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Zambia's GDP Rises by 3.5 Percent in 2000
Zambian Finance Minister Katele Kalumba announced Friday in Lusaka that the country's gross domestic product (GDP) last year increased by 3.5 percent, despite the negative impacts of the increase of world oil prices.
Making a budget address at the National Assembly, the country's parliament, Kalumba said the GDP growth, up from that of 2 percent in 1999, was contributed mainly by agriculture, manufacturing, transport and communications sectors.
Other sectors like power-generating, gas and water, construction, wholesale and retail trade also contributed to the growth.
Although the result fell short of the target growth rate of 4 percent, it should be noted that it was scored under the major macroeconomic constraints of sharply rising world oil prices and poor balance of payments support, Kalumba said.
Despite the difficulties, the domestic budget deficit was within the revised program target of 2.3 percent of GDP last year, while the gross foreign currency reserve saw a significant rise, the minister added.
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