Inflation edges up from 7.3 % to 7.6%, trade surplus up to K283 million, Zambia
LusakaTimes.com/ ZANIS - Mar 10th 2014, 12:42
Zambia’s annual rate of inflation consumer index has risen by 0.3 percentage points from 7.3 percent in January to 7.6 percent recorded in February.
Of the total 7.6 percentage points, food and non alcoholic beverage products accounted for 3.9 percentage points while non-food products accounted for a total of 3.7 percentage points.
Central Statistical Office Acting Director of Census and Statistics Goodson Sinyenga confirmed the development at a press briefing in Lusaka yesterday.
Mr. Sinyenga said the annual food inflation rate for February was recorded at 7.5 percent compared to 5.9 percent recorded in January 2014, representing a 1.6 percentage point increase.
He said the annual non-food inflation rate decreased by 1.1 percentage points from 8.8 percent in January to 7.7 percent in February, 2014.
Mr. Sinyenga also revealed that the country recorded a trade surplus valued at K283 million in January from K161 million recorded in December 2013.
He said this means that the country exported more in January 2014 than it imported in nominal terms.
Mr. Sinyenga disclosed that the highest trade surplus valued at K364 million was recorded in April 2013 and the lowest was in November the same year valued at K5 million.
Mr. Sinyenga also said that the institution has finalised the benchmarking of the national accounts statistics for 2010 following the successful conduct of the economic census and other surveys.
He said according to the benchmark estimates, the Gross Domestic Product (GDP) for 2010 is estimated at K97, 215. 9 million, out of which the informal sector accounted for 33.6 percent.
Mr. Sinyenga said the new estimates are 25.2 percentage points higher than the old which were estimated at K77, 666.6 million.
He said notable changes in these estimates include the change in the relative contribution of each industry to the overall GDP.
Mr. Sinyenga further stated that the wholesale and retail trade accounted for most of the value added at 18.4 percent followed by mining and quarrying at 12.9 percent and construction at 10.9 percent.
He said agriculture, forestry and fishing contributed 9.9 percent to the overall GDP.
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