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|
|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|
|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|
|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|
|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|
Source: ZamStats, National Accounts