Zambia

Republic of Zambia

English Zambian Kwacha (ZMK) English common law, customary law
AU, SADC, COMESA, AfCFTA, Commonwealth, WTO
Zambia is Africa's second-largest copper producer and one of the world's top copper mining destinations. Copper and cobalt account for over 70% of export earnings. The Copperbelt Province hosts major operations by First Quantum Minerals, Barrick Gold, and Vedanta.

The economy is diversifying into agriculture (maize, tobacco, sugar), tourism (Victoria Falls, South Luangwa National Park), energy (Kariba Dam, Kafue Gorge), and manufacturing. Lusaka is a growing regional services hub.

Zambia became the first pandemic-era African sovereign to default (November 2020) and has been implementing an IMF-supported Extended Credit Facility ($1.3 billion) since 2022, with debt restructuring progressing under the G20 Common Framework. President Hakainde Hichilema has prioritized fiscal discipline, anti-corruption, and mining sector reform.

Snapshot

Population~21.7 MWorld Bank WDI
GDP (current USD)$29.4 BIMF WEO
GDP per Capita$1,355IMF WEO
GDP Growth4.00%IMF WEO
Inflation (y/y)~13.10%Central Bank / IMF
Policy Rate (Policy rate (Bank of Zambia))14.00%Central Bank
Unemployment13.00%ILO / National Stats
Internet Use~22.00%World Bank WDI
Electrification~44.00%World Bank WDI
CPI Score (Rank)33.0/100 (#116)Transparency Intl
HDI (Rank)0.565 (#154)UNDP HDR
Credit RatingCCC+ (S&P) / Caa2 (Moody's)S&P / Moody's / Fitch
MarketLusaka Securities Exchange (LuSE)

Focus Sectors

Copper Mining
Agriculture
Tourism (Victoria Falls)
Energy (Kariba Dam)
Construction
Manufacturing
Financial Services
Real Estate
Telecoms
Transport

Regulations & Taxes

Corporate Income Tax30% standard (mining: 30% + 10% mineral royalty)
VAT / Sales Tax16% standard
Data Notes: Population, GDP, and GDP per capita are latest IMF WEO / World Bank estimates. Inflation is year-over-year. Trade data from UN Comtrade/OEC (2023). Tax rates from PwC/KPMG country guides. CPI from Transparency International. HDI from UNDP Human Development Report.
Narrative last updated: April 8, 2026.