 12.20 7 4 4 4 4
Government Debt to GDP (% of GDP) 96.00 115 120 120 120 120
Government Budget (% of GDP) -11.00 -10 -9 -9 -9 -9
Corporate Tax Rate (%) 35.00 35 35 35 35 35
Personal Income Tax Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Annual Growth Rate (%) 0.70 1.8 1.3 2.3 1.8 2.2
GDP (USD Billion) 19.32 24 24 24 24 27
GDP Constant Prices (ZMW THO) 354410.00 305055 360789 359017 362561 368727
GDP per capita (USD) 1558.32 1675 1675 1675 1675 1640
GDP per capita PPP (USD) 3270.04 3410 3410 3410 3410 3500

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 12.20 13 12.6 12.6 12.6 12.6
Population (Million) 17.88 18.4 18.4 18.4 18.4 18.93

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 22.10 20 18 16 14 14
Food Inflation (%) 29.60 28 26 23 20 20
Inflation Rate Mom (%) -0.50 2 1.4 0.8 1.2 1.3
Consumer Price Index CPI (points) 330.73 347 369 383 377 395
Cpi Housing Utilities (points) 355.85 366 386 407 406 417
CPI Transportation (points) 391.49 399 405 408 413 418

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 8.50 9 9 9 9 9
Deposit Interest Rate (%) 8.11 8.11 8.61 8.61 8.61 8.61
Money Supply M3 (ZMK Million) 108100279.96 125000000 117500000 118300000 117300000 117000000
Foreign Exchange Reserves (USD Million) 1376.68 1400 1280 1310 1420 1330

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (ZMK Million) 5293.00 -300 5300 5500 4400 6200
Current Account (USD Million) 922.32 680 75 75 150 -140
Current Account to GDP (% of GDP) 12.20 7 4 4 4 4
Imports (ZMK Million) 13611.00 13700 12800 13100 12500 12500
Exports (ZMK Million) 17535.00 19000 18300 17500 18500 18700
Foreign Direct Investment (USD Million) 166.50 -150 -180 150 300 125
External Debt (USD Million) 16445.00 17300 17700 17700 17700 17700
Capital Flows (USD Million) 993.90 300 190 -100 230 170

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 96.00 115 120 120 120 120
Government Budget (% of GDP) -11.00 -10 -9 -9 -9 -9
Military Expenditure (USD Million) 262.00 415 415 415 415 415
Government Debt (USD Million) 12738.30 14000 14500 14500 14500 14500

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 35.00 35 35 35 35 35
Personal Income Tax Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Sales Tax Rate (%) 16.00 16 16 16 16 16
Social Security Rate (%) 10.00 10 10 10 10 10
Social Security Rate For Companies (%) 5.00 5 5 5 5 5
Social Security Rate For Employees (%) 5.00 5 5 5 5 5

Business Actual Q4 Q1 Q2 Q3 2022
Composite PMI (points) 50.30 49.4 48.6 49.2 50.1 49.6


This page has economic forecasts for Zambia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Zambia economy.