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Thursday, January 05, 2006

Zambia Projects 6% GDP Growth

The Zambian government has releases the Medium Term Expenditure Framework (MTEF) which projects an average six percent growth in its gross domestic product (GDP) between 2006 and 2008.

Situmbeko Musokotwane, Zambian secretary to the treasury, has said mining and construction have continued to dominate the growth process, especially with the opening of major new copper mines in the Northwestern Province. Hard on the hills are manufacturing, tourism, transport, storage and communications.

Musokotwane said the government would focus on labor-intensive sectors such as agriculture and manufacturing. And Zambian tourism is an all round employer that fits the bill of poverty alleviation because Safaris and tours attract tourist who spend money on food (agriculture), on beds (lodges and hotels), tours (wildlife and landscape), car hire (transport), curios and artifacts (artists), etc, etc.

Zambia recorded a 4.6 percent GDP growth rate in 2004, thanks mainly to increased copper production, its single biggest forex earner. The 2005 growth is expected to be 5%. Now the government projects an even stronger growth for 2006.


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