Zambia's Economy Ends 2025 on the Rise

Zambia closed 2025 on a strong economic footing, with improved revenue collection, surging exports, and accelerating growth, according to the Ministry of Finance and National Planning's latest Debt Statistical Bulletin.

Revenue and grants reached K53.23 billion in the fourth quarter — surpassing the K45.93 billion target by nearly 16 percent. The outperformance was driven by higher income tax receipts from both the mining and non-mining sectors, bolstered by rising mining profitability, alongside non-tax revenues from user fees, fines, and road tolls. The government recorded a primary fiscal surplus of K8.36 billion for the period.

On the external side, exports of goods and services jumped 21.1 percent year-on-year, from US$3.52 billion to US$4.27 billion. Copper remained the dominant driver, with export earnings climbing 22.3 percent to US$2.59 billion on the back of higher volumes and stronger global prices. Gross international reserves rose by US$372.1 million to US$5.58 billion, equivalent to 4.8 months of import cover.

The broader economy expanded by 3.6 percent, up from 2.7 percent in the same quarter of 2024. Growth was broad-based, with agriculture, forestry and fishing leading the way at 38.5 percent, followed by arts and entertainment (25.6 percent), information and communication (21.6 percent), transport and storage (20.3 percent), and water supply (17.8 percent).

Despite the positive momentum, the bulletin flags that total public sector debt stood at US$28.96 billion at year-end, comprising US$17.51 billion in external debt and US$11.45 billion domestically — a reminder that fiscal consolidation remains an ongoing priority.