{"id":28232,"date":"2022-08-04T21:37:55","date_gmt":"2022-08-04T21:37:55","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst"},"modified":"2022-08-04T21:52:15","modified_gmt":"2022-08-04T21:52:15","slug":"zambias-economic-growth-under-threat-analyst","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst","title":{"rendered":"Zambia\u2019s economic growth under threat, analyst"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Zambia\u2019s economic-growth targets for this year are not promising as its copper production plunges along with prices of the metal it relies on for more than 70% of export earnings, economists say. Output fell 7.4% to 364,089 tons in the first half of 2022, data from the Zambia Chamber of Mines showed Tuesday.<\/p>\n

Prices for the metal that\u2019s used in everything from automobiles to iPhones are down 20% this year to $7,718 per ton on the London Metal Exchange \u2014 well below the Ministry of Finance and National Planning\u2019s July forecast of $9,595 for the year.<\/p>\n

The government\u2019s budgeted 3.1% growth target may be under threat, as farm output is also shrinking. \u201cWith half the year gone, the government\u2019s target of 1.3 million tons for 2022 appears unattainable,\u201d Absa Group Ltd. analyst Ridle Markus said in an emailed note to Lusaka Times on Wednesday.<\/p>\n

That, \u201calong with weaker output expected in the agriculture sector, is likely to further weigh on economic growth,\u201d he told the publication. The slump in first-half copper came despite the government giving mining companies tax incentives this year and broadly improving the operating environment.<\/p>\n

Output fell at both mines that First Quantum Minerals Ltd. operates in Zambia, which together account for more than half of national production, as prolonged rains and pandemic restrictions curbed output in the second quarter.<\/p>\n

Unless mining operators reverse the production drop in the second half, Zambia annual output may slump for a second straight year, even after prices rose to a record $10,674 a ton in March.<\/p>\n

The government is targeting to grow production to 2 million tons by 2026 and to 3 million tons by 2031. The Ministry of Finance and National Planning in July forecast output would grow to 833,480 tons this year from 802,967 tons in 2021.<\/p>\n

In the medium-term budget plan, it targets production of 986,902 tons by 2025, the Lusaka Times further reports. Zambia\u2019s copper export volumes fell 8.4% in June from a month earlier, according to data from the statistics agency.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Zambia\u2019s economic-growth targets for this year are not promising as its copper production plunges along with prices of the metal it relies on for more than 70% of export earnings, economists say. Output fell 7.4% to 364,089 tons in the first half of 2022, data from the Zambia Chamber of Mines showed […]<\/p>\n","protected":false},"author":84,"featured_media":28231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,235,233],"class_list":["post-28232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia\u2019s economic growth under threat, analyst - Zambia<\/title>\n<meta name=\"description\" content=\"Zambia\u2019s economic-growth targets for this year are not promising as its copper production plunges along with prices of t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia\u2019s economic growth under threat, analyst\" \/>\n<meta property=\"og:description\" content=\"Zambia\u2019s economic-growth targets for this year are not promising as its copper production plunges along with prices of t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-04T21:37:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-04T21:52:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/08\/postQueueImg_14-62ec3f7aa3e7e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zambia\u2019s economic growth under threat, analyst\",\"datePublished\":\"2022-08-04T21:37:55+00:00\",\"dateModified\":\"2022-08-04T21:52:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst\"},\"wordCount\":339,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/08\/postQueueImg_14-62ec3f7aa3e7e.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-economic-growth-under-threat-analyst\",\"name\":\"Zambia\u2019s economic growth under threat, analyst - 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