Zambia’s Q1 Economy Grow 2.4%.

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  • ·          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

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