Zambia’s economy records 2.5% growth in Q3 2024

Zambia’s economy grew by 2.5 percent in the third quarter of 2024, a slowdown from the 5.7 percent recorded in the same quarter of 2023.

This is according to the Zambia Statistics Agency (ZamStats) Acting Statistician General, Sheila Mudenda.

The decline represents a 3.2 percent decrease in growth year-on-year.

“These estimates are based on Gross Domestic Product (GDP) at constant 2010 prices and reflect both positive contributions from key industries and challenges in others,” Mudenda stated.

Addressing journalists at year end briefing at their offices in Lusaka, she stated that the information and communication sector emerged as the leading contributor to growth, adding 1.3 percent, followed closely by construction at 1.2 percent.

Other industries that supported growth included public administration and defense (0.4 percent), mining and quarrying (0.3 percent), and education (0.3 percent).

“While industries such as arts, entertainment, and recreation recorded the highest growth rates at 24.3 percent , electricity supply saw a sharp contraction of -44.3 percent, significantly impacting the overall performance,” she said.

The GDP at current prices for the third quarter of 2024 was estimated at K182,780.3 million, up from K146,004.9 million in the same period of 2023.

Wholesale and retail trade contributed 19.3 percent of the total, followed by mining and quarrying at 16.7 percent, and transportation and storage at 11.9 percent.

However, some sectors such as financial and insurance activities (-6.2 percent) and water supply (-36.7 percent) posted negative growth rates, highlighting persistent economic challenges.

Mudenda emphasized the importance of diversified growth, stating, “While it is encouraging to see strong performances in construction and ICT, we must address the underperformance in key sectors such as electricity and financial services to achieve sustainable growth.”

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