Skip to main content

Zambia’s Q1 Economy Grow 2.4%.

 

  • ·          Growth attributed to performance of six industries.

 

Zambia’s Economy grew by 2.3 percent in first quarter(Q1) of 2023 compared to 7.9 percent growth of the corresponding quarter of 2022, Zambia Statistics Agency (ZAMSTAS) reveals.

 


The growth was mainly attributed to the performance of six industries, which posted positive contributions to overall growth.

 

These were Education 2.1 percentage points, Financial and insurance activities 0.9 percentage points, Professional, scientific and technical activities 0.8 percentage points ZAMSTATS Statistician General Mulenga Musepa says during a June 2023 monthly dissemination.

 

Manufacturing contributed 0.5 percentage points similar with Information & communication at 0.5 Percentage points whereas Accommodation & food service activities 0.4 percentage points.

 

He however noted that Agriculture, forestry & fishing recorded a negative of 2.4 percentage points, Mining & quarrying -1.1 percentage points, Wholesale & retail trade - 0.2 percentage points and Electricity supply -0.1 percentage points.

 

“Preliminary estimates for the First Quarter 2023 Gross Domestic Product (GDP indicate that the economy grew by 2.3 percent compared to 7.9 percent growth of the corresponding quarter of 2022.The estimates are based on the year- on-year comparison of GDP at constant 2010 prices.”

 

At industry level, the highest growth rates in the first quarter were recorded in Professional, Scientific & Technical Activities 30.5%, Accommodation & Food Service Activities 28.6%, Education 27.4%, Human Health and Social Work Activities 18.9%, Financial & Insurance Activities 18.1%, Administrative & Support Service Activities 18.0% and Arts, Entertainment and Recreation 17.9%.

 

On the other hand, contractions were recorded Agriculture, Forestry & Fishing -17.3%, Mining & Quarrying -12.6% Electricity -3.4% Wholesale & Retail Trade -1.3% and Public Administration & Defense -0.3%.

 

“The Gross Domestic Product at current prices in the first quarter of 2023 was estimated at K125, 990 million compared to K115, 865 million recorded in the corresponding quarter of 2022,” He added.

 

Mr. Musepa stated that analysis at industry level shows that out of K125, 990 million, Wholesale & Retail Trade (17.8%), Transportation & Storage (16.1), Construction, Mining & Quarrying (9.0%), Manufacturing (8.6%) and Financial & Insurance (7.4%) industries were the main contributors, collectively accounting for 69.0 percent.

 

“The Arts, Entertainment Recreation had the lowest share of GDP at 0.1 percent.”

 

Meanwhile, the Statistician General indicated that GDP Quarter one, two, three and four growth rates have been revised from 2.7 percent to 7.9 percent and 4.5 percent to 7.6 percent and 6.6 percent to 8.2 percent and 5.6 percent to 4.4 percent respectively.

 

He said the notable revisions are on the Agriculture industry.

 

According to him, revisions were carried out following the availability of new and more information citing the fourth quarter growth for Agriculture estimated using imports of fertilizer.

 

“However, during the First Quarter of each year, adjustments are made to the estimates when more reliable data from the Crop Forecast Survey is made available” Mr. Musepa explained.

 

By Best Jere.https://zm.linkedin.com/in/best-jere-2b3077123

29/06/2023

Comments

Post a Comment

Popular posts from this blog

LOVE EFFORTS

  To every One that is pushing to take all the wrong on yourself when your partner is the one wrong- I salute you. When you want them the most but they are thinking it is the right thing to do away with you- I salute you. To every one going out of your ways to make someone out there Smile even in the Storm.. I salute You. To every being making efforts to buy an engagement ring and some beautiful flowers with a party yet turned down... I salute you. To everyone that is still begging for Love hoping it may work back.... I SALUTE YOU... To everyone that is being betrayed owing to your background...sigh. I salute you. To everyone that is abandoned due to lack of a beard, Six pack and a Vitz or Noah... I salute you.
1 comment
Read more

WILL THE IMF FREEZE JOBS IN ZAMBIA?

Well after a number of speculations on Social Media and some stakeholders skyrocketing  unverified information..... The Fog has been cleared on understanding of the International Monetary Fund (IMF)program. Key points  picked after a Zambia-IMF Advocacy and Communication program media engagement in Chilanga District of Lusaka Province at Sandy's creation Resort from Ministry of Finance and National Planning Permanent Secretary are that; *The IMF program does not Freeze Jobs in Zambia. *The IMF program does not Freeze Salaries in Zambia. *Subsidies in Agriculture will be there, Agriculture is the biggest employer in Zambia. *The subsidies that government is reforming are the ones on Fuel. With these pints among others, FACT Checks has been done and dusted. This is on the back of a  $1.3 billion 3 year Extended Credit facility program  approved to Zambia by IMF.
Post a Comment
Read more

Mobile Money Agents Security

Opinion In Short, any place where there is a Transaction of Huge Sums of Money or Financial Transaction, there is need for the Presence of The Police or Security with a Fire Arm. Mobile Money booths are now transacting huge sums of Money compared to some Banks due to the advent of technology…They have taken over much of the financial transactions due to their easy methods of withdrawing and depositing Cash. However one aspect that has been ignored is the security of the agents. Probably, in any respective area there should be the presence of the Police, just as banks have the police and security firms. This can be done in a holistic approach with the Local Authorities where if an area has a lot of booths, there can be an agreed fee for security such as an Insurance Policy. Though agony is for those Booths in isolated areas, but a solution can be found with them as well, such as Panic buttons (Electronic device designed to assist in alerting somebody in emergency situations
Post a Comment
Read more