Zambia records 2.3 percent GDP growth in first quarter

Zambia recorded a gross domestic product (GDP) growth rate of 2.3 percent in the first quarter (Q1) of this year, its statistics agency said Thursday.

Zambia Statistics Agency said during its monthly press briefing that the growth was mainly attributed to the performance of six industries that posted positive contributions to the overall growth.

Mulenga Musepa, the statistician general, said the education sector contributed 2.1 percentage points, the financial and insurance activities 0.9 percentage points while professional, scientific and technical activities contributed 0.8 percentage points.

Other sectors that posted positive growth included manufacturing which contributed 0.5 percentage points, information and communication at 0.5 percentage points and accommodation and food service activities at 0.4 percentage points.

He, however, said agriculture, forestry and fishing, mining and quarrying, as well as wholesale and retail trade all posted negative growth.

Meanwhile, the country’s year-on-year inflation for June declined to 9.8 percent from 9.9 percent the previous month due to price movements of selected food items. Enditem