Sata discloses positive economic growth for Zambia

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President Michael Sata has reiterated his government’s commitment to creating an environment that will support sustainable employment and economic growth.

Mr. Sata said the Patriotic Front (PF) government will continue to focus its efforts on growing the economy faster and making it more labour absorbing.

He said in a press statement issued to ZANIS by his Special Assistant for Press and Public Relations, George Chellah today that preliminary estimation for 2012 are that the real gross domestic product (GDP) grew by 7.3 per cent as compared with 6.8 per cent in the year 2011.

Mr. Sata said the consistent and positive economic growth rates has been an improvement in real GDP per capita, which rose to an estimated US$1,500 in 2012 from US$1,463 the previous year.

He disclosed that as at December 2012, foreign reserves rose to US$3.215 billion compared to US$2.322 billion in December 2011 while foreign investment pledges for 2012 were at US$10.089 billion.

President Sata said the growth in GDP reflects the PF government’s pro-growth policies and maintenance of macroeconomic stability.

The President further said his government will continue to lower costs in the economy because these contribute to limiting employment growth as well as raising costs for poor households.

He has since reiterated government’s commitment to creating a better Zambia for all by supporting the initiative of people in the robust economic transformation of the country.

And President Sata said although macro-economic stability and appreciable economic growth has been achieved over the recent past, the main task that still remains was that of meeting the basic needs of Zambians as poverty levels and unemployment still remained a challenge.

Meanwhile, Mr. Sata has disclosed that a total of 195,744 jobs have been created in various public institutions including the private sector since the PF government assumed office in September 2011.

Mr. Sata further said parastatals have also created a total of 29,305 jobs while the arts industry has created a total of 116,000 jobs.

He also disclosed that a total of 5,858 new jobs have been approved for recruitment in the newly created districts.