Finance minister says Zambia’s economy resilient, 2024 GDP growth revised to 4%, targets 6% for 2025

Finance and National Planning Minister, Situmbeko Musokotwane, has said Zambia’s economy has demonstrated resilience, achieving a four percent Gross Domestic Product (GDP) growth rate in 2024 despite experiencing one of the worst droughts in history.

Speaking at the launch of the new Zambian currency family notes in Lusaka on Monday, Musokotwane noted that while the government initially revised the GDP growth projection to 1.8 percent due to the drought, the latest data from the Zambia Statistics Agency (ZamStats) confirmed a stronger-than-expected expansion.

“I am very pleased that despite the serious drought we witnessed last year, our economy remains resilient. ZamStats has revised the 2024 GDP growth estimate to four percent,” he said.

Musokotwane attributed the growth to strong performances in sectors such as mining and Information and Communication Technology (ICT), as well as reforms in the energy sector that boosted mining’s contribution.

Looking ahead, he expressed confidence that Zambia would achieve its projected 6% GDP growth in 2025, driven by expansions in mining, tourism, and energy.

“If in a year of severe drought we recorded four percent growth, why should we doubt that in 2025, with improved agricultural conditions and ongoing investments, we can achieve six percent?,” he said.

Musokotwane emphasized that economic growth and job creation depend on increased production and investment rather than political rhetoric.

“This is how you grow an economy—through real investments and production, not empty promises,” he stated.

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