Zambia’s GDP grows 5.5 percent in third quarter 2022

Zambia has recorded an economic growth of 5.5 percent in the third quarter of 2022 from 3.3 percent the previous year.

This is according to the Gross Domestic Product (GDP) estimates for the third quarter of 2022 released by Zambia Statistics Agency (ZamStats).

Mulenga Musepa, Interim Statistician General, said these estimates are based on the year-on- year comparison of GDP at constant 2010 prices.

He explained that the growth was mainly attributed to the performance of wholesale and retail industry accounting for 1.2 percent.

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Information and communication was at 1.2 percent, with transport and storage getting a share of 1.1 percent, education 0.9 percent, accommodation and food services at 0.5 percent and manufacturing at 0.4 percent.

However, negative growth rates were recorded in the construction of -1.3 percent and agriculture, forestry and fishing at -0.1 percent.

Musepa said at industry level, the hugest growth rates were recorded in Arts, entertainment and recreation, accounting for 99.1 percent.

He said accommodation and food services stood at 34.8 percent, transport and storage at 23.7 percent, education 14.4 percent and electricity at 11.5 percent.

On the other hand, Musepa said negative growth rates were recorded in construction at 11.2 percent, Agriculture, forestry and fishing at -1.3 percent and financial and insurance services -0.1 percent.

“The GDP at current prices in the third quarter of 2022 was estimated at K126, 648 million compared to K119, 174 million recorded in the same quarter of 2021.

“Analysis at industry level shows that out of K126, 648 million and the industry with the highest share was, wholesale and retail trade 20.1 percent followed by Mining & quarrying 12.2 percent and construction 11.8 percent.

“The Arts, entertainment and recreation had the lowest share at 0.3 percent,” Musepa said.

He also pointed out that GDP in the first quarter of 2022 had been revised from 2.2 percent to 2.3 percent and from 3.5 percent to 3.4 percent in the second quarter.

The notable revisions are on the construction and accommodation & food services.