ZAMBIA’S GDP INCREASE BY 3.5 PERCENT
Written by newsroom on February 9, 2022
BY LUCKSON MWALE
Economist Lubinda Haabazoka has observed that the Covid-19 pandemic, sales from Pharmaceutical companies and increase in copper prices have contributed to Zambia’s current modest three-point –five percent rise in Gross Domestic Product GDP.
He says the Covid pandemic has led to demand for certain goods and services especially Pharmaceutical industries hence the improvement in GDP.
He adds that Zambia’s economy largely depends on copper production and that copper prices on the international market are through the roof.
He discloses that high food prices have also contributed significantly because of constrained production across the globe due to the pandemic.
Government has projected a 3.5 percent rise in the country’s Gross Domestic Product (GDP) for 2022 which is a small rise from the 3.3 expected to have been attained last year.
By 2024, the country’s GDP is expected to rise to 4.4 percent following strategic interventions in agriculture, tourism, mining, manufacturing, energy, and transport sectors as contained in the 2022-2024 Medium Term Budget Plan released by the Ministry of Finance.