The Zambia Statistics Agency (ZAMSTAT) has announced that the economy has grown by 2.5 percent in the third quarter of 2024, from 5.7 percent in the quarter of 2023.

ZAMSTAT Acting Statistician General, Sheila Mudenda noted that the trend represents a slowdown in growth of 3.2 percent decrease compared to the same quarter of 2023.

Speaking during the December 2024 monthly bulletin press briefing in Lusaka, Ms. Mudenda said the highest growth rates were recorded in the Arts, entertainment and recreation as well as construction among other sectors. 

She explained that on the other hand, the electricity industry recorded negative -44.3 percent, water supply recorded negative -36.7 percent and administrative and support services, had recorded negative -18.5 percent among others. 

Ms. Mudenda further stated that Gross Domestic Product (GDP) in the third quarter of 2024, was estimated at over k182 million compared to over k146 million recorded in the same quarter of 2023.

She outlined that at industry level, out of over K182 million, the industries with the highest share were wholesale and retail trade, mining and quarrying among other sectors. 

And Ms Mudenda has announced that the annual inflation for December 2024, increased to 16.7 percent from 16.5 percent recorded in November 2024.

She explained that on average, prices of goods and services increased by 16.7 percent, between December 2023 and December 2024, and that the development was mainly attributed to price movements of both food and non- food items. 

Ms. Mudenda named the annual inflation increased foods as bread and cereals, breakfast meal, roller meal, maize grain and meat among other food items. 

On the non-food items, inflation increased and that prices of motor vehicles among others also increased. 

Meanwhile, at provincial level, annual inflation rates for December 2024, increased and that Central Province recorded the highest annual inflation at 22.2 percent, whereas Northern Province recorded the lowest at 12.0 percent. 

On international merchandise trade, Ms. Mudenda said a trade surplus of K1.1 billion was posted in November 2024, where exports increased by 23.2 percent.

She added that refined copper export earnings increased by 18.7 percent in October 2024.