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Zambia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
16,445,079 (July 2018 est.)GDP (PPP)
$68.93 billion (2017 est.)Second-largest producer of copper in Africa
GDP growth rate
3.4% (2017 est.)Zambia's economy is dependent on copper prices, therefore the country's GDP growth rate fluctuates considerably
GDP (PPP) per capita
$4,000 (2017 est.)Zambia is a lower middle-income country but extreme poverty remains widespread especially in rural areas
Local currency
Zambian kwacha (ZMK)Weak currency dependent on commodity prices and subject to wide fluctuations
Financial stability (Public debt)
63.1% of GDP (2017 est.)Given that most of the debt is external, the level is high with growing concerns about financial stability
Inflation
6.6% (2017 est.)Medium to high, slowing sharply from 17.9% in 2016
Language
Bemba 33.4%, Nyanja 14.7%, Tonga 11.4%, Lozi 5.5%, English (official) 1.7%, among othersEnglish (official language) is the most commonly used second language
Corruption perception index (Source: Transparency International)
105/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
0.16VAT is applicable to supplies of standard-rated goods and services
Corporate Tax
0.35Mining activities are taxed at 30% plus royalty tax from 5% to 10%
Duties
N/AGoods imported are subject to customs duties plus import VAT at standard rate. In 2017, a surtax of 5% was introduced on selected goods that are imported into the country.
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