Zambia’s statistics agency estimates that a rebasing exercise later this year will show that the country’s $20.7 billion (R213bn) economy is a fifth bigger than currently measured as its mining industry has expanded.
Africa’s biggest copper producer had “completely” changed structurally since 1994, the current base year used for calculating the size of the economy, John Kalumbi, the director at the Central Statistics Office, said yesterday.
“The mining sector was in disarray at that time,” he said. “In the last three or four years the mining sector has changed in terms of structure and contribution. There are other sectors that have come on board in the last 10 years or so, and these have also completely changed the structure of the economy.”
The country has benefited from growing private investment in mining, as well as increased investment in agriculture, with gross domestic product (GDP) growing by 7.3 percent last year, according to the World Bank.