Markets Actual Q2 Q3 Q4 Q1 2023
Government Bond 10y 27.01 26.93 27.9 28.89 29.93 32.11

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Annual Growth Rate (%) 2.10 3 3.6 3.4 4 3.6
Unemployment Rate (%) 12.20 12.6 12.6 12.6 12.3 12.3
Inflation Rate (%) 10.20 9.7 10 9.3 8.6 8
Interest Rate (%) 9.00 9 9.5 9.5 9.5 9.5
Balance of Trade (ZMW Million) 6523.00 5500 4400 6000 6200 8500
Current Account (USD Million) 388.60 75 150 -140 -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) -9.00 -6.7 -6.7 -6.7 -6.3 -6.3
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 2023
GDP Annual Growth Rate (%) 2.10 3 3.6 3.4 4 3.6
GDP (USD Billion) 19.32 24 24 27 27 27
GDP Constant Prices (ZMW Million) 424269.00 365042 367169 438694 441240 454487
GDP per capita (USD) 1270.86 1280 1280 1280 1280 1300
GDP per capita PPP (USD) 3270.04 3410 3410 3500 3500 3500

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 12.20 12.6 12.6 12.6 12.3 12.3
Population (Million) 17.88 18.4 18.4 18.93 18.93 18.93

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 10.20 9.7 10 9.3 8.6 8
Food Inflation (%) 12.30 11.7 10 8.5 8 7
Inflation Rate Mom (%) 0.80 0.7 1 0.4 0.3 0.5
CPI Housing Utilities (points) 368.08 385 391 392 396 424
CPI Transportation (points) 451.99 455 460 462 463 465
Consumer Price Index CPI (points) 359.04 362 364 368 384 397

Money Actual Q2 Q3 Q4 Q1 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 (ZMW Thousand) 113185363.25 118300000 117300000 117000000 117000000 105000000
Foreign Exchange Reserves (USD Million) 2630.98 2680 2740 2710 2670 2800

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (ZMW Million) 6523.00 5500 4400 6000 6200 8500
Current Account (USD Million) 388.60 75 150 -140 -140 -340
Current Account to GDP (% of GDP) 12.20 5 5 5 5 3.6
Imports (ZMW Million) 12420.00 13100 12500 12500 12500 10500
Exports (ZMW Million) 16331.00 17500 18500 18700 18700 19000
Foreign Direct Investment (USD Million) 170.20 150 300 125 125 125
External Debt (USD Million) 16445.00 17700 17700 17700 17700 18500
Capital Flows (USD Million) -1050.90 -100 230 170 170 400

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 96.00 120 120 120 120 113
Government Budget (% of GDP) -9.00 -6.7 -6.7 -6.7 -6.3 -6.3
Military Expenditure (USD Million) 262.00 415 415 415 415 415
Government Debt (USD Million) 12738.30 14500 14500 14500 14500 14500

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2023
Composite PMI (points) 49.80 50.2 49.8 51.4 50.7 52


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 Wednesday, June 29, 2022.