ZamStats
September 29, 2023
Economy Grows by 5.0% in Q2 of 2023
Gross Domestic Product (GDP) estimates for the second quarter of 2023 shows that the economy grew by 5.0 percent from 5.9 percent in the second quarter of 2022. These estimates are based on the year- on-year comparison of GDP at constant 2010 prices (see Figure 1).
Figure 1: Quarterly GDP Growth Rates at Constant 2010 Prices, Q1 2021 – Q2 2023 (%)
Industry Contribution to the 5.0% growth in Q2 2023
The growth was mainly attributed to the positive contributions from the following industries; Information & communication (2.4 percentage points), Education (1.7 percentage points), Transport & storage (0.9 percentage points), Financial & insurance activities (0.7 percentage points) and Construction (0.5 percentage points). However negative contributions were recorded from Wholesale & retail trade (-1.2 percentage points), Agriculture, forestry & fishing (0.5 percentage points), Mining & quarrying (-0.3 percentage points) and Administrative & support services (-0.1 percentage points) (see Table 1).
Industry Growth Rates in the Second Quarter of 2023
At industry level, the highest growth rates in the second quarter were recorded in Information & communication at 25.6%. The others were Education (24.5%), Accommodation and food service activities (21.9%), Arts, entertainment & recreation (20.2%), Transport & storage (19.5%), Human health and social work activities (17.3%), Financial and insurance activities (14.0%) and Electricity (11.3%). On the other hand, negative growth rates were recorded in the following: Agriculture, forestry and fishing (-7.0%); Mining and quarrying (-3.6%); Wholesale and retail trade (-7.2%); Administrative and support service activities (-7.0%) and Professional, scientific and technical activities (-1.8%) (see Table 1).
Table 1: Gross Value-Added Growth Rates and Contribution to Growth at Constant 2010 Prices, Q2 2023
|
Industry |
2022 Growth Rates (%) | 2023 Growth Rates (%) | Contribution to Growth (% pts) | ||||
| Q1 | Q2 | Q3 | Q4 | Q1* | Q2** | 2023 Q2 | |
| Agriculture, forestry and fishing | -4.9 | -4.6 | 0.3 | -28.9 | -4.9 | -7.0 | -0.5 |
| Mining and quarrying | -7.4 | -4.4 | 1.0 | -4.2 | -12.6 | -3.6 | -0.3 |
| Manufacturing | 3.4 | 11.8 | 4.9 | -2.6 | 3.7 | 0.8 | 0.1 |
| Electricity supply | 9.2 | 7.4 | 11.6 | 9.5 | -3.4 | 11.3 | 0.2 |
| Water supply | 4.1 | 4.7 | 10.2 | 6.5 | 4.5 | 2.0 | 0.0 |
| Construction | -7.1 | -9.7 | -10.3 | -8.1 | 0.7 | 5.7 | 0.5 |
| Wholesale and retail trade | -1.9 | 2.9 | 1.6 | 2.4 | -1.5 | -7.2 | -1.2 |
| Transportation and storage | 33.0 | 22.4 | 23.6 | 35.0 | 6.5 | 19.5 | 0.9 |
| Accommodation and food service activities | 26.2 | 74.8 | 113.2 | 79.1 | 60.1 | 21.9 | 0.4 |
| Information and communication | 40.4 | 42.9 | 53.4 | 46.2 | 28.0 | 25.6 | 2.4 |
| Financial and insurance activities | -5.2 | -4.4 | -4.8 | 7.8 | 14.3 | 14.0 | 0.7 |
| Real estate activities | 3.0 | 2.7 | 2.7 | 2.8 | 3.2 | 3.4 | 0.1 |
| Professional, scientific and technical activities | -13.1 | 12.2 | -3.1 | -1.4 | 25.8 | -1.8 | 0.0 |
| Administrative and support service activities | 36.5 | -32.5 | -25.3 | -8.4 | 11.5 | -7.0 | -0.1 |
| Public administration and defense | 14.1 | 7.6 | 4.2 | -3.0 | -1.2 | 0.5 | 0.0 |
| Education | 21.6 | 16.2 | 27.2 | 17.5 | 21.5 | 24.5 | 1.7 |
| Human health and social work activities | -6.9 | -10.1 | -6.7 | 7.4 | 12.8 | 17.3 | 0.3 |
| Arts, entertainment and recreation | 92.8 | 67.0 | 114.1 | 107.4 | 17.9 | 20.2 | 0.0 |
| Other service activities | -30.5 | 4.5 | 12.8 | -23.3 | 14.3 | 12.0 | 0.1 |
| Total for the economy | 3.0 | 5.9 | 7.8 | 4.6 | 4.6 | 5.5 | 5.3 |
| Taxes less subsidies on products | -1.9 | 2.9 | 1.5 | 2.3 | -1.5 | -7.2 | -0.3 |
| Gross Domestic Product (GDP) | 2.8 | 5.9 | 7.7 | 4.6 | 4.4 | 5.0 | 5.0 |
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