Zambia’s economy posted stronger-than-expected growth last year, exceeding projections from both the government and the International Monetary Fund, driven by a sharp rise in output during the final quarter.
According to preliminary figures, gross domestic product expanded by 4/percent in 2023, down from 5.4/percent the previous year, Acting Statistician-General Sheila Mudenda announced in Lusaka on Thursday. This result far outpaced the 1.2/percent growth anticipated by the IMF and the administration of President Hakainde Hichilema.
Economic activity surged in the last three months of the year, with GDP rising by 8.6/percent—the fastest quarterly growth rate in more than a decade. The rebound was fueled by a revitalized agricultural sector, as Zambia recovered from one of its most severe droughts in over a century, alongside strong gains in the mining industry.
As Africa’s second-largest copper producer, Zambia saw a notable increase in metal production, which accounts for over 70/percent of its export revenue. Total copper output, including contributions from small-scale miners, surpassed 820,000 tons in 2023, Mines and Minerals Development Minister Paul Kabuswe reported in January.
Agriculture rebounded significantly, with output soaring 27.6/percent in the fourth quarter after a 17.3/percent contraction in the previous three-month period. Mining also recorded substantial growth, expanding by 26.8/percent compared to just 3/percent in the prior quarter.