Composite PMI in Zambia decreased to 50.10 points in December from 51.30 points in November of 2025. Composite PMI in Zambia averaged 49.05 points from 2017 until 2025, reaching an all time high of 54.70 points in November of 2017 and a record low of 34.80 points in May of 2020. source: S&P Global

Composite PMI in Zambia is expected to be 51.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.



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Stanbic Bank Zambia Composite PMI
The Stanbic Bank Zambia Purchasing Managers’ Index is based on data compiled from monthly replies to questionnaires sent to purchasing executives in approximately 400 private sector companies, which have been carefully selected to accurately represent the true structure of the Zambian economy, including agriculture, construction, industry, services and wholesale & retail. The panel is stratified by GDP and company workforce size. Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. A reading above 50 indicates an overall increase in that variable, below 50 an overall decrease. The Purchasing Managers’ Index™ (PMI™) is a composite index based on five of the individual sub-components with the following weights: New Orders - 0.3, Output - 0.25, Employment - 0.2, Suppliers’ Delivery Times - 0.15, Stock of Items Purchased - 0.1, with the Suppliers’ Delivery Times sub-component inverted so that it moves in a comparable direction. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Zambia Private Sector Returns to Contraction
The Stanbic Bank Zambia PMI dropped to 49.3 in March 2025 from 50.9 in February, signaling a renewed contraction after three months of improvement. The decline was driven by falls in output and new orders, as firms cited weaker demand and difficulties securing business. While manufacturing showed some resilience, agriculture saw a notable drop in orders. Despite subdued demand, employment growth continued at a modest pace as firms managed capacity constraints, though confidence in future output softened. On the price front, inflationary pressures eased, with purchase and staff cost increases slowing to their softest rates since early 2024. Selling price inflation also weakened to a 19-month low, as firms adjusted pricing to boost demand. Meanwhile, supplier delivery times improved for the third month, matching levels last seen in September 2023. Looking ahead, businesses remain cautious, balancing cost management with efforts to sustain growth.
2025-04-03
Zambia Private Sector Growth Holds Steady in February
The Stanbic Bank Zambia PMI stood at 50.9 in February 2025, unchanged from January’s 18-month high, signaling a third consecutive month of private sector expansion.The increase in new orders continued to drive the improvement, as firms cited strong client demand and a more stable power supply. Notably, business activity rose for the first time since November 2023, though the expansion was limited to the agricultural sector. Despite rising demand, employment growth slowed, with firms raising staffing levels only fractionally. Meanwhile, cost pressures intensified, as purchase prices and wages increased, driven by kwacha depreciation and cost-of-living adjustments. In turn, selling prices rose at the fastest pace since September 2024, as firms passed higher costs onto customers. Looking ahead, business confidence improved, reaching its highest level since July 2024, as firms anticipated greater output, investment in new products, and continued stability in electricity supplies.
2025-03-05
Zambia Private Sector Growth Strengthens
The Stanbic Bank Zambia PMI rose to 50.9 in January 2025, slightly up from 50.8 in December, signaling a modest improvement in private sector conditions and the strongest expansion since July 2023. The increase in new orders drove the improvement, with firms citing sustained client demand as the key factor. However, output levels continued to decline at a marginal pace, marking a softer contraction than much of 2024. Meanwhile, employment saw its sharpest rise in seven years, as firms expanded hiring to meet demand, the fastest rate since January 2018. On prices, cost pressures softened, with inflation in both purchase and staff costs easing compared to previous months. However, selling prices increased slightly, as businesses passed costs onto customers. Despite ongoing challenges, business confidence improved, with firms optimistic about rising demand, diversification, and increased marketing investments supporting stronger growth in 2025.
2025-02-05