Markets Actual Q2 Q3 Q4 Q1 2022
Currency 22.38 22.64 22.89 23.15 23.42 23.95

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Annual Growth Rate (%) -2.70 2.4 0.6 1.3 0.7 2
Unemployment Rate (%) 13.20 15.3 15.3 15.3 14.6 14.6
Inflation Rate (%) 22.70 20 16 13.5 12.5 10
Interest Rate (%) 8.50 8.5 8.5 8.5 8.5 8.5
Balance of Trade (ZMK Million) 8096.80 9080 6000 -300 8100 7300
Current Account (USD Million) 528.10 -450 150 280 -180 -250
Current Account to GDP (%) 1.00 -0.8 -0.8 -0.8 -1.3 -1.3
Government Debt to GDP (%) 91.90 120 120 120 118 118
Government Budget (% of GDP) -8.20 -9.3 -9.3 -9.3 -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 Q2 Q3 Q4 Q1 2022
GDP Annual Growth Rate (%) -2.70 2.4 0.6 1.3 0.7 2
GDP (USD Billion) 23.06 24 24 24 24 27
GDP Constant Prices (ZMW THO) 354410.00 300529 304694 305055 301421 307450
GDP per capita (USD) 1658.10 1675 1675 1675 1675 1640
GDP per capita PPP (USD) 3479.50 3410 3410 3410 3410 3500

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 13.20 15.3 15.3 15.3 14.6 14.6
Population (Million) 17.88 18.4 18.4 18.4 18.4 18.93

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 22.70 20 16 13.5 12.5 10
Food Inflation (%) 27.20 31.5 27 18 16 12
Inflation Rate Mom (%) 2.20 1.3 1.3 2 1.4 1.7
Consumer Price Index CPI (points) 319.41 318 314 328 352 361
Cpi Housing Utilities (points) 340.52 346 350 346 368 380
CPI Transportation (points) 429.23 446 451 459 476 505

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 8.50 8.5 8.5 8.5 8.5 8.5
Deposit Interest Rate (%) 7.93 7.85 7.85 7.85 7.85 7.85
Money Supply M3 (ZMK Million) 111175786.14 115000000 105000000 98500000 96700000 90000000
Foreign Exchange Reserves (USD Million) 1178.42 1300 1380 1430 1360 1450

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (ZMK Million) 8096.80 9080 6000 -300 8100 7300
Current Account (USD Million) 528.10 -450 150 280 -180 -250
Current Account to GDP (%) 1.00 -0.8 -0.8 -0.8 -1.3 -1.3
Imports (ZMK Million) 11153.00 8300 8500 8700 8400 8500
Exports (ZMK Million) 18417.00 14300 16000 16800 14700 15800
Foreign Direct Investment (USD Million) 380.60 -160 8 -150 -180 200
External Debt (USD Million) 15049.10 17100 17100 17100 17400 17400
Capital Flows (USD Million) 870.30 -100 280 -230 200 120

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 91.90 120 120 120 118 118
Government Budget (% of GDP) -8.20 -9.3 -9.3 -9.3 -9 -9
Military Expenditure (USD Million) 328.00 400 400 415 415 415
Government Debt (USD Million) 11202.80 14000 14000 14000 14500 14500

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2022
Composite PMI (points) 50.10 43 45 48 48.6 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.