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News
Home Uncategorized Economy grows by 5.6 % in the Fourth Quarter of 2022
Uncategorized
Chanda Mutale March 30, 2023

Economy grows by 5.6 % in the Fourth Quarter of 2022

Gross Domestic Product (GDP) estimates for the fourth quarter of 2022 show that the economy grew by 5.6 percent from a 5.5 percent growth in Quarter four of 2021. This represents a 0.1 percentage points growth compared to the corresponding period of 2021. This is 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 2019 – Q4** 2022
Industry Contribution to the 5.6 % growth in Q4 2022

The growth recorded in the fourth quarter of 2022 was mainly attributed to the positive performance of five industries which posted positive contributions to overall growth. These were Education (1.6%), Transportation & storage (1.5%), Information & communication (1.3%), Financial & insurance (0.6%) and Wholesale & retail trade (0.5%).

Industries that posted the negative contributions to the Fourth Quarter growth were the Construction (-0.7), Mining &quarrying (-0.4), Other service activities (-0.2) and Public administration (-0.1) (see Table 1).

 Table 2: Gross Value Added by Industry at Constant 2010 Prices, Q1 2019- Q4** 2022 (K’ millions)
Industry 2021 Growth rates 2022 Growth rates % Contribution
Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4** to Growth
Agriculture, forestry and fishing 5.5 5.8 6.8 9.7 -5.1 -4.0 -1.3 1.2 0.1
Mining and quarrying -2.2 -7.6 -9.3 -5.7 -8.5 -5.1 0.5 -4.5 -0.4
Manufacturing -3.1 9.2 5.6 4.1 -2.8 11.7 5.1 1.3 0.1
Electricity 14.1 12.2 9.9 14.7 9.3 7.5 11.7 9.5 0.2
Water supply 4.6 2.9 1.6 1.4 4.0 4.7 10.3 6.6 0.0
Construction 15.9 22.6 9.6 11.3 -5.8 -8.0 -8.6 -6.6 -0.7
Wholesale and retail trade 3.9 9.2 -3.0 0.5 -1.7 3.2 1.9 2.7 0.5
Transportation and storage 3.5 1.0 11.0 19.4 33.1 22.5 23.7 35.1 1.5
Accommodation -3.4 10.4 13.4 7.7 5.8 19.4 36.7 22.2 0.3
Information and communication 23.6 21.6 17.5 18.3 17.7 10.8 16.6 15.2 1.3
Financial and insurance activities 17.6 1.8 3.0 4.6 -5.1 -1.6 -0.7 13.4 0.6
Real estate activities 3.6 3.6 3.6 3.7 3.7 3.7 3.7 3.7 0.1
Professional, scientific and technical 1.7 6.0 -0.9 1.3 37.3 20.1 4.0 4.8 0.1
Administrative and support service 1.6 11.3 1.7 1.4 29.0 -29.7 -18.4 0.6 0.0
Public administration and defense -20.9 0.1 11.6 12.1 11.2 7.4 5.3 -1.5 -0.1
Education -21.5 20.5 4.2 3.6 29.5 26.5 39.2 27.0 1.6
Human health 5.0 3.0 1.6 0.5 -0.4 -1.6 2.8 16.9 0.3
Arts, entertainment and recreation -44.2 45.7 85.1 40.1 98.1 72.0 115.6 97.6 0.2
Other service activities 3.6 3.6 3.6 3.7 -32.6 -0.2 7.4 -26.5 -0.2
Total Gross Value Added for the economy 1.6 8.2 3.5 5.7 3.0 4.6 6.2 5.8 5.5
Taxes less subsidies 3.9 9.2 -3.0 0.5 -1.7 3.2 1.9 2.7 0.1
Total for the economy, at market prices 1.7 8.2 3.1 5.5 2.7 4.5 6.0 5.6 5.6

*Revised
**First release
Source: ZamStats, National Accounts

Read more

  • Vol-242-of-2023-The-Monthly-May.pdf
  • Vol-241-of-2023-The-Monthly-April.pdf

31
January 2023 records a Trade Surplus - (K6.1bn)January 2023 records a Trade Surplus - (K6.1bn)February 25, 2023
Year-on-Year Inflation for March 2023 at 9.9 PercentMarch 30, 2023

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