Zambia’s external debt stands at $3 billion

Chikwanda’s budget ready today
Chikwanda’s budget ready today

Finance Minister, Alexander Chikwanda has observed that despite a positive economic growth recorded in 2013, higher growth and greater job creation will require continued investment in economic infrastructure as well as in the health and education sectors.

Preliminary statistics indicate that the country recorded a real GDP of 125.9 billion kwacha in 2013 compared to 106 billion kwacha recorded in 2012.

Mr. Chikwanda says the GDP growth recorded in 2013 represents a 6.5 percent economic growth and the average real GDP over the past 3 years from 2011-2013 being 6.9 percent.

Speaking this afternoon when he hosted journalists for an interaction meeting at his office, Mr. Chikwanda cited the key contributors to the country’s GPD growth in 2013 as transport, storage and communication which contributed 27. 1 percent while construction contributed 24 percent.

He says community, social and personal service contributed 17.4 percent, financial institutions and insurance 13.7 percent with manufacturing contributing 8.2 percent while mining contributing 5 percent.

The Minister also noted that the investment in the country’s economy is currently estimated at 29.7 percent of GPD in 2013 with average investment over the past three years being at 27.1 percent.

And Mr. Chikwanda has further disclosed that domestic revenues in 2013 are estimated at 20 percent of the GDP.

He says in the same year expenditures were at 26.7 percent of the GDP with wages and salaries taking approximately 9.5 percent of GDP, with government investments representing 6.0 percent of the GDP.

Mr. Chikwanda has further disclosed that the total debt as a percentage of the GDP stood at 28 percent in 2013.

He says in the same year the country’s external debt stood at 3.1 billion US dollars which represents a13.7 percent of the GDP while domestic debt stood at 17.6 billion kwacha which is represents approximately 14 percent of the GDP.