Zambia to look at re­bas­ing econ­omy size in 2019

Daily Nation Newspaper - - HOME NEWS -

ZAMBIA said on Sun­day it would set aside funds aimed at re­bas­ing the size of its econ­omy in 2019, the lat­est African na­tion to take a route that typ­i­cally in­flates the size of its gross do­mes­tic prod­uct.

“We need a clear pic­ture on the size of the Zam­bian econ­omy due to its changed struc­ture from 2010 to date,” Fi­nance Min­is­ter Mar­garet Mwanakatwe said in a state­ment. “There­fore, we have set aside funds in the 2019 bud­get for re­bas­ing the Gross Do­mes­tic Prod­uct (GDP) in or­der to bet­ter mea­sure our econ­omy,” the state­ment said. No fur­ther de­tails about the re­bas­ing ex­er­cise were pro­vided. Zambia is Africa’s No. 2 cop­per pro­ducer and is also heav­ily re­liant on agri­cul­ture. In neigh­bour­ing Zim­babwe, the sta­tis­tics agency re­based some of its eco­nomic sta­tis­tics ear­lier in Oc­to­ber in an un­ex­pected move that the govern­ment said in­creased the nom­i­nal size of its strug­gling econ­omy by more than 40 per­cent. Nige­ria over­took South Africa as Africa’s largest econ­omy af­ter a re­bas­ing cal­cu­la­tion in 2014 that al­most dou­bled its GDP to more than $500 bil­lion. Dar­ling­ton Chiluba, a po­lit­i­cal anal­y­sis re­cently sug­gested that the Zam­bian govern­ment re­bases the econ­omy be­cause the whole coun­try was a work in progress with a lot of projects which were not ac­counted for. Mr Chiluba had sug­gested a re­base would im­prove the coun­try’s Gross Do­mes­tic Prod­uct by pro­vid­ing real value of all eco­nomic ac­tiv­i­ties govern­ment had done and on-go­ing projects.

FILE PHOTO: Dar­ling­ton Chiluba

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