Zam­bia - Lusaka

Tourism Tattler - - BUSINESS & FINANCE -

Zam­bia’s econ­omy came un­der strain in 2015 due to ex­ter­nal head­winds and do­mes­tic pres­sures in­ten­sity. A slower re­gional growth, low cop­per prices and reg­u­lar power out­ages that in­ten­si­fied in 2015, im­pacted all sec­tors of the econ­omy. Gross do­mes­tic prod­uct (GDP) grew at 2.8% and 3.3% in 2016, much slower than the av­er­age 7.4% be­tween 2004 and 2014. How­ever, eco­nomic con­di­tions im­proved in 2016, the ho­tel mar­ket is on the rise gov­ern­ment is sup­port­ing the hos­pi­tal­ity sec­tor tremen­dously. The World Bank is pro­ject­ing an im­proved growth rate of 4% in 2017. The over­all eco­nomic sit­u­a­tion in Lusaka is pos­i­tive. Tourism is ac­cel­er­at­ing at a fast pace, and con­tribut­ing to the eco­nomic growth of the coun­try. Tourist ar­rivals in­creased to 956,332 in 2016 from 931,782 the pre­vi­ous year. Africa, ac­counted for 77.9% of the to­tal in­ter­na­tional ar­rivals fol­lowed by Europe, with 9.2% of ar­rivals while Amer­i­cas ac­counted for 5% of the to­tal ar­rivals. The gov­ern­ment is in­vest­ing ex­ten­sively to cre­ate aware­ness and de­mand of tourism op­por­tu­ni­ties in Lusaka, it is also de­ter­mined to make the coun­try a lead­ing tourist des­ti­na­tion. Lusaka has ex­pe­ri­enced an oc­cu­pancy rate of 57.5% in 2016 com­pared to 56.5% in 2015, REVPAR was up by 17.0% lead­ing to an in­crease in val­ues of 17.0% this has brought con­fi­dence and a pos­i­tive out­look to the coun­try. For de­tailed anal­y­sis visit http://hvi.hvs.com/mar­ket/africa/Zam­bia_-_Lusaka

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