Zambia’s GDP exceeds projection
By Business Reporter
ZAMBIA’s Gross Domestic Product (GDP) growth is expected to reach seven per cent by the end of 2010, exceeding the projected growth because of increased investment in key productive sectors, Commerce, Trade and Industry Minister Felix Mutati has said.
In an interview in Lusaka, Mr Mutati said the Government would exceed the projected growth of 6.6 per cent as a result of improved local and foreign investments.
Mr Mutati said the strong positive growth was what the country needed to reduce poverty significantly.
“What we have seen is that local and foreign investors are investing in productive sectors and we have seen lots of activities pushing through in the last one year,” he said
Mining production has gone up by almost 30 per cent and the food production had also improved considerably.
“Copper output has increased steadily since 2004, due to higher copper prices and the opening of new mines. The maize harvest was again good in 2010, helping boost GDP and agricultural exports,” he said.
Mr Mutati said investment inflow value of US$950 million with more than 3,459 jobs being generated in the mining industry followed by energy sector which attracted investment totalling $565 million and 199 jobs were created in the last 10 months.
He said more investments came from local investors worth $353 million in the last 10 months representing 2,424 jobs opportunities to be created.
Those in the education, manufacturing, real estate, service and tourism sectors were among the local investors that invested in the economy.