Decline in Zambia Growth

Zambia’s economic growth slumped to 2.6% in the first quarter of this year, down from 3.2% during the corresponding period last year, mainly driven by negative growth rates in the agriculture and transport sectors, the Central Statistical Office data reveals, AllAfrica reported. Although CSO data points out that the country’s gross domestic product hit an estimated K61.1 billion ($6.08 billion) in the first quarter of this year, compared to K54.4 billion during the corresponding period in 2017, year-on-year growth rates have slumped to 2.6%, compared to 3.2% over the corresponding period. This means that Zambia’s economic growth rate of 2.6% during the quarter under review has been the lowest since the final quarter of 2015, when growth at 1.8% during that quarter was recorded. “The year-on-year quarterly growth rates at constant 2010 prices show that the economy grew by 2.6% in the first quarter of 2018 compared to 3.2% in the first quarter of 2017,” CSO stated in June’s monthly bulletin released, Friday.