Markets Actual Q1 Q2 Q3 Q4 2023
Currency 17.23 17.31 17.52 17.74 17.96 18.4
Government Bond 10y 25.00 25.93 26.9 27.9 28.93 31.13

Overview Actual Q1 Q2 Q3 Q4 2023
GDP Annual Growth Rate (%) 3.50 2.6 3 3.6 3 4.5
Unemployment Rate (%) 12.20 12.6 12.6 12.6 12.6 13.4
Inflation Rate (%) 16.40 18 16 15 15 9.3
Interest Rate (%) 9.00 9 9.5 9.5 9.5 9.5
Balance of Trade (ZMK Million) 7166.90 4500 5500 4400 6000 6200
Current Account (USD Million) 752.60 75 75 150 -140 -340
Current Account to GDP (% of GDP) 12.20 5 5 5 5 3.6
Government Debt to GDP (% of GDP) 96.00 120 120 120 120 113
Government Budget (% of GDP) -11.00 -8 -8 -8 -8 -6.5
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 Q1 Q2 Q3 Q4 2023
GDP Annual Growth Rate (%) 3.50 2.6 3 3.6 3 4.5
GDP (USD Billion) 19.32 24 24 24 27 27
GDP Constant Prices (ZMW THO) 354410.00 363625 365042 367169 365042 381469
GDP per capita (USD) 1270.86 1280 1280 1280 1280 1300
GDP per capita PPP (USD) 3270.04 3410 3410 3410 3500 3500

Labour Actual Q1 Q2 Q3 Q4 2023
Unemployment Rate (%) 12.20 12.6 12.6 12.6 12.6 13.4
Population (Million) 17.88 18.4 18.4 18.4 18.93 18.93

Prices Actual Q1 Q2 Q3 Q4 2023
Inflation Rate (%) 16.40 18 16 15 15 9.3
Food Inflation (%) 19.90 18 16 14 16 13
Inflation Rate Mom (%) 0.60 1 0.8 0.6 0.4 0.7
CPI Housing Utilities (points) 359.06 386 407 409 413 451
CPI Transportation (points) 392.04 396 399 402 403 406
Consumer Price Index CPI (points) 336.31 335 369 383 380 387

Money Actual Q1 Q2 Q3 Q4 2023
Interest Rate (%) 9.00 9 9.5 9.5 9.5 9.5
Deposit Interest Rate (%) 8.11 8.11 8.61 8.61 8.61 8.61
Money Supply M3 (ZMK Million) 109587664.97 117500000 118300000 117300000 117000000 105000000
Foreign Exchange Reserves (USD Million) 2984.61 1380 1310 1420 1330 1400

Trade Actual Q1 Q2 Q3 Q4 2023
Balance of Trade (ZMK Million) 7166.90 4500 5500 4400 6000 6200
Current Account (USD Million) 752.60 75 75 150 -140 -340
Current Account to GDP (% of GDP) 12.20 5 5 5 5 3.6
Imports (ZMK Million) 11750.10 12800 13100 12500 12500 10500
Exports (ZMK Million) 18917.00 18300 17500 18500 18700 19000
Foreign Direct Investment (USD Million) 169.00 -180 150 300 125 125
External Debt (USD Million) 16445.00 17700 17700 17700 17700 18500
Capital Flows (USD Million) 548.60 190 -100 230 170 400

Government Actual Q1 Q2 Q3 Q4 2023
Government Debt to GDP (% of GDP) 96.00 120 120 120 120 113
Government Budget (% of GDP) -11.00 -8 -8 -8 -8 -6.5
Military Expenditure (USD Million) 262.00 415 415 415 415 415
Government Debt (USD Million) 12738.30 14500 14500 14500 14500 14500

Taxes Actual Q1 Q2 Q3 Q4 2023
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 Q1 Q2 Q3 Q4 2023
Composite PMI (points) 51.50 48.6 49.2 50.1 49.6 50


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Zambia Forecast - was last updated on Tuesday, January 18, 2022.