Zambia’s annual inflation rate declines-CSO

The Central Statistics Office (CSO) has announced that the annual rate of inflation as measured by all consumer items has declined from 13.0% in September to 12.3% in October this year.

CSO Director Elfreda Chulu says the decline was as result of a decrease in some food prices adding that food products accounted for 6.0 percent while non food products accounted for a total of 6.3 per cent.

She was speaking at the CSO monthly bulletin in Lusaka today.

And Ms. Chulu has said preliminary estimates of real Gross Domestic Product (GDP) show that the country’s economy is expected to grow by 63 percent this year.

She said this is because of the strong growth of the agriculture, forestry and fishing industries among others.

Ms. Chulu said the GDP for this year is expected to be at K4003.0billion compared to K3, 765.4 last year.

Meanwhile, Ms. Chulu has said the total imports by Broad Economic Category (BEC) in September were K1, 6434 billion in September, compared to K1, 7118 billion in August this year.

She also said Zambia recorded a trade surplus valued at K302.2billion in September this year.

Ms. Chulu said this was as a result of more exports than imports recorded in the month of September.

She said the country’s major export products in September were from intermediate goods.

She said the intermediate goods mainly comprised of Copper cathodes and sections of refined copper plates, wire and sheets of refined copper.

Ms. Chulu said Zambia’s total exports of raw materials accounted for 17.6 percent while consumer and capital goods accounted for 14.9 per cent.

The CSO Director however said the country’s import of capital goods such as machinery, vehicles among others accounted for 33.4 per cent.

She named Switzerland, South Africa, China and United Kingdom as major five destinations of Zambia’s exports in September.

Ms. Chulu said the five countries accounted for 82.5% of the country’s export earnings in September.

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